The European Investment Bank (EIB) has provided €30m ($34.8m) in financing to OLEDWorks to bolster its innovative automotive lighting solutions.

This investment will support the company's growth and product development within the European Union, particularly for automotive clients.

OLEDWorks, known for its advanced organic light-emitting diodes (OLEDs) technology, will use the funding primarily at its Aachen site in Germany.

OLEDWorks is at the forefront of designing and developing OLED-based lighting solutions that offer high brightness, energy efficiency, and durability.

The company has notably created a pioneering application for OLED panels in the automotive industry, marking a significant first-of-its-kind use case at scale.

With the EIB's support, OLEDWorks is set to reinforce its leadership in multi-stack OLED technology and broaden its automotive customer base.

The investment will also help OLEDWorks to tap into the emerging trend of OLED use in vehicles, which is anticipated to accelerate in the near future.

Additionally, the financing will contribute to maintaining manufacturing and innovation within Europe, countering the recent trend of the lighting industry's relocation to Asia.

The EIB's financing is poised to facilitate OLEDWorks' expansion plans, including the creation of approximately 45 new jobs over the next three to four years.

The funding is part of the InvestEU-supported Future Tech programme loan, aimed at bridging funding gaps and providing necessary risk capital to EU venture-backed companies.

EIB vice president Nicola Beer said: “OLEDWorks provides the type of cutting-edge technology that will secure a bright future for Europe and its people. The financing provided by the EIB reflects our commitment to supporting innovative companies in strategic sectors. OLEDWorks’ lighting solutions align with our objective of fostering technological advancements on the continent—progress we need if we want Europe to be competitive and green.”

OLEDWorks CEO David DeJoy added: “The financing provided by the EIB will allow for expedited technology development and will enable advancements of OLED lighting technology with higher segmentation and display-like capabilities, higher brightness for automotive stop and turn applications, and bendable OLED panels.”

"EIB grants €30m to OLEDWorks for automotive lighting" was originally created and published by Just Auto, a GlobalData owned brand.

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