Paice, a pioneer in hybrid electric vehicle technology, announced that it had reached an agreement to license its patented technology to Honda.
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 recognise 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 recognised 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.