Mitsubishi Licenses Hybrid Technology Patents from Paice, Abell Foundation
Paice, a pioneer in hybrid electric vehicle technology, announced today that it has reached an agreement to license its patented hybrid technology to MITSUBISHI MOTORS CORPORATION, a global leader in plug-in hybrid vehicles. The Mitsubishi Outlander is the world's best-selling plug-in hybrid.
"Mitsubishi is one of the most successful hybrid vehicle companies in Europe, and we are pleased to be adding them to the long list of leading automakers who have recognized the value of Paice's hybrid technology," said Paice Executive Chairman Frances Keenan. "We continue to reach meaningful agreements with responsible car companies without the need for litigation, expanding the reach of our technology and supporting the good works of theâ¯Abell Foundation."
Paiceâ¯was an early leader in electrified vehicles. The company wasâ¯awardedâ¯itsâ¯first hybrid vehicle patent in 1994, long before most automakers began seriously focusing on ways toâ¯improve fuel efficiency andâ¯reduce emissions. Paice's technology proved valuable and helped accelerate the growth of the hybrid vehicle industry. Anâ¯independent analysisâ¯concluded thatâ¯Paice owns the mostâ¯dominant hybrid vehicle patents in the world.
During the company's early years, Dr. Alex Severinsky, inventor and founder of Paice, workedâ¯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.