Printed electronics now_whitepaper

Fall
09
The Growing Market for
Printed Electronics
Printed Electronics Now is an online publica on devoted to the fast growing ﬁeld
of electronic products created through the prin ng process, an emerging industry
that promises to revolu onize the methods in which electronic components and
systems are manufactured.

David Savastano
Editor
Printed Electronics Now
www.printedelectronicsnow.com

Printed Electronics Now
Rodman Publishing
70 Hilltop Road, Suite 3000
Ramsey, NJ 07446
USA

Tel: +1 201 825-2552
Fax: +1 201 825-0553


[THE GROWING MARKET FOR PRINTED ELECTRONICS ] 1

Growing Opportuni es for Printed Electronics

Contents Page

Introduc on to Printed Electronics 2

Photovoltaics 4

Printed Ba eries 14

Displays and Ligh ng 17

RFID 25

Conduc ve Materials 37

Prin ng Process, Equipment and Printers 42

2009 Ar cles from Printed Electronics Now 46


2 [THE GROWING MARKET FOR PRINTED ELECTRONICS ]

Printed Electronics Now is an online publica on devoted to the fast growing field of electronic
products created through the prin ng process, an emerging industry that promises to revolu onize
the methods in which electronic components and systems are manufactured. Printed Electronics
Now offers a wealth of informa on on the industry, including breaking news, weekly feature
ar cles and e-newsle er, and a directory of more than 400 PE companies and organiza ons.

The Growing Opportuni es for Printed Electronics

There is tremendous interest in the field of printed electronics (PE). Essen ally, printed electronics
is just what it sounds like: The intersec on of prin ng and electronics, two extremely large
industries. The idea is simply that if one can print electronic circuits and devices, it would be
much less costly and far more efficient in terms of produc on.

Right now, IDTechEx, a leading industry
consultant, figures sales of printed electronics
is a $1.6 billion business. However, they
predict the business will grow to US $330
billion in sales by 2027. In the various
segments that make up PE, es mates are
equally op mis c.

Even if those es mates are off by half, $165
billion is s ll a huge business, and we are
Photo courtesy of PolyIC GmbH & Co. KG star ng to see printed electronics blossom in
areas as diverse as photovoltaics, RFID,
printed ba eries and sensors, displays and ligh ng, and novelty items. RFID and eReaders are
commonplace today; flexible displays, OLEDs and organic photovoltaics are the future.

The field is being driven by advances in material and equipment. Tremendous research is being
conducted at companies large and small alike, as well as countless universi es, where some of
the breakthrough technologies that are now becoming a reality were created.

Who is developing and manufacturing printed electronics? IDTechEx says more than 2,200
companies and universi es worldwide are involved in printed electronics and RFID. There are
huge interna onal companies like BASF, 3M, Motorola and DuPont in the market, as well as
technologically-rich start-ups like Konarka, Blue Spark Technologies, Novaled, NTERA, Kovio,
Plas c Logic and Plextronics, to name but a few. They all have good technologies and a great
story to tell. Time will tell what their future holds…



One sign of the PE market’s poten al is that venture capital funding remains strong, despite the
fact that funding has go en ght since the global recession started. Es mates place venture
funding in PE and RFID at more than $2 billion in the past year, a clear signal that investors
an cipate a major payoff in the future.

There has also been some
merger and acquisi on
ac vity in the field, as major
companies such as Motorola
and Prime View Interna onal
acquired industry leaders such
as Symbol Technology and E
Ink, respec vely.

Not everyone is going to
succeed, however. Despite
having excellent technologies
and ini al funding, some
promising companies could
not get to the commercial
stage. NanoIdent/BioIdent,
Polymer Vision and Elumin8
are a few of the companies
that did not succeed,
but there is s ll hope for Photo courtesy of NTERA
those technologies.

“The Growing Market for Printed Electronics” offers a snapshot of the past, present and future
of the rapidly expanding field of printed electronics. It is impossible to know all that is occurring
in the market, and it is certain that there is ground-breaking work being conducted at this
moment. What is sure is that printed electronics will become a major part of our daily lives in
the near future.

Advantages of printed electronics

Solu on-based materials Less expensive than silicon

Prin ng High-speed produc on at lower cost

Flexible substrates Roll-to-roll produc on, ease of use



Photovoltaics

Simply put, photovoltaics is the transforma on of radia on or solar energy into electrical energy
that takes place in solar cells. The photovoltaic effect dates back to 1839, when Edmund
Becquerel discovered that he could produce electricity directly from sunlight. As soon as solar
radia on strikes cells, a current is generated.

Typically, silicon has been
used as the key element for
the wafers, which are
interconnected. When
sunlight strikes a PV material,
photons will either pass
through, be reflected or be
absorbed. If the photon is
absorbed, its energy will be
transferred to an electron in
Photo courtesy of Xunlight Corpora on an atom of the PV material.

The primary building block of a PV system is the PV cell, typically a thin, 3-inch square cell.
Energy is produced by connec ng single PV cells into modules, which can then be connected to
form arrays.

Photovoltaic technology has been in development for more than 50 years. Bell Labs is credited
with crea ng crystalline silicon photovoltaic technology, known as first genera on solar
technology. Silicon-based technology has succeeded in achieving market penetra on, primarily
in grid-connected applica ons where sufficient subsidies are available to offset its high cost. S ll,
the process is labor intensive. Since materials represent more than 60 percent of manufacturing
costs and the supply of silicon is finite, the long-term poten al for lowered cost is unlikely to
deliver broadly affordable energy.

Second genera on photovoltaic technologies, known as thin film technologies, were next to be



developed. These technologies are typically made by deposi ng a thin layer of photo-ac ve
material onto glass or a flexible substrate, such as metal foils or polymers. Compared to silicon
wafers, thin film PV is less subject to breakage when manufactured on a flexible foil.

Thin film technologies use a wide variety of
different materials. Cadmium telluride (CdTe),
amorphous silicon (a-Si) and copper indium
gallium diselenide (CIGS) are the most
common. These are deposited on the
substrate. While most deposi on is done
through spu ering, prin ng is being seen as
an op on that would allow for high
throughput at cost-efficient means. Industry
analyst firm NanoMarkets projects the CIGS
PV market will grow from $403.1 million in Photo courtesy of Konarka Technologies
2011 to $2.6 billion in 2016. (Materials
Markets for CIGS Photovoltaics, Jan. 2009).

IDTechEx es mates that the market for thin film inorganic photovoltaic technologies, not including
crystalline silicon, will reach at least $20 billion in 2014. (Thin Film Photovoltaics and Ba eries
2009-2029, July 2009). According to IDTechEx, thin film held roughly 10% of the overall PV market
in 2008, and is expected to gain an even larger share in the next few years.

Thin film PV is less expensive to manufacture due to reduced material, labor, handling, energy
consump on and capital costs. Roll-to-roll manufacturing is the most efficient means of produc on.

There remain important challenges to be met with second genera on solar technologies.
Efficiencies have yet to reach the necessary levels, and there is concern over the toxicity of
certain materials.

Third genera on photovoltaic technologies are currently under development. These include
organic photovoltaics (OPV) and dye-sensi zed solar cells (DSSC). OPVs are also striving for
greater efficiencies and life mes.

Because of the nature of the PV industry, there are plenty of companies large and small alike
that are working in this space. Venture fund money has been plen ful, and major companies are
among the key investors; General Electric and Honda are among the major interna onal
corpora ons in the field. It is also interes ng to see where these companies have sprouted out
from; many of these companies have been formed out of research conducted by universi es.

According to NanoMarkets, the market for thin film and organic photovoltaics (PV) will be worth
more than $2.4 billion in the year 2011 and $7.5 billion in 2015. (Revised NanoMarkets Numbers
Show Thin Film and Organic Photovoltaic Materials Markets at $2.4 billion by 2011, Dec. 2008).
The report examines key product sectors that will create revenue opportuni es over the next
several years. Integrated building and construc on products (BIPV) such as PV-enabled roofing,
sides and window materials are projected to be a major market opportunity.



On the materials front, amorphous silicon, the best established of the various thin film PV
materials, will represent an $800 million opportunity, followed by organic and hybrid
organic/inorganic materials and CIS/CIGS.

Amorphous Silicon (a-Si)

Silicon is the most common material used in the manufacture of solar cells. Typically, single-
junc on crystalline silicon is the material of choice for rigid cells. For thin film produc on, the
second genera on of solar cells, amorphous silicon, a non-crystalline form, is deposited on the
substrate. While it is not as efficient as crystalline silicon, it offers several dis nct advantages: It
can be printed on flexible substrates, including plas c and stainless steel, due to its rela vely low
processing temperature, and since far less silicon is required, raw material costs are much lower.

Key companies in the a-Si thin film PV market include United Solar Ovonic LLC, a division of
Energy Conversion Devices, Renewable Energy Corpora on ASA and Xunlight. Innovalight has
developed a silicon-based ink it uses for its solar technology. Evergreen Solar is focused on silicon
wafers, formed into what it calls a String Ribbon.

Cadmium Telluride (CdTe)

Cadmium telluride (CdTe) is a crystalline compound formed from cadmium and tellurium. It is a
direct bandgap semiconductor, which enables it to convert solar energy into electricity more
efficiently. High performance modules are achieved with single junc on, polycrystalline devices.
It is usually sandwiched with cadmium sulfide to form a p-n junc on photovoltaic solar cell. CdTe
is more cost effec ve than polysilicon-based cells, although it is less efficient. First Solar's use of
cadmium telluride over silicon technologies has allowed it to achieve a significantly lower price
point, and it has become the largest producer of thin film solar cells.

There are concerns over CdTe: It is a toxic chemical, and must be handled and recycled properly.
Tellurium is also a rare element, and there could become a problem of supply. CdTe is not
printed at this me.

