/PRNewswire/ — Sunwoda Electronic (Sunwoda), a leading global provider of lithium-ion battery technologies and solutions, and Tulip Innovation (Tulip), licensing agent for lithium-ion battery patents held by LG Energy Solution and Panasonic Energy, have entered into a patent licensing agreement under Tulip’s lithium-ion battery licensing program.
As a result of this agreement, the parties will terminate ongoing legal proceedings in Germany, China and Korea, thereby ending all litigation regarding LG Energy Solution and Panasonic Energy’s battery technology for Sunwoda and the latter’s customers. The terms of the agreement remain confidential.
The parties emphasized that resolving the international legal proceedings through the conclusion of a licensing agreement was the most beneficial solution for themselves, their companies, customers and stakeholders. This agreement ends the uncertainty, disruption and substantial costs associated with pursuing these legal proceedings.
About Tulip Innovation
Tulip Innovation Kft., part of the Tulip Group specializing in licensing activities, manages the lithium-ion battery program from its headquarters in Hungary, one of Europe’s leading battery manufacturing hubs. All Tulip Group programs are supported by a team of licensing specialists with decades of experience, combined with a strong network of industry relationships and proven expertise in patent licensing negotiation and management. Tulip’s mission is to collaborate with companies implementing patented technologies to ensure their businesses can benefit from Tulip’s strong intellectual property portfolios. For more information, visit www.tulipinnovation.com.
About Sunwoda Electronic
Sunwoda Electronic Co. Ltd company was founded in 1997 and was listed on the Shenzhen Stock Exchange in 2011 (stock code: 300207). In 2022, the company successfully issued Global Depositary Receipts (GDRs) on the SIX Swiss Exchange. Today, Sunwoda has established itself as a global leader in the lithium-ion battery sector.