oled: light at the end of the tunnel

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Sector Update
August 2012
INDEPENDENT TECHNOLOGY RESEARCH
SECTOR RESEARCH  AUGUST 2012  OLED MARKET
OLED: LIGHT AT THE END OF THE TUNNEL
Display Market Ramping up Capacity
The OLED market for Display applications has been limited to niche
applications in cameras and high end mobile phones where the relative
screen price is marginal to the total bill of materials. Major screen vendors are
now stepping up their CAPEX investments significantly to move the market
into mass production of cheaper screens, monitors and TVs.
OLED represents a unique opportunity for a battered down screen industry to
regain control of their value chains and to rebuild their deteriorated profit
margins due to higher barriers to entry and a fundamentally cheaper
manufacturing process over time. 2012 is a significant year for capacity scaleups, but mass markets are only forecast to materialise in 2013 and beyond.
Lighting Farther Behind but new Apps Look Promising
The OLED Lighting market is still in its infancy with continued challenging
price competition from existing technologies, including LEDs. The long term
opportunity looks bright however as a range of new revolutionary applications
are set to enter our daily working and private lives, delivering energy and cost
savings, improved aesthetics, comfort and convenience.
The industry has started making modest capacity investments but massmarket adoption is over three years away. It will however bring revolutionary
change in how we view screens and are able to use light in our everyday
lives. The Future is Bright.
EXHIBIT 1: TENT LIGHTING WITHOUT A GENERATOR
CHRISTIAN LAGERLING
[email protected]
San Francisco: +1 415 986 0196
CARL BERGHOLTZ
[email protected]
London: +44 207 101 7577
Source: OLED-info.com.
LILJANA XHEKA
[email protected]
San Francisco: +1 415 200 4281
Important disclosures appear at the back of this report.
GP Bullhound LLP is authorised and regulated by the Financial Services Authority in the United Kingdom
GP Bullhound LLP
GP B ULLHOUND – OLED M ARKET
INTRODUCTION & SUMMARY CONCLUSIONS
Innovation in the OLED market has never been so vibrant in terms of new production
methods, a consolidated value chain, and a range of new and revolutionary products such as,
rollable OLED TV screens, wearable OLEDs, transparent OLEDs embedded in windows,
windscreens or in buildings.
The market opportunity for OLEDs is rapidly increasing and significant capacity (CAPEX)
investments are being made this year to enable competitively priced products in the not too
distant future.
The early organic displays in the market today are still expensive, but prices are falling as the
technology matures and volumes ramp up. Current improvements to display performance
have resulted in enhanced product competitiveness, so we expect that demand for smaller
OLEDs for mobile devices, especially smartphones, will continue to grow at a healthy pace.
On the large display market, we look for demand for OLED displays used in flat-screen TVs to
pick up from late 2012 / 2013 as manufacturers roll out more competitively priced OLED TVs.
Mass production processes need further refinements however before large OLED panels can
reach their commercial potential.
OLED lighting, as the fifth generation of lighting, is still a few years away from mass market
applications. While still not price competitive, we do expect that demand for OLED specialty
lighting products will show early traction as consumers are willing to pay a premium for cutting
edge design and unique and futuristic applications of OLED lighting panels. Improvements in
brightness, power efficiency, and lifespan will result in enhanced product competitiveness over
the next 2-3 years.
The OLED market is experiencing a rapid shift from western markets to Asia, following other
commoditized industries such as electronics and solar photovoltaics. The European region
has been the major production hub for OLEDs, contributing 90% of total OLED lighting
production in 2010 but it is expected that the APAC countries' production share will increase
to about 50% by 2020 due to the availability of cheaper labour, abundant raw materials and a
robust infrastructure. Proactive western technology companies are already positioning for an
Asia centric future strategy and position.
Even so, we believe that OLED technology offers a unique opportunity for the display (in
particular) and lighting industries to regain healthier profit margins and a more controllable
supply chain due to its unique characteristics.
This report provides an overview of the main OLED markets (Display/Screens and
Lighting/Illumination), a perspective on timing of adoption, as well as the long term drivers for
industry and consumer adoption. In the course of our research, GP Bullhound has interviewed
a number of companies in the space including LG, Samsung, Philips, Osram, Novaled,
sim4tec, and others.
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GP B ULLHOUND – OLED M ARKET
OLED MARKET OVERVIEW
Quick recap: What are OLEDs?
Organic light emitting diodes, or OLEDs, simply put are thin films of organic molecules
sandwiched between sheets of plastic that illuminate when electricity is applied. OLEDs can
be cut, folded, wrapped around corners – and printed in rolls, like a newspaper.
OLED technology is already used in a broad variety of consumer electronics such as mobile
phone displays, MP3 players, Bluetooth headsets, hand held game consoles, digital cameras,
car audio displays, and in various other industrial applications where the relatively high price
of OLEDs can be justified.
Over time, OLED’s unique features such as its self-luminous and transparent nature, simple
structure, ultra-thin form factor, light weight, high contrast, high brightness and wide viewing
angles have the potential to revolutionize the broader mainstream display and lighting
markets. These should become a reality if prices reduce considerably.
Future possible OLED applications include rollable OLED TV screens, wearable OLEDs,
transparent OLEDs embedded in windows/ architecture, OLEDs in car windshields and so on.
EXHIBIT 2: OLED PRODUCTS
MOBILE PHONES
A/V PLAYERS
Mobile phones were the first to adopt
Simple MP3 players with small
AMOLED displays and currently it is the
character displays or A/V players
largest market for OLEDs
with large full-colour displays - today
many such devices use OLED panels
DIGITAL CAMERAS
OLED TVS
Several compact and high-end cameras
OLED TVs are not available yet
use AMOLED displays that offer rich
commercially - but some high end
colors, high contrast and brightness
compact models are already shipping
in small volumes
OLED LAMPS
OTHER DEVICES
OLED lamps are currently expensive,
OLEDs are also used in wrist
but several companies are already
watches, headsets, car audio systems,
offering these in the premium lighting
remote controllers, digital photo frames
category
and many other kinds of devices
Source: OLED-info.com, GP Bullhound.
The two major application areas for OLEDs are in Screens (Display) and in Lighting
(Illumination) solutions, each built in a slightly different structure (see Exhibit 3 below).
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GP B ULLHOUND – OLED M ARKET
EXHIBIT 3: STRUCTURE OF OLEDS
ORGANIC
LAYER
STRUCTURE OF OLED FOR DISPLAY
STRUCTURE OF OLED FOR LIGHTING
METAL ELECTROIDE (CATHODE)
METAL ELECTROIDE (CATHODE)
BLUE
EMITTING
LAYER
GREEN
EMITTING
LAYER
RED
EMITTING
LAYER
RED EMITTING LAYER
ORGANIC
LAYER
GREEN EMITTING LAYER
BLUE EMITTING LAYER
TRANSPARENT ELECTRODE (ANODE)
TRANSPARENT ELECTRODE
GLASS SUBSTRATE
GLASS SUBSTRATE
STACKING RGB  WHITE LIGHT
RGB IN PARALLEL
Source: Merck OLED presentation.
What are the Benefits?
OLEDs for Screens have a number of potential benefits compared to current generation
screen technologies, such as Liquid Crystal Displays (LCDs), Plasma Display Panels (PDPs)
or Cathode Ray Tubes (CRTs), for example:

