Plastic Logic announced today that it will build the first factory
to manufacture plastic electronics on a commercial scale. The facility
will produce flexible active-matrix display modules for 'take
anywhere, read anywhere' electronic reader products. It will utilize
Plastic Logic's unique process to fabricate active-matrix displays
that are thin, light and robust; enabling a reading experience closer
to paper than any other technology.
To fund this comprehensive commercialization program, Plastic
Logic has completed a first closing of $100 million of equity finance
led by Oak Investment Partners and Tudor Investment
Corporation. Existing investors Amadeus, which led the seed financing
of Plastic Logic, Intel Capital, Bank of America, BASF Venture
Capital, Quest for Growth and Merifin Capital also participated. The
financing is one of the largest in the history of European venture
capital.
Bandel Carano, Managing Partner at Oak, said "Plastic Logic has
created a pioneering technology that will revolutionize the way that
people interact with their media on the move. This investment is a
perfect fit with Oak's vision of future media interaction through
handheld devices."
Rob Broggi, Vice President and Director of Technology, Media and
Telecommunications Equity Research at Tudor, added "This investment
meets our objective to find and participate in the most exciting
investment opportunities globally, particularly in mobile and
nanotechnology sectors."
Hermann Hauser, Director of Amadeus commented "Having backed
Plastic Logic from day one, I am delighted that the first full
commercialization of plastic electronics is now firmly in our
sights. With this investment we are not only scaling up a great
company - we are also creating a new electronics industry that will
become a significant addition to silicon."
The facility will produce display modules for portable electronic
reader devices - a product category that is predicted to grow to 41.6
million units in 2010. It will have an initial capacity of more than a
million display modules per year and production will start in 2008.
Dresden in the 'Silicon Saxony' region of eastern Germany has been
chosen as the facility location following an extensive worldwide site
selection process.
"Our displays will enable electronic reader products that are as
comfortable and natural to read as paper whether you're on a beach, in
a train or relaxing on the sofa at home." stated John Mills, Chief
Operating Officer at Plastic Logic. "Wireless connectivity will allow
you to purchase and download a book or pick up the latest edition of
your newspaper wherever you are and whenever you need it. The battery
will last for thousands of pages so you can leave your charger at
home."
"Even in this age of pervasive digital content, our research shows
that consumers are very reluctant to read on laptops, phones and
PDAs," said Simon Jones, Vice President of Product Development at
Plastic Logic. "We still carry around enormous amounts of
paper. However, people are making less room in their lives for the
weight and bulk of paper and are becoming more sensitive to the
environmental impact of printing to read. We believe there is a
substantial unfulfilled need that Plastic Logic can meet by making
digital reading a comfortable and pleasurable experience."
Please see www.plasticlogic.com for full press release.
