Paice announced it has reached an agreement to license its patented hybrid technology to Honda.
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.
Dr. Alex 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. To date, Paice has been awarded 30 US and foreign patents.