Greater brightness

Faster response time for full motion video improving viewing experience, roughly 100
to 1000 times faster than LCDs

Fuller viewing angles - 180°

Lighter weight

Transparent view

Greater environmental durability (e.g. lower concussion sensitivity)

More power efficiency

Broader operating temperature range

Greater cost-effectiveness in the future
OLEDs for Lighting applications also have a number of related benefits compared to current
incandescent and fluorescent lamps:

Lower power consumption

Enabling more flexible form factors (thinner and lighter)

Offers better visual comfort

Environmentally sound

And of course, more cost efficient over time
Optimizing Material Integration and Performance
OLED performance is largely determined by how well the number of sophisticated materials
are combined. We counted 17 larger OLED material makers (see Exhibit 4 below) in the key
OLED materials category of luminescent materials.
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GP B ULLHOUND – OLED M ARKET
EXHIBIT 4: MAIN OLED MATERIAL MAKERS
Com pany
HIL / HTL EIL / ETL
Cheil Industries
○
○
Daejoo
Doosan Electronics
Dow Chemical
Duksan Hi-Metal
●
Hodogaya Chemical
●
○
Idemitsu
○
○
LG Chemical
●
Merc
○
○
Nippon Steel Chemical
○
○
Nissan Chemical
○
Novaled
○
○
Sumito Chemical
Toray
○
○
Tosoh
○
○
Toyo Ink
○
○
UDC
Note: ●= commercialized; ○= good
Red
Em issive Layer
Green
Blue
○
○ (Host)
○
○
Polym er
○
○
○
○
●
○
○
○
○
○
○
○ (Host)
○
○
○
○
○
○
○
○
○
Source: Company, Citi Research, GP Bullhound data.
Organic light-emitting diodes can be divided into two main classes: OLEDs (small-molecule
based light emitting diodes) and PLEDs (polymer light emitting diodes).
A typical double-heterostructure small-molecule OLED consists of three organic layers
sandwiched between electrodes. The organic layers adjacent to cathode and anode are the
electron transport layer (EIL / ETL) and the hole transport layer (HIL / HTL), respectively. The
emissive layer (EML) usually consists of light-emitting dyes or dopants dispersed in a suitable
host material. PLEDs have relatively simple architectures, with the light-emitting polymer
(LEP) layer combining host, emitter and charge transport functions in a single solutionprocessed layer of the device.
Manufacturing Platforms Need to Mature
Production of small screen displays involves a process of thermal evaporation in vacuum.
Whereas this vapour-based technique has proven effective in the past, unfortunately it makes
the production process expensive and thus unsuitable for larger-area device production. New
technology breakthroughs have introduced solution-processible techniques, such as ink jet
printing, laser-induced thermal imaging (LITI) and thin-film encapsulation (TFE) which are
perfect candidates for efficiently manufacturing large-area OLEDs at a lower cost. The ink
print method has not yet been adopted in mass production because material technologies
suitable for printing have not yet been fully developed and tested. On the other hand,
Samsung Electronics and Sony are leading the developments in the laser-induced thermal
imaging technology in order to manufacture high-definition panels. More recently the
commercialization of the thin-film encapsulation (TFE) method, which covers the surface of
the OLED with a thin coating of organic and metal material, has emerged as next-generation
technology. Some of the key advantages and disadvantages of these technology platforms
are listed in Exhibit 5.
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GP B ULLHOUND – OLED M ARKET
EXHIBIT 5: COMPARISON OF OLED PRODUCTION TECHNOLOGY PLATFORMS
Vacuum Deposition
Ink Jet Printing
Laser Transfer
White OLED w ith
Color Filter
Commercialized
Basic research level
Samsung developing
Commercialized
Around 300
Under 300
300-400
300-400
40-50
Under 70
70-80
60-70
Upscalability
▲
Upscalable
Upscalable
Cost
▲
●
●
●
○
○
▲
Simple manufacturing
process
High pow er
consumption, CF
necessary
Development stage
Resolution (dpi)
Aperture ratio (%)
Productivity
▲
Advantage
Mass production
achieved
Little capex
Easy to improve
resolution
Low yields, Upscaling
difficult
Materials development
issues
Commercialization
uncertainties
Problems
Note: ● = excellent; ○ = good ; ▲= poor
Source: Company data, Citi Research, GP Bullhound.
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○
GP B ULLHOUND – OLED M ARKET
OLED DISPLAYS PROMISES RETURN OF PROFITS
FOR THE INDUSTRY
OLED displays are lightweight, durable, energy efficient and thus ideal for portable
applications. OLEDs will replace the current technology in many applications due to the
following performance advantages listed in Exhibit 6 over Liquid Crystal Displays (LCDs),
Plasma Display Panel (PDPs) and Cathode Ray Tube (CRTs).
EXHIBIT 6: PERFORMANCE COMPARISON OF MAIN DISPLAY TECHNOLOGIES
OLEDs
Cost
LCDs
▲ (● in the future)
●
x (○ in the future)
●
30,000h
●
●
●
●
○
60,000h
100,000h
20,000h
x
x
○
○
○
○
x
x
0.001
◦
180
1,000,000;1
1
◦
Under 180
5,000;1
0.001
◦
180
1,000,000;1
0.01
◦
180
20,000;1
300dpi+
300dpi+
x
x
●
Lifespan
Flexibility
Impact resistance
Picture quality
View angle
Contrast ratio
○
x
x
x
Energy consumption
Response speed (ms)
CRTs
○
○
●
Thin displays
Large displays
PDPs
Small screen display
resolution
○
▲
●
Note: ● = excellent; ○ = good ; ▲= poor; X = very poor
Source: Various, GP Bullhound.
The OLED display market is already established and was valued at $3.3bn in 2011; Display
Research believes it will achieve a CAGR of 40% during 2011-2018 to reach $25bn by 2018.
EXHIBIT 7: OLED DISPLAY MARKET FORECAST
30
25
$21.3
$ in bn
$25.0
$18.3
20
$15.1
15
$11.0
$8.0
10
5
$23.4
$0.5
$1.2
2009
2010
$3.3
0
2011
2012
Mobile
2013
TV
2014
Tablet/PC
2015
2016
2017
2018
Other
Source: Display research.
The application areas have to date been focused on small form factors and high value devices
where the high component cost has been manageable, such as high end cell phones, digital
cameras, mp3 players and other small panel applications. Mobile phones have been the main
revenue contributor with almost 65% of the overall OLED revenues.
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GP B ULLHOUND – OLED M ARKET
EXHIBIT 8: CURRENT OLED PRODUCTS IN THE MARKET
Source: OLED-Info.com, GP Bullhound.
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GP B ULLHOUND – OLED M ARKET
The future mass-market opportunity rests in the more price sensitive applications such as
television sets, monitors and desktop computers. Whereas early products were launched in
2011 and 2012, the timing of mass-market adoption is still uncertain and dependent on further
steep price declines.
2012 – a Year of Positioning and Ramping Capacity
2012 has seen major manufacturers scale up their investments in OLED production capacity
and assuming strategic positioning through alliances, acquisitions or organic initiatives.
LG Display is planning to invest over $225m in their new OLED mass production line; the 5.5
generation which is a 3-line production platform, ready to mass produce 50 inch OLED-TV
panels. More significantly, Korean arch-rival Samsung, also announced recently that its total
investment in manufacturing facilities and R&D for 2011 was in excess of a staggering $38bn,
of which $26.5bn was invested in the display facilities to expand capacity and about $4.8bn
was invested in OLED R&D facilities. Additionally, Samsung plans to increase its 2012 total
displays investment to a record $41.4bn.
EXHIBIT 9: OLED DISPLAY MAJOR FAB PROJECTS
Samsung
Samsung
Samsung
LGD
LGD
AUO
AUO
Chimei Innolux
Irico Display
Generation
Gen 4.5
Gen 5.5
Gen 8
Gen 4.5
Gen 8
Gen 3.5
Gen 4.5
Gen 3.5
Gen 4
Capacity
3M displays
100k panels
pilot
12K panels
pilot
7K panels
15k panels
Notes
In production
Ramping start mid-2011
Planned for 2012
Ramping complete in 2011
Planned for 2012
Ramping complete in 2011
Ramping in 2012
Possible conversion from LCD
Planned for 2013
Source: Various company data.
The OLED Association makes the following shipment estimates:

