Philips is first entrant in Bright Lighting competition
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DOE launched the L Prize initiative to spur development of high-quality, high-efficiency LED replacements for the common light bulb. Every year it is estimated that more than 425 million 60W incandescent light bulbs are sold in the United States alone, representing approximately 50% of the domestic incandescent light bulb market. According to DOE, an LED replacement for this could save 34 terawatt-hours of electricit