Battery X Metals’ Portfolio Company LIBRT Strengthens Partnership with BJPN to Accelerate Development of EV Battery Diagnostic and Rebalancing Technology
Battery X Metals’ Portfolio Company LIBRT Strengthens Partnership with BJPN
to Accelerate Development of EV Battery Diagnostic and Rebalancing Technology
News Release Highlights:
• LIBRT and BJPN have reinforced their collaboration to further develop advanced lithium-ion and
EV battery diagnostic and rebalancing technology, aiming to enhance battery health,
performance, and longevity.
• LIBRT and BJPN are progressing toward the development of Prototype 2.0, with an anticipated
delivery by April 2025. The next -generation prototype aims to diagnose and improve lithium -
ion and EV battery performance, extending battery lifecycles, with testin g and validation to
follow.
• The Second Amended Agreement clarifies intellectual property ownership, updates payment
obligations, and establishes exclusive licensing rights for both parties, facilitating smoother
development and future commercialization efforts.
VANCOUVER, British Columbia – September 27, 2024 – Battery X Metals Inc. (CSE:BATX) (OTCQB:BATXF)
(FSE:R0W, WKN:A3EMJB) (“Battery X Metals ” or the “ Company”) is pleased to announce that effective
September 26, 2024, its portfolio company, Lithium -ion Battery Renewable Technologies Inc. (“ LIBRT”),
has entered into a Second Amended Agreement (the “ Second Amended Agreement ”) with Beijing
Pengneng Science & Technology Ltd. (“ BJPN”), ( together, the “ Parties”), strengthening its strategic
partnership with BJPN and advancing the development of its innovative lithium -ion and electric vehicle
(EV) battery diagnostic and rebalancing machine. The Parties have agreed upon amendments to clarify
intellectual property ownership, payment obligations, and exclusive licensing rights.
A Visionary Partnership for EV Battery Longevity Innovation
The partnership between LIBRT and BJPN, entered into on June 6, 2019, through a Product Development
Agreement ( the “Original Agreement ”), marked the beginning of their collaboration to develop a
prototype for an innovative lithium-ion and EV battery diagnostic and rebalancing equipment and
software. Under the Original Agreement , LIBRT took responsibility for designing the equipment,
developing the software for battery state-of-health (SOH) diagnostic and rebalancing . BJPN was tasked
with manufacturing the prototype and assisting with software development.
Once the prototype is successfully validated by LIBRT and an independent third-party testing facility. BJPN
is granted exclusive licensing rights for the battery state -of-health (SOH) diagnostic and rebalancing
technology in Mainland China. All intellectual property developed under the Original Agreement is the
property of LIBRT worldwide, with BJPN being granted an exclusive license in Mainland China. The Original
Agreement is valid until the prototype’s completion and validation, with the option for extensions if
needed for future prototypes. To date, LIBRT has successfully developed a working prototype of its
innovative lithium-ion and EV battery diagnostic and rebalancing equipment and software.
On August 9, 2024, the partnership evolved with the Parties signing a Supplementary Agreement (“ First
Amended Agreement”). LIBRT agreed to pay CAD $200,000 to BJPN for the development of a second
prototype (“ Prototype 2.0 ”), which includes refinements and updates including specific dimensions,
weight, and additional related equipment. LIBRT also agreed to provide necessary market insights and
technical advisory support to ensure the equipment meets its specifications. BJPN agreed to deliver a full
set of equipment for an “EV service center kit” by April 30, 2025, contingent on LIBRT making the required
payment by December 31, 2024.
This equipment set will include the SOH diagnostic and rebalancing hardware , deciphering modules,
tablets with connection ports, airtightness testing modules, and all necessary software and accessories.
Once received, LIBRT will conduct testing and provide feedback to BJPN for any supplementary
adjustments. BJPN will then implement the changes and deliver what could be the final product within
three months, though further iterations may be necessary based on in-situ testing results.
Key Updates in the Second Amended Agreement
The Second Amended Agreement further modifies the Original Agreement and First Amended Agreement.
The key updates are as follows:
• Outstanding Payments: As of the effective date, LIBRT has paid CAD $20,000 out of the total CAD
$200,000 owed to BJPN, leaving an outstanding balance of CAD $180,000.
• Ownership Clarifications : LIBRT retains ownership of intellectual property, software, and
hardware developed under the agreement for the state-of-health (SOH) diagnostics and
rebalancing equipment. BJPN retains ownership over specific components such as the deciphering
module, tablets with connection ports, and airtightness testing module.
• Exclusive Licensing: LIBRT grants BJPN an exclusive, royalty-free license to use, manufacture, sell,
and distribute these technologies solely within Mainland China. In return, BJPN grants LIBRT a
worldwide, perpetual, royalty -free license to use, manufacture, sell, and distribute the
deciphering module, tablets with connection ports, and airtightness testing module outside of
China.
Battery X Metals holds a 49% equity interest in LIBRT and an option to acquire the remaining 51% of LIBRT’s
outstanding common shares. This option is exercisable within a period beginning six (6) months after June
6, 2024 (the “Closing Date”) and ending two (2) years from the Closing Date, pursuant to the terms
outlined in the Company’s news release dated June 6, 2024. Battery X Metals does not exercise control
over LIBRT. Presently, LIBRT plans to fund its obligations under the Second Amended Agreement, as well
as its ongoing development and future commercialization of its lithium-ion and electric vehicle (EV) battery
diagnostic and rebalancing technology, through self-financing and/or by raising additional equity or debt
capital.
