PAICE PRESS RELEASE | AUGUST 24, 2020
Mitsubishi licenses hybrid technology patents from Paice, Abell Foundation
With strong European sales, Mitsubishi has become a global leader in plug-in hybrids
BALTIMORE (AUG. 24, 2020) — Paice, a pioneer in hybrid electric vehicle technology, announced today that it has reached an agreement to license its patented hybrid technology to MITSUBISHI MOTORS CORPORATION, a global leader in plug-in hybrid vehicles. The Mitsubishi Outlander is the world’s best-selling plug-in hybrid.
“Mitsubishi is one of the most successful hybrid vehicle companies in Europe, and we are pleased to be adding them to the long list of leading automakers who have recognized the value of Paice’s hybrid technology,” said Paice Executive Chairman Frances Keenan. “We continue to reach meaningful agreements with responsible car companies without the need for litigation, expanding the reach of our technology and supporting the good works of the Abell Foundation.”
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.
During the company’s early years, Dr. Alex Severinsky, inventor and founder of Paice, 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.