© edhar yralaits dreamstime.com Electronics Production | December 14, 2015
Hyundai and Kia sign licensing agreement with Paice
Hybrid electric vehicle technology company, Paice, has reached an agreement to license all of its hybrid vehicle technology to Hyundai and Kia Motors.
Paice has now licensed all or part of its hybrid vehicle technology portfolio to Toyota, Hyundai/Kia, and Ford. These three companies currently account for 90% of all hybrid vehicle sales in the United States, the company writes in a press release. “We are gratified to reach a licensing agreement with Hyundai and Kia, who are among the undisputed leaders in the hybrid industry. This agreement further validates the importance of our technology, and we hope to reach additional agreements with other major automakers,” said Frances Keenan, chairman of the Paice Board of Directors. The confidential licensing agreement with Hyundai and Kia brings an end to all litigation between the companies. Paice and the Abell Foundation, a Baltimore-based non-profit organization that invested in Paice, filed a patent infringement lawsuit against Hyundai and Kia in U.S. District Court in 2012.