ELOP receives funding from Innovation Norway

ELOP has recently been awarded an Innovation and Development Grant from Innovation Norway, the Government’s industry development vehicle. The funds will contribute to further strengthen the product and market development of ELOP’s Technology.

Norway is faced with a significant challenge in developing new environmentally friendly industries to replace current export products that are slowly being phased out because of downscaling in the oil and gas industry. We are therefore happy to be able to back high-tech companies, like ELOP, that have a strong, green profile, and products with significant potential in international markets, says Mathias Bakke Haugen, financial advisor at Innovation Norway.

Path to market safeguarded with unique solutions
Innovation Norway is supporting ELOP with grants and loans totaling NOK 7.4 million. The funds will be used for continued technology development and testing prior to product release later this year.

ELOP has designed and developed unique ultrasound technology and software for the inspection, mapping, and management of critical concrete infrastructure.  The solution provides actionable data, visualized in real-time 3D, together with appropriate analysis that reveals the actual condition of concrete structures. The insight provided by ELOPs technology contributes to improved safety and more efficient use of public resources on critical infrastructure.  The technology enables more targeted preventive maintenance resulting in major benefits for both the environment and public spending.   

– Our collaboration with Innovation Norway has meant a great deal to us, both in the form of financial assistance and guidance. We greatly appreciate that this collaboration will continue now that we are working on commercialisation and growth, says ELOP CEO, Kjersti Kanne. 

Great interest
ELOP’s technology and its positive environmental, safety and financial benefits, has received significant interest from Norwegian and international stakeholders in the construction and infrastructure industry. ELOP is now further strengthened financially to support its product development and commercialisaton going forwards.

For further information, please contact:
CEO Kjersti Kanne, +47 480 31 075