2012:
1-2m 30-40” TVs

2013-2014:
5-6m 30-50” TVs

2015:
10-15m OLED panels (including TV, monitors, notebooks, etc.)
Capital Equipment Market Exploding as Capacity Ramps
The strongest indicator of the expanding capacity is the projected growth in OLED equipment
sales.
The OLED equipment market is forecast to grow 380% Y/Y in 2011, reaching ~$3.5B in
2011/2012. Beyond 2012, while oversupply could be a concern in the display segment, OLED
for lighting could be the main driver for further equipment growth. Even though OLED does
cannibalize the LCD display market, it is a net positive to the display equipment market with
higher capex intensity.
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GP B ULLHOUND – OLED M ARKET
EXHIBIT 10: OLED KEY MARKET PLAYERS AND EQUIPMENT BENEFICIARIES
Technology/ Material Providers
Equitm ent Providers
Manufacturers
Advanced Nano Products
Anw ell Technologies Ltd.
Asia Pacific Systems Incorporated
Avaco
Chipbond Technology Corp.
ICD Co., Ltd.
Jusung Engineering Co. Ltd.
NCB Netw orks
Riber SA
SFA Engineering Corp.
Tera Semicon
WiseChip Semiconductor Inc.
AU Optronics
Chimei Innolux
L-3 Communications
LG
Nokia
Panasonic
Photonis SAS
Samsung
Sony
Tianma
Toshiba
Toyota
Cheil Industries Inc.
Corning
Doosan
DS HI-Metal
Hitachi
Idemitsu Kosan
LDT Inc.
Novaled
Princeton Technology Corp.
Solomon Systech International Ltd.
Systems Technology Inc.
Ulvac
Universal Display Corp.
Source: Various, Capital IQ.
How Will the Industry Drive Down Prices Long Term?
The fundamental question is whether OLED costs can come down enough to really compete
with LCDs in the notebook, monitor, and TV markets. The continued improvements in the
conventional technologies, (e.g. LCD backlighting: CCFL to LED), have questioned the broad
deployment of OLEDs any time soon.
EXHIBIT 11: OLED TVS PRICE AND PERFORMANCE COMPARISON
Product
Company
Display
Retail price
Display size (inches)
Resolution
View angle
Contrast ratio
HZ
Slimness
Lifespan (**)
Weight
3D
OLED TV (**)
Samsung, LG
Electronics
OLED
$5,500-$9,000
55 inches
1920x1080px
+180*
Superior to LCDs
240Hz
A few mm
30,000h
Under 15kg
UN55D8000Y
Samsung
Electronics
LED LCD
$3,600
55 inches
1920x1080px
NA
25,000000:1 (*)
240Hz
1.2 inches
60,000h
18.6kg
●
○
55LW6500
KDL55HX820
TC-P55VT30
LG Electronics
Sony
Panasonic
Sharp
LED LCD
$2,400
55 inches
1920x1080px
+178*
5,000000:1 (*)
240Hz
2.9 inches
60,000h
22.0kg
LED LCD
$2,200 - $2,400
55 inches
1920x1080px
+178*
Infinite (*)
240Hz
1.1 inches
60,000h
23.2kg
PDP
$1,900 - $2,000
55 inches
1920x1080px
NA
Infinite (*)
600Hz
2.2 inches
100,000h
38.5kg
LED LCD
$2,800
70 inches
1920x1080px
+176*
6,000000:1 (*)
240Hz
3.1 inches
60,000h
42.5kg
○
○
○
○
No te: Retail prices as o f July 7, 2012. * Dynamic co ntrast ratio . ** CIRA estimates.
LC70LE735U
●= excellent;○ = go o d
Source: Amazon.com and Best Buy.
Notably, the display industry is highly motivated to adopt OLED technology as this technology
offers an opportunity to regain some of the margins lost in the last decade of cutthroat
competition in the LCD and plasma markets. The key drivers for this are:

Barriers to Entry – The OLED manufacturing process is complex due to the advanced
materials science required, creating a hard to copy process.

Ability to control the whole value chain – The simpler device structure of OLEDs and thus
the use of far fewer components results in a narrower supply chain and an opportunity for
the major vendors to own and control the entire value chain.

