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Paice, Abell And Daimler Reach Agreement To License Patented Hybrid Technology

Paice, Abell and Daimler have reached an agreement to license patented hybrid technology, Paice said in a statement.

Paice 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.

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.

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.

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