According to news reports JOLED, created in 2015 by merging the OLED divisions of Sony and Panasonic Corp, is seeking to raise 100 billion yen (US$ 888 million) by the end of this financial year to expand production capacity.
JOLED hopes to use the cash to begin mass production of the panels as it rushes to catch up with South Korea's Samsung Electronics Co. and LG Electronics Inc., the global leaders in OLED displays.
While on the Japan Times website Sony Corp. and Panasonic Corp. are believed to be among the companies set to help an affiliate of Japan Display Inc. raise ¥100 billion for mass production of advanced panels - said unknown sources.
The report also suggests that Sumitomo Chemical Co. and Screen Holdings Co. are also likely to take part in the planned fundraising by JOLED Inc., with the four contributors expected to each provide ¥5 billion to ¥10 billion.
Talks are reported to be taking place with other potential investors to raise the remaining funds.
JOLED was spun off from Sony and Panasonic in 2015 in a government-backed effort to consolidate development of organic light-emitting diode panels used in the displays of smartphones and TVs. Apple Inc. chose OLED displays for its new flagship iPhone X.
A spokesperson for JOLED said the company is in talks with several global panel producers for licensing the new production technology to make television panels. Although no specific details were given on who these panels manufacturer may be.
The state-backed investment fund Innovation Network Corp. of Japan owns a 75 percent stake in JOLED. Japan Display owns 15 percent while Sony and Panasonic each have 5 percent.
Sumitomo Chemical supplies JOLED with materials used in OLED displays while Screen builds the manufacturing equipment for their production.