Morrow Batteries bankruptcy estates sign preliminary sale agreement with US company Lyten

The bankruptcy estates of Morrow Batteries ASA, Morrow Technologies AS, and Morrow Industrialization Center AS have taken a significant step towards a potential revival, signing a Memorandum of Understanding (MoU) with American company Lyten, Inc. and Innovation Norway. This agreement outlines a proposed sale of Morrow's business as a going concern, offering a glimmer of hope for the beleaguered battery manufacturer.

Morrow Batteries filed for bankruptcy on May 6th, triggering a process that has since seen multiple interested parties emerge. The court-appointed trustee, Christian Bohne, has been diligently working through the bidding process over the summer. Bohne expressed cautious optimism about the latest development, stating, "I am glad to come one step further in the process, but we are not there yet and must work hard going forward to facilitate a final solution."

Lyten, the prospective buyer, describes itself as a company focused on developing applications for supermaterials, aiming to unlock extraordinary opportunities on the path to net-zero emissions and beyond. This aligns with the growing global demand for advanced battery technology and sustainable energy solutions. The potential acquisition by Lyten could see Morrow's operations continue, leveraging its existing infrastructure and expertise within a new strategic framework.

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I am glad to come one step further in the process, but we are not there yet and must work hard going forward to facilitate a final solution.