Sony and Japan's TCI (Technology Carve-out Investment Fund) are to invest 2.5 billion Yen (US$21.7 million; US$1 = 115.3 Yen) in a joint venture to develop FED (Field Emission Display) technology, which will probably be targeted at large-sized professional-use displays. Sony will hold a 36.5% stake in the new company named FE Technologies, with TCI holding the remaining 63.5%. FE Technologies will start operations with a staff of 30 on December 18, 2006. Results will be assessed 18 months later to determine the future of this venture.