Lower CAPEX for capacity increases – Once the technology has been established, OLED
manufacturing requires less processing steps and hence lower incremental CAPEX
investments for expanded capacity, enabling more profitable volume production.
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GP B ULLHOUND – OLED M ARKET

Lower OPEX – OLEDs require fewer and less expensive materials, hence the
manufacturing cost per unit is cheaper. For example, the light-emitting nature of OLEDs
completely eliminates the costly backlight structure of an LCD.
The early market players will enjoy leading positions due to their substantial R&D investments
over many years and their control and ownership of proprietary OLED IP and know-how. The
fierce competition in the LCD market largely eroded all margins for the big screen producers;
OLED now offers an opportunity to reverse this situation.
Whereas the LCD market saw a broad and diverse supply chain, OLEDs offer an opportunity
to control and manage the entire value chain, keeping competition at bay and capturing more
margins. The leading Korean vendors have made progress building tightly integrated OLED
supply chains. Samsung Mobile Display has structured its supply chain through acquisitions,
minority investments as well as technology licensing partnerships with companies like SNU
Precision, AP System, SFA, Universal Display Corp and Terasemicon.
The CAPEX and OPEX reductions are enabled by new manufacturing methods like solutionbased printing technology which is designed to significantly cut production costs for televisionsized displays when compared to the current methods. This technology is highly scalable,
requires fewer materials and will lower equipment cost. Other complementary attributes are
increased throughput and yield by limiting the number of patterned layers.
Other evidence of manufacturing improvements include Corning’s announcement earlier this
year of the formation of a new equity venture with Samsung Mobile Display to manufacture
specialty glass substrates for OLEDs. The glass is able to withstand thermal cycles better
than conventional LCD glass thus enabling the displays to better retain their shape and
surface quality during the high-temperature processing that helps prevent against sagging and
warping of the glass while integrating components onto them. More importantly the advanced
thickness control and surface quality will ultimately allow for thinner devices with superior
image quality that consume less energy, and in turn producing more cost competitive OLEDs.
EXHIBIT 12: OLED PRODUCTION COST BREAKDOWN
3.3%
15.3%
21.2%
Array process materials
Organic material deposition cost
Mobile process materials
4.8%
Labor cost
Depreciation cost
13.5%
41.9%
Indirect cost
Source: Company data, Korean Investment & Securities.
OLED LIGHTING ENABLES NEW APPLICATIONS AND
PREMIUM PRICES
According to McKinsey, the total lighting industry in 2010 generated revenues of $85Bn of
which mainly LED and to a lesser extent OLED products represented 10% market share. The
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GP B ULLHOUND – OLED M ARKET
total OLED lighting market in 2011 was valued at $144m and expected to exceed $8 billion by
2020.
The lighting market can be divided into four main stages of evolution or ‘generations’:

