A Baltimore-based company that invented hybrid engines won a huge payout from two Korean auto giants for patent infringement.
Kia and Hyundai were ordered to pay Paice LLC $28.9 million. Created by Alex Severinsky, the technology allows car engines to be more fuel efficient. The Abell Foundation, which invested in the technology, also collected money in the payout. The money was awarded after an eight-day trial. Reports indicate Kia and Hyundai will challenge the ruling.
“We are very gratified by the jury’s verdict and thank them for their hard work and dedication as they sorted through this complex matter,” said Frances Keenan, chair of the Paice board of directors.
This isn’t Paice’s first go-round with auto giants. It previously licensed the hybrid technology to Toyota and Ford.
