A Baltimore-based hybrid technology company announced Thursday it had settled its lawsuit against Ford Motor Company, ending years of litigation over licensing.
Paice LLC will license all of its hybrid vehicle technology to Ford, which ranks second in U.S. hybrid car sales, as part of the settlement. Terms of the licensing agreement are confidential.
Paice had alleged Ford licensed one patent from Paice in 2010 but had been applying the technology years earlier after a series of meetings between the companies.
“We’re pleased that Ford licensed Paice’s technology,” said Frances Keenan, Paice’s chairwoman, in a prepared statement. “From Paice’s viewpoint, this further validates our conviction that this technology, protected by many patents around the world, is technically important and economically valuable. 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.”
A federal jury awarded more than $28 million in damages to Paice in 2015 in a similar suit against automakers Hyundai and Kia.
Paice was founded in 1992 by Alex Severinsky, a Soviet immigrant and engineer; the company’s name stands for “Power Assisted Internal Combustion Engine.” Paice was accepted into the University of Maryland’s technology incubator and has received millions of dollars in funding from The Abell Foundation, which is now a co-owner of the company and was a plaintiff in the case in U.S. District Court in Baltimore.
The case is Paice LLC et al. v. The Ford Motor Company, 1:14-cv-00492-MJG.