Traditional (includes incandescent and halogen lamps),

Non-LED Green (includes fluorescent and HID lamps),

LED, and

OLED
The future technology split will shift towards a more energy-efficient mix, with
incandescent/fluorescent technologies playing a major role before giving way to LED
and OLED by 2016 when OLED also becomes more cost competitive.
EXHIBIT 13: GLOBAL LIGHTING PRODUCT MARKET TREND
$120
122.3
3.3
$ in billions
$100
$80
$60
$40
138
8
85
79
49
9
44
49
39
$20
32
$0
2010
15
21
2012
2014
Traditional
2016
Green
LED
2018
2020
OLED
Source: McKinsey, Philips investor presentation, NanoMarkets LC
OLED lighting has strong long term potential in a number of application areas including
specialty lighting, architectural lighting, back lighting, signage and general illumination.
The primary revenue driver for OLED lighting is expected to be specialty lighting, which will
contribute almost 38% of the overall OLED lighting revenues by 2020 according to
ElectroniCast.
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GP B ULLHOUND – OLED M ARKET
EXHIBIT 14: COMPARISON WITH EXISTING FORMS OF ILLUMINATION
Incandescent
light bulbs
Fluorescent
lamps
Emits light by
applying a voltage to
organic matter
Emits light by
sending an electric
current to a metallic
filament
Ultraviolet rays
generated by an
electric current
collide with
fluorescent material
to produce visible
light
Emits light by
applying a voltage
to an inorganic
semiconductor
Characteristics
- Illuminates large
area (surface light
source)
- Energy efficient
- Low heatgeneration
- Slim, lightweight
- Flexible (when
plastic substrate
used)
- Environmentally
sound
- Illuminates small
area (point light)
- High power
consumption
- High heatgeneration
- Closely
approximates
natural light
- Size of area
illuminated is
between point light
source and surface
light source (linear
light source)
- Uses hazardous
substance
(mercury)
- Illuminates small
area (point light
source)
- Energy efficient
- Long life
- Easy to reduce
size
- Environmentally
sound
- any colour, pattern
or shape
Photographic
lighting, living
spaces such as
dining rooms or
bedrooms, etc.
Living spaces,
offices, commercial
premises, etc.
Uses
Anticipated
applications include
living spaces,
offices, decorative
illumination, car
interior lighting, and
POP lighting
Indirect lighting, floor
level lighting,
spotlights for retail
spaces, etc.
OLED lighting
LED
Illustration
Principle of
Light Emission
Source: Konika Minolta, GP Bullhound.
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New Players Challenging Strong Incumbents
OLED panel manufacturers are now entering this massive market, challenging traditional
lighting companies as the dynamics of the industry shifts towards higher performance.
EXHIBIT 15: KEY PLAYERS
Panasonic
Traditional Lighting Companies
New Entrants
GE
OLED LIghting
Philips
Ledon OLED
Osram
Polyphotonix
Novaled
Cambridge
Display
Technology
Fraunhofer IPMS
Technology Providers
Source: Capital IQ, GP Bullhound.
Current OLED panels typically achieve about 12lm/W although recently Philips and Konica
introduced a 45lm/W panel (in 2011). Panel efficiencies are expected to grow from as low as
12lm/W through to 120lm/W by 2020, and research results will drive commercial
implementations over the coming three to five years. The majority of individual projections of
efficiency improvements all indicate that OLED panels will steadily increase, although how
quickly this will be reached remains uncertain.
Ultimately, OLED lighting has the potential of reaching energy efficiencies of 150+lm/W, which
is more than 15 times higher than conventional incandescent light bulbs.
EXHIBIT 16: FORECAST PANEL EFFICIENCY (2010-2020)
Panel Efficiency (lm/W)
200
150
Kaneka
DoE
Showa Denko
Philips
100
50
0
2010
2015
Source: Various, Cintelliq, GP Bullhound.
13
GP Bullhound LLP
2020
GP B ULLHOUND – OLED M ARKET
According to Cintelliq research, OLED lighting production technology is expected to reach
commercialization and be fully operational by 2015 with yield and utilization close to 80%. In
addition, manufacturing and operational efficiency will continue to improve and TACT (time
needed for manufacturing a unit) will fall from four to two and eventually one minute.
Long Term Potential, but it is Still Early Days
The market is projected to grow at a +90% CAGR from $675m of revenues in 2012 and reach
$6bn of revenues in 2018 according to McKinsey and Display Research.
EXHIBIT 17: OLED LIGHTING MARKET OUTLOOK - SALES ($M)
$8,000
$6,000
$4,000
$2,000
$0
2011
2012
2013
2014
2015
2016
2017
2018
Source: Display Research, McKinsey, GP Bullhound and NanoMarkets LC.
Similarly to the Screen market, Lighting OLEDs have formidable competition from incumbent
technologies, in this case fluorescent and candescent lamps as well as LEDs.
EXHIBIT 18: OLED LIGHTING PANEL PRODUCTION CAPACITY RAMP-UP
Phase 1
2011
Market
Approach
2012
Market Entry
Gen 2.0/2.5
Production
Initial
Phase 2
2013
Phase 3
2014
2015
2017
2016
Market Traction
Ramp-up
Gen 5.5
Production
2020
Sustaining
Ramp-up
Peak
Sustaining
Initial
Ramp-up
Peak
Sustaining
Process Immature
Process Maturing
Process Mature
Process Mature
Output Limited
Output Increasing
Output Near Full Capacity
Output at Full Capacity
Yield Low
Yield Improving
Yield high
Yield high
20% of Max Output
40% of Max Output
80% of Max Output
90% of Max Output
Source: Cintelliq, GP Bullhound.
14
2019
Volume Business
Peak
Initial
2018
GP Bullhound LLP
GP B ULLHOUND – OLED M ARKET
Even though OLED lighting is today not on a par with LED lighting in terms of power
efficiency, longevity and price (~30x CFL lighting vs. ~10-15x for LED), the cost is certain to
continue to come down with continued technology improvements and scaling production
volume. We believe that the rapid progress in light extraction technologies, the
commercialization of the print method production process, greater longevity for light emitting
elements, and technical innovations in a host of other areas will allow for OLED technology to
truly compete with LED and other lighting products over time.
EXHIBIT 19: LUMIOTEC OLED LIGHTING PANEL FUTURE
Metrics
2010 - 2013
2014 - 2016
2017 - forw ard
Energy efficacy
lm / W
10 ~ 40
60 ~
100 ~
Life-time / h
Half Illuminance
@ 1,000 cd/m
25,000 ~ 50,000
100,000
100,000 ~
@ 3,000 cd/m
5,000 ~ 10,000
20,000
20,000 ~
Ra
80
80~
80~
$ / piece
288 ~ 340
104 ~ 288
~ 52
CRI
Target Price per 145x
145mm square-type
panels
2
2
Source: Lumiotec.
Philips plans to invest $57m to expand their OLED lighting panel production capacity in
Aachen, Germany with the additional capacity being available this year. Similarly, First O-Lite
plans to invest around $150m to develop and manufacture OLED lighting panels. OSRAM
invested up to €50m in research and production to launch their new OLED lighting pilot
production line in Regensburg, Germany.
The Long Term Outlook is Bright…
OLED technology has inspired companies to introduce revolutionary products like the WAC
Lighting’s Sol OLED chandelier, which made its commercial debut in 20 lighting galleries
across North America in October last year. The chandelier is crafted with upgraded Orbeos
OLED panels from Osram Opto Semiconductors to deliver a light output of 420lm/W. The
fixture received The LED Award for the "Most Creative Use of LED/OLED" at The LED Show
in Las Vegas in July 2011. This is just the beginning and companies are already envisioning
and researching the development of products like lighting a tent without the use of a
generator, a self-powered flat-screen TV you can roll up like a poster and smart textiles that
can be used in monitoring heart rate and other vital signs.
15
GP Bullhound LLP
GP B ULLHOUND – OLED M ARKET
SELECTED COMPANY PROFILES
Business description: Founded in 1938, Samsung engages in the manufacture and
sale of semiconductors, LCDs and OLED, telecommunication products, and digital
media products. Samsung has fully integrated OLED technologies ranging from panels