Copper Indium Selenide (CIS)

An offshoot of CIGS, CIS (copper indium selenide) has been popularized by AVANCIS, CIS Solar
and Würth Solar. It has a high manufacturing cost. AVANCIS claims reaching 9 to 11 percent
efficiency with its PowerMax thin film module. Würth Solar opened the first CIS produc on
facili es in 2006.

Copper Indium Gallium (di)Selenide (CIGS)

Copper indium gallium (di)selenide (CIGS) is a semiconductor material composed of copper,
indium, gallium and selenium. The material is a solid solu on of copper indium selenide (CIS)
and copper gallium selenide. The U.S. Department of Energy’s Na onal Renewable Energy
Laboratory (NREL) has reached a high of 19.9 percent efficiency using CIGS-based technology,
the highest reached by thin film materials. It is a direct band-gap semiconductor.



There are a large number of companies in the
CIGS market. Ascent Solar Technologies, Inc.
announced in August 2009 that it has
achieved its ini al target module efficiency
goal of 10.0 percent. Bosch Solar Energy,
GroupSat, HelioVolt, Honda Soltec Co., Ltd.,
ICP Solar, Maisole, Nanosolar, Solibro GmbH
and SoloPower are among the other key
players in the CIGS field.

HelioVolt and Nanosolar are among the
companies that are presently prin ng their Photo courtesy of Nanosolar
photovoltaic cells.

Dye-Based Solar Cells (DSSC)

Another technology of interest is the dye-based solar cell, which has its founda ons in the
research conducted at Ecole Polytechnique Fédérale de Lausanne (EPFL) in Switzerland in 1988
by Dr. Michael Graetzel. The idea was to recreate photosynthesis u lizing nanotechnology to
absorb and conduct solar energy. G24 Innova ons and PECCELL Technologies are successfully
developing flexible versions of DSSC, while Dyesol’s systems are glass-based. G24i recently made
its first deliveries of DSSC.

Organic Photovoltaics (OPV)

Organic photovoltaic cells (OPV) use organic electronic materials for light absorp on and charge
transport. Low cost, large-scale produc on and flexibility of organic molecules make them
appealing for the PV market. The op cal absorp on coefficient of organic molecules is high, so a
large amount of light can be absorbed with a small amount of materials. Flexibility is also a key
advantage. The main disadvantages of OPV cells are rela vely low efficiency and low life mes
compared to other thin film technologies.

There are a number of intriguing innovators in this field, including Konarka, Heliatek GmbH,
PowerFilm and Solarmer.

Key Manufacturers:

Ascent Solar Technologies: ITN Energy Systems established Ascent Solar Technologies in 2005 to
manufacture thin film monolithically integrated CIGS flexible photovoltaic modules. Ascent Solar
announced in August 2009 that it has achieved its ini al target module efficiency goal of 10.0%
for its modules. Ascent Solar plans to use a plas c film coated with thin film PV to turn natural
sunlight into power for electricity. Its flexible, lightweight solar panels plan to be more flexible
and affordable than tradi onal rigid solar panels.



AVANCIS GmbH & Co. KG: Located in Torgau, Germany, AVANCIS is a joint venture between
Saint-Gobain and Shell. AVANCIS opened up its produc on facili es in Germany in 2008.

AxunTek Solar Energy: AxunTek Solar Energy was the first company in Taiwan to have developed
cu ng-edge CIGS thin film technology for green energy.

Bosch Solar Energy AG: Bosch Solar Energy is the solar energy division of the Bosch Group,
headquartered in Gerlingen, Germany and comprising more than 275 subsidiary companies.
Bosch Solar Energy is a leading provider of crystalline and thin film amorphous silicon-based PV
products. Bosch Solar Energy was formed by the June 2008 acquisi on of ersol Solar Energy.
Prior to that, Bosch acquired majority stakes in aleo solar AG and in Johanna Solar Technology
GmbH. aleo manufactured modules on the basis of in-sourced mono- and polycrystalline solar
cells. Johanna Solar Technology GmbH, Brandenburg at the Havel, started developing solar
modules based on thin film CIGS cells in 2006, going into produc on at the end of 2008.

CIS Solar: A specialist in CIS thin film PV, CIS Solar, located in Brossard, Quebec, has more than
40 years of experience in adap ng crystal growth in electrodeposi on manufacturing technique.
The company can deposit solar cells on different substrate material, allowing it to make both
flexible and rigid solar cells.

DayStar Technologies: This Santa Clara, CA-based company is focused on thin film CIGS, glass-
on-glass laminate modules with an eye toward the grid- ed u li es marketplace. The company
recently underwent management changes and has moved away from developing foil-based
products, concentra ng instead on glass substrates, and is trying to raise significant capital to
begin produc on.

Dyesol: Headquartered in Queanbeyan NSW, Australia, Dyesol is a leader in the DSSC field, most
recently opening Dyesol-Timo, a joint venture in Korea. The company reports that it established
the world’s first DSSC prototype manufacturing. Dyesol’s products are glass-based.

EMCORE Corpora on: Based in Albuquerque, NM, EMCORE offers a broad por olio of
compound semiconductor-based products for the broadband, fiber op c, satellite and solar
power markets. EMCORE's photovoltaic segment provides products for both satellite and
terrestrial applica ons. For satellite applica ons, EMCORE offers high efficiency gallium arsenide
(GaAs) solar cells, covered interconnect cells (CICs) and panels. For terrestrial applica ons,
EMCORE is adap ng its high-efficiency GaAs solar cells for use in solar concentrator systems.

Energy Conversion Devices (ECD): United Solar Ovonic LLC, a division of ECD, is headquartered
in Auburn Hills, MI. The company uses amorphous silicon (a-Si) alloy thin film technology.
Because a-Si alloy absorbs light more efficiently than its crystalline counterpart, the a-Si solar
cell thickness can be 100 mes less than that of conven onal cells, thereby significantly
reducing materials cost. By u lizing a flexible, stainless steel substrate and UV polymer-based
encapsulates, PV products u lizing UNI-SOLAR’s technology can be very lightweight, flexible
and durable. The cell is deposited using a vapor-deposi on process at low temperatures.
Applica ons include roofing, roof shade and parking structures. UNI-SOLAR has 250 MW
installed worldwide.



Evergreen Solar: Located in Marlboro, MA, Evergreen Solar is noted for its String Ribbon solar
panels, which u lize its proprietary, low-cost silicon wafer technology. Founded in 1994,
Evergreen Solar manufactures its wafers, cells and panels under one roof for ul mate quality
control. With its proprietary technique, two high-temperature filaments are pulled ver cally
through a silicon melt, and the molten silicon spans and solidifies between the filaments.

First Solar: Based in Tempe, AZ, First Solar, Inc. is the world’s largest producer of thin film solar
modules. Founded in 1999 as Solar Cells Inc., First Solar was the first company to integrate
non-silicon, thin film solar. A public company, First Solar had revenues of $1.2 billion in 2008,
nearly $500 million over 2007’s sales total. The company broke the $1 per wa manufacturing
cost barrier in the fourth quarter of 2008, and is now claiming a $0.87 per wa manufacturing
cost. First Solar now has a total capacity of more than 1 GW, and average module conversion
efficiency was 10.9 percent.

G24 Innova ons Limited: Located in Cardiff, Wales, G24i became opera onal in 2007. Using its
roll-to-roll manufacturing process, which G24i compares to inkjet prin ng, it transforms a
lightweight roll of metal foil into a 100-pound half-mile of G24i’s dye sensi zed thin film in less
than three hours. This material is rugged, flexible, lightweight and generates electricity even
indoors and in low light condi ons. G24i’s advanced cell is silicon- and cadmium-free. It is said to
be ideal for mobile devices and to generate electricity in remote loca ons.

Global Solar Energy, Inc.: Since 1996, Global Solar Energy has been a leader in CIGS thin film
solar technology, specializing in flexible substrates. Located in Tucson, AZ, GSE manufactures
foldable Flex Portable Solar Chargers on stainless steel substrates for outdoors, commuter and
military applica ons as well as the BIPV market. The company has large-scale manufacturing
facili es in Tucson (40 MW) as well as Berlin, Germany (35 MW), both of which opened in 2008.
The company achieves greater than 10 percent efficiencies in its produc on runs.

GroupSat: Headquartered in China, GroupSat has evolved into a major producer of thin film
flexible CIGS solar cells, which are u lized in a variety of applica ons in the corporate,
construc on, military, consumer and OEM markets. Some of GroupSat’s customers include the
U.S. military, the United Na ons, the city of Dubai and the Beijing Train Sta on.

Heliatek GmbH: Located in Dresden, Germany, Heliatek GmbH was founded in 2006 by Dr.
Mar n Pfeiffer, Prof. Dr. Karl Leo and Dr. Bert Männig from the Ins tut für Angewandte
Photophysik (IAPP), University Dresden, and the Abteilung Organische Chemie II, University of
Ulm, Jens Drechsel, CreaPhys GmbH and Dr. h.c Harald Eggers. Heliatek develops organic solar
cells consis ng of organic dyes, which are synthesized from hydrocarbons. Those solar cells are
characterized by low cost, short energy payback me and inexhaus ble availability of raw
materials. These are highly flexible and lightweight modules, as the future product is going to be
manufactured on foil substrates in a con nuous vacuum coa ng process. Recently, Fraunhofer
ISE cer fied a power conversion efficiency of 6.07% for a tandem solar cell using Heliatek’s
technology. Heliatek plans to increase the conversa on efficiency to 10%. Among its partners are
BASF, Bosch and Novaled.



