(Photo by Flickr user Manoj Prasad, used under a Creative Commons license)
Hybrid vehicle technology Paice and longtime investor the Abell Foundation announced a new licensing deal with Honda.
It’s the latest such deal between a big automaker and Baltimore-based Paice, whose founder Dr. Alex Severinsky developed fundamental technology for hybrid vehicles in the 1990s. The company and the Baltimore-based Abell Foundation have also reached deals with Toyota, Ford, Hyundai/Kia and the Volkswagen Group. Those came as a result of settlements following litigation, which Paice said is not the case in this deal.
“The fact that Honda will take a license without the need for legal action shows that our technology patents are now recognized by the industry’s top automakers. Honda’s conduct sets the path forward for Paice as we continue to ensure Dr. Severinsky’s patented technology is available,” Abell Foundation Senior Vice President and Paice Executive Chairman Frances Keenan said in statement.
The Abell Foundation, which is no stranger to local tech investing, is a co-owner of patents issued to Paice. It first invested in the company in 1999. In a unique form of impact investing, the foundation uses earnings from its investments in local companies to fund work that helps Baltimore.
For its part, Honda’s goal is to have two-thirds of its cars electrified by 2030.
Terms of the licensing deal were not disclosed.
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