(Samsung Mobile Display) to brand OLED applications for smartphones, tablets and
TVs. It has maintained virtually monopology (+95% market share) in OLED panels,
with large-scale commercial production capacities as the early mover.
Business description:
Founded in 1936, Konica Minolta engages in business
technologies, optics, medical and graphic imaging, and sensing operations in Japan,
North America, Europe, and the rest of Asia. Its Business Technologies segment
provides office multi-functional peripherals, laser printers, and production printing
systems. In June 2006 Konica Minolta announced its development of an OLED lighting
device with the light emission efficiency and long life equivalent to that of a fluorescent
lamp.
Business description: Headquartered in the Netherlands, Royal Philips Electronics
of the Netherlands is a diversified Health and Well-being company, focused on
improving people’s lives through meaningful innovations. As a world leader in
healthcare, lifestyle and lighting, Philips integrates technologies and design into
people-centric solutions, based on fundamental customer insights and the brand
promise of “sense and simplicity”.
Business description: Founded in 2007 and is based in Dresden, Germany. sim4tec
GmbH is the leading provider of simulation software in the area of OLED design and
organic material characterization. The product family is comprised of SimOLED OPTIC
and SimOLED ELECTRIC, calculating any physical characteristics of modern OLEDs.
Furthermore, with the product SimOLED FITTING they are the first company to
provide a solution to determine electrical parameters like energy levels, mobilities and
impurities of any organic material. Based on the FITTING technology they will soon
offer an instrument performing a completely automated organic material analysis with
respect to electrical material parameters. In addition, they also provide comprehensive
training on their products and in-house organic material analysis on a service contract
base.
16
GP Bullhound LLP
GP B ULLHOUND – OLED M ARKET
Business description:
Universal Display Corporation engages in the research,
development, and commercialization of organic light emitting diode (OLED)
technologies and materials used in flat panel display, solid-state lighting, and other
product applications. It owns exclusively license or has the sole right to sublicense
approximately 1,400 patents issued and pending worldwide. The company licenses
and supplies its proprietary UniversalPHOLED phosphorescent OLED technologies
and materials to display manufacturers and others.
Business description: Cambridge Display Technology, Inc. was founded in 1992
and is based in Wilmington, Delaware. Cambridge Display Technology, Inc., through
its subsidiary Cambridge Display Technology Limited, develops and commercializes
polymer organic light emitting diodes. Its products are used in various electronic
display
products
used
for
information
management,
communications,
and
entertainment. The company was formerly known as CDT Acquisition Corporation and
changed its name to Cambridge Display Technology, Inc.
Business description: Founded in 1958 and is based in Seoul, South Korea. LG
Electronics Inc., together with its subsidiaries, engages in the manufacture and sale of
consumer electronics, home appliances, computer products, and mobile phones
worldwide. The company offers TV/audio/video products, including liquid crystal
display (LCD) televisions (TVs), plasma TVs, color TVs, home theatre system, music
system, digital versatile disc players; mobile phones; and computer products
comprising LCD monitors, projectors, notebooks, and optical media products.
Business description: Founded in 1919 and is headquartered in Munich, Germany.
OSRAM GmbH designs, develops, manufactures, and sells lighting products in
Europe, North America, South America, Africa, the Near and Middle East, Asia, and
Australia. It offers lamps and lighting systems for consumers, including halogen lamps,
energy saving lamps, light emitting diode (LED) lamps, incandescent lamps, and
luminaires; and automotive lighting products, such as headlights, motorcycle lamps,
signal lights, LED lamps, and spare lamp kits.
17
GP Bullhound LLP
GP B ULLHOUND – OLED M ARKET
Business description: Founded in 2003 and is headquartered in Dresden, Germany.
Novaled AG engages in the research, development, and commercialization of organic
light-emitting diode technologies and proprietary materials. Its technology is used for
flat panel displays and light generating devices, such as signage, architecture lighting,
automotive controls and instruments, consumer electronics, digital entertainment,
digital photography and digital imaging, manufacturing systems engineering, medical
equipment, micro displays, mobile communications, PCS, notebooks, personal/mobile
storage and MP3 components, telecommunications, and telematics and navigations.
Business description:
Founded in 1996 and is based in Hsinchu, Taiwan. AU
Optronics Corp. researches, develops, produces, and sells thin film transistor liquid
crystal displays (TFT-LCDs) and other flat panel displays to original equipment
manufacturing service providers. The company offers its panels for use in computer
products, such as notebook computers, and desktop monitors; consumer electronics
products, including mobile phones, digital photo frames, digital still cameras, portable
navigation display, and portable DVD players; LCD televisions; and industrial displays.
Business description: Founded in 1918 and is based in Kadoma-shi, Japan.
Panasonic develops, manufactures, and sells electronic products worldwide. The
company offers video and audio equipment, and information and communications
equipment; imaging equipment, such as flat-panel TVs and LCDs / and more recently
OLEDs; digital AVC network equipment, including blu-ray disc recorders, digital
cameras, and digital camcorders; business-use audiovisual (AV) equipment; notebook
PCs; printers; security-related products comprising network cameras and POS system
solutions; mobile phones; motors; car navigation systems, cameras, and digital
terrestrial tuners.
Business description: Lumiotec was established on May 28th, 2008 as the world’s
first company specialized in the development, production and sale of OLED panels.
Thin, lightweight and with no UV eemission, OLED lighting can create a new peoplefriendly environment in everyday living spaces like homes, offices, stores and also in
vehicles such as cars, trains and aircrafts.
18
GP Bullhound LLP
GP B ULLHOUND – OLED M ARKET
Business description: Founded in 1949 and is headquartered in Osaka, Japan.
Kaneka
Corporation
manufactures
and
sells
chemicals,
functional
plastics,
expandable plastics and products, foodstuffs, life science products, electronic
products, and synthetic fibers. The company’s chemical products include polyvinyl
chloride (PVC), caustic soda, hydrochloric acid, flexible PVC compounds, rigid PVC
compounds, paste PVC, and chlorinated PVC; and functional plastic products
comprise modifiers, modified silicone polymers, weather-resistant acrylic films, Allyl
(Silyl) terminated, polyisobuthylenes, and more recently developing OLED lighting
panels.
Business description: Founded in 2009 and is headquartered in Dresden, Germany.
LEDON OLED Lighting sees itself as an innovative partner for lighting manufacturers,
promotional lighting or light designers for the implementation of innovative OLED light
solutions. LEDON OLED Lighting develop and manufacture innovative light modules
based on organic light diodes. As well as the manufacturing of OLED modules,
LEDON OLED Lighting also develops and implements complete OLED light solutions,
including bonding and light elements as well as controls systems for large OLED
systems.
Business description: Founded in 1985 and is based in Hudson, New Hampshire.
Princeton Technology Corp. engages in electronic contract manufacturing services of
