Corning Incorporated (NYSE: GLW), the world’s leading supplier of high-refractive-index glass for eyewear, and WaveOptics, a leading designer and manufacturer of diffractive waveguides, have entered into a long-term supply agreement for augmented reality (AR) optics.
Corning will provide ultra-flat, high-index glass wafers for WaveOptics’ waveguides, the key optical component in AR wearable devices. WaveOptics’ specialized nano-structures will be imprinted on the glass wafers and made into waveguides using a well-defined manufacturing process.
As part of the agreement, Corning will also provide its world-class materials science expertise to support WaveOptics’ continued advancements in waveguide manufacturing.
“We believe that waveguide-based AR devices offer the best combination of user experience and sleek designs today,” said David Velasquez, division vice president and general manager, Precision Glass Solutions, Corning Specialty Materials. “We’re excited to work with WaveOptics to enable attractive, high-quality AR wearables, which will be key to increased adoption of this technology. We are excited about the opportunity to support their drive toward a high-volume supply chain.”
WaveOptics Chief Executive Officer David Hayes said:
“Our waveguides meet a demanding technical specification that provides a comfortable viewing experience with crisp imagery displayed over a wide instantaneous field of view. Corning’s high-index glass has the characteristics that we need to enable the superior optical performance of our waveguide technology.
“This collaboration enables us to access Corning’s expertise in applied materials science, which will allow us to maintain our leadership in the design and development of diffractive waveguides for AR wearables.”
WaveOptics’ waveguides are designed with superior optical performance and mass manufacturing in mind. The patented waveguide technology allows the creation of a large viewing window in which to experience AR, providing immersive AR experiences for industrial, enterprise, and consumer applications.
Corning has experience delivering mass-production quantities of ultra-flat, high-index glass for leading augmented reality device makers. Corning Augmented Reality Solutions are one of several products in Corning’s portfolio of Precision Glass Solutions that leverage the company’s precision optics and forming capabilities to address the emerging trend for glass solutions across microelectronics.
Corning provides customers with a one-stop shop for world-class capabilities including proprietary glass and ceramic manufacturing platforms, finishing processes, bonding technologies, best-in-class metrology, automated laser glass-cutting, and optical design expertise.
Caution Concerning Forward-Looking Statements
This press release contains “forward-looking statements” (within the meaning of the Private Securities Litigation Reform Act of 1995), which are based on current expectations and assumptions about Corning’s financial results and business operations, that involve substantial risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties include: the effects of acquisitions, dispositions and other similar transactions by the Company, the effect of global business, financial, economic and political conditions; tariffs and import duties; currency fluctuations between the U.S. dollar and other currencies, primarily the Japanese yen, New Taiwan dollar, euro, Chinese yuan, and South Korean won; product demand and industry capacity; competitive products and pricing; availability and costs of critical components and materials; new product development and commercialization; order activity and demand from major customers; the amount and timing of our cash flows and earnings and other conditions, which may affect our ability to pay our quarterly dividend at the planned level or to repurchase shares at planned levels; possible disruption in commercial activities due to terrorist activity, cyber-attack, armed conflict, political or financial instability, natural disasters, or major health concerns; unanticipated disruption to equipment, facilities, IT systems or operations; effect of regulatory and legal developments; ability to pace capital spending to anticipated levels of customer demand; rate of technology change; ability to enforce patents and protect intellectual property and trade secrets; adverse litigation; product and components performance issues; retention of key personnel; customer ability, most notably in the Display Technologies segment, to maintain profitable operations and obtain financing to fund their ongoing operations and manufacturing expansions and pay their receivables when due; loss of significant customers; changes in tax laws and regulations including the Tax Cuts and Jobs Act of 2017; and the potential impact of legislation, government regulations, and other government action and investigations.
For a complete listing of risks and other factors, please reference the risk factors and forward-looking statements described in our annual reports on Form 10-K and quarterly reports on Form 10-Q. Forward-looking statements speak only as of the day that they are made, and Corning undertakes no obligation to update them in light of new information or future events.
In accordance with guidance provided by the SEC regarding the use of company websites and social media channels to disclose material information, Corning Incorporated (“Corning”) wishes to notify investors, media, and other interested parties that it uses its website (http://www.corning.com/worldwide/en/about-us/news-events.html) to publish important information about the company, including information that may be deemed material to investors, or supplemental to information contained in this or other press releases. The list of websites and social media channels that the company uses may be updated on Corning’s media and website from time to time. Corning encourages investors, media, and other interested parties to review the information Corning may publish through its website and social media channels as described above, in addition to the company’s SEC filings, press releases, conference calls, and webcasts.
About Corning Incorporated
Corning (www.corning.com) is one of the world's leading innovators in materials science, with a more than 165-year track record of life-changing inventions. Corning applies its unparalleled expertise in glass science, ceramic science, and optical physics along with its deep manufacturing and engineering capabilities to develop category-defining products that transform industries and enhance people's lives. Corning succeeds through sustained investment in RD&E, a unique combination of material and process innovation, and deep, trust-based relationships with customers who are global leaders in their industries.
Corning's capabilities are versatile and synergistic, which allows the company to evolve to meet changing market needs, while also helping our customers capture new opportunities in dynamic industries. Today, Corning's markets include optical communications, mobile consumer electronics, display technology, automotive, and life sciences vessels. Corning's industry-leading products include damage-resistant cover glass for mobile devices; precision glass for advanced displays; optical fiber, wireless technologies, and connectivity solutions for state-of-the-art communications networks; trusted products to accelerate drug discovery and delivery; and clean-air technologies for cars and trucks.
WaveOptics is the world’s leading designer and manufacturer of diffractive waveguides, the key optical component in wearable augmented reality (AR) devices.
AR wearables, such as smart glasses, enable users to see computer-generated images overlaid on top of the real world. There are two key elements that allow these images to be seen – a light source such as a minute projector and a means of transferring the image from the projector into the user’s eyes.
WaveOptics’ waveguide technology transfers the light waves from the light source and projects them into the user’s eye. The technology produces a large eye-box, binocular viewing and a high field of view. The eye-box (the viewing window) is the size of the AR display from which the full image is visible. WaveOptics’ waveguides deliver crisp, undistorted text as well as stable imagery.
WaveOptics technology is designed to be used for immersive AR experiences in industrial, enterprise and consumer markets. The company aims for its waveguides to be the core optical component used in all AR wearable devices, driven by its unique technology and expertise, which enable unparalleled manufacturing scalability and visual performance as well as versatility for numerous applications.