Lyten signs MoU to potentially acquire Morrow Batteries

The bankruptcy estates of Morrow Batteries ASA, Morrow Technologies AS, and Morrow Industrialization Center AS have signed a Memorandum of Understanding (MoU) with the American company Lyten, Inc. and Innovasjon Norge. The agreement concerns the proposed sale of Morrow’s ongoing business operations.

Morrow Batteries filed for bankruptcy in Arendal, Norway, in early May with debts totaling 2.2 billion NOK. The Norwegian state is the largest creditor, owing approximately 1 billion NOK through Innovasjon Norge. Lyten, a company specializing in supermaterial applications for net-zero emissions, has reportedly paid 8 million NOK to secure exclusive negotiation rights to maintain temporary operations.

Bankruptcy administrator Lars Christian Bohne stated that while the process has progressed, a final solution has not yet been reached. The potential sale aims to secure approximately 70 jobs in the short term and could protect hundreds of long-term positions and local supplier contracts. Local officials in Arendal expressed relief, noting that the alternative would have been a total shutdown with grim prospects for the region.