HelioVolt: Based in Aus n, TX, HelioVolt has a racted more than $100 million in investment.
Using prin ng, HelioVolt manufactures in volumes at speeds 10 to 100 mes faster than current
technology and with 100 mes thinner photovoltaic than conven onal silicon. Its markets
include roofing, architectural glass, curtain wall systems, louvers, windows, skylights and atria.
HelioVolt u lizes its FASST manufacturing process, based on semiconductor prin ng, which was
invented by HelioVolt founder Dr. Billy J. Stanbery, an expert within the interna onal PV
community in the materials science of CIGS and related compound semiconductors. The
company is preparing to ramp up produc on in late 2009.

Honda Soltec Co., Ltd.: A wholly-owned solar cell subsidiary of Honda, Honda Soltec Co., Ltd.
began sales throughout Japan of thin film CIGS solar cells for public and industrial use in
October 2008.

ICP Solar Technologies Inc.: Founded in 1988, Montreal-based ICP Solar is a leader in a-Si and
CIGS technologies, notably in its Sunsei brand of products. In the past two years, ICP Solar has
been ac vely engaged in expanding its opportuni es. In 2008, ICP Solar signed a development
agreement with Ascent Solar, focusing on the development of mobile solar power products
u lizing Ascent’s high efficiency CIGS solar technology for distribu on throughout ICP Solar’s
interna onal distribu on network. In 2009, ICP Solar signed a global licensing agreement with
Energizer that will grant ICP Solar the global rights to its trade name for solar-powered chargers
and related products for the next three years.

Innovalight: Innovalight, Sunnyvale, CA is developing products for the residen al and commercial
roo op market. Innovalight’s first product is the marriage of the crystalline wafer pla orm with a
new silicon processing technique. This “silicon on silicon” solu on yields high efficiency at a low
cost while virtually elimina ng any reliability risk that is common with products incorpora ng
unproven materials. Future products will leverage the company’s demonstrated contactless inkjet
manufacturing pla orm. The company is developing a pla orm of low-cost, high-performance
silicon-based solar cells based on silicon nanotechnology and inkjet technology.

Konarka Technologies: Located in Lowell, MA, Konarka Technologies is recognized throughout
the world as a leader in flexible OPV technology. Konarka was founded in 2001 by a team of
scien sts at UMass Lowell, led by the late Dr. Sukant Tripathy, an interna onally known materials
scien st and professor at UMass Lowell, Dr. Alan Heeger, a 2000 Nobel Laureate in Chemistry
and Howard Berke, Konarka’s execu ve chairman. The company u lizes a photo-reac ve
polymer material developed by Dr. Heeger. This proprietary material can be printed or coated
inexpensively onto flexible substrates using roll-to-roll manufacturing. The company's technical
innova ons have led to investments of more than $150 million in private capital and $20 million
in government research grants to date.

In 2008, Konarka introduced Power Plas c to the commercial market. In 2009, it opened its large-
scale manufacturing plant in New Bedford, MA, retrofi ng an old Polaroid plant. Power Plas c is
comprised of several thin layers: A photo-reac ve printed layer, a transparent electrode layer, a
plas c substrate and a protec ve packaging layer. A significant advantage is that it can be produced
using exis ng coa ng and prin ng equipment, and does not require construc on of a new facility.



Miasolé: Located in Santa Clara, CA, MiaSolé's stated objec ve is to manufacture quality thin
film CIGS solar products in high volume and at cost points that enable solar to reach grid parity.
Miasolé reached 10.2 percent efficiency in 2008. Miasolé, which planned to expand its capacity
from 40 megawa s to 100 megawa s in 2009, claims its panels have efficiencies of between 9
and 10 percent.

Nanosolar: Based in San Jose, CA, Nanosolar has developed and commercialized a low-cost printable
CIGS solar cell manufacturing process. Nanosolar was started in 2002, and reportedly received the
largest amount in a round of venture capital technology funding among U.S. companies during Q2
2006, with $100 million. It also received the largest amount of financing of any private company in
2008, with $500 million total. Nanosolar has built a large produc on facility in San Jose and in
Germany, with an annual capacity of 650 megawa s, enough to roughly triple total American solar
cell produc on. The company started selling panels in late 2007, and plans to sell them at around $1
per wa . The key technology is a semiconductor ink that Nanosolar claims will enable it to produce
solar cells with a basic prin ng process, rather than using slow and expensive high-vacuum based thin
film deposi on processes. Earlier this year, Nanosolar reported that NREL independently verified
several of Nanosolar’s cell foils to be as efficient as 16.4%, making it the most efficient printed solar
cell of any kind as well as the most efficient cell on a truly low-cost metal foil (with a material cost of
only a cent or two per square foot and mil thickness). In terms of its current baseline produc on
process, Nanosolar’s best produc on rolls now achieve higher than 11% median efficiency.

New Energy Technologies, Inc.: New Energy Technologies, Washington, D.C., is focused on
emerging next-genera on alterna ve and renewable energy technologies. Previously Oc llion
Corp., New Energy Technologies has two main technologies. SolarWindow is an organic solar
array technology that could adapt exis ng home and office glass windows into ones capable of
genera ng electricity from solar energy without losing significant transparency or requiring
major changes in manufacturing infrastructure. Mo onPower is a system to harness the kine c
energy of vehicles in mo on.

Odersun AG: Headquartered in Frankfurt, Germany, Odersun AG develops and manufactures
flexible thin film silicon-free solar cells and modules using copper-indium-disulphide
semiconductors on copper tape. Its manufacturing process enables the company to produce
solar cells that can be assembled into solar modules of virtually any size or any power, in flexible
or glass packaging. This adaptability is decisive for applica ons of building integrated
photovoltaics (BiPV).

PECCELL Technologies: Established in 2004 as a venture company of Toin University of
Yokohama, Japan, PECCELL’s name represents the photoelectrochemical cell, which belongs to a
field of photochemistry and electrochemistry. Low-cost dye-sensi zed photocells manufactured
by using a flexible plas c film base are one of the promising devices PECCELL's technology is
focusing on. For this research, PECCELL sells a unique TiO2 coa ng paste to fabricate nano-
porous electrodes on plas c substrate.

PowerFilm, Inc.: Formerly known as Iowa Thin Film Technologies, PowerFilm was founded in 1988
by Dr. Frank Jeffrey and Dr. Derrick Grimmer, both former 3M research physicists. Since 1988, the
company has focused on developing thin film solar panel technology and an industrial scale



manufacturing process to produce low cost solar panels on a high volume basis. Elements of the
company's low cost technology and manufacturing process include the use of a durable, flexible
plas c substrate; roll-to-roll manufacturing to minimize handling costs; amorphous silicon to
avoid dependence on the silicon wafer market cycle; and printed interconnec on to automate the
cell connec on process. PowerFilm is in the process of expanding produc on. PowerFilm has also
sought to leverage its core roll-to-roll manufacturing competence to develop addi onal thin film
semiconductor devices. The company has formed a technology partnership with Hewle Packard
for the development of flexible, low cost backplane drivers for next genera on flat panel displays.
The U.S. Display Consor um has funded this development program.

Renewable Energy Corpora on ASA: REC asa, Sandvika, Norway, is composed of three divisions.
REC Silicon and REC Wafer are among the world's largest producers of polysilicon and wafers for
solar applica ons. REC Solar is a rapidly growing manufacturer of high performance solar cells
and modules, and engages in project development ac vi es in selected segments of the PV
market. The company focuses its efforts on the tradi onal solar cell market. REC is currently
building the world’s largest wafer, cell and module produc on facility, located in Singapore.
When the facility is completed and opera onal in 2010, REC cell manufacturing will triple to
a total produc on of 780 MW.

Solarmer Energy Inc.: Solarmer Energy Inc. develops transparent, flexible plas c solar panels.
These solar panels have the poten al to reduce the cost of renewable energy down to 12-15
cents/kWh and less than $1/wa , according to the company. Solarmer was founded in 2006 to
commercialize this technology, which was developed by Professor Yang Yang at the California
NanoSystems Ins tute at UCLA. The company has licensed this technology from UCLA and
addi onal technology developed by Professor Luping Yu at the University of Chicago. Solarmer is
targe ng three major applica ons areas for plas c solar panels: Consumer and portable
electronics, building-integrated photovoltaics (BIPV), and smart fabrics. The most a rac ve area
in the short-term is portable electronics, where there is a clear need for an alterna ve or
supplement to exis ng ba ery technology. With every new feature added to a cell phone, laptop
computer, digital music player, portable video game player, more energy is required. Most
recently, Solarmer Energy received a $450,000 contract from the FlexTech Alliance to design and
synthesize high-efficiency donor polymer materials for OPV uses, and the company is now the
world record holder for plas c solar cell and plas c solar panel efficiencies. Solarmer has been
improving its cell efficiency, announcing that it has achieved 6.77% plas c solar cell efficiency,
cer fied by the Na onal Renewable Energy Laboratory (NREL), and 7.6%, cer fied by the
Newport Corpora on's Technology and Applica ons Center's Photovoltaic (TAC-PV) Lab.

Solibro GmbH: A joint venture between Germany-based Q-Cells SE and Sweden-based Solibro
AB, the CIGS technology of Solibro is based on extensive research and development carried out
at Uppsala University, which resulted in world class results, such as the current world record
CIGS mini-module with 16.6% efficiency, and were the basis for the spin-off company Solibro AB.
Development in Uppsala is con nuing with expanded resources at Solibro Research AB, a
subsidiary of Solibro GmbH. In June 2009, Q-Cells increased its stake in Solibro to 100 percent by
acquiring Solibro AB. Solibro has reported 10 to 11 percent efficiency in its modules.



