The bankruptcy estates of Morrow Batteries ASA, Morrow Technologies AS and Morrow Industrialization Center AS have signed a memorandum of understanding with Lyten, Inc. and Innovation Norway for a proposed sale of Morrow’s business as a going concern. The agreement was entered into on August 21, 2026, following a structured sales process in which multiple interested parties were invited to compete on equal terms.
The estates, acting through court-appointed bankruptcy administrator Christian Bohne, and Innovation Norway as secured creditor, negotiated with several bidders before selecting Lyten as the preferred bidder. The transaction is structured as an asset sale, and the parties have not disclosed the terms of the memorandum of understanding. Completion of any deal will depend on final transaction documents and other conditions that remain outside the control of the bankruptcy estates.
According to Bohne, the process has been designed to preserve value and pursue a going-concern solution for the business. He said the arrangement secures about 70 jobs through the autumn in the short term, while also aiming to support several hundred jobs at Morrow over time, along with work for local suppliers of materials and services. He added that the commitment of employees had been important in enabling continued battery production in the Arendal region.
Lyten CEO and co-founder Dan Cook said the company sees Morrow’s assets as a strategic fit for its European plans. Lyten is evaluating the site as a potential Lyten Industrial Hub that would combine battery manufacturing, upstream and downstream energy storage activities, and industrial operations supporting sectors such as AI data centers, mobility, and defense. Innovation Norway’s Leon Bakkebø said the agency supported the decision because Lyten’s proposal offered a strong combination of financial recovery, transaction certainty, and industrial credibility.
Agder District Court opened bankruptcy proceedings for the three Morrow entities on May 6, 2026. The estates said there is still a degree of uncertainty around whether all conditions for a completed transaction can be met, but expressed optimism about Lyten’s ability to execute.
Source: SVW
