BONITA SPRINGS, Fla., July 16 /PRNewswire/ -- On July 8, 2010, Paice LLC and Ford Motor Company entered into an agreement for the license of Paice's U.S. Patent No. 5,343,970. Each company had filed a lawsuit against the other relating to that patent relating to certain Ford hybrid vehicles.
Based on this agreement, the lawsuits will be promptly dismissed, bringing an end to all patent infringement litigation between the two companies.
In a joint statement, executives from both companies jointly announced, "We are pleased to have reached an amicable resolution." The terms of the license remain confidential.
Paice LLC is a U.S. technology company formed in 1992 to develop hybrid vehicle technology that promotes lower emissions, superior driving performance and fuel efficient operation of internal combustion engines. Through its inventive endeavors, Paice has obtained 11 U.S. patents related to hybrid vehicle technology, including a breakthrough patent (the '970 patent) that describes the use of high voltage in a hybrid automobile. Paice has demonstrated that using voltage as high as 500 volts or more is essential to achieving real efficiency in hybrid automobiles. A 2009 study ranked Paice's hybrid patents as the most dominant in the world. Paice has been involved in ongoing litigation with Toyota and federal courts have ruled that the Toyota Prius and other hybrids are infringing on Paice's patented technology.
SOURCE Paice LLC