SoloPower: Based in San Jose, CA, SoloPower announced in June 2009 that it had become the
first U.S. manufacturer of flat-plate PV modules built from flexible CIGS cells to have its product
cer fied under the ANSI/UL 1703 standard. The Na onal Renewable Energy Laboratory (NREL)
has measured the efficiency of this flat-plate module product at 10.07%. The SoloPower
electropla ng method provides near 100% materials u liza on in a low cost, roll-to-roll process.
Its goal is to begin high volume produc on in 2010.

Telio Solar Technologies, Inc.: Located in Los Altos Hills, CA, Telio Solar Technologies is a 2008
start-up focusing on development and manufacturing of CIGS thin film solar cells. Telio Solar has
recently completed the construc on of pilot line for manufacturing of the CIGS solar cell with a
size of 300mm x 300mm. The large scale manufacturing facility for the size of 600mm x 1200mm
module will become opera onal in the first half of 2009 with a capacity of 10MW and in 2010
with a capacity of 30MW.

Würth Solar: Headquartered in Germany, Würth Solar is a company in the Würth Elektronik
Group, which, in turn, is an independent subsidiary of the Würth Group. Founded in 1999,
Würth Solar was the first company worldwide to begin large-scale produc on of GeneCIS solar
modules in its specially built CISfab solar factory in Schwäbisch Hall in 2006. It u lizes basic CIS
research by the Ins tute of Physical Electronics (ipe), Stu gart and development of the
produc on technology on a laboratory scale by Zentrum für Sonnenenergie-und
Wasserstoffforschung Baden-Wür emberg, Germany (ZSW). It has 30 MW produc on capacity.

Xunlight Corpora on: Located in Toledo, OH, Xunlight Corpora on and its academic partner, Dr.
Xunming Deng's Thin Film Silicon Photovoltaic Laboratory at the University of Toledo, have been
leaders in -Si photovoltaic technologies, including amorphous silicon (a-Si). The company
develops thin film silicon-based photovoltaic products and manufacturing equipment for high-
throughput produc on of flexible and lightweight photovoltaic modules at low cost. In June
2009, Xunlight completed the installa on of its first 25 MW wide-web, roll-to-roll photovoltaic
manufacturing equipment for the produc on of high-efficiency thin film silicon PV modules. The
company has received major grants from U.S. Department of Energy and NREL, Air Force
Research Laboratory, Na onal Science Founda on, and Ohio Department of Development, as
well as more than $40 million of ins tu onal investments. Xunlight Corpora on's principal PV
products are flexible and lightweight. These modules are made with flexible lamina on,
deposited on thin stainless steel substrates. The modules are encapsulated in UV stabilized
polymers, crea ng durable, weather resistant chargers that perform well in diverse condi ons.



Printed Ba eries

The field of printed ba eries is ideally suited for PE. While certainly more powerful, tradi onal
lithium and alkaline ba eries are limited by their size, form factor and higher cost for use in
smaller applica ons. A thin film, flexible ba ery can be used in areas where the applica on
needs to be shaped to fit a non-linear contour, such as for RFID tags, smart cards and packaging
and sensors, and could be produced at a cost where it can be used in disposable applica ons. A
printed ba ery takes that thin film one step further.

Ba ery-assisted passive (BAP) technology is a promising field. BAP labels don’t require energy
from the reader to set off the signal, but have an integrated power source that provides the
necessary signal. This drama cally improves the backsca ering, enabling much greater read
rates and ul mately reliability.

It is a poten ally sizable market as
well. NanoMarkets analysts predict
that the thin film and printable
ba eries market will climb from $13.9
million in 2007 to more than $5.6
billion by 2015. (Thin Film and Printed
Ba eries Markets, Oct. 2007.)

Much of the work that has been done
in the field of thin film lithium
ba eries comes from research done
by Oak Ridge Na onal Laboratories
(FET, Cymbet, Excellatron).
Photo courtesy of Blue Spark Technologies

An ideal example of the possibili es for printed ba eries can be seen in the cosme cs market.
Estee Lauder developed a product, Perfec onist Power Correc ng Patch for Deeper Eye



Lines/Wrinkle, in which a printed ba ery made by Power Paper s mulates the pores of the skin
through iontophoresis, allowing the product to be er be absorbed.

There are a number of key players in the thin film and printed ba eries space. Outside of the
Oak Ridge Na onal Laboratories technology-based companies previously men oned, these
include Blue Spark Technologies, a spin-off of Eveready Ba ery Company; Enfucell Ltd., Power
Paper Ltd. (and its Power ID subsidiary), Solicore and VARTA Microba ery.

Company Loca on Technology
Blue Spark Technologies USA Carbon zinc

Cymbet Corpora on USA Lithium ion

Enfucell Ltd. Finland Zinc manganese dioxide

Excellatron Solid State LLC USA Lithium ion

Front Edge Technology USA Lithium ion

Planar Energy Devices USA Lithium ion

Power Paper Ltd. Israel Zinc manganese dioxide

Solicore USA Lithium polymer

VARTA Microba ery GmbH Germany Lithium

Leading manufacturers of printed ba eries and their technology.

Key Manufacturers:

Blue Spark Technologies: An industry leader in thin, flexible printed ba ery solu ons, this
Westlake, OH-based spin-off of Eveready Ba ery Company has developed carbon-zinc ba eries.
It was formed in 2003 as Thin Ba ery Technology, and became Blue Spark in 2008. Its ba eries
are used in applica ons ranging from food and beverage, pharmaceu cal, chemical, healthcare
and medical diagnos cs, to smart cards, radio frequency (RF)-based sensors and RFID tags,
interac ve packaging, merchandising displays, consumer products and novelty items. Blue Spark
recently completed $1.5 million of Series B funding to ramp up produc on.

Cymbet Corpora on: Founded in 2000 and located in Elk River, MN, Cymbet is a leader in thin
film ba ery technology and energy harves ng power management solu ons. It has developed
rechargeable thin film lithium ba eries, notably the Cymbet EnerChip. They are ideal for sensors
and hybrid-RFID systems.



Enfucell Ltd.: Founded in 2002 from research conducted by the Automa on Laboratory of The
Helsinki University of Technology, this Finland-based company manufactures So Ba ery printed
ba eries, an ideal source for transdermal drug delivery, smart cards, func onal packaging and
RFID systems. So Ba ery is a flexible and thin 1.5 V power source op mally u lized in
disposable and short life me products. It is made of low cost industrial environmentally friendly
materials such as zinc, manganese dioxide and zinc chloride, which are disposable with other
household waste.

Excellatron Solid State LLC: Based in Atlanta, GA, Excellatron specializes in thin film solid state
rechargeable lithium ion ba eries for RFID, smart cards and military applica ons.

Front Edge Technology: Established in 1994 and located in Baldwin Park, CA, Front Edge
Technology (FET) is noted for its NanoEnergy ultra-thin rechargeable lithium ba eries for
card applica ons.

Planar Energy Devices: Located in Gainesville, FL, Planar Energy u lizes advanced lithium ion
technology to reduce the size of tradi onal ba eries. It is a 2007 spin-off of NREL. The company
is seeking federal s mulus money to expand its opera ons into a shu ered lithium ion ba ery
factory in Gainesville, FL, and would reportedly be the only such plant outside of Asia.

Power Paper Ltd.: A leading developer of printed ba ery technology, Power Paper is based in
Israel. Founded in 1997, Power Paper specializes in environmentally friendly patches powered
by an embedded ultra-thin printed ba ery that are u lized in cosme cs, such as an -wrinkling
and an -aging applica ons, RFID, consumer electronics and pharma applica ons. The
company’s 1.5V/3V+ ba ery with ink-based energy cells are environmentally friendly as they
are zinc/manganese dioxide-based. PowerPaper’s collabora ons include Antonio Puig, Body
Este c S.L., Estee Lauder, Germain de Capuccini, H2O Plus, Parfumerie Douglas GmbH and
University Medical. PowerID Ltd., a subsidiary that started in 2004 and spun-off of Power Paper
Ltd. in 2007, is a leader in the BAP RFID field.

Solicore: Based in Lakeland, FL, Solicore’s Flexion product por olio of advanced ultra-thin,
flexible, lithium polymer ba eries are ideal for powered cards, RFID and micro medical devices.
The company recently raised $13.3 million in financing, led by Rogers Corpora on, allowing it to
keep up with demand for its products; Solicore produced more than one million ba eries in the
first quarter of 2009.

VARTA Microba ery GmbH: One of the largest world ba ery manufacturers, Ellwangen,
Germany-based VARTA produces ba eries in many chemistries. VARTA Microba ery is a leader
in thin film ba eries, developing ultra thin lithium-based ba eries for display, banking, loyalty,
one- me passport and other access RFID cards, and is very strong in Europe.



Displays and Ligh ng

One of the key growth areas and opportuni es for printed
electronics is in the display market, where companies range
the gamut from giants such as Eastman Kodak, Philips,
DuPont, Sony, Samsung and Osram to start-ups such as E
Ink, eMagin, Novaled, Plas c Logic and others.

Flexible displays, such as those being designed in
conjunc on with the U.S. military at universi es such as
Arizona State University, offer great poten al. Meanwhile,
the eReader market and cell phone segments, among
others, u lize display technology. Point-of purchase (POP)
Photo courtesy of Arizona State University displays are another area of interest.

The area of greatest opportunity remains the flat screen home entertainment sector. All of the
major players in the market – Sony, Samsung, Toshiba, Eastman Kodak and others – see the
advantages of prin ng light emi ng diodes (LED) and organic light emi ng diodes (OLED). In
addi on to the cost differen al of prin ng, LEDs and OLEDs are thought be offer be er
performance characteris cs. Es mates place the investment in this sector in the billions of dollars.

By prin ng and coa ng OLEDs and LEDs, produc on will drama cally increase while material
costs will be lowered.

