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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 te
About this update from Battery X Metals Inc.
[{"type":"text","content":" 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 reba...