XTPL has signed a Memorandum of Understanding with Korean HPK Inc.
- XTPL and the Korean company HPK Inc., one of the main suppliers of devices for defect repair in displays for LG – one of the world’s largest manufacturers of consumer electronics – have signed a Memorandum of Understanding (MoU).
- The MoU opens the path to business negotiations about a license agreement.
- Representatives of the Korean partner have just completed a reference visit to XTPL’s headquarters in Wroclaw.
- If successful, the commercialization of the innovative XTPL technology in the area of open defect repair will usher the company into perspective display sector.
STRONG PARTNERSHIPS, STABLE INCOME POTENTIAL
– Open defect repair in the display sector is now one of the two application fields in which we are commercializing our technology. The MoU signed with HPK today means we have taken our business relationship with this partner to the next level. Quite importantly, like HPK, we prefer cooperation in the licensing model. This solution is favourable for XTPL as it safeguards our interests. The selected licensing model maximises the company’s potential in terms of creating new technological solutions and allows us to enter the market faster – says Filip Granek, the CEO of XTPL.
HPK Inc. develops and produces e.g. devices for repairing defects in displays. The firm is one of the main suppliers of these solutions for LG corporation, whose subsidiary LG Display accounts for 17% of global manufacture of displays, which makes it the second largest player, next to Chinese BOE (18%), with which XTPL recently signed a Technology Evaluation Agreement and started a proof of concept project.
The document just signed defines the parties’ main business goals related to their potential commercial cooperation. The partners are interested in signing a license agreement. It will give HPK access to the technology for repairing defects in displays, which this manufacturer intends to implement in the devices it makes. In turn, for XTPL it is to provide a stable source of income in the coming years.
– A successful commercialization in the area of open defect repair will endorse our technology in the global display industry. This, in turn, will pave the way for development of our technology and its future implementation in other branches of this sector. By implementing XTPL solutions, our partners will see a growth of their competitiveness and their business potential – Filip Granek adds.
IMPLEMENTATION OF NEXT MILESTONES IN THE COMMERCIALIZATION PROCESS
The MoU signed with the Korean partner is an outcome of XTPL’s consistent efforts as it moves through the multi-stage commercialization, a process which is typical for deep tech companies. The advanced R&D work in which the XTPL team was involved with its partners interested in purchasing the technology for repairing open defects in displays allowed the company to take its cooperation with HPK to the next level faster. The MoU marks the beginning of so called “design in” stage. The objective of this stage is to adapt the technology to the specific requirements of the partner’s production process. It also starts the process of negotiations of the business terms of a future contract.