LEDs and OLEDs share the same general approach, in that they both generate light through
semiconductors, essen ally s mula ng electrons with electricity, in a wide range of colors.
OLEDs use organic semiconductors, while LEDs u lize inorganic materials. LEDs are formed as a
series of individual pixels, while OLEDs are more of a flat, even effect.

However, the market has yet to see much in the way of big-screen products, as the cost has yet
to come down.



Ligh ng is another area where OLED and LED
should flourish. The importance of cu ng down
energy costs has led the major ligh ng companies,
notably OSRAM, GE and Philips, to develop
technologies in this field. The ques on is how
prin ng will fit in; industry experts say that printed
strips of ligh ng will eventually become the norm.
Electroluminescent ligh ng (EL) is another area of
opportunity.

There are plenty of success stories, including E Ink
Photo courtesy of Novaled AG in the flexible display market, Pelikon (now owned
by MFLEX) in the area of touch screens, Novaled
and others.

LED

Thin film LEDs also offer opportunity for PE manufacturers, although they are yet to be printed.
As research con nues to make gains, the overall costs of LEDs con nues to come down while the
technology advances. While LED ligh ng is considered the precursor to OLED, it is moving
forward. Mitsubishi Electric Corpora on is just one of the many companies in LED, as they
specialize in arena ligh ng and other large-scale uses of LED.

OLED

One of the main areas of research for PE is in the field of OLED ligh ng and displays, although it
has yet to get off the ground in terms of commercializa on. Compared to liquid crystal displays,
(LCD), OLEDs are thought to have the advantages of providing sharper colors, brighter contrast
and a wider viewing angle at a lower cost, and have the ability of flexibility.

Generally speaking, OLEDs use substances that emit red, green, blue or white light, offering the
possibili es of millions of colors. OLEDs are made up of several thin layers of materials, which
operate on the a rac on between posi vely (anode) and nega vely charged (cathode) layers. As
energy passes between layers, the organic material between the layers is excited and emits light
visible through an outermost layer of glass. The pixels essen ally are turned on and off. Dopants
are used to boost the efficiency and control of color output.

OLED research dates back to the late 1970s, when Eastman Kodak Company scien st Dr. Ching
Tang discovered that sending an electrical current through a carbon compound caused these
materials to glow. Dr. Tang and Steven Van Slyke con nued their research, and in 1987, they
reported OLED materials that became the founda on for OLED displays. Philips traces its research
of OLEDs for displays back to 1991, and started focusing on OLED ligh ng applica ons in 2004.
Philips claims to have launched the first OLED ligh ng produc on line, in Aachen, Germany.

Analysts see strong growth ahead for OLEDs. NanoMarkets claims that the market for OLED ligh ng
will reach $9.7 billion in 2016. (An Opportunity Analysis for OLED Ligh ng: 2009 to 2016, Sept.



Source: DisplaySearch Q3’09 Quarterly OLED Shipment and Forecast Report

2009). DisplaySearch reported that OLED display sales reached a record high of $192 million in the
second quarter of 2009, and predicts $6.2 billion in OLED display sales in 2016. (OLED Displays Find
Success in Mobile Phones with Q2’09 Revenue at $192M, Up 22% Y/Y, Sept. 2009.)

P-OLED Displays

One of the interes ng offshoots of OLEDs is polymer light emi ng diodes (P-OLEDs). P-OLEDs
date back to 1989, when researchers at the Cavendish Laboratory of Cambridge University
discovered that they could u lize conjugated polymers to produce OLEDs.

For P-OLEDs, an amorphous film of P-OLED material is sandwiched between two electrodes
forming the anode and cathode on a transparent substrate. Electronic charges are transported
and injected into the polymer from the electrodes.

The Cambridge University researchers found that polyphenylene vinylene (PPV) emits yellow-
green light when sandwiched between a pair of electrodes, which would allow the displays
themselves to emit their own light.

Because P-OLEDs are an emissive technology, it is extremely energy efficient and can be
produced in an ultra-thin fashion, using glass or plas c as the substrate, with no need for
backlights or filters. P-OLEDs also offer high brightness poten al, wide color gamut and long
life mes. This also allows for less expensive manufacturing costs. As performance of color
polymers has improved, commercial applica ons are well within reach.

In order to commercialize this technology, the university spun out Cambridge Display Technology
(CDT) in 2002. CDT furthered development in this promising field. In September 2007, CDT was
acquired by Sumitomo Chemical, and as a result, Suma on was spun off. Add-Vision also is in the
P-OLED space, having licensed CDT’s technology.

P-OLEDs are largely targeted at the flat panel display market as replacements for LCD and plasma
displays. Add-Vision, Inc., on the other hand, adapted P-OLED display technology to the low



resolu on display market, using low-cost conven onal prin ng processes. Not all companies
using P-OLEDs have been successful. For example, MicroEmissive Displays went out of business
in 2008.

E-Paper

The area of electronic paper has go en much a en on,
thanks to the high-profile October 2008 cover of Esquire
Magazine and the Sept. 18, 2009 Entertainment Weekly
display, but electronic paper, or E-paper, covers so much
more. E-paper displays are found on eReaders,
cellphones, displays, ba ery indicators and so much
more.

The poten al market for E-paper is sizable: According to
IDTechEx, in 2010, the E-paper market is expected to be
$131 million; by 2014, IDTechEx an cipates the market
for the display component (not the actual price of the
display itself) to be more than $1.17 billion, and upwards
of $7 billion by 2020. (E-Paper Displays: Markets,
Photo courtesy of Plas c Logic Forecasts, Technologies 2010-2020, Sept. 2009).

According to DisplaySearch, the total e-paper display market will grow to 1.8 billion units and $9.6
billion in revenues in 2018, from 22 million units and $431 million in revenues in 2009. (E-Paper
Displays Report, Aug. 2009).

Much of this will be driven by the growth of eReaders, which u lize E-paper displays. The Kindle
alone has more than 500,000 users. Meanwhile, iSupply analysts say that worldwide eBook
display shipments will rise to 18.3 million units in 2012. (eBooks Turn the Page, July 2008). There
will be intriguing opportuni es ahead for companies such as Plas c Logic, and the development
of color displays and flexible form factors will drive growth.

Considering the size of the market, it should come as no surprise that Prime View Interna onal,
the world’s highest volume supplier of ePaper display modules, acquired E Ink, the leader in
electronic paper display materials and intellectual property, for approximately $215 million. E Ink
and PVI reportedly support nearly 20 eBook manufacturers worldwide.

There are a number of other serious players in the eReader market. Plas c Logic, a Mountain
View, CA-based company, is developing its Que eReader, which is designed for business people.
It features an 8.5x11 inch screen. Plas c Logic has raised $200 million in financing to date,
although the product launch has been put off un l January 2010. Liquavista, a spin-off of Philips,
has developed electrowe ng technology, modifying we ng proper es of a hydrophobic surface
with an applied electric field. SiPix has received major funding from AUO, the leading Taiwanese
manufacturer of TFT products.



Key Manufacturers:

Add-Vision Inc.: Headquartered in Sco s Valley, CA, Add-Vision Inc. (AVI) develops flexible, low
resolu on displays u lizing P-OLED technology. These displays are printed, allowing for high-
speed produc on. In 2001, AVI began work on P-OLED display technology for low-resolu on
display and specialty ligh ng applica ons. In 2002, AVI’s efforts paid off when the company
demonstrated the world’s first flexible P-OLED device that could be fully printed in ambient (air),
including its top electrode, using only conven onal prin ng equipment and prac ces. In March
2005, AVI formed a strategic alliance and IP agreement with CDT. AVI is now in the early stages of
commercializing its IP package, and is building partnerships with leading display manufacturers
to scale up the manufacturing to high produc on volume. AVI’s display technology will play a
role in smart media products, smart cards, point-of-purchase displays, backlights for mobile and
consumer appliances, touch interface panels and electronic signage, among others.

AJJER, LLC: Located in Tucson, AZ, AJJER focuses on electrochromic displays for labels and tags.

AUO Optronics Corpora on: AUO Optronics was formed in September 2001 by the merger of Acer
Display Technology, Inc. (the former AUO, established in 1996) and Unipac Optoelectronics. When
merging with Quanta Display Inc. in 2006, it increased its size to account for 17% of the world’s
large-sized TFT-LCD market, according to the company. AUO also ranks in the top three TFT-LCD
manufacturers in the world. The company acquired 30 percent of SiPix Imaging’s shares in 2009.

Aveso, Inc.: A July 2004 spin-out from The Dow Chemical Company, Aveso, Inc., Fridley, MN, is a
leading producer of paper-thin flexible displays for high volume, cost-sensi ve consumer
applica ons. Its displays technology is based on electrochromics, which occurs when color change in
a material is caused by the passage of an electric current. Aveso uses an electro-ac ve ink
technology that makes it possible to manufacture displays using installed manufacturing capacity
and readily available materials, and can be driven by RF energy for contactless applica ons.

Azores Corpora on: Headquartered in Wilmington, MA, Azores Corpora on specializes in
photolithography printers for flat panel displays and semiconductors.

DuPont Displays: Part of the E.I. DuPont family in Wilmington, DE, DuPont Displays has been in
the OLED material field for nearly two decades. DuPont Displays is developing materials for
printable OLED technology that meet or exceed the performance of vapor deposited materials,
thus paving the way for lower cost solu on process OLED displays. The company recently
announced that a DuPont Gen 3 green OLED material achieved a record life me of more than
one million hours, while two new Gen 3 solu on blue materials have been developed that set
new standards for longevity and color.

Eastman Kodak Company: Headquartered in Rochester, NY, Kodak’s OLED technologies are
among the world’s leaders. Kodak first discovered organic materials that glowed in response to
electrical currents in the late 1970s.

