Paice, a pioneer in hybrid electric vehicle technology, said it reached an agreement to license all of its hybrid vehicle technology to Ford Motor Company.
Paice was founded in 1992 with the support of the University of Maryland.
“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,” said Paice.
“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.
“Ford ranks second in U.S. hybrid car sales, having invested billions of dollars in its electrified vehicle offerings,” added Paice.
“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.”
Paice chairman Frances Keenan said: “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.”