BALTIMORE, MD / ACCESSWIRE, May 29, 2020 - (ACN Newswire) - Paice and Daimler have reached an agreement to license
patented hybrid technology.
Paice was an early leader in electrified vehicles. The company was awarded its first hybrid vehicle patent in 1994, long
before most automakers began seriously focusing on ways to improve fuel efficiency and reduce emissions. Paice's
technology proved valuable and helped accelerate the growth of the hybrid vehicle industry. An independent analysis
concluded that Paice owns the most dominant hybrid vehicle patents in the world.
"We've reached several licensing agreements in the past two years without the need for litigation. These agreements make
a lasting impact in our community by supporting the good works of the Abell Foundation," said Paice Executive Chairman
Frances Keenan.
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.About Paice (www.paicehybrid.com)
Dr. Alex Severinsky, a Russian immigrant, founded Paice in 1992 with the support of the University of Maryland. The
company has been awarded 30 U.S. and foreign patents. It has licensing agreements with many of the world's leading
automakers.About the Abell Foundation (www.abell.org)
The Abell Foundation, a Baltimore-based charitable organization dedicated to fighting urban poverty and promoting social
objectives by investing in progressive local start-ups, is a co-owner of the Paice patents. Since 1999, Abell has helped
support Paice's efforts to develop and promote its hybrid technology.