Lyten steps in to rescue failed factory

The bankrupt battery factory in Arendal has received an unexpected lifeline. US company Lyten has transferred NOK 8 million to the bankruptcy estate, buying more time to decide whether to take over the facility.

American battery company Lyten has transferred NOK 8 million to the bankruptcy estate of the failed battery factory in Arendal, Norway, buying itself more time to decide whether to take over the entire facility, Agderposten reports.

The payment secures continued operations at the factory through September. Representatives from Lyten are travelling to Arendal this week to meet with those involved in the process.

The factory, once described as a green industrial success story, filed for bankruptcy despite receiving billions in funding. The bankruptcy administrator, Lars Christian Bohne, has declined to go into detail about the payment but told Norwegian media that work toward a solution is still ongoing.

The payment gives Lyten additional time to carry out a more thorough assessment of the business before deciding whether to proceed with a takeover.