BALTIMORE--(BUSINESS WIRE)--Paice, a pioneer in hybrid electric vehicle technology, has reached an agreement to license all of its hybrid vehicle technology to Ford Motor Company. Ford ranks second in U.S. hybrid car sales, having invested billions of dollars in its electrified vehicle offerings.
Paice has now licensed its hybrid vehicle technology portfolio to the most significant hybrid automakers in the world — Toyota, Ford, Hyundai/Kia and others — who collectively account for more than 80% of all hybrid vehicle sales in the United States.
“We’re pleased that Ford has joined the ranks of the world’s other leading hybrid car companies in recognizing the value in Paice’s technology. We will continue to pursue licensing agreements with other major automakers to ensure that every automaker has a chance to access this ground-breaking technology,” said Frances Keenan, chairman of the Paice Board of Directors.
The resolution with Ford brings an end to years of litigation in a multitude of forums, including federal district and appellate court, the U.S. International Trade Commission (ITC), and the U.S. Patent and Trademark Office. As part of the resolution, Paice and the Abell Foundation, a Baltimore-based non-profit organization that invested in Paice, will drop its request to ban Ford from importing certain hybrid vehicles, and Ford will drop its challenges to Paice’s patents. The ITC was set to issue its initial determination on Paice’s requested ban in March 2018.
Terms of the licensing agreement are confidential.
The importance of Paice’s hybrid vehicle technology has been well documented over the years. Paice testified before the U.S. Congress on hybrid electric vehicle issues and an independent analysis determined that Paice owns the most dominant hybrid vehicle patent in the world. Federal juries twice concluded that Paice’s patented technology is embodied in modern-day hybrids.
About Paice (www.paicehybrid.com)
Dr. Alex Severinsky, a Russian immigrant, founded Paice in 1992 with the support of the University of Maryland. Paice made its mark in the hybrid industry by discovering new ways to maximize fuel efficiency and reduce harmful emissions without sacrificing driving performance. Paice presented its hybrid breakthroughs alongside Toyota and Ford at industry conferences and before the U.S. Senate. To date, Paice has been awarded 30 U.S. and foreign patents, including four of the world’s most influential hybrid patents according to an independent study.
About the Abell Foundation (www.abell.org)
The Abell Foundation, a Baltimore-based charitable organization dedicated to fighting urban poverty and promoting social objectives by investing in progressive local start-ups, is a co-owner of the Paice patents and a co-complainant in the ITC filing. Since 1999, Abell has helped support Paice’s efforts to develop and promote its hybrid technology.