E Ink Corpora on: The leading supplier of electronic paper display (EPD) technologies, including
its Vizplex film, Cambridge, MA-based E Ink is currently mass manufacturing high-resolu on



displays for several electronic books, including the Amazon Kindle and Sony Reader, as well as for
signage, watches and other portable devices. E Ink was founded in 1997 out of research
conducted at the MIT Media Lab. Among E Ink’s customers are Amazon, Casio, Ci zen, Hanwang,
Hitachi, iRex, Lexar, Plas c Logic, Samsung and Sony. E Ink was acquired by Prime View
Interna onal in 2009.

eMagin Corpora on: A leading manufacturer of OLED microdisplays u lizing silicon chips for
high resolu on imaging products, eMagin is enjoying strong growth in military, industrial,
medical and consumer OEMs markets. In addi on, eMagin has introduced its first direct-to-
consumer system, the Z800 3DVisor, which provides 3D stereovision and headtracking for PC
gaming, training and simula on, and business applica ons. The company is co-located at the
IBM facili es in Holtsville, NY.

Kent Displays: Kent Displays, Kent, OH, was founded in 1993 out of research conducted by Kent
State University. The company’s key technology are its thin flexible Reflex LCDs, which the
company reports offers advantages over tradi onal LCDs in that it has no power image reten on
and superior op cal characteris cs. Reflex No Power LCDs are u lized in applica ons that
include electronic skins, wri ng tablets, smart cards and eReaders. The company installed a roll-
to-roll produc on line in October 2008.

Liquavista: Liquavista, Eindhoven, The Netherlands, is u lizing electrowe ng to develop
electronic screen technology for eReaders, and is also poten ally ideal for mobile phones, GPS
devices, portable media players and cameras. Liquavista was founded in 2006 as a spin-out from
the Philips Research Labs in Eindhoven.

Mul -Fineline Electronix, Inc. (MFLEX): Founded in 1984, MFLEX is a leader in the design and
manufacture of flexible printed circuit and component assembly solu ons to the electronics
industry, including cell phones and smart mobile and medical devices. MFLEX, which is
headquartered in Anaheim, CA, made a major move in 2008 when it acquired Pelikon Ltd. for
$10.7 million. The acquisi on gave Pelikon access to MFLEX’s electronics OEM customer base.

Pelikon Limited was founded in 2000, and in 2001, was joined by the advanced displays team
from Cambridge Consultants Ltd. Pelikon is noted for a host of innova ve products, including
pSEL - Printed Segmented Electroluminescence, its Morphpad flexible display technology, which
can be refigured, and its Smar nk panels, which u lize liquid crystal and EL technologies.

In 2008, MFLEX announced that its Pelikon technology has been integrated into Toshiba’s Biblio
eBook reader mobile phone, which features a touch screen with a slide-out keyboard using
Pelikon’s Morphpad display as a numeric keypad in the portrait orienta on that automa cally
morphs into a full QWERTY keypad in landscape mode.

Novaled AG: Headquartered in Dresden, Germany, Novaled is a key leader in developing OLED
technologies for displays and ligh ng. Founded in 2003, Novaled is noted for its advanced
Novaled PIN OLED technology, and has a ained the world record in power efficiency. The
company has more than 440 patents granted or pending as of December 2008.



OSD Displays: Located in Winter Park, FL, One Stop Display (OSD) manufactures small molecule
OLED displays, TFT displays and ac ve-matrix OLED displays (AMOLED). It supplies OEM
manufacturers.

OSRAM GmbH: Headquartered in Munich, Germany, OSRAM is owned by Siemens AG. Osram is
one of the world’s three largest ligh ng manufacturers; among its subsidiaries are OSRAM
Sylvania in North America and OSRAM Opto Semiconductors, which specializes in semiconductor
technology for ligh ng, sensors and display applica ons.

OSRAM has developed a series of LED and OLED products. On the OLED side, OSRAM’s ultra-thin
Pic va displays are polymer-based and lightweight. OSRAM’s Pic va OLED displays are
developed for applica ons as diverse as cell phones and radios, car dashboards, PDAs, medical
equipment and white goods. OSRAM Opto Semiconductors’ latest OLED prototypes are large
transparent light sources, 17 square cen meters, and are only a few hundred micrometers thick.
Importantly, they require no encapsula on, and can be made in any shape.

Plas c Logic: Headquartered in Mountain View, CA, with manufacturing in Dresden, Germany,
and R&D in Cambridge, UK, Plas c Logic has created the Que eReader, designed for business
professionals. Founded in 2000 by researchers out of the Cambridge University’s Cavendish
Laboratory, Plas c Logic’s eReader has an 8.5 x 11 inch screen and is 1/4 inch thick, and is ideal for
business documents. It u lizes a plas c screen manufactured by E Ink. Its entry into the market is
pegged for 2010. The company has raised more than $200 million in venture capital funds.

Polymer Vision Ltd.: Polymer Vision Ltd., headquartered in Eindhoven, The Netherlands, was a
January 2007 spin-out of Royal Philips Electronics. Polymer Vision was notable due to its Readius
flexible rollable displays, crea ng the first pocket eReader. It was designed for 30 hours without
needing a ba ery charge. The company was unable to capitalize on its unique design, and went
bankrupt in July 2009; there have been reports that the company will be acquired.

Prime View Interna onal: Founded in 1992 by YFY, Taiwan’s leading paper-making and prin ng
group, PVI is the leading TFT manufacturer in Taiwan. PVI is now the world’s top E-paper module
maker. In 2005, PVI acquired the ePaper business of Philips Electronics; in 2008, PVI acquired
Hydis Technologies, a manufacturer of wide viewing angle LCDs; and in 2009, acquired electronic
paper pioneer E Ink, PVI’s partner for providing displays for electronic books such as the Sony
Reader and the Amazon Kindle 2 and Kindle DX.

Rogers Corpora on: Headquartered in Rogers, CT, Rogers Corpora on is a world leader in high
performance, specialty-material-based products. Among its technology-driven products is its
DUREL electroluminescent lamps, which are based on patented technology using encapsulated
phosphors.

Royal Philips Electronics: Headquartered in Eindhoven, The Netherlands, Royal Philips
Electronics is a leader in healthcare, lifestyle and ligh ng, employing 116,000 people globally. It
has made major inroads in LED and OLED ligh ng and displays, and has spun-out a number of
start-ups in this area, including Liquavista and Polymer Vision. Philips has reportedly launched
the world’s first-ever produc on line for OLED ligh ng in Aachen, Germany, which will



manufacture Lumiblade, including OLED ligh ng plates of up to 50 square cen meters.
Lumiblade comes in a wide range of shapes and colors, and can be used for ligh ng walls and
ceilings. One promising area of research for Philips is color-tunable OLEDs, allowing consumers
to change the colors, as well as flexible OLEDs (curtains and other possibili es) and transparent
OLEDs (for windows, among other applica ons).

SiPix Imaging, Inc.: Located in Fremont, CA, SiPix was founded in 1999, and develops novel
materials and scalable roll-to-roll produc on technologies, notably its Microcup technology, for
low-power flexible electrophore c display material. SiPix ePaper is used for pricing labels, clocks
and smart cards. AUO Optronics Corpora on, Taiwan’s largest thin film transistor liquid display
panels, recently acquired more than 30 percent of SiPix’ shares.

Suma on: A wholly-owned subsidiary of Sumitomo Chemical Company, Tokyo-based Suma on is
a joint venture between Cambridge Display Technology Inc., which was acquired by Sumitomo
for $285 million in September 2007, and Sumitomo. In late 2008, CDT and Semprius announced
a joint development agreement to develop new technology for the manufacture of OLED
backplanes for flat panel displays. Suma on combines the high quality chemicals manufacturing
experience of Sumitomo with the P-OLED development know-how of CDT and Sumitomo.
Suma on also includes the Luma on business of Dow Chemical, which Sumitomo previously
acquired.

Tred Displays: Located in Albuquerque, NM, Tred Displays focuses on the digital signage market.
According to the company, Tred is the first company to develop a new, reflec ve, bi-stable flat
panel display technology exclusively for signage applica ons such as digital pricing, POS and POP
displays and signs. Tred was founded in 2006.

txtr: A start-up from Berlin, txtr is launching a new reading device, announced for late 2009,
which reportedly is expected to include online access, publishing and storage, mobile
connec vity and E Ink based hardware.

Universal Display Corp.: A leader in OLED technology for flat panel displays, ligh ng and organic
electronics, Universal Display dates back to 1994. The company is noted for its phosphorescent
OLED, or PHOLED, technology. The company’s key collaborators include researchers at Princeton
University, the University of the Southern California and the University of Michigan. Universal
Display also holds OLED patents from Motorola Inc.



RFID

Radio Frequency Iden fica on (RFID) systems use radio waves or an electromagne c field to
iden fy objects. RFID has been successfully u lized as a track and trace system for a wide range
of uses, from groceries, toll systems and automo ve parts to smart cards, luggage and livestock
and countless more.

Basically, an RFID system consists of the tag and inlay
(the transponder), an antenna and the reader, which
picks up the wireless signal. The technology was
developed during World War II, when it was used to
track airplanes. Today, it is seen as poten ally a
replacement for bar codes.
Photo courtesy of Blue Spark Technologies
The cri cal advantage for RFID over bar codes is the
ability to more successfully read the object. Unlike bar codes, RFID tags don’t require a clear line
of sight or a person to read them. For example, electronic toll systems u lize RFID. Each label can
have a unique Electronic Product Code (EPC). The crea on of the MIT Auto-ID Center, EPC is
designed to iden fy each item that is manufactured.

Security is also a cri cal benefit: RFID also acts as a the deterrent, as it can be programmed to
set off an alarm, and is also ideal for product authen ca on, as it is far more difficult to
counterfeit than a bar code.

