/PRNewswire/ –Sunwoda Electronic (Sunwoda), a global leader in lithium-ion battery technologies and solutions, and Tulip Innovation (Tulip), the lithium-ion battery patent licensing agency owned by LG Energy Solution and Panasonic Energy, have entered into a patent licensing agreement under Tulip’s lithium-ion battery licensing program.
Following the agreement, the parties will withdraw the pending litigation in Germany, China and Korea, thereby resolving all disputes related to LG Energy Solution and Panasonic Energy’s battery technology for Sunwoda and Sunwoda’s customers. The terms of the contract remain confidential.
The parties emphasized that resolving the global disputes through the conclusion of a licensing agreement is in the best interests of both parties, as well as their respective businesses, customers and stakeholders. The settlement eliminates the uncertainty, disruption and significant costs associated with continued litigation.
Information about Tulip Innovation
Tulip Innovation Kft., a Tulip Group company specializing in licensing, manages the lithium-ion battery program from its location in Hungary, the center of European battery production. All Tulip Group programs are based on a team of licensing experts with decades of experience, a unique combination of strong industry contacts and expertise in negotiating and managing patent licenses. Tulip’s mission is to work with companies using patented technologies to ensure they have access to Tulip’s robust IP portfolios. For more information, visit www.tulipinnovation.com and.
Information about Sunwoda Electronic
Sunwoda Electronic Co. Ltd was founded in 1997 and listed on the Shenzhen Stock Exchange in 2011 (stock code: 300207). In 2022, Global Depositary Receipts (GDRs) were successfully issued on the SIX Swiss Exchange. Today, Sunwoda is a global leader in the lithium-ion battery industry.