Compact Power Inc is on something of a roll lately. They and parent LG Chem of South Korea have reportedly won contracts supply lithium ion batteries to Hyundai/Kia for upcoming hybrid models
and are rumored to be the front runner
to the supply contract for the production Chevrolet Volt
. CPI's latest deal comes from the United States Advanced Battery Consortium. USABC is a research consortium comprised of the three domestic automakers along with funding from the Department of Energy for basic research into battery technology. The $12.9 million contract to CPI will cover development work on lithium batteries for plug-in hybrid
vehicles with a 10-mile electric range.
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