We present discovery of a radio nebula associated with the ultraluminous X-ray source (ULX) IC 342 X-1 using the Very Large Array (VLA). Taking the surrounding nebula as a calorimeter, one can constrain the intrinsic power of the ULX source. We compare the obtained power that is needed to supply the radio nebula with the W50 nebula powered by the microquasar SS433 and with other ULXs. We find that the power required is at least two orders of magnitude greater than that needed to power radio emission from the W50 nebula associated with the microquasar SS433. In addition, we report the detection of a compact radio core at the location of the X-ray source.