Dec. 14, 2015—Paice, a hybrid electric vehicle technology company, announced on Saturday that it has reached an agreement to license all of its hybrid vehicle technology to Hyundai Motor Co. and Kia Motor Corp.
“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 brings an end to all litigation between the companies. Paice and the Abell Foundation, a non-profit organization that invested in Pacie, filed a patent infringement lawsuit against Hyundai and Kia in 2012. After a trial earlier this year, the jury sided with Paice, awarding $28.9 million.
Currently, Hyundai and Kia rank third in U.S. hybrid car sales.