Press release

ELOP listed on Oslo Stock Exchange – the start of a new Norwegian IT adventure

Oslo, July 17, 2020

The tech company ELOP has today been admitted to the Oslo Stock Exchange Merkur Market. The company is embarking upon a new Norwegian IT adventure with its patented technology and unique tools for mapping infrastructure. ELOP believes its technology can contribute to significant reductions in CO2 emissions, safeguard infrastructure and deliver considerable socio-economic savings. Private placement provides financial strength to implement the company’s growth strategy“We are pleased to see the interest in ELOP ahead of today’s listing, and that investors share our confidence in the company’s technology and the market's need for our solutions. Prior to the listing, NOK 100 million was raised in a private placement that was significantly oversubscribed. The listing on the Oslo Stock Exchange Merkur Market is an important milestone for the company. We will now focus on commercialising the technology while scaling up the organisation and our production capacity. In parallel, work on research and development of new products and solutions will continue, in collaboration with our customers and partners,” says CEO Kjersti Kanne. Focus on ESG ELOP reports that 8 per cent of the world’s CO2 emissions come from the concrete industry. This, in addition to ageing structures around the world being closed down or even collapsing, poses a significant risk for loss of life and serious socio-economic consequences. “The first products and solutions that we are launching are based on our unique and patented technology which gives us an insight into the internals of concrete structures. Knowing the sub-surface condition of the material allows repairs to be made and faults corrected before a situation develops into an incident with potential major consequences. This could increase the life of a structure by up to 50 per cent, significantly reduce costs and, not least, ensure safety in a way we have not been able to do before. We are looking forward to launching our solutions,” says Chairman Øivind Horpestad.  The combination of our unique technology and ELOP’s focus on sustainability has led to great interest in the company from high-profile Norwegian and international investors. Following the recent fundraising our shareholder list includes a number of well-known and notable names. Global ambitions – software is the strategy ELOP has global ambitions and is aiming at a commercial launch of its technology towards the end of the year. The company is in discussions with several international players on cooperation, deliveries and agreements.  The company’s vision is to enable owners of critical infrastructure to detect defects and damages at an early stage, and to make informed decisions using the technology and digital solutions which collect, process and analyse data. “We believe our solutions can make a difference, and contribute to significant savings on maintenance, increased safety and extended service life of an asset, thereby promoting more efficient and environmentally-friendly use of resources. Our technology introduces completely new opportunities for inspection, maintenance and investment planning,” says Kanne. For further information, please contact:Chairman Øivind Horpestad, +47 910 00 626 CEO Kjersti Kanne, +47 480 31 075