Image Credit: PAICE LLC

Paice, a forerunner in hybrid electric vehicle technology, has announced that it has arrived into an agreement to license its patented hybrid technology to Mitsubishi Motors Corporation.

"Mitsubishi is one of the most successful hybrid vehicle companies in Europe, and we are delighted to be adding them to the long list of prominent automakers who have acknowledged the value of Paice's hybrid technology," said Paice Executive Chairman Frances Keenan.

"We endure reaching significant agreements with responsible car companies without the need for litigation, escalating the reach of our technology, and supporting the good works of the Abell Foundation."

Baltimore-based Abell Foundation is a charitable organization is a co-owner of the Paice patents. It has facilitated support of Paice's efforts to develop and endorse its hybrid technology.

Paice was instituted by Alex Severinsky, a Russian immigrant, 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 large automakers.