OLEDWorks Has Announced Over $500,000 in Tax Credits From Empire State Development Agency

OLEDWorks has announced over $500,000 in tax credits from the Empire State Development Agency, which is designed to help the company begin producing OLED panels. OLEDWorks, a start-up firm in OLED technology based in Rochester, NY, has announced it is eligible for $537,000 in tax credits from the Empire State Development Agency. The company has also received approximately $60,000 from RG&E, the local provider of natural gas and electricity, for operational improvements. With the incentives, OLEDWorks’ 5000-square-foot research and development lab has been renovated and plans to begin producing OLED products. The company was formed in July 2010 when a group of former Kodak employees began offering OLED technology consulting services, following the purchase of Kodak’s OLED operations by LG Electronics. OLEDWorks currently has eight employees, all former Eastman Kodak OLED scientists and technicians. OLEDWorks plans to hire a dozen people over the next 12 months and 50 new employees over the next 2-3 years. Source: LEDs Magazine