The world is searching for new and creative ways to reduce carbon emissions. Here's a new technology that is close to being from The Twilight Zone.

The new technology is "glowing wallpaper." The UK has given a Welsh company, Lomox, £454,000 to develop "light emitting wallpaper." The project is called the Carbon Trust.

Panasonic, the main American subsidiary of Matsushita Electric Industrial Co.(NYSE:MC) is getting serious about its bet on the next generation of televisions. Panasonic is going with what's known as OEL (organic electroluminescent) or OLED (Organic Light Emitting Diode) TVs. They're vastly thinner---less than a quarter of an inch---and are supposed to faster, sharper and use less energy. (Some have disputed the last point.) But they could wear out quicker than other TVs, and by organic they just mean carbon based.

Sony (NYSE: SNE) already has the lead in the a OLED TV market. But Sony's TV is only 11 inches and it costs $2,500. They plan to release a 27-inch version "fairly soon," according to this blog dedicated to OLED. Matsushita---which is changing its name to Panasonic come fall---is planning a 37-inch screen for around $1,400, according to Reuters, which was picking the story up from the Japanese newspaper Sankei Shimbun. But that's still years away.

Toshiba (TOSBF) is also working on one, but suffered some delays. Samsung just announced they were investing $530 million in OLED production. There have been plenty of delays in this OLED technology--almost as many as there have been with the rival technology SED (surface-conduction electron-emitter display). Toshiba and Canon (NYSE:CAJ)is the big backers of SED TVs. After years of delays the battle for the next, thinnest TV is heating up.

When a new technology is offered to investors, the cautious in the crowd tend to stand back and await developments. When established firms begin to use that technology, it's time to pay close attention. There is an outfit in Ewing, New Jersey, that has been a pioneer in the commercialization of a special kind of light emitting diode. Now, some of the big consumer electronics players are beginning to show a serious interest.

Universal Display Corporation (NASDAQ: PANL) develops and commercializes organic light emitting diode (OLED) technologies and materials for use in flat panel displays, solid-state lighting products, cellphones and other opto-electronic devices. OLED screens use organic semiconductor materials to sharpen image and color quality. The company licenses its technology to makers of televisions, computer screens, and consumer electronics devices. It has strategic relationships with such technology leaders as Sony Corporation (NYSE: SNE). Eastman Kodak (NYSE: EK) is a major competitor.

The stock has been a steady gainer over the past month, in response to such issues as word from Sony and Toshiba that they will begin commercial production of OLED televisions. Analysts remarked favorably on Universal Display's prospects in the matter. The company has been working with Sony to develop OLED sets since 2001, and customer LG. Philips LCD (NYSE: LPL) sells panels to Toshiba. Shares are advancing through a positive trading channel. The price is currently consolidating at the base of that channel, suggesting the potential for a turn back toward the top.

Brokers recommend the issue with three "strong buys," two "buys" and two "holds." Analysts see a 44 percent growth rate through the next year. The PANL Price to Tangible Book ratio (7.61) compares favorably with industry, sector and S&P 500 averages. Institutions hold about 48 percent of the outstanding shares. Over the past 52 weeks, the stock has traded between $11.00 and $19.66. A stop-loss of $15.75 looks good here. Note that the company is next expected to report quarterly results in early November.

Larry Schutts is a contributing editor for Theflyonthewall.com and the Vice-President of Stockwinners.com.