electro-mechanical and mechanical products. Its product line includes printed circuit
board assembly, cable assemblies, complex box build and system level assembly, and
testing.
Business description: Founded in 2007 and is based in Grenoble, France.
Princeton. MicroOLED S.A.S. engages in the design and development of organic light
emitting diode technologies. It offers micro displays for use in video glasses for mobile
HDTV, viewfinders for cameras, and professional and medical applications. As of June
16, 2010, Microoled S.A.S. operates as a subsidiary of PHOTONIS SAS.
19
GP Bullhound LLP
GP B ULLHOUND – OLED M ARKET
Business description: Founded in 1896 and is headquartered in Seoul, South Korea.
The company’s infrastructure support products and services comprise castings and
forgings, construction and engineering services, chemical process equipment,
AMOLED systems, power generation equipment, power plants, water treatment
systems, seawater desalination plants, and retrofits and upgrades services.
Business description: Founded in 1998 and is headquartered in Hwaseong-si, South
Korea. SFA Engineering Corp. engages in the manufacture and sale of automation
equipment including liquid crystal display manufacturing equipment, organic light
emitting diode manufacturing equipment, and PDP manufacturing equipment’s; solar
cell manufacturing equipment’s; semiconductor equipment’s comprising sputtering
systems, and logistics semiconductor assembly automation systems.
20
GP Bullhound LLP
GP B ULLHOUND – OLED M ARKET
SELECTED RECENT M&A TRANSACTIONS
EV/LTM
Date
Target
Acquirer
EV ($m )
Revenue
19-Jun-12 APLUS Products, LLC
Diversified Electronics
n/a
n/a
12-Apr-12 Beneq Oy
RusNano
32.9
3.3
16-Jan-12 UBprecision Co. Ltd.
-
3.9
1.7
30-Dec-11 Ichor Systems, Inc.
Francisco Partners Management
n/a
n/a
17-Jun-11 Semprius, Inc.
Siemens AG
n/a
n/a
22-Mar-11 UBprecision Co. Ltd.
Shinsung System Co. Ltd
n/a
n/a
16-Sep-10 YAS Co., Ltd.
LG Display Co., Ltd.
8.7
16.5x
28-Jun-10 Tokki Corp.
Canon Inc.
54.5
1.2x
16-Jun-10 MicroOLED S.A.S.
PHOTONIS SAS
n/a
n/a
7-Jun-10 Global OLED Technology LLC
Idemitsu Kosan Co. Ltd.
n/a
n/a
31-Mar-10 Ortus Technology Co., Ltd.
Toppan Printing Co., Ltd.
n/a
n/a
Bright View Technologies
3-Feb-10
Corporation
Tredegar Corp. (NYSE:TG)
n/a
n/a
27-Jan-10 Can Yang Investments Limited
LG Display Co., Ltd.
9.9
n/a
18-Dec-09 MicroEmissive Displays GmbH
Fraunhofer Institute For Photonic
n/a
n/a
30-Nov-09 Eastman Kodak Co., OLED Display LG Electronics Inc.
27-Oct-09 Ichor Systems, Inc.
American Industrial Partners
5-Jun-09 SVA Electron Co. Ltd.
Shanghai Yidian Holding
100.0
n/a
n/a
n/a
162.6
8.1x
13-Nov-08 Advanced Neotech Systems Inc.
Snu Precision Co Ltd
1.2
n/a
4-Apr-08 Gracel Display Inc.
Rohm and Haas Company
41.0
n/a
31-Jul-07 Cambridge Display Technology
Sumitomo Chemical Co. Ltd.
258.3
24.2x
22-Dec-06 Next Sierra, Inc.
Cambridge Display Technology
1.6
n/a
30-Jan-06 SK Display Corp.
SANYO Electric Co., Ltd.
n/a
n/a
16-Feb-05 Orion Electric Co., Ltd.
MatlinPatterson Global Advisers
117.0
n/a
8-Feb-05 Merck OLED Materials GmbH
Merck KGaA
64.0
n/a
18-Nov-04 Ichor Systems, Inc.
Ares Management LLC; Gryphon
Investors; Tennenbaum Capital
n/a
n/a
29-Dec-04 CDT Oxford Limited
Cambridge Display Technology
8.6
n/a
Source: Capital IQ.
21
GP Bullhound LLP
Target Business Description
It offers LCD display modules, OLED display modules, and battery packs and
modules; light emitting diodes, including lamps and displays
Manufactures and supplies production and research equipment for thin film
coatings including industrial OLED encapsulation
Manufactures display and semiconductor inspection equipment including OLED
probe stations
Designs and manufactures gas and liquid delivery systems for semiconductor,
solar, LED, OLED, and the electronics marketplace
It licenses its micro-transfer printing technology for OLED displays, LCD
displays, large area sensors, and medical devices
Provides display parts, such as LCD probe stations, OLED probe stations, FED
align systems, and probe units
Develops and manufactures OLED process equipment. It offers OLED displays
and lighting products
Develops, designs, and manufactures systems for manufacturing organic lightemitting diode (OLED) displays
Engages in the design and development of organic light emitting diode
technologies
Global OLED Technology LLC ow ns 2000 patents related to organic
electroluminescent technology
Develops, manufactures, and sells small and medium-sized liquid crystal
displays (LCDs). It also offers TFT/OLED displays
Develops microstructure-based optical films for the display industry and OLED
applications
Manufactures and markets TFT-OLED, a display panel technologies used in the
manufacture of flat panel displays
Manufactures Polymer Organic Light Emitting Diode microdisplays (P-OLEDs)
Eastman Kodak Co., OLED Display Business used to manufacture plasma
televisions, computer monitors, and plasma display
Designs and manufactures gas and liquid delivery systems for semiconductor,
solar, LED, OLED, and the electronics marketplace
Provides photoelectron display devices and application products including LCD,
LCM, PDP, VFD and OLED
Develops, manufactures, markets, and services solar cell, OLED deposition,
encapsulation, and vacuum systems
Engages in the fabrication and evaluation of organic light emitting devices
(OLED)
Develops and commercializes polymer organic light emitting diodes for various
electronic display products
Engages in designing hardw are products in the areas of netw orking, data
communications, storage devices, and consumer electronics
Manufactures OLED displays for consumer devices such as cameras and
portable entertainment devices
Provides full-color organic light-emitting diode panels and modules for sub
displays; and displays for mobile phones and PDAs
Designs, develops, manufactures, and markets organic semiconductor material
solutions for the electronics market
Designs and manufactures gas and liquid delivery systems for semiconductor,
solar, LED, OLED, and the electronics marketplace
Provides light emitting technology for flat displays
GP B ULLHOUND – OLED M ARKET
SELECTED PRIVATE PLACEMENTS
Transaction
Date
Target
Investor(s)
Value($m )
NeoView KOLON
Kolon Corp.
10.0
17-Apr-12 Plextronics, Inc.
Universal Display Corp.
7.0
28-Mar-12 Semprius, Inc.
Arch Venture Partners, L.P.; Intersouth Partners; Siemens
Venture Capital GmbH
7.5
28-Feb-12 NeoView KOLON
Kolon Industries, Inc.
6.4
15-Feb-12 C3Nano Inc.
GSR Ventures Management Co. Ltd.; Phoenix Venture Partners
6.7
18-Jan-12 dreipuls GmbH
Mittelständische Beteiligungsgesellschaft Sachsen mbH; e²C³
GmbH & Co. KGaG
1.3
19-Sep-11 NeoView KOLON
Kolon Industries, Inc
7.9
30-Jun-11 Plextronics, Inc.
Solvay North America Investments, LLC
15.5
16-Jun-11 Semprius, Inc.
Arch Venture Partners, L.P.; Intersouth Partners; In-Q-Tel, Inc.;
Siemens Venture Capital GmbH; IllinoisVENTURES, LLC; Morgan
30.0
10-Jan-11 Beneq Oy
Finnish Industry Investment Ltd; Via Venture Partners A/S
11.7
6-Jul-12
31-Dec-10 C3Nano Inc.
28-Dec-10
Jusung
Engineering
GSR Ventures Management Co. Ltd.
3.2
Korea Finance Corporation
26.8
1-Nov-10 Mylan Group
Top High Image Corp.
2.5
27-Feb-10 Mylan Group
Jaccar
12.0
9-Jun-09 Semprius, Inc.
21-Apr-09 Bright View
Arch Venture Partners, L.P.; Intersouth Partners; In-Q-Tel, Inc.;
X-FAB Semiconductor Foundries AG; IllinoisVENTURES, LLC;
8.1
Intersouth Partners
4.0
31-Dec-08 OLED-T Ltd.
Foresight Group; Foresight 4 Vct PLC; Foresight 3 VCT Plc
1.4
10-Jun-08 Bright View
Battery Ventures; Duke Management Company
15.0
1.7
2-Apr-08 eMagin Corp.
Iroquois Capital, LP; Kettle Hill Capital Management, LLC
21-Mar-08 Wintest Corp
Takatori Corp.
7.8
13-Nov-07 Tokki Corp.
Canon Inc.
52.4
30-Aug-07 Plextronics, Inc.
Birchmere Ventures; Draper Triangle, LLC; Firelake Capital
Management, LLC; Solvay North America Investments, LLC
39.0
15-Aug-07 Beneq Oy
Inventure Oy; Via Venture Partners A/S
4.1
16-Apr-07 Semprius, Inc.
Arch Venture Partners, L.P.; Intersouth Partners;
