Lyten selected as preferred bidder for Morrow Batteries
Lyten, the US company that acquired the assets of bankrupt Swedish battery maker Northvolt earlier this year, has been selected as preferred bidder for the business of Norwegian battery manufacturer Morrow Batteries. Morrow entered bankruptcy in May 2026 and a memorandum of understanding was signed on August 21.
The MoU was signed by the bankruptcy administrator for the three Morrow entities, Innovation Norway as secured creditor and Lyten as buyer sponsor, following a process in which several bidders competed on equal terms. The transaction is structured as an asset sale of the business as a going concern, according to a press release from Advokatfirmaet Simonsen Vogt Wiig. Financial terms are not being disclosed,
In the short term, the deal secures around 70 jobs through the autumn. The longer-term objective is to preserve several hundred positions at Morrow, as well as assignments for local suppliers in the Arendal region.
Lyten is evaluating the site as a potential Lyten Industrial Hub – a platform for battery manufacturing combined with upstream and downstream activities in the energy storage value chain, as well as industrial activities supporting AI data centres, mobility and defence.
"Europe has entered a sustained period of infrastructure investment, and batteries are now an important part of this critical infrastructure. Lyten is committed to building a financially strong and scalable manufacturing base for batteries and energy storage in Europe, utilising US and European technology, supply chains, and manufacturing sites. The Morrow team has built a business aligned with this strategy, making the assets a strong strategic fit for Lyten in Europe," said Dan Cook, CEO and co-founder of Lyten i the press release.
Bankruptcy administrator Christian Bohne is cautious about guaranteeing a successful outcome. Circumstances outside the estates' control must be met before it can be confirmed whether the deal will close. "Although we do not yet know whether those circumstances can be met, I am optimistic about Lyten’s ability to execute," he said.
Lyten was founded in 2015 and is headquartered in San Jose, California, with European headquarters in Luxembourg. The company manufactures products in California, Sweden and Poland and holds more than 1,100 granted or pending patents.
