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 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.