Sharp announced on 4 December that the company has reached an agreement with Qualcomm to develop MEMS (Microelectromechanical Systems) displays, according to a press release by Sharp. The display will integrate Sharp's IGZO (Indium Gallium Zinc Oxide) technology and Qualcomm's MEMS technology, featuring high power efficiency and color reproducibility for mobile devices. Facilities will be established in Sharp's Yonago LCD panel plant for the commercialization of the technology. In addition, Qualcomm agreed to invest up to 9.9 billion yen (US$120 million; US$1 = 82.415 yen) in Sharp for this joint development. An initial investment of 4.9 billion yen (US$59.9 million) will be made by the end of 2012, and a second investment, which will not exceed 5.0 billion yen (US$60.1 million), is expected before March 2013, the end of Sharp's fiscal year.