RFID got two major pushes in the middle part of the past decade, as the U.S. Department of
Defense and Wal-Mart both announced that they wanted suppliers to place RFID tags on
shipments. These mandates would heavily impact thousands of suppliers, and necessitated
advancements in RFID technology on the tag and reader sides. While the mandates have been
pushed back due to technological limita ons, they s ll remain the goal.

RFID is also the key to Real Time Loca ng Systems (RLTS), simply the ability to locate items in real
me. This can be used for anything from parts for airplanes and key military items to luggage.



There are different types of RFID tags. One simple breakdown
is high-frequency (HF) and ultra-high frequency (UHF),
depending on the signal being generated. UHF systems have a
far greater read range, making them more suited for pallet-
level items, distribu on and shipping. HF tags can be u lized
for systems that don’t require such a large read range, such as
a mass transit card.

Another classifica on centers around passive, semi-passive
Photo courtesy of Avery Dennison RFID
and ac ve RFID systems. Passive RFID systems are read-only,
thus providing the reader with the basic informa on on the tag. These are used for iden fica on
purposes only, and are the least expensive tags. The tag u lized a magne c field, and is
essen ally powered by the reader; the informa on is reflected back to the reader. This can be
used for pricing, inventory control and other applica ons.

Ac ve RFID systems u lize a ba ery as a power supply, and acts as a transmi er. They have far
greater read ranges, and can hold informa on.

Semi-passive, or ba ery-assisted passive (BAP) RFID are a fast-growth area for RFID, as it
combines be er performance than passive tags with a less costly price point than ac ve tags.
Semi-ac ve ba ery tags can be used for tracking livestock or for electronic toll systems. For
example, in case of a health issue coming up from livestock, an RFID tag can provide inves gators
with a wealth of informa on, including loca on of the animal and what it ate.

The problem is that the ac ve tags are far more expensive that what the market will bear for
some major applica ons, while passive tags don’t have the performance characteris cs
necessary for some applica ons. There are also physical limita ons to RFID systems, most
notably when used in tracking metal or liquids, as readings can be difficult to obtain due to signal
reflec on, detuning and grounding.

One goal for RFID is the development of item-level systems for supermarkets, to u lize a reader
to do instant checkouts as well as record real- me inventory levels. This can’t be done with
barcodes. However, such a tag cannot cost much; the level most cited is one cent. It is hard to
say whether silicon chip-based RFID systems can reach that sweet spot; this is a likely area where
printed electronics can play a major role.

An RFID tag is typically composed of a chip or integrated circuit mounted on a substrate. The
substrate tends to be flexible, made either from plas c or paper. The antenna has been
preprinted on the substrate, using either a conduc ve ink or a stamped or etched pa ern. Once
the inlay is assembled, it is placed on an adhesive layer, with a printed layer placed over it.

There are a number of major players in the RFID tag and label market. Among the most notable
companies are Alien Technologies, Avery Dennison, Confidex, Impinj, NXP, Power ID, Tagsys,
Texas Instruments and UPM Raflatac.



One area of great interest due to the poten al to reduce cost is prin ng plas c RFID systems.
OrganicID was working on this type of system when it was acquired by Weyerhaeuser in 2006.

There are a tremendous number of providers of hardware in the RFID space. Alien Technology,
Datalogic, Feig, Impinj, Intermec, Motorola, Odin Technologies, Sirit, Texas Instruments and
ThingMagic are among the leaders in RFID readers. Mark IV Industries, Sirit and Transcore are the
leaders in RFID technology for tollways. Inkjet printers made by iTi Solar, PixDro, Printed Electronics
Ltd. and Trident Solar are making headway. Daetwyler, manroland and Mark Andy are among the
press manufacturers. Printronix and Zebra Technologies are major printer manufacturers.

Here are a few of the major areas where RFID is making headway, and where printed RFID could
become prominent in the coming years:

Smart and Contactless Cards

The field of “smart” cards and contactless cards is a tremendous growth opportunity. Typically
the size of a credit card, smart cards have an embedded integrated circuit, which transmits or
processes data. These are ideal for security, as authen ca on features can be added. ATM cards
are one example, but smart cards can be used for financial, security iden fica on and health
care (pa ent records) applica ons as well. Some na ons, notably China, are even adop ng smart
cards as na onal IDs for its ci zens. Toppan Prin ng is a major player in this field.

American Express, MasterCard, ExxonMobil and Hess are just a few of the companies employing
contactless cards, which use NFC (near field communica on) systems to read the card, which is
embedded with an RFID chip. Texas Instruments is the leader in the field, with NFC another
major player.

Toll Systems

For many people, the use of RFID is best known for toll
collec on on highways and bridges. The tags are
ba ery-powered transponders, which communicate
with readers sta oned at the tolls.

Manufacturing RFID systems for tolls presents plenty
of challenges, whether it is a wide range of extreme
temperatures, reading signals at high speeds, and
having metal and glass surfaces poten ally interfering
with signals.

The three main manufacturers are Mark IV Industries,
Photo courtesy of Sirit whose E-ZPass System began in the northeastern U.S. and
is spreading out through agreements with other regional
highway systems; TransCore, which created the first electronic tolling system in the U.S., and is a
major force in the South, notably in Texas, Florida and Georgia; and Sirit, which manufactures the
FasTrak system that is used throughout California as well as addi onal systems worldwide.



BioSensors

It is a sad but true fact that medicine is an area that is badly neglected by the people who most
need it: the pa ents. Ge ng consumers to actually properly take their medicine is a challenge,
and as the popula on ages, it will become even more difficult. RFID and biosensors can play a
role in ensuring that medicine is taken effec vely, monitoring pa ents from afar.

The key here is the development of what is known as “ac ve” drug delivery, a non-invasive
system that uses controlled low-level electrical energy to transport drugs through the skin
(transdermal) or other sites in the body. Through the “ac ve” system, the drugs are more
efficiently delivered.

Among the companies that are ac ve in the field are Agave BioSystems, Cypak, SmartSensor
Telemed, Teikoku Seiyaku Inc., (which acquired Travan Pharma in 2009) and Toumaz
Technology. GSI Technologies is a key printer in this area.

Food Sensors

RFID has numerous benefits in the cold chain field. Consumers benefit by having access to safer,
fresher and higher-quality products. It reduces the poten al for out of stock situa ons, cuts
down on product shrinkage, aids in recall efforts and the tracking of ingredients. It also aids in
the management of perishables. In par cular, Sealed Air Corpora on, PakSense, Informa on
Mediary Corpora on, Sensitech and Evidencia are among the companies that have made inroads
in this field.

Luggage

As airline passengers will a est, lost luggage is one of
the most irrita ng experiences in air travel. It is also
costly: The Interna onal Air Transport Associa on (IATA)
es mates that 30 million pieces of luggage are lost
annually, and up to $4 billion is spent tracking, returning
and replacing lost or mishandled luggage.

Simply put, barcodes are not as effec ve as RFID can be,
as they require line-of-sight reading, and typically are read
at 80 to 90 percent rates. RFID can be read from long
distances at a rate of be er than 99 percent. There has
been numerous a empts to develop RFID systems that
will replace bar codes; Boston Scien fic, using technology
developed by Inkode, did some work with Boston’s Logan
Interna onal Airport in 2006, for example. The most
successful work has been done at McCarron Interna onal
Airport in Las Vegas, NV, and Hong Kong Interna onal
Airport (HKIA). One key is that these two airports own
Photo courtesy of Avery Dennison RFID their own luggage-handling infrastructure.



The McCarron project ini ally u lized tags created by Matrics, Inc., a Rockville, MD-based RFID
systems manufacturer. In 20004, Symbol Technologies, Inc. acquired Matrics, Inc. for $230
million in cash. Symbol Technologies, inc., Holtsville, NY, itself was a major force in the RFID and
barcode scanning fields, and was acquired by Motorola in January 2007 for $3.9 billion.

For the recent project at HKIA, which calls for up to 70 million RFID enabled baggage tracking
tags to be produced, Motorola supplied the hardware and coordinated the project. Avery
Dennison RFID Division and Print-O-Tape, Inc. partnered with Motorola. Motorola supplies the
hardware. Avery Dennison provided its new 96-bit AD-833 RFID inlays, while Print-O-Tape, the
leading North American luggage tag converter with nearly 75 percent of the market, is prin ng
and assembling the high-performance RFID baggage tags, at a rate approaching 400,000 per day.
Cost remains higher for RFID luggage tags, but considering the high cost of mishandled and lost
luggage, it will ul mately be well worth it.

In March 2009, ODIN Technologies announced that it is conduc ng neutral tes ng on RFID
standardiza on for the Interna onal Air Transport Associa on (IATA).

Among the other companies examining the luggage space are Alien Technologies, Impinj and
Intermec.

Livestock

One of the niche areas where RFID has made gains has been in the area of livestock tracking. In
the old days, of course, ranchers used branding irons to keep track of which animals were in
their herd. Now, new technologies allow livestock to be followed from birth through the food
chain.

Aside from the benefits of track and trace capabili es, the outbreak of mad cow disease has led
governments to expand safety measures to keeping accurate records of where the animals are
coming from and what they are consuming. Through the use of RFID tags, ranchers can keep
accurate records.

RFID is not just for land animals; Canada is using RFID tags for conserva on efforts for its fishing
industry.

While this is a niche area, there are a few companies that have made headway in the
marketplace. These include Bluehill ID, Precision Dynamics, Sirit and Somark Innova ons. Sirit
recently signed an agreement with eriginate Corpora on, a subsidiary of HerdStar, LLC, in which
eriginate will u lize Sirit’s UHF RFID tag and reader technology to support its eTa oo UHF system,
incorpora ng a Sirit UHF inlay embedded into a livestock ear tag and Sirit’s IDen ty 5100 reader.

