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Press Release: USABC AWARDS $9.62 MILLION BATTERY TECHNOLOGY DEVELOPMENT CONTRACT TO LG CHEM POWER INC.

SOUTHFIELD, Mich., July 25, 2011 –The United States Advanced Battery Consortium LLC (USABC), an organization whose members are Chrysler Group LLC, Ford Motor Company and General Motors, today announced the award of a $9.62 million advanced battery technology development contract to LG Chem Power Inc. (LGCPI) in Troy, Mich.

The competitively bid contract award is co-funded by the U.S. Department of Energy (DOE) and includes a 50 percent cost share by LGCPI. USABC awarded the contract to develop a self-contained, thermally-managed, lithium-ion battery pack system for Plug-in Hybrid Electric Vehicle (PHEV) applications.

The 24-month LGCPI program will utilize cells that incorporate advanced cathode materials and a thermal management system that incorporates refrigerant-based cooling, integrated heating and high efficiency insulation. The program aims to make significant strides toward achieving the USABC goals for PHEV 40-mile battery pack system performance requirements while driving down the cost to automakers toward the USABC goal of $3,400.

USABC is a subsidiary of the United States Council for Automotive Research LLC (USCAR). Enabled by a cooperative agreement with the DOE, USABC’s mission is to develop electrochemical energy storage technologies that support commercialization of hybrid, electric and fuel cell vehicles. As such, USABC has developed mid- and long-term goals to guide its projects and measure its progress.

“We are pleased to announce the award of this contract to LG Chem Power Inc. as part of USABC’s broad battery technology research and development programs,” said Steve Zimmer, executive director of USCAR. “These programs are essential to advancing both near- and long-term goals that will enable a broad spectrum of vehicle electrification and make electrified vehicles increasingly affordable.”

The new contract is LG Chem Power’s fourth with USABC, which previously awarded the company, under its former name, Compact Power Inc., three contracts – one in 2008 for plug-in hybrid electric battery technology development, one in 2006 and one in 2004 to develop lithium-ion battery technology for hybrid electric vehicle applications.

The U.S. DOE's overarching mission is to advance the national, economic and energy security of the United States. DOE’s Vehicle Technologies Program works with industry, academia and national laboratories to develop advanced transportation technologies that reduce the nation's use of imported oil and increase its energy security. Electrochemical energy storage has been identified as a critical enabling technology for advanced, fuel-efficient, light and heavy-duty vehicles.

About USCAR

Founded in 1992, USCAR is the collaborative automotive technology company for Chrysler Group LLC, Ford Motor Company and General Motors. The goal of USCAR is to further strengthen the technology base of the domestic auto industry through cooperative research and development. For more information, visit USCAR’s Web site at www.uscar.org.

7/25/11                                                                                         ###


Download a Word.doc copy of this press release at: http://www.uscar.org/commands/files_download.php?files_id=278