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Open-circuit voltage (OCV) is one of the most important parameters in determining state of charge (SoC) of power battery. The direct measurement of it is costly and time consuming. This paper describes an adaptive scheme that can be used to derive OCV of the power battery. The scheme only uses the measurable input (terminal current) and the measurable output (terminal voltage) signals of the battery system and is simple enough to enable online implement. Firstly an equivalent circuit model is employed to describe the polarization characteristic and the dynamic behavior of the lithium-ion battery; the state-space representation of the electrical performance for the battery is obtained based on the equivalent circuit model. Then the implementation procedure of the adaptive scheme is given; also the asymptotic convergence of the observer error and the boundedness of all the parameter estimates are proven. Finally, experiments are carried out, and the effectiveness of the adaptive estimation scheme is validated by the experimental results.