Philips Electronics recently announced that its recently revealed LED replacement for the common household bulb was named one of the best inventions of 2009 by TIME magazine. The lamp was Philips' entry to the U.S. Department of Energy's (DOE) Bright Tomorrow Lighting Prize (L Prize) competition. The TIME best inventions team included the Philips LED on the list because of the significant technological developments that were achieved to deliver breakthrough product capability previously unseen from an LED light bulb.

"This is a very exciting time for the lighting industry," says Kevin Dowling, VP of innovation at Philips Color Kinetics. "We are demonstrating that LED solutions are now viable for mainstream lighting, and we're thrilled that Philips has been recognized by TIME, given the years of significant investments we have made in LED technology."

Developed by a global team of experts from Philips' LED businesses across the United States, the Netherlands, and China, the lamp represents an important milestone in consumer LED lighting solutions. As part of the L Prize competition, the lamp is currently undergoing comprehensive evaluation, including performance testing conducted by independent laboratories, field assessments conducted with utilities and stress testing under extreme conditions. Following this testing and assessment, Philips intends to bring the LED replacement to market, at which time the lamp is expected to use 20% of the energy of an incandescent, while providing the same quality of light.