1978: Dr. Alex Severinsky, a Russian immigrant with a Ph.D. in electrical engineering, arrives in the United States.

1979: America enters a major oil shortage. Amazed at the long lines for gasoline, Dr. Severinsky conceives the idea of developing hybrid vehicles.

1986: Dr. Severinsky is admitted to a small company incubator at the University of Maryland that helps regional entrepreneurs build early-stage companies.

1991 – 1992: While serving as a lecturer at the University of Maryland’s A. James Clark School of Engineering, Dr. Severinsky begins to actively focus on his ideas for developing commercially successful hybrid vehicles.

1992: Dr. Severinsky forms Paice (Power Assisted Internal Combustion Engines) with support from the Maryland Technology Enterprise Institute (Mtech). Paice files its first of many patent applications relating to hybrid electric vehicles.

September 6, 1994: Paice is issued its first patent – U.S. Patent No. 5,343,970 (the ’970 patent) – for the Hyperdrive powertrain system. The patent involves technology that lets automakers provide torque to the wheels of a vehicle from the motor, the internal combustion engine, or both. It represented a groundbreaking technology that allowed hybrid vehicles to become commercially viable – and recently earned Dr. Severinsky the prestigious Thomas A. Edison Patent Award from the American Society for Mechanical Engineers

1998: Paice receives funding from The Abell Foundation, a non-profit organization that supports causes such as increasing energy efficiency and helps fund a number of charitable programs. Since its initial funding, Abell has invested more than $20 million to support the development of the Hyperdrive technology.

October 1999: Dr. Severinsky demonstrates a prototype of the Paice technology, proving that it effectively can reduce the gas consumption of a Cadillac Coup de Ville by nearly one-half, while retaining its driving performance. A key to the Paice technology is the use of voltages of five hundred volts or higher in hybrid vehicles. Paice’s prototype demonstrated that using high voltage was not only workable, it was essential to achieving good fuel economy while maintaining the driving performance that U.S. drivers demand. Following the development and prove-out of the prototype, Paice continues pursuing joint venture opportunities and licensing agreements with automakers.

April 3, 2001: Paice is awarded its second U.S. Patent (#6,209,672).

December 6, 2001: Paice testifies before the U.S. Senate Commerce, Science, and Transportation Committee, along with GM, Ford, Toyota and other major automakers. The hearing focuses on automobile fuel economy and the federal Corporate Average Fuel Economy (CAFE) program. Paice COO and former Oldsmobile chief engineer Ted Louckes testifies that Paice’s Hyperdrive technology can increase fuel efficiency by roughly 50 percent and notes that the company has met with several automakers to showcase its technology.

January 15, 2002: Paice is awarded U.S. Patent No. 6,338,391.

June 26, 2002: Paice testifies before the U.S. House Committee on Science, Subcommittee on Energy, along with GM and other entities committed to new automotive technologies. The hearing focuses on how to accelerate the transition of high-tech concepts in automotive technology from the lab to the production line. In particular, the hearings focus on the development of this technology in the U.S. auto industry. Paice Director and former GM executive Robert Templin testifies on the advantages of the Paice’s technology in hybrid electric vehicles and how that technology would benefit the U.S. auto industry.

April 29, 2003: Paice is awarded U.S. Patent No. 6,554,088.

April 2006: Dr.Severinsky resigns as Paice CEO to become CEO of Fuelcor LLC, an intellectual property development and management company for making synthetic fuels. Robert Oswald, an automotive executive with 45 years’ experience at Ford and Robert Bosch North America, is named CEO.

September 12, 2006: Paice is awarded U.S. Patent No. 7,104,347 (the ’347 patent).

July 3, 2007: Paice is awarded U.S. Patent No. 7,237,634.

July 1, 2008: Paice is awarded U.S. Patent No. 7,392,871.

October 2008: The University of Maryland inducts Dr. Severinsky into the Clark School of Engineering’s Innovation Hall of Fame for his “pioneering work in the development of the Hyperdrive power-amplified internal combustion engine power train for hybrid vehicles.”

November 25, 2008: Paice is awarded U.S. Patent No. 7,455,134.

April 21, 2009: Paice is awarded U.S. Patent No. 7,520,353.

July 14, 2009: Paice is awarded U.S. Patent No. 7,559,388.

October 6, 2009: Paice is awarded U.S. Patent No. 7,597,164.

November 2009: The American Society for Mechanical Engineers presented Dr. Severinsky the Thomas A. Edison Patent Award in recognition of his hybrid electric vehicle patent. This award recognizes the creativity of Paice’s invention as the potential of significantly enhancing an aspect of mechanical engineering.

July 15, 2010: Paice announces that it has reached an agreement with Ford Motor Company to license Paice’s U.S. Patent No. 5,343,970.

July 19, 2010: Paice announces that it has reached an agreement with Toyota to settle the patent disputes between the two companies and provide Toyota a license for the use of Paice patents. The terms of the agreement are confidential. All lawsuits between the companies will be dismissed.