Toyota and Paice LLC, a company founded in 1992 to develop hybrid technology, have entered an agreement to settle the patent disputes between them outside of court. All lawsuits between the companies will be dismissed, Paice said in a press release.
“I am happy that Toyota and Paice came to an amicable resolution on the use of my power-assisted engine invention,” said Dr. Alex Severinsky, who founded Paice in 1992. “We have long believed that hybrid vehicles represent the wave of the future for the auto industry and hope that consumers will continue to embrace hybrid vehicles as a meaningful way to reduce emissions.”
Both companies agreed that while certain Toyota vehicles have been found to be equivalent to a Paice patent, Toyota invented, designed and developed the Prius and its hybrid technology independent of any inventions of Paice and Dr. Severinsky.
“After six years of litigation, we are pleased to reach a settlement with Toyota,” said Frances Keenan, chairman of the Paice board of directors. “Toyota has been a leader in the hybrid industry ““ selling more hybrid vehicles than anyone in the world ““ and we appreciate and applaud their achievements.”
– By: Stephen Calogera