Battery X Metals to acquire battery diagnostics company

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Battery X Metals Inc. [BATX-CSE, BATXF-OTCQB, ROW-FSE, A3EMJB] said it has entered into a binding letter of intent to acquire lithium exploration and battery diagnostics company Li-ion Battery Renewable Technologies Inc.

Battery X Metals is focused on exploration for critical minerals and precious metals in North America, with assets that include the Y Lithium project in northern Saskatchewan and gold and base metal claims in Red Lake Ontario. The company’s Battery X Technologies Inc. unit is also engaged in the development of battery cycling technology.

Li-ion Battery Renewable Technologies (LIBRT) is a battery technology company and a leader in lithium-ion battery diagnostics and cell rebalancing technologies. It also holds lithium exploration assets in Quebec that are close to key mining projects and within an area of successful lithium exploration.

“The proposed acquisition of LIBRT marks a significant milestone for Battery X Metals as we expand our footprint in the clean energy sector,’’ said Battery Metals CEO Mark Brezer. “LIBRT’s innovative technology aligns perfectly with our mission to advance the clean energy transition solutions in the lithium-ion battery industry.’’

Battery X said it will acquire 100% of the shares of LIBRT in exchange for 5.0 million shares priced at 10 cents each. At closing LIBRT will become a unit of Battery X, which will advance $100,000 to LIBRT as an inter-company loan.

“The team at LIBRT is excited to join forces with Battery X Metals to accelerate the adoption of our innovative and proprietary battery diagnostics and rebalancing technology,’’ said LIBRT CEO Yoga Yogendran. “Together, we are poised to drive meaningful impact and testing and extending the lifespan of electric vehicle batteries and reducing environmental footprint.

The companies said LIBRT is addressing an imminent EV battery problem. It is estimated that nearly 1.5 million EVs, plug-in Hybrid EVs, and Hybrid-Evs currently on the road in Canada and the U.S. will be coming out of warranty by 203, leaving EV battery owners susceptible to degrading batteries.

LIBRT’s proprietary technology tests and extends electric vehicle battery lifespan thereby contributing to the sustainability of electric transportation and ensuring a more cost-effective and environmentally friendly ownership experience.

LIBRT holds an exclusive license for BatteryMap AI, an AI Model with a patent portfolio for precise battery state-of-health monitoring and prediction in North America, trained on data from over 300,000 EVs.

Initially applied in repurposed lithium-ion batteries for Battery Energy Storage Systems, utilizing its proactive prevention of battery cell failure, Battery Map offers advanced safety features, efficient predictive maintenance, a 20% lifespan extension, through active cell rebalancing and cost savings via 24/7 system monitoring.

On Tuesday, Battery X Metals shares were unchanged at 12 cents and currently trade in a 52-week range of 30 cents and $0.05.

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