Plastic Logic has announced that it will build a 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 process to fabricate active-matrix displays that are thin, light and robust.
To fund this 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 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 a worldwide site selection process.
(www.plasticlogic.com; www.oakinv.com; www.tudorfunds.com; www.amadeuscapital.com; www.intelcapital.com; www.basf.com; www.questforgrowth.com)