Lyten will buy electric-vehicle battery maker Northvolt’s intellectual property, its German assets and its insolvent core business in Sweden. The California firm said it’s in active talks with the Canadian and Quebec governments to buy the site for Northvolt’s $7-billion gigafactory, about 30 kilometres east of Montreal. (The Logic)

Talking point: Bankruptcy trustee Mikael Kubu said Northvolt’s Swedish parent company faced real risk of “complete shutdown” before the deal with Lyten, which makes aerospace and EV batteries and plans to restart several Northvolt factories immediately. Northvolt had hoped to find a partner for its Quebec project, which wasn’t part of bankruptcy proceedings thanks to government funding agreements and investments by four major Canadian pension funds. Quebec economy minister Christine Fréchette said the province will be considering the new offer carefully. Lyten CEO Dan Cook told the Financial Times that the Northvolt assets purchased were “deeply discounted.”