The company, which was spun out of battery researcher Jeff Dahn’s Tesla-funded lab at Dalhousie University, will now be split into three companies. Publicly-traded Novonix will be based in Chattanooga, Tenn., and focus on its synthetic graphite factory. Former Novonix CEO Chris Burns has purchased its battery technology division for US$1, and will run it out of Halifax as two separate companies, Avrion Battery Labs and Dryve Battery Materials. (The Logic)
Public Service Delivery Minister Mintu Sandhu said the cases the provincial government launched before Manitoba’s municipal board will be the first of many, as it seeks to overturn private deals that stop new supermarkets and grocery stores from opening. The legislature passed a law last year to forbid new real-estate agreements that protect exclusivity for one grocery-store operator, and to let the government challenge existing ones. (The Logic)
The Vancouver startup co-founded by former defence minister Harjit Sajjan wouldn’t name its “new Canadian institutional, VC and individual investors,” but announced the funding round was oversubscribed. Meanwhile, Juno is pursuing a merger with Trail Blazer Capital, a capital-pool company listed on the TSX Venture Exchange. (The Logic)
The president signed an executive order to let Bridger Pipeline move ahead with a proposed project that would connect to parts of the defunct Keystone XL pipeline and carry Canadian heavy crude from the border to Wyoming. (The Logic)
Investment promotion agency Toronto Global said Friday the federal government should launch a “transparent, merit-based bid process” to select the host city for the Defence, Security and Resilience Bank (DSRB), after Canada was chosen as the bank’s host country. (The Logic)
The bank said its exposure reflects a 20 per cent tie to software lending—primarily middle-market loans—and “a few” business development companies, TD Cowen analyst Mario Mendonca wrote in a note to clients following a private capital markets event with the bank. (The Logic)
Apollo, KKR and Blackstone are reportedly competing to buy part of Shell’s stake in the B.C. natural gas facility, in a deal worth between US$10 billion and US$15 billion. The companies declined to comment to Reuters. (Reuters)
Mashinsky, who is serving a 12-year prison sentence after pleading guilty to fraud after investors around the world—including La Caisse—put US$25 billion into the failed crypto platform, is also permanently banned from the crypto and financial services industries as part of the settlement. (The Logic)
The e-commerce platform is seeking money transmitter licenses, which let a company hold and move money, across the U.S. and has secured them in 18 states and Puerto Rico so far. (The Information)
The Department of Finance said on Wednesday that participating countries unanimously supported Canada as host of the Defence, Security and Resilience Bank (DSRB), pending ratification—reflecting its role as the initiative’s only vocal backer. The endorsement follows initial negotiations last month in Montreal, where 18 nations began drafting the bank’s governance and operations. (The Logic)