Universal Display entered into an OLED technology license agreement with Pioneer Corporation. Pioneer will use company's UniversalPHOLED and other OLED technologies and will also purchase PHOLED materials - to be used for OLED lighting products. Pioneer will pay running royalties. The term of the agreement continues until Pioneer sells a specified amount of licensed products.

Pioneer has been using UDC's PHOLED materials in their PMOLED displays since 2003. The company has an OLED lighting joint-venture with Mitsubishi Chemicals - which will market Pioneer's panels under the Verbatim brand. Verbatim announced the color-tunable VELVE OLED lighting panels in February 2011, we're not sure if these are actually shipping yet as promised back in April.

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