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 has strengthened its partnership with BJPN through a Second Amended Agreement to accelerate the development of EV battery diagnostic and rebalancing technology. Key highlights include:
1. Progress towards Prototype 2.0, expected by April 2025, aimed at improving lithium-ion and EV battery performance and longevity.
2. Clarification of intellectual property ownership, payment obligations, and exclusive licensing rights.
3. LIBRT retains ownership of core technology, while BJPN owns specific components.
4. Exclusive licensing agreements for both parties in respective territories.
5. Battery X Metals holds a 49% equity interest in LIBRT with an option to acquire the remaining 51%.
The partnership aims to enhance battery health, performance, and lifespan, potentially revolutionizing the EV industry.
La società di portafoglio di Battery X Metals, LIBRT, ha rafforzato la sua collaborazione con BJPN attraverso un Secondo Accordo Modificato per accelerare lo sviluppo della tecnologia di diagnostica e bilanciamento delle batterie EV. I principali aspetti salienti includono:
1. Progressi verso il Prototipo 2.0, previsto per aprile 2025, volto a migliorare le prestazioni e la longevità delle batterie agli ioni di litio e delle batterie EV.
2. Chiarimenti sulla proprietà intellettuale, sulle obbligazioni di pagamento e sui diritti di licenza esclusiva.
3. LIBRT mantiene la proprietà della tecnologia principale, mentre BJPN possiede componenti specifici.
4. Accordi di licenza esclusiva per entrambe le parti nei rispettivi territori.
5. Battery X Metals detiene una partecipazione del 49% in LIBRT con un'opzione per acquisire il restante 51%.
La partnership mira a migliorare la salute, le prestazioni e la durata delle batterie, potenzialmente rivoluzionando l'industria EV.
La empresa de cartera de Battery X Metals, LIBRT, ha fortalecido su asociación con BJPN a través de un Segundo Acuerdo Modificado para acelerar el desarrollo de la tecnología de diagnóstico y reeqilibrado de baterías EV. Los aspectos clave incluyen:
1. Avances hacia el Prototipo 2.0, esperado para abril de 2025, destinado a mejorar el rendimiento y la longevidad de las baterías de iones de litio y de las baterías EV.
2. Aclaración de la propiedad intelectual, las obligaciones de pago y los derechos de licencia exclusiva.
3. LIBRT retiene la propiedad de la tecnología central, mientras que BJPN posee componentes específicos.
4. Acuerdos de licencia exclusiva para ambas partes en sus respectivos territorios.
5. Battery X Metals tiene un interés del 49% en LIBRT con la opción de adquirir el 51% restante.
La asociación tiene como objetivo mejorar la salud, el rendimiento y la duración de las baterías, revolucionando potencialmente la industria EV.
Battery X Metals의 포트폴리오 회사 LIBRT는 BJPN과의 파트너십을 강화했습니다. 이를 위해 두 번째 수정 계약을 체결하여 전기차 배터리 진단 및 재균형 기술 개발을 가속화하고 있습니다. 주요 하이라이트는 다음과 같습니다:
1. 리튬 이온 및 전기차 배터리 성능 및 수명을 개선하기 위한 프로토타입 2.0의 진행 상황, 2025년 4월까지 예상됩니다.
2. 지적 재산권 소유, 지불 의무 및 독점 라이센스 권리의 명확화.
3. LIBRT는 핵심 기술의 소유권을 유지하고, BJPN은 특정 구성 요소를 소유합니다.
4. 각 당사자의 해당 지역에 대한 독점 라이센스 계약.
5. Battery X Metals는 LIBRT의 49% 지분을 보유하며 나머지 51%를 인수할 옵션을 가집니다.
이번 파트너십은 배터리의 건강, 성능 및 수명을 향상시키는 것을 목표로 하여 EV 산업을 혁신할 가능성이 있습니다.
L'entreprise de portefeuille de Battery X Metals, LIBRT, a renforcé son partenariat avec BJPN par un deuxième accord amendé pour accélérer le développement de la technologie de diagnostic et d'équilibrage des batteries EV. Les points clés incluent :
1. Progrès vers le Prototype 2.0, prévu pour avril 2025, visant à améliorer les performances et la longévité des batteries lithium-ion et des batteries EV.
2. Clarification de la propriété intellectuelle, des obligations de paiement et des droits de licence exclusive.
3. LIBRT conserve la propriété de la technologie de base, tandis que BJPN possède des composants spécifiques.
4. Accords de licence exclusive pour les deux parties dans leurs territoires respectifs.
5. Battery X Metals détient une participation de 49 % dans LIBRT avec une option d'acquisition des 51 % restants.
Le partenariat vise à améliorer la santé, les performances et la durée de vie des batteries, révolutionnant potentiellement l'industrie des véhicules électriques.
Das Portfolio-Unternehmen von Battery X Metals, LIBRT, hat seine Partnerschaft mit BJPN gestärkt durch eine zweite geänderte Vereinbarung, um die Entwicklung der Diagnosetechnologie und Neuausbalancierung für EV-Batterien zu beschleunigen. Zu den wichtigsten Highlights gehören:
1. Fortschritte in Richtung des Prototyps 2.0, der bis April 2025 erwartet wird, und darauf abzielt, die Leistung und Lebensdauer von Lithium-Ionen- und EV-Batterien zu verbessern.
2. Klarstellung des Eigentums an geistigem Eigentum, der Zahlungsverpflichtungen und der exklusiven Lizenzrechte.
3. LIBRT behält das Eigentum an der Kerntechnologie, während BJPN bestimmte Komponenten besitzt.
4. Exklusive Lizenzverträge für beide Parteien in ihren jeweiligen Gebieten.
5. Battery X Metals hält 49% Eigenkapitalanteil an LIBRT mit einer Option, die verbleibenden 51% zu erwerben.
Die Partnerschaft zielt darauf ab, die Gesundheit, Leistung und Lebensdauer von Batterien zu verbessern und könnte die EV-Branche revolutionieren.
- Progress towards Prototype 2.0 development, expected by April 2025
- Clarification of intellectual property ownership and licensing rights
- Potential for extending EV battery lifecycles and improving performance
- Battery X Metals holds 49% equity in LIBRT with option to acquire remaining 51%
- LIBRT has an outstanding balance of CAD $180,000 owed to BJPN
- LIBRT may need to raise additional equity or debt capital for future development and commercialization
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 testing 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, BC / ACCESSWIRE / 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
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
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
1
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 caused 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: mbellini@batteryxmetals.com
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 statements 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 development 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 technology; 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 regulatory 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.
SOURCE: Battery X Metals
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FAQ
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