Lord Young joins rock stars to back electronic revolution
Tuesday 09 September 1997
The former Cabinet minister is leading a pounds 6.6m investment in Cambridge Display Technology, a spin-off company from Cambridge University that has patented light-emitting polymer technology (LEP).
LEPs have the potential to replace liquid crystal and LED displays in a huge range of goods from computers to mobile telephones and could ultimately replace the cathode ray tube in television sets.
The potential world-wide market is estimated at $29bn (pounds 18.3bn).
Lord Young, Mr Bradman and a handful of other investors have formed a new venture called Light Emitting Polymer Investments (Lepi) which will take a stake of just under 33 per cent in Cambridge Display Technology. Lord Young will also take over as CDT's chairman and represent the company overseas, particularly in the Asia Pacific region which is seen as one of the biggest growth markets for LEPs.
CDT was formed in 1992 by Cambridge University and Richard Friend, now Cavendish Professor of Physics at Cambridge, with pounds 1.25m of seedcorn money. The rock group Genesis and its manager put in pounds 400,000 and other investors included John Sculley, the former president of Apple, Hermann Hauser, one of the founders of Acorn Computer, and Steve Kahng, president of Power Computing Technology.
Including the latest tranche of funding, total investment in CDT stands at pounds 10m - all in the form of equity. Cambridge University remains the biggest single shareholder. Under its chief executive, Danny Chapchal, who joined in 1996 from Siemens, CDT has raised pounds 2m by selling licences to exploit the technology to Philips Electronics, Hoechst of Germany and the California-based UNIAX. The first product to feature the technology, probably a mobile telephone, is due to appear before the end of this year.
"We have taken a view on the technology and decided it has a chance," Lord Young said. "If it succeeds, it promises to be extremely profitable. I believe that within two years we will see quite a lot of revenues coming in."
CDT is also in talks with a large Japanese electronics company about licensing the LEP technology for use in a wider range of household products.
Unlike conventional LEDs, which are based on traditional semiconductor technology, LEPs can be fabricated on flexible plastic sheets and are claimed to be cheaper, thinner and lighter as well as being easier to read.
- 1 Snoop Dogg and Jared Leto buy a stake in Reddit as A-list invests $50m
- 2 HeForShe campaign: Iceland to follow up Emma Watson speech with UN women's rights conference – for men only
- 3 Car tax disc changes: Two days to go - and they affect you much more than just not displaying a piece of paper
- 4 Ed Sheeran dedicates song to David Cameron
- 5 Now we know whose fault it is if you end up being murdered in Thailand
Snoop Dogg and Jared Leto buy a stake in Reddit as A-list invests $50m
Five-year-old Iris Grace is raising awareness of autism through her extraordinary paintings
Car tax disc changes: Five facts you never knew about your (almost obsolete) tax disc
The Aral Sea: Nasa pictures show how what was once the fourth largest lake in the world has become almost completely dry
Thailand beach murders: Hannah Witheridge 'was raped by two men before being killed'
Isis, we are told, is a 'clear and dangerous threat to our way of life'. I’m sorry, but I just don’t buy it
Exclusive: 'Putin's Russia has been my biggest regret,' says Nato's outgoing Secretary General
The Osborne Ultimatum: Chancellor’s benefits freeze bombshell will affect ten million households
There’s no excuse for Dave Lee Travis’s behaviour, but we need to keep a sense of proportion
Mark Reckless becomes second Tory MP to defect to Ukip in a month
Should gay sex be illegal? 16% of Britons think so
- < Previous
- Next >
iJobs Money & Business
£18000 - £23000 per annum + Commission: SThree: Real Staffing are currently lo...
NEGOTIABLE: Austen Lloyd: TRUST ACCOUNTANT - KENTIf you are a Chartered Accou...
£18000 - £20000 per annum + OTE £30000: SThree: SThree are a global FTSE 250 b...
Highly Competitive Salary: Austen Lloyd: CITY - Law Costs Draftsperson - NICHE...