Compact Power Inc. receives approval from the U.S. Advanced Battery Consortium for a 27-month contract aimed at developing advanced lithium-ion batteries for plug-in hybrid-electric vehicles with electric only ranges of approximately 10 miles (16 km). The deal, which focuses on CPI’s high-energy manganese-spinel cathode chemistry, begins this month and is valued at $12.9 million, the company says, noting $4.5 million of the costs will be shared with the USABC. Magna International Inc. ...

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