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EXCLUSIVE: Days after we revealed that Panasonic were working on an OLED TV’s for launch late in 2010, we can reveal that the Japanese company has signed a deal with the Sumitomo Chemical Company to develop advanced display panels using OLED technology. The first product will be a 40″ OLED TV according to Panasonic insiders.

It also tipped that Panasonic and Toshiba will jointly launch a new OLED TV engine that delivers up to 2/3rds more life for their OLED TV’s over the current Sony’s XEL1 11″ OLED TV which sells at a whopping $6,999 in Australia.

Sumitomo Chemical executives claim that the partnership with Panasonic will be set up as joint venture.

Earlier this month, Current claimed that Panasonic had no plans to develop OLED display technology. The story has been described as pure fiction and based on little knowledge of the operations of the plasma TV maker.

Insiders in Japan are saying that Sony, who will today announce billions in losses, will face stiff competition from both LG, Samsung and Panasonic as they try to launch OLED TV’s into the market to compete with both plasma and new LED TV’s due in late 2010.

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