The joint venture will be called Innovative Building Technologies (IBT) and will be based in Seattle.
The joint venture is through IV’s Invention Development Fund. The firm said the aim is to develop the intellectual property portfolio supporting a group of inventions related to IBT’s prefabricated component parts building technology and to commercialise the inventions for global markets.
IBT will be the owner of the related patent portfolio and CollinsWoerman and its Sustainable Living Innovations affiliate will have an exclusive licence to deploy the technology in the North American market.
Innovative Building Technologies will find global licensees for the technology in other markets such as China, Japan, and Vietnam.
The first building using the IBT technology is underway in the University District in Seattle, with completion scheduled for year-end. Additional projects are in the advanced stages of planning in San Francisco, Alaska, North Dakota and other locations.
IV has been keen to stress that its inventions and patents are being turned into products, in contrast to its reputation as a patent troll.
In August, the firm revealed that it was reducing its 700 staff by 19%, or 140 people. This followed smaller layoffs of 5% of its staff in February this year.