It lights an led to show the battery is OK, and will change to show another colour when the battery’s low.
The transistors can be any npn-type, and the leds can be any colour (in the diagram, green=ok, red=low)
The operating voltage range is ~3v-12v, and by adjusting the resistor values it will work beyond that.
The voltage the low led comes on at, is set by the potentiometer.