Compact Power, Inc. Appoints Dr. Prabhakar Patil as Chief Executive Officer
Troy, Michigan, United States November 18, 2005

The Board of Directors of Compact Power, Inc. (CPI) has named Dr. Prabhakar Patil to the position of Chief Executive Officer.

CPI is a subsidiary of LG Chem Ltd., Korea's largest Li Ion Battery manufacturer. "Dr. Patil's technical expertise and industry experience are of great benefit to LG Chem as we expand our Hybrid Electric Vehicle (HEV) battery customer base. His performance at Ford and ability to develop and lead a team of knowledgeable engineers were key factors in the board's decision," said LG Mobile Energy Vice President, Dr. MH Kim. As CEO, Dr. Patil will also co-direct teams in Korea and restructure development and production departments into those capable of delivering automotive battery packs to customers worldwide.

"I look forward to the opportunity of working with such a dynamic and aggressive company. The experience gained over the past five years with Lithium batteries at LG Chem, makes us an excellent choice for automakers requiring battery packs," said Dr. Patil.

Dr. Patil, age 55, retired from the Ford Motor Company in September 2005 after spending the last 27 years there. From 1998 to 2003 he was the Chief Engineer for the Hybrid Escape Vehicle Platform, Ford's first production Hybrid Electric Vehicle. This position was responsible for addressing all elements of the business such as: technology development and prove out, system integration, strategic alliances with key suppliers, investment efficiency, quality disciplines and warranty reduction, and marketing, distribution and service strategies. Dr. Patil holds a Bachelors' degree from IIT Bombay, a Masters of Science in Engineering and a Ph.D. in Engineering from the University of Michigan.

Compact Power, Inc. develops and markets Lithium Ion battery packs to customers seeking energy storage solutions. LG Chem Ltd. Chief Technology Officer, President Jong-Kee Yeo said of Dr. Patil and CPI, "I appreciate the diverse automotive background and experience that he brings to our senior management. I look forward to working closely with Prabhakar as we build CPI into a successful and valuable LG Chem company."