AP NEWS

Honda Licenses Hybrid Vehicle Patents from Paice, Abell Foundation

September 25, 2018

BALTIMORE--(BUSINESS WIRE)--Sep 25, 2018--Paice, a pioneer in hybrid electric vehicle technology, announced today that it has reached an agreement to license its patented technology to Honda. One of the world’s leading car companies, Honda has ramped up its investment in hybrid vehicles in recent years and plans to generate two-thirds of its global sales from electrified vehicles by 2030.

Paice has now licensed its hybrid vehicle technology portfolio to many of the largest automakers in the world — Honda, Toyota, Ford, Hyundai/Kia, and others — who collectively account for more than 80% of all hybrid vehicle sales in the United States. Terms of the licensing agreement are confidential.

“We are grateful that the world’s leading automakers continue to recognize the value of our patented hybrid vehicle technology. My hybrid designs offer the world a path to a more sustainable future, and these licensing agreements validate all of the hard work that was put into developing these ideas for so many years,” said Paice founder Dr. Alex Severinsky.

“The fact that Honda will take a license without the need for legal action shows that our technology patents are now recognized by the industry’s top automakers. Honda’s conduct sets the path forward for Paice as we continue to ensure Dr. Severinsky’s patented technology is available,” said Paice Executive Chairman Frances Keenan. “We are delighted that this license will further support the good work of the Abell Foundation.”

Dr. Severinsky established Paice in 1992 and was awarded his first hybrid vehicle patent in 1994. During the company’s early years, Severinsky worked closely with two experienced automotive veterans: Bob Templin, a Paice board member who had served as chief engineer of Cadillac and technical director of GM’s Research Laboratory; and Ted Louckes, a 40-year veteran of General Motors who served as Paice’s Chief Operating Officer and was instrumental in developing Paice’s hybrid technology alongside Dr. Severinsky.

The importance of Paice’s hybrid vehicle technology has been well documented. Paice has testified before the U.S. Congress about hybrid electric vehicle issues and an independent analysis determined that Paice owns the most dominant hybrid vehicle patent in the world.

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. Since 1999, Abell has helped support Paice’s efforts to develop and promote its hybrid technology.

View source version on businesswire.com:https://www.businesswire.com/news/home/20180925005153/en/

CONTACT: For Paice

Joyce Fitzpatrick, 919-247-4400

joyce@fitzpatrickcomm.com

KEYWORD: UNITED STATES NORTH AMERICA MARYLAND

INDUSTRY KEYWORD: MANUFACTURING AUTOMOTIVE MANUFACTURING ENGINEERING ALTERNATIVE VEHICLES/FUELS AUTOMOTIVE PHILANTHROPY FOUNDATION

SOURCE: Paice

Copyright Business Wire 2018.

PUB: 09/25/2018 10:00 AM/DISC: 09/25/2018 10:01 AM

http://www.businesswire.com/news/home/20180925005153/en

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