Compact Power sees billion dollar future in Volt

Compact ready to supply all of the Volt's battery needs

Compact Power, a subsidiary of LG Chem Ltd., wants to be the lithium battery maker of choice for GM's Chevy Volt plug-in hybrid.

"There's a lot of momentum now behind the electrification of the vehicle," Prabhakar Patil, CEO of Compact Power, told Reuters in an interview. "If it succeeds, it's going to be a game-changer."

And it won't just be a game changer, but a money maker, as Patil sees a billion dollar market for electric and plug-in hybrid batteries in the next 5 to 10 years.

Recently, Compact Power developed a new liquid cooling system and separator technology to help prevent their battery pack from overheating - a key concern regarding plug-in hybrid vehicles. In addition, Compact Power is developing a V2G, or Vehicle to Grid, feature that could help offset the cost of the Volt by enabling it to reduce home electricity costs.