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Battery X Reports Driving Range Increases After "Rebalancing" Trials, Announces $2.0 Million Financing

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Battery X Metals (BATX.CN) said its latest tests showed estimated driving range increases of up to 84 kilometers per charge across multiple BYD electric vehicles, and separately announced a $2.0 million financing.

The increased distances followed the completion of full lithium-ion battery rebalancing procedures using the company's rebalancing machine. The biggest improvement was observed on the BYD Song, with estimated driving range increasing from 337 kilometers to 421 kilometers per charge.

Additional performance gains were observed on the BYD Seal and BYD Han platforms. On the BYD Seal, estimated driving range increased from 597 kilometers to 631 kilometers per charge, while on the BYD Han, the driving range increased from 275 kilometers to 296 kilometers.

Battery X separately said it intends to raise up to $2.0 million through a private placement of units.

The company will place 727,272 units at $2.75 apiece. Each unit will consist of one share and a 24-month warrant to buy a share at $3.00.

The private placement is expected to close on June 12. Proceeds will be allocated toward the company's business initiatives.

Battery X Metals shares closed down $0.01, to $2.74 on Friday on the Canadian Securities Exchange.

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