Key Manufacturers:

Agave BioSystems: Located in Aus n TX and Ithaca, NY, Agave BioSystems is a biotechnology-
based small business founded in 1998. The company focuses on building nanoscale engineered
devices and systems. Agave BioSystems is engaged in a number of research projects where



biological components for sensor systems are being tailored to complement ongoing work in the
area of nanofabrica on. Several of these sensors are being developed to combat biowarfare and
bioterrorists agents, but will have broad applica on in the food, environmental and medical
industries. Agave BioSystems enjoys a close collabora ve rela onship with Cornell University.

Alien Technologies: Founded in 1994 and headquartered in Morgan Hill, CA, Alien Technologies
provides a full range of UHF RFID systems in applica ons running the gamut from retail,
pharmaceu cals and consumer goods to logis cs, defense and military uses. The company is a
key supplier of RFID tags, notably its Squiggle line featuring the Higgs3 IC, and readers.

Avery Dennison: The leader in the field of labeling and adhesives, Avery Dennison RFID, Flowery
Branch, GA, is a major force in the RFID inlay market, where it can broker its exper se in
adhesives into the manufacturing of inlays and durable tags. It manufactures both HF and UHF
inlay systems. Avery Dennison RFID systems are used in avia on (at the Hong Kong Interna onal
Airport), health care (Walgreens), retail, supply chain and many other applica ons.

Bluehill ID Corpora on: Based in St. Gallen, Switzerland, and founded in 2007, Bluehill ID AG has
built up an impressive por olio of technology companies in the RFID space. Among Bluehill ID’s
acquisi ons were Mul card AG, a specialist in secure iden fica on programs; TagStar Systems
GmbH, an HF and UHF inlay manufacturer; Arygon, a maker of advanced RFID reader modules
for personal iden fica on and payment; and ACIG, an RFID distributor. For RFID for livestock,
Bluehill ID acquired Syscan ID in February 2009. Syscan was noted as a specialist in RFID
solu ons for animal ID, including RFID readers. In September 2009, SCM Microsystems, Inc.
announced it had entered into an agreement with Bluehill ID to combine their respec ve
companies, subject to certain regulatory and shareholder approvals. Under the agreement, SCM
will make an offer to the Bluehill ID shareholders to acquire all shares of Bluehill ID.

Boston Engineering: Located in Waltham, MA, Boston Engineering is a major engineering firm
that led a pilot program called SEATS (Secure Environment for Airport Terminal Systems) in 2006
that aimed to demonstrate the effec veness of chipless RFID technology in tracking customer
baggage at Logan Airport. In collabora on with Inkode, Vienna, VA, Boston Engineering used
Vienna, a chipless remote iden fica on system (CRIS), as the basis for the pilot.

Bundesdruckerei GmbH: A leader in high-security ID technologies, Bundesdruckerei GmbH .
Berlin, Germany, specializes in chip technology and biometric processes. In 2009, the Federal
Republic of Germany became the company’s sole shareholder. The company worked closely with
German government agencies on Iden gram ePassport, in which personal data and the photo of
the passport holder is stored in an integrated chip. The German ePassport also features two of
the document holder's fingerprints stored in the ePassport chip.

Confidex Ltd.: Confidex Ltd. is an industry leader in HF and UHF RFID cket and tag design and
manufacturing. In addi on to its headquarters in Tampere, Finland, the company launched
produc on opera ons in China in August 2006. Among the company’s areas of focus are
aerospace and asset tracking, and the company also offers contactless RFID ckets for public
transport, replacing magne c stripe ckets.



Cypak AB: Cypak AB, Stockholm, Sweden, specializes in the area of connected health, and its
technologies include PE and RFID. Cypak’s PE circuits connect to the Cypak Electronic Module
(CEM), where events are recorded and me-stamped. Its low cost antenna can be printed in the
same produc on step as circuits, in the form of a patch the size of a credit card. Cypak is an
expert in the applica on of various RFID technologies for smart packaging. Most Cypak
applica ons use an ac ve RF tag in which the product or package is itself intelligent – with an
on-board microprocessor, sensors, and non-vola le memory to record events.

Datalogic S.p.A.: Located in Bologna, Italy, Datalogic produces bar code readers, data collec on
mobile computers, RFID systems and photoelectric sensors for the industrial automa on sector.
Datalogix is noted for having developed the first RFID post office applica on in the world back in
1999.

Evidencia: Located in Memphis, TN, Evidencia manufactures RFID tags and monitors for cold
chain and medical applica ons. Its ThermAssureRF, a stand alone, miniaturized RFID
temperature sensor, records and monitors temperature fluctua ons and cold chain events
during shipment and storage.

Feig Electronic GmbH: Feig Electronic GmbH, Weilburg, Germany, was founded in 1970. It
specializes in contactless iden fica on (RFID), door controllers and traffic sensor technology.
Feig’s UHF and HF OBID RFID reader systems are used for access control and vehicle access
control, ckets, me and a endance, electronic locking systems and supply chain.

Gentag: Gentag, located in Washington, D.C. and founded by Dr. John Peeters, focuses on
innova ve, low cost, wireless sensor network technologies based on cell phones. The company
started paten ng its wireless sensor technologies in 1997. The combina on of cell phone reader
technology with a disposable sensor pla orm has led to a variety of medical diagnos c
applica ons providing consumers, physicians, and various industries with instant access to vital
informa on over established wireless networks. Gentag, Inc. co-owns with Motorola several
patents covering the uses of cell phones as RFID readers. Gentag provides solu ons ranging from
injec on-molded an -counterfei ng tags for pharmaceu cals to diagnos c skin patches and
immunoassay testers.

Identec Solu ons: Headquartered in Lustenau, Austria, Identec Solu ons was founded in 1999
through an ini al investment by Gartner Electronic GmbH. The company’s key product is its
Intelligent Long Range (ILR) ac ve tag and reader RFID technology. Its 2006 acquisi on of
automo ve RFID specialist Baumer IDENT GmbH was a key move; Identec Solu ons claims that
one in three vehicles produced worldwide is made with the assistance of its technologies.

Impinj: Located in Sea le, WA, Impinj specializes in UHF RFID systems for applica ons as diverse
as apparel and food safety to pharmaceu cals. Impinj’s product offerings include its Speedway
readers, Impinj reader antennas, and Monza and Monaco tag chips. Foundered in founded in
May 2000, Impinj’s work is based on technology developed by Dr. Carver Mead of the California
Ins tute of Technology and Dr. Chris Diorio of the University of Washington, that enables low
power, programmable, minimum-size analog circuits. Impinj is privately held and has raised
more than $110 million in funding.



Informa on Mediary Corp. (IMC): Informa on Mediary Corpora on, O awa, Canada, has
developed low cost single-chip RFID sensor technology (Class 3 semi-passive RFID tags), HF RFID
readers and electronics printed on plain paper using non-toxic, Acheson-brand water-based
conduc ve inks under exclusive license from Henkel (formerly XINK). The company’s markets
include pharmaceu cal (Med-ic, eCAP) and logis cs (Log-ic) industries. eCAP is the world's first
and only RFID smart cap, an electronic medica on bo le which tracks medica on usage without
ac ve pa ent input. It consists of an RFID "smart tag" embedded into a standard medica on
bo le cap, which records the me at which the bo le is opened by the pa ent to remove their
prescribed dose, thus logging the pa ent's medica on use. Shipments of refrigerated goods can
be tagged with Log-ic temperature tracking tags.

Intermec Inc.: Headquartered in Evere , WA, Intermec is a specialist in supply chain
applica ons, from Gen 2 RFID to bar codes. The company was founded in 19666 as Interface
Mechanisms, switching to its present name in 1982. IN 1997, Intermec entered the RFID
business when it acquired the RFID semiconductor technology business from IBM, Inc. The
company manufactures fixed and handheld readers as well as RFID tags and smart cards.

The Kennedy Group, Inc.: The Kennedy Group’s RFID Solu ons Division specializes in
customizing smart labels, cards and disposable and reusable tags. The company reports that it
has the largest smart label and card manufacturing capacity in North America.

Mark IV Industries Corpora on: Located in Amherst, NY, Mark IV IVHS claims it is the largest
supplier of electronic toll collec on equipment in North America, with more than 19 million
transponders on the road and more than 3,100 lanes equipped. All told, the company accounts
for more than one billion toll transac ons annually.

Mekoprint A/S: Headquartered in Støvring, Denmark, Mekoprint A/S specializes in RF antennas
and RFID labels produced through screenprin ng and etching, manufactured in reel-to-reel
produc on. The company has developed solu ons par cularly for GSM and Bluetooth antennas
for mobile phones and RFIDs, safety labels and smart card labels.

Motorola: Motorola is one of the leading integrators and manufacturers in RFID. The company
develops fixed and mobile RFID readers, reader antennas and tags for cargo and supply chain
applica ons. One of the industry’s early leaders, Motorola made a cri cal acquisi on in
September 2006, when it bought Symbol Technologies, Holtsville, NY, for $3.9 billion. Among
Symbol Technologies’ key areas of interest are RFID, bar codes and real me informa on
solu ons.

NXP: A leading semiconductor company founded by Philips more than 50 years ago, NXP is
headquartered in Eindhoven, The Netherlands. A specialist in semiconductors for electronics
ranging from TVs to cell phones, NXP is ac ve in the RFID tag and inlay markets, from pharma
and postal systems to contactless and smart cards.

ODIN Technologies: A leader in RFID hardware and so ware, ODIN Technologies is
headquartered in Ashburn, VA. The company is involved in many facets of RFID, including
healthcare, government, aerospace and defense. In March 2009, ODIN announced that it is


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