IllinoisVENTURES
4.1
3-Nov-06 Astron-Fiamm
Assicurazioni Generali SpA; EonTech Ventures SA
15-Aug-06 Plextronics, Inc.
21-Jul-06 eMagin Corp.
5.1
Birchmere Ventures; Draper Triangle, LLC; Innovation Works;
Firelake Capital Management, LLC; SEA Ventures
Iroquois Capital, LP; Alexandra Investment Management, LLC;
Nite Capital Management, LLC
13.1
6.0
19-Jun-06 Beneq Oy
Inventure Oy
1.3
25-May-06 OLED-T Ltd.
Aberdeen Asset Management PLC (LSE:ADN); Foresight Group;
Gartmore Investment Management Limited; E-Synergy Ltd
7.1
Nuelight
31-Mar-06
Corporation
Enterprise Partners Venture Capital; KTB Ventures
9-Mar-06 Bright View
20-Oct-05 eMagin Corp.
31-Jul-05 OLED-T Ltd.
12-Apr-05 Integral Vision
24-Nov-04 MicroEmissive
25-May-04 Plextronics
5-Feb-04 Eikos Inc.
9-Jan-04 eMagin Corp.
27-Jun-03 Bright View
4.0
Battery Ventures; Tri-State Investment Group; Charlotte Angel
Partners; Piedmont Angel Netw ork LLC; Charleston Angel
Angelo, Gordon & Co., Private Equity Group; Alexandra
Investment Management, LLC; Firebird Management LLC; Enable
Aberdeen Asset Management PLC; Foresight Group; Gartmore
Investment Management Limited; Foresight 4 Vct PLC
Bernay Box & Co., Inc.; AWM Investment Company Inc.; Becker
Drapkin Management, L.P
3i Group plc; Scottish Equity Partners LLP; ISIS Equity Partners
LLP; Cazenove Private Equity; Braveheart Investment Group plc
7.5
9.1
5.8
7.0
29.5
Innovation Works; Smithfield Trust Company
3.4
ITOCHU International Inc.
1.0
Gabriel Capital Group; RAM Capital Management; Stonestreet
Limited Partnership; Atoll Asset Management; Gamma Capital
Tri-State Investment Group; Charlotte Angel Partners; Piedmont
Angel Netw ork LLC; Charleston Angel Partners, LLC
4.2
2.0
24-Jun-03 OLED-T Ltd.
Maven Capital Partners UK LLP
25-Apr-03 eMagin Corp.
Emerald Venture Capital
6.0
10-Dec-02 Ichor Systems
Behrman Capital; MidOcean Partners
50.0
27-Feb-02 eMagin Corp.
14-Dec-01 Ichor Systems
29-Oct-01 OLED-T Ltd.
3.7
Iroquois Capital, LP; Rainbow Gate Corp
2.5
Behrman Capital; Gryphon Investors; Century Park Capital
Partners, Inc.; MidOcean Partners; The Northw estern Mutual
Advent Venture Partners; YFM Private Equity; Classic Fund
Management Ltd.; Foresight 4 Vct PLC; Foresight 3 VCT Plc
69.0
3.6
16-Nov-00 Ritek Display
Intel Capital
24.2
14-Nov-00 OLED-T Ltd.
Advent Venture Partners; Elderstreet Investments Limited; YFM
Private Equity; Classic Fund Management Ltd.; Foresight 4 Vct
2.9
Target Business Description
Develops and produces organic light emitting diode (OLED)
displays
Develops printed lighting, display, solar, and other organic
electronics (including OLEDs)
Develops concentrator photovoltaic modules for large-scale solar
pow er generation also used in OLED displays
Develops and produces organic light emitting diode (OLED)
displays
Develops hybrid carbon nanotube based transparent electrode
inks and films for display OLED devices
Develops technology solutions for light control and light distribution
based on LED and OLED light bulbs
Develops printed lighting, display, solar, and other organic
electronics including OLED and LCD displays
Develops printed lighting, display, solar, and other organic
electronics including OLED and LCD displays
It licenses its micro-transfer printing technology for non-solar
applications, including OLED displays and LCD displays
Manufactures and supplies production and research equipment for
thin film coatingsZ for industrial OLED encapsulation
Develops hybrid carbon nanotube based transparent electrode
inks and films for display OLED devices and photovoltaic solar
Offers flat panel display products, such as plasma enhanced
chemical vapor deposition equipment and organic light emitting
Provides OLED and PLED materials, laser and NIR dyes, organic
solar cells, organic thin-film transistors, and organic intermediates
Provides OLED and PLED materials, laser and NIR dyes, organic
solar cells, organic thin-film transistors, and organic intermediates
It licenses its micro-transfer printing technology for non-solar
applications, including OLED displays, LCD displays and medical
Develops microstructure-based optical films for the display
industry and contrast enhancing products for PDP and OLED
Invents, patents, develops, manufactures, and licenses organic
light emitting diode materials and device structures
Develops microstructure-based optical films for the display
industry. It offers contrast enhancing products for PDP and OLED
Manufactures microdisplays using organic light emitting diode
technology (OLED)
Engages in the design, development, and manufacture of
measuring circuit for OLED, LCD, LCOS, CCCD, CMOS, and image
Engages in the development, design, manufacture, and sale of
systems for manufacturing organic light-emitting diode (OLED)
Develops printed lighting, display, solar, and other organic
electronic, such as organic light emitting diodes (OLED) mobile
Manufactures and supplies production and research equipment for
thin film coatings and industrial OLED encapsulation
It licenses its micro-transfer printing technology for non-solar
applications, including OLED displays, LCD displays, and medical
Develops new -generation lighting products based on laser and
organic light emitting device (OLED) technologies targeting road
Develops printed lighting, display, solar, and other organic
electronics, such as organic light emitting diodes (OLED) mobile
Manufactures microdisplays using organic light emitting diode
technology (OLED)
Manufactures and supplies production and research equipment for
thin film coatings for industrial OLED encapsulation
Patents, develops, manufactures, and licenses organic light
emitting diode materials and device structures
Provides products and technology for uniform brightness,
balanced colors, and long lifetimes of active matrix OLEDs
Develops microstructure-based optical films for the display
industry. It offers contrast enhancing products for PDP and OLED
Manufactures microdisplays using organic light emitting diode
technology (OLED)
Invents, patents, develops, manufactures, and licenses organic
light emitting diode materials and device structures
Engages in the development, manufacture, and marketing of flat
panel display inspection systems for the display manufacturing
Engages in the development, manufacture, and sale of Polymer
Organic Light Emitting Diode (P-OLED) microdisplays
Develops printed lighting, display, solar, and other organic
electronics, such as organic light emitting diodes (OLED) mobile
Develops and manufactures carbon nanotube inks and conductive
coatings for use in solar cells, flat panel displays and OLED lighting
Manufactures microdisplays using organic light emitting diode
technology (OLED)
Develops microstructure-based optical films for the display
industry and contrast enhancing products for PDP and OLED
Invents, patents, develops, manufactures, and licenses organic
light emitting diode materials and device structures
Manufactures microdisplays using organic light emitting diode
technology (OLED)
Designs and manufactures gas and liquid delivery systems for
semiconductor, solar, LED, OLED, and the electronics marketplace
Manufactures microdisplays using organic light emitting diode
technology (OLED)
Designs and manufactures gas and liquid delivery systems for
semiconductor, solar, LED, OLED, and the electronics marketplace
Invents, patents, develops, manufactures, and licenses organic
light emitting diode materials and device structures
Focus mainly on the production of full-color organic
electroluminescent (OLED) display
Invents, patents, develops, manufactures, and licenses organic
light emitting diode materials and device structures
Source: Capital IQ.
22
GP Bullhound LLP
GP B ULLHOUND – OLED M ARKET
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kind. All investments bear certain material risks that should be considered in consultation with an investors financial, legal and tax advisors. Alec
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