Significance of Prototype 2.0 to LIBRT’s Vision
Prototype 2.0 represents the culmination of several years of research and collaboration between LIBRT
and BJPN. It intends to integrate innovative hardware and software capabilities designed to diagnose
battery issues and optimize the performance of lithium -ion and EV batteries. Prototype 2.0 intends to
achieve:
• Advanced SOH diagnostic modules that are designed to assess the maximum available capacity of
EV battery cells, which are intended to further facilitate the repurposing of used EV battery cells
into second-life batteries.
• Rebalancing technology that extends the operational life of lithium-ion and EV batteries and
restores balance between individual battery cells, optimizing overall efficiency and energy output.
External updates including a more compact and efficient design, improved aesthetics aligned with
future brand guidelines, and enhanced user-friendliness.
• Deciphering tools, tablets with connectivity ports, airtightness testing modules, and other
technical enhancements designed to achieve future commercial readiness standards.
LIBRT’s Prototype 2.0 future development will represent a pivotal milestone in the company's product
development lifecycle.
About Battery X Metals Inc.
Battery X Metals Inc. (CSE:BATX) (OTCQB:BATXF) (FSE:R0W, WKN:A3EMJB) is committed to advancing the
clean energy transition by developing proprietary lithium-ion battery technologies and exploring domestic
resources for battery and critical metals. It’s portfolio company Lithium -ion Battery Renewable
Technologies Inc. (LIBRT)1 is developing proprietary technology to diagnose the health and extend electric
vehicle (EV) battery lifespan. Battery X Recycling Technologies Inc., its wholly -owned subsidiary, has
partnered with a global Top 20 university to develop a proprietary eco-friendly battery-grade material
recovery technology from black mass.
Battery X Metals also owns 100% of the Y Lithium Project in Saskatchewan (5,855 hectares), the Nunavik
Leaf River Project (3,500 hectares) and Abitibi Reservoir-Dozios Project (3,500 hectares) in Quebec, and
the NI 43 -101 compliant Belanger Property in Red Lake, Ontario (2,100 hectares). The Company has an
equity stake in Premier Silver Corp., which owns the Mallay Mine & Processing Plant in Peru, part of the
10,562.4-hectare Tres Cerros Au-Ag Project.
1 49% owned portfolio company
About Li-ion Battery Renewable Technologies Inc.
Li-ion Battery Renewable Technologies Inc. is a development-stage battery technology company based in
Vancouver, BC, focused on becoming a leader in lithium-ion battery diagnostics and renewal technologies.
LIBRT utilizes innovative and proprietary technology to diagnose and extend the lifespan of electric vehicle
(EV) batteries. Its battery cell rebalancing technology addresses capacity degradation ca used by cell
imbalances, helping to extend battery life, reduce the need for costly replacements, keep batteries out of
landfills, and minimize the demand for mining critical metals. Additionally, LIBRT is developing advanced
diagnostic equipment for EV battery services.
On Behalf of the Board of Directors
Massimo Bellini Bressi, Director
For further information, please contact:
Massimo Bellini Bressi
Chief Executive Officer
Email: [email protected]
Tel: (604) 741-0444
Disclaimer for Forward-Looking Information
This news release includes certain statements and information that may constitute forward -looking
information within the meaning of applicable Canadian securities laws. Forward-looking statements relate
to future events or future performance and reflect the expectations or beliefs of management of the
Company regarding future events. Generally, forward -looking statements and information can be
identified by the use of forward -looking terminology such as “intends,” “anticipates,” or “believes,” or
variations of such words and phrases, or statements that certain actions, events, or results “may,” “could,”
“should,” “would,” or “occur.” These stateme nts and information are not historical facts but reflect the
Company’s current beliefs, expectations, or intentions regarding future events. Forward -looking
information in this news release includes, among other things, statements regarding: the developmen t
and anticipated delivery of LIBRT’s Prototype 2.0 by April 2025; the performance and expected benefits of
Prototype 2.0, including its ability to diagnose battery health, improve battery performance, and extend
battery lifecycles; the successful testing and validation of Prototype 2.0 by LIBRT and independent third -
party testing facilities; the potential for further iterations of the prototype based on in-situ testing results;
the future commercialization of LIBRT’s battery diagnostic and rebalancing tech nology; LIBRT’s ability to
meet its financial obligations under the Second Amended Agreement with BJPN; and the overall potential
impact of the LIBRT-BJPN partnership on the development and commercialization of EV battery diagnostic
and rebalancing technologies. In making the forward-looking statements in this release, the Company has
applied several material assumptions, including but not limited to, the assumptions that: LIBRT will meet
its development and commercialization goals within the anticipated timelines; the collaboration with BJPN
will continue as planned; the required testing and validation processes will be completed successfully; the
Company will secure sufficient financing to meet its obligations and fund future development efforts; and
the r egulatory and market conditions necessary for commercialization will remain favorable. Although
management believes that the expectations and assumptions on which such forward -looking statements
are based are reasonable, undue reliance should not be placed on these forward-looking statements and
information, as there can be no assurance that they will prove to be accurate. Actual results may differ
materially from those expressed or implied in such statements. The Company does not undertake any
obligation to update forward-looking information, except as required by applicable securities laws.