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LG Display aims to invest the equivalent of nearly $3billion in mass-production of Organic Electroluminescence (OEL) panels from mid-2014 according to Japanese business paper, the Nikkei.The Korean company will invest 220 billion yen in the OEL technology that consumes less power while producing sharper images in order to phase out LCD screens in the coming years.

It’s reported that LG will be testing the waters later next year by selling 30,000 OEL TVs in the second half of 2012 to gauge sales and weight up costs.

If all goes well with the 55-inch units, the company will go ahead with the extensive investment.

The move to OEL has come aside LG’s Korean neighbour and rival Samsung, which has also been aggressively developing OEL technology, reports the Nikkei. It also adds that Japanese competitors like Panasonic and Toshiba have trailed behind in the new technology, barely moving beyond basic research into the display tech.

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