Compact Power Inc. gets PHEV development contract from USABC

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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