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OLEDworks designs and develops organic light emissions diode (OLED) lighting solutions for the automotive industry, micro displays as well as non-automotive & speciality lighting. The project supports the company's expansion and product development in the EU, targeting mainly the automotive sector.
The aim is to finance the promoter's RDI activities in the field of OLED systems and solutions, with a main focus on the automotive sector. The project will also implement manufacturing equipment and machinery within the existing OLED manufacturing facility to support the promoter's growth plans.
The project is in line with the InvestEU objective of (Annex II eligibility). The proposed operation addresses the Future Technologies Main Policy Priority Area under the InvestEU Research, Innovation and Digitalisation Window (RIDW), and more specifically the innovative use of OLED lighting technology for the automotive industry.
The promoter has developed a capability and intellectual property to use OLED technology for lighting in cars including for rear combination lamps, which is a first-of-a kind use case at scale. The financing will help the Company expanding its European operations in part through the extension of their manufacturing facility in Aachen, Germany, while also supporting the further development of their proprietary OLED lighting technology.
The EIB Venture Debt financing is expected to address market failures and gaps related to (i) imperfect competition contributing to expand the use cases of innovative OLED technology, (ii) incomplete market by facilitating the creation of a serial production capability for OLED panels targeting automotive clients, and (iii) financial market failures arising from higher cost of financing.
The project would not have been carried out (to the same extent) by the EIB without the InvestEU support.
The activities included in the project do not fall under any Annex of the environmental impact assessment (EIA) Directive 2014/52/EU amending the Directive 2011/92/EU and will be carried out in existing facilities already authorised that will not change their scope due to the project. The increased capacities for OLED devices will be implemented in an existing industrial building and is already authorised for the planned activities
The promoter has been assessed by the EIB as being a private company not operating in the utilities sector and not having a status of a contracting entity, and is thus not subject to EU rules on public procurement.