Lithium Iron Phosphate (LiFePO4) battery is a new type of lithium based rechargeable battery with significant advantages over conventional lead based batteries and conventional lithium-ion based batteries. Also known as LFP batteries, they offer significantly superior thermal and chemical stability, rendering the battery virtually incombustible. LFP batteries provide up to 2000 cycle life, longer shelf life and virtually maintenance-free operation with a typical service life of 5 years.