LG Display, which provides screens to Apple, has announced a significant investment in OLED technology. In total, the company is investing $656.7 million in the technology, according to The Wall Street Journal.

Organic light emitting diode displays (OLED) panels are expected to be produced at LG’s existing plan in Paju, South Korea. Once the full investment kicks in, LG should be able to product 26,000 sheets per month. Each of these is large enough to produce six 55-inch screens. LG plans to product the OLED screens for high-definition television sets by the end of 2014.

Current Apple products use LCD panels. However, rumors suggest that Cupertino would like to switch to OLED technology in future products. This would allow the company to produce even thinner designs with better battery life. To date, no Apple product uses the technology.

Just last week, it was reported that Apple was likely to delay the launch of a larger “iPhone Plus” handset until next year. One of the reasons cited was Cupertino’s desire to shift from LCD to OLED for the company’s line of mobile devices.

LG’s new investment will likely add to the rumors that Apple is working on their own television set, code-named the iTV. Still, that doesn’t mean it would happen anytime soon. OLED technology remains expensive to produce. For example, LG Electronics, which is a major shareholder of LG Display, recently launched a 55-inch OLED television display. The cost to consumers: $10,000.

We’ll keep you updated.

Via: AppleInsider