Jan 15 2009
Cree, Inc. (Nasdaq:CREE), a market leader in LED lighting, announces that it has entered into an exclusive patent license agreement, subject to some exceptions, with Mitsubishi Chemical Corporation (MCC). Under the agreement, MCC has been given the right to manufacture and sell freestanding GaN substrates and the right to enter into similarly-scoped sublicenses, subject to certain conditions. Over the life of the agreement, Cree will receive a combination of guaranteed payments and royalties on the sale of GaN substrates.
"Cree is pleased to enter into this license agreement with MCC, a well-known and respected materials supplier that has both the resources and expertise to take full advantage of Cree's GaN substrate technology," said Steve Kelley, Cree chief operating officer. "The license agreement is a further indication of Cree's willingness to promote innovation and technological advances in optoelectronic materials, while realizing additional value from our intellectual property."
"GaN substrates are important products in the optoelectronics business at MCC. By entering into this exclusive license agreement with Cree, MCC will expand the GaN substrate business for optical and electrical devices," Yasuji Kobashi, general manager of MCC's optoelectronics business stated. "MCC will be able to accelerate R&D and production for high-quality GaN substrates with different crystalline orientations."
Other terms of the license agreement, including amount of upfront payment, were not disclosed.