The battery that does it all has been awarded to a subsidiary of LG Chem. of Korea. It is reported that Compact Power Inc. has been awarded the contract by GM to be the sole supplier of the 400lb battery that will make the Volt a reality.

The battery is extremely complex and is the single most expensive component of the vehicle. The complete flow of electircity must pass through it, as the vehicle has been designed as it more then just a battery.  It will be interesting to see if GM can pull it off with minimal warranty problems.

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In a statement given by Compact Power’s CEO Prabhakar Patil, the company reassures the general public that it’s lithium-ion batteries are ready for GM’s 40 mile range test, in which the vehicle must run on all electric power.

Compact Power is the Detroit based unit of LG Chem, the South Korean giant, which is in the running to win the bidding for the battery supply contract of the upcoming Chevy Volt.

Patil confirmed GM is going to make a decision on a single battery supplier by the years end. The shares of that company will most likely skyrocket, as GM has already announced it will be losing money on the first generation Volt, therefore financial constraints will play a minor role compared to reliability in the selection process.

GM is on track to release the new Chevy Volt in November 2010.

Patil expects lithium-ion technology batteries to dominate the market for the next 15 to 20 years in the automotive sector.

Compact Power is in talks with other vehicle manufacturers as well to land lucrative contracts in the battery business. Projections for the company look stellar provided they are able to meet stringent supplier requirements and their product performs. Patil pegs the sales projection at $1 billion over the next 10 years, as the hybrid vehicle industry picks up steam.

CEO Rick Wagoner has confirmed that the new upcoming electric car, that has made headlines across the world will be powered by a 1.4L engine.

The 1.4L engine is the same global engine that would essentially power the upcoming Chevy Cruze and several vehicles in GM’s European division. The Chevy Cruze making it’s debut in 2009 in Europe is expected to have a version of the 140hp 1.4L global engine.

Both the Volt and the Cruze will be built on a Delta platform, which is a common platform with several GM, Saturn and Opel vehicles.

GM has confirmed fuel mileage to be around 50mpg when in hybrid mode, and the range of the vehicle with no gasoline used to be 40 miles. This is when the battery packs of the vehicle power the car instead of the gas motor. The distance of battery reliance depends on the technology used in the lithium battery pack the Volt will receive.

The gasoline engine will act as a supplementary power unit, such as a giant alternator and the vehicles will be powered mainly by the battery packs and electric motor.

This means, that it really is of no consequence, which engine GM opts for to make the Volt with, as long as it is semi fuel efficient.

This engine combination will open up a whole new level of vehicle performance tuning, as electric motors offer extremely powerful low end torque, which will help with off the line performance.