Smartkem Signs Memorandum of Understanding with RiTdisplay to Integrate Smartkem's OTFT Process Into Its Gen2.5 Line
Rhea-AI Summary
Smartkem (SMTK) has signed a memorandum of understanding with RiTdisplay to integrate Smartkem's organic thin-film transistor (OTFT) process into RiTdisplay's Gen2.5 pilot line. This collaboration builds upon their initial joint development agreement from 2021 and follows their 2024 government-funded project to develop the world's first commercially ready active-matrix OLED display using OTFT technology.
The integration will transfer product prototyping capabilities from the Industrial Technology Research Institute (ITRI)'s Gen2.5 line to RiTdisplay's facility, with the line expected to be operational in the second half of 2025. This non-binding agreement represents a significant step toward commercializing Smartkem's transistor technology, enabling product prototyping at RiTdisplay's state-of-the-art facility in Hsinchu, Taiwan.
Positive
- Expansion of product prototyping capabilities through integration into RiTdisplay's commercial Gen2.5 line
- Progress toward commercialization of OTFT technology
- Building on existing successful collaboration since 2021
- Government grant support for development project
Negative
- Non-binding agreement with no guaranteed execution
- Implementation timeline extends to second half of 2025
- No immediate revenue impact
News Market Reaction
On the day this news was published, SMTK declined 4.91%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Creation of a commercial pilot line at RiTdisplay is a significant step towards commercialization of Smartkem's OTFT technology
The memorandum of understanding is a significant progression in the collaboration work between Smartkem and RiTdisplay, which started with an initial joint development agreement in 2021, and includes the 2024 commencement of a
RiTdisplay GM Robert Chen said, "This phase of our collaboration marks a major milestone forward in delivering a new generation of AMOLED displays to the global market and reinforces the commitment of both companies to innovation and commercial excellence. We look forward to delivering customer demonstrations later this year and accelerating the market adoption of OTFT-based AMOLED displays in multiple end markets. RiTdisplay remains committed to driving innovation across multiple display technologies, including PMOLED and OTFT. This collaboration with Smartkem allows us to explore new possibilities while continuing to enhance our core technologies."
Smartkem Chairman and CEO Ian Jenks said,"This is a major step forward in our strategy to commercialize our unique transistor technology. Once complete, we will be able to provide product prototying of the world's first commercially ready AMOLED display using OTFT technology on a commercial Gen2.5 OTFT product manufacturing line at RiTdisplay's existing state-of-the-art facility in Hsinchu,
The memorandum of understanding is non-binding and there can be no assurance as to whether or when a definitive agreement will be executed by the parties or as to the ultimate terms of any such agreement.
About Smartkem
Smartkem is seeking to change the world of electronics with a new class of transistor using its proprietary advanced semiconductor materials that have the potential to revolutionize the display industry. Smartkem's TRUFLEX® semiconductor technology enables low temperature printing processes that are compatible with existing manufacturing infrastructure with the potential to deliver low-cost, high performance displays in a range of display technologies including microLED, miniLED and AMOLED, as well as applications in sensors and logic.
Smartkem develops its materials at its research and development facility in
About RiTdisplay Corporation
RiTdisplay is the world's leader of passive matrix organic light emitting diode (PMOLED). RiTdisplay not only holds the world's largest PMOLED production capacity, but also supplies its product to multiple Tier 1 customers around the world. With its main applications ranging from smart appliances, medical devices, set-top boxes, wearables, industrial instruments, to AIOT products.
Forward-Looking Statements
All statements in this press release that are not historical are forward-looking statements, including, among other things, its market position and market opportunity, expectations and plans as to its product development, manufacturing and sales, and relations with its partners and investors. These statements are not historical facts but rather are based on Smartkem, Inc.'s current expectations, estimates, and projections regarding its business, operations and other similar or related factors. Words such as "may," "will," "could," "would," "should," "anticipate," "predict," "potential," "continue," "expect," "intend," "plan," "project," "believe," "estimate," and other similar or elated expressions are used to identify these forward-looking statements, although not all forward-looking statements contain these words. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties, and assumptions that are difficult or impossible to predict and, in some cases, beyond the Company's control. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described in the Company's filings with the Securities and Exchange Commission. The Company undertakes no obligation to revise or update information in this release to reflect events or circumstances in the future, even if new information becomes available.
Contacts:
Selena Kirkwood
Head of Communications for Smartkem
T: +44 (0) 7971 460 364
s.kirkwood@smartkem.com
U.S. Investors
David Barnard, CFA
Alliance Advisors Investor Relations
T: 1 415 433 3777
dbarnard@allianceadvisors.com
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SOURCE Smartkem
FAQ
What is the significance of Smartkem's (SMTK) MOU with RiTdisplay for OTFT integration?
When will RiTdisplay's Gen2.5 pilot line with Smartkem's (SMTK) OTFT technology be operational?
What previous collaborations exist between Smartkem (SMTK) and RiTdisplay?
Is the Smartkem (SMTK) and RiTdisplay memorandum of understanding legally binding?
