Battery X Metals Inc. [CSE-BATX; OTCQB-BATXF; FSE- R0W; WKN-A3EMJB] entered into a definitive agreement to acquire 100% ownership of two Quebec lithium exploration projects and 49% of the common shares of Li-ion Battery Renewable Technologies Inc. (LIBRT), a private arm’s length British Columbia company.
Battery Metal Resource Exploration to Strengthen Domestic Supply: LIBRT owns 100% of two lithium exploration projects located in Nunavik, QC and Abitibi, QC, contributing to Battery X Metals mission to meet the growing demand for battery metals.
Proprietary Lithium-Ion Battery Cell Diagnostics and Re-Balancing Technology System: LIBRT has developed an innovative hardware and software device that performs rapid battery health diagnostic and cell rebalancing to extend lithium-ion battery lifespan by 2-3 years and which has been validated by the National Research Council of Canada (NRC).
Artificial Intelligence (AI) Model with Licensed Patent Portfolio for Precise Battery State-of-Health Monitoring and Prediction: LIBRT’s AI-driven platform for preventative maintenance has been trained on data from over 300,000 EVs. This data enables LIBRT’s AI Model to predict emerging trends for use in Battery Energy Storage Systems (BESS), AI and Big Data.
Experienced Management Team with Decades in the Clean Energy and Technology Sectors: LIBRT’s management team is led by former BC Hydro & National Research Council executives with expertise in China-Canada business development, with a specific focus on the clean energy sector.
“The proposed acquisition strengthens our lithium project portfolio with ownership of lithium projects in Nunavik, QC, and Abitibi, QC,” said Mark Brezer, CEO of Battery X Metals. “It also provides a related diversification opportunity for us to acquire a major stake in a development stage technology company at the forefront of extending lithium-ion batteries with minimal management and capital expense requirements from our company. If the technology validates its potential in the future, we have secured the right to acquire the remaining 51% interest on favorable terms. This is an exciting time for Battery X Metals as we increase our portfolio of lithium projects and explore accretive and synergistic opportunities.”
“Having Battery X Metals as a key shareholder will represent a transformative step forward for our company,” said Yoga Yogendran, CEO of LIBRT. “Combining our innovative lithium-ion battery diagnostic and cell rebalancing technology with Battery X Metals’ focus in lithium exploration and development, results in synergistic opportunities. This collaboration underscores our shared commitment to pioneering sustainable solutions for the EV industry.”
On closing, BATX will own 100% of the Nunavik, QC Leaf River Project, encompassing 83 claims over an area of approximately 3,500 hectares, and 100% of the Abitibi, QC Reservoir-Dozios Project, encompassing 52 claims over an area of approximately 3,500 hectares . Each project is in close to proximity to key mining projects and within an area of successful lithium exploration. The Nunavik property is contiguous to the Eureka Lithium’s New Leaf Project and the Abitibi Project is located near Sayona Mining Limited’s Abitibi Lithium Hub. Both aforementioned companies report large, mineralized structures and pegmatite formations within the regions.
LIBRT is a Vancouver-based development stage technology company, at the forefront of the electric vehicle (EV) industry, developing innovative technologies to diagnose and improve the health and lifespan of lithium-ion 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 EV ownership experience. LIBRT has successfully developed a functioning prototype and is working to complete a commercial-scale product.
The company’s core technology, validated by the National Research Council of Canada (NRC), focuses on two key aspects: battery health diagnostics and cell rebalancing, addressing the degradation and imbalance within battery cells to enhance battery longevity. Additionally, LIBRT holds the exclusive license for BatteryMap AI in North America, an AI model with a comprehensive patent portfolio for precise battery monitoring and prediction, trained on data from 300,000 EVs.
Battery X will acquire 49% of the common shares of LIBRT from the shareholders in consideration for the issuance of 7,500,000 common shares of the company at a deemed price of CAD $0.10 per common share for deemed total purchase price of CAD $750,000.
In addition, the company has been granted a call right whereby it has the right to acquire the remaining 51% of the common shares of LIBRT for six months from closing to two years from closing for consideration of an additional 10,000,000 common shares.
Battery X Metals’ Y Lithium Project is situated in Northern Saskatchewan and the company also holds ownership of gold and base metal mineral claims in Ontario’s Red Lake Mining District. Additionally, the Company’s wholly-owned subsidiary, Battery X Recycling Technologies Inc., is dedicated to developing innovative technologies for recovering high-value battery metals and facilitating urban mining from end-of-life lithium-ion batteries.
Li-ion Battery Renewable Technologies Inc. (LIBRT) is a lithium mineral exploration and battery technology company. LIBRT owns 100% of two lithium exploration projects in Nunavik and Abitibi, QC. It is a leader in lithium-ion battery diagnostics and cell rebalancing technologies.
