U.K. developers announced on Saturday that light bulbs made of graphene, a material that is about 100 times stronger than steel, will go on sale later this year.

Researchers at the University of Manchester successfully created a dimmable bulb that contains a filament-shaped LED coated in graphene. Developers claim graphene lowers energy consumption by 10 percent and the bulbs will last longer than existing light bulbs.

"The graphene light bulb will use less energy. We expect it to last longer. The manufacturing costs are lower and it uses more and more sustainable components," Prof Colin Bailey, deputy vice-chancellor at the University of Manchester, said to BBC News.

The university has partnered with Graphene Lighting for the development of the material. More than 35 companies across the world have joined the project as well.

The government is also active in supporting the project and has invested more than £50 million to the National Graphene Institute. They hope that once the graphene light bulb is out, it will make the country a pioneer in graphene technology and ahead of China and South Korea. Both countries are also studying graphene technology for additional practical applications, according to BBC News.

There is no exact release date for the graphene light bulb this year, but developers said it will be cheaper than the regular LED light bulbs.

Scientists have been exploring the "wonder material" for its potential uses since its discovery in 2003. Some of these are smartphone or TV displays, cameras, computer chips, bulletproof vest, batteries, electric generators and conductors, water filters, and condoms, among others.