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


ELOP enters into commercial agreement with Endur

ELOP and Endur AAK have entered into a cooperation agreement for the use and delivery of ELOP’s technology. The agreement enables AAK to offer unique inspections services based on ELOP's patented technology.

ENDÚR AAK, has market-leading expertise in access technology and services such as inspection, repair and maintenance of, among other things, concrete structures. AAK currently performs such services for a number of customers both on and offshore.

The agreement involves the delivery of ELOP's products and technology from the first quarter of 2021.

- Our services, combined with ELOP's innovative inspection tools and software, are a perfect match, says Executive Vice President of ENDÚR, Hans Petter Eikeland.

- In short, ELOP have developed a technology that checks the concrete for faults and weaknesses. The market for this is very big. There are thousands of bridges, quays, buildings, and wind turbines where you do not know the actual condition of the structure simply because you have not had good tools to see below the surface. Another challenge is to get to places with demanding access. This is our special field, and the collaboration agreement means that we will now combine ELOP's innovative technology with ENDÚR's expertise to provide a unique offering to our clients, says CEO of ENDÚR AAK, Rune Sele.

- We are excited about this agreement with AAK, a recognized service provider in the industry that will further expand the customer base for our technology and software products, says Kjersti Kanne, CEO of ELOP.

- Endur AAK has a particularly high level of competence in rehabilitation of concrete structures with challenging access. We believe our technology will enable Endur to deliver an even better and wider range of services to this market, says Per Arne Haug, Sales and Marketing Manager at ELOP.

For further information, please contact:

CEO Kjersti Kanne, +47 480 31 075

Sales and Marketing Director Per Arne Haug, +47 907 09 570


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

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


ELOP AS: Aiming for listing on Oslo Stock Exchange in July, valued at NOK 420 million

Pressemelding

Oslo, 7. juli 2020

Norskutviklet betongscanner vil sikre global infrastruktur – høy fokus på miljø og sikkerhet

Elop sikter mot børsnotering i juli, prises til 420 millioner kroner

Tech-selskapet Elop hentet nylig inn 100 millioner kroner i en emisjon tilrettelagt av Pareto og Arctic. Investorenes interesse var enorm forteller selskapet, både teknologi og den positive påvirkning våre løsninger kan ha på miljø, sikkerhet og økonomi ga solid interesse. Nå varsler de notering på Oslo Børs Merkur Market i løpet av juli.

Globale ambisjoner
Elop har globale ambisjoner og er allerede i forkant av produktlanseringen som skjer mot slutten av året. Selskapet er i samtaler med flere internasjonale aktører om samarbeid, leveranser og avtaler. Gjennom de senere år har vi vært vitne til flere bro- og bygningskollapser i en rekke land som har gitt økt fokus på aldrende infrastruktur og feil og mangler i nyere konstruksjoner. I dag finnes det ikke effektive måter å oppdage dette på før det er kommet så langt at skadene er synlige eller har ført til svekkelser, og med betydelige kostnader ved en reparasjon. Elop har utviklet en løsning de mener kan bidra til å løse disse utfordringene.

– Vår patenterte løsning gir informasjon og innsikt i en konstruksjon der data raskt forteller om tilstand og eventuelle behov for utbedringer. Sikring av kritisk infrastruktur vil tjene samfunnet både ut fra et miljø- og sikkerhetsperspektiv, det er også enorme økonomisk besparelser å hente her. I et globalt perspektiv har eiere av infrastrukturer daglig utfordringer med å kontrollere tilstanden på sine konstruksjoner. Vår teknologi representerer helt nye muligheter for innsyn og vedlikehold, og adresserer en global utfordring knyttet til sikkerhet og miljø, forteller administrerende direktør i Elop, Kjersti Kanne.


Overtegnet emisjon – stor tro på Elops teknologi i investormiljøet
Det var svært stor interesse blant investorer før emisjonen og trolig kunne man hentet inn det dobbelte. Flere kjente institusjonelle investorer fra både Tyskland, UK, Sverige og Norge var på listen over tegnere. Basert på emisjonskurs er Elop nå priset til i overkant av 420 millioner kroner før notering. Fra før har blant annet Arne Blystad, Ketil Skorstad, Kristian Lundkvist og Lars Nilsen investert i Elops innovative løsning for scanning av betong.

Elop har søkt Oslo Børs om å bli notert på Merkur Market. Med forbehold om nødvendige godkjenninger fra Oslo Børs, vil aksjene kunne noteres i løpet av juli 2020.

– Det vi hentet inn gjennom emisjonen skal benyttes til å bygge organisasjonen og sette opp våre første produksjonslinjer i forkant av lansering mot slutten av året. Det var svært gledelig å registrere flere erfarne og tunge navn som ønsker å bli med oss allerede nå. Langsiktige tyske, svenske og engelske fond kommer nå inn på eiersiden i tillegg til de norske som meldte seg på i denne runden. Det er svært motiverende for oss at disse deler vår tro på teknologien og ser et globalt behov for vår løsning, sier arbeidende styreformann i Elop, Øivind Horpestad.

Miljøvennlig og banebrytende teknologi
– Elop er et teknologiselskap med høy fokus på ESG (Environmental, Social and Governance faktorer). Ved å benytte vår teknologi og software vil man forlenge levetiden på- og sikre og trygge konstruksjonene. Det betyr store samfunns økonomiske besparelser. Eksempelvis kommer åtte prosent av verdens CO2-utslipp fra betongindustrien. Ved å identifisere skader innvendig i konstruksjoner tidlig og utbedre disse før skaden får utvikle seg, kan utslippene reduseres betydelig. Riktig vedlikehold og tidlige utbedringer kan forlenge en konstruksjons levetid med hele 50 prosent og ta ned totale kostnader med inntil 30 prosent, påpeker Horpestad.

Elop ble etablert av et forskermiljø på Hamar i 2013 der idéen var en rullende ultralydenhet som på en enkel og effektiv måte kunne «se inn i» og gi innsikt i tilstand på bruer, tunneler og andre typer betongkonstruksjoner. Underveis har selskapet lykkes med å utvikle og patentere løsningen, med god hjelp av ulike tilskuddsordninger.

Den banebrytende teknologien videreutvikles til å inkludere innovative applikasjoner og programvare som skal sette eiere i stand til å foreta mer nøyaktige inspeksjoner, optimalisere ressursforvaltning og strukturell overvåking av betongkonstruksjoner. Data vil bli systematisert slik at de ansvarlige for konstruksjonen enkelt og effektiv kan se inn i konstruksjonene for å opprettholde sikkerhet, og ikke minst store miljømessige og økonomiske besparelser.

Elop har tidligere mottatt utviklingsmidler fra EU-programmet Horizon 2020, Norges forskningsråd, Innovasjon Norge og Regionalt forskningsfond innlandet.

Elop har kontor i Oslo med egen forsknings- og utviklingsavdeling på Hamar.

For ytterligere informasjon,
Styreleder Øivind Horpestad, 910 00 626
Administrerende direktør Kjersti Kanne, 480 31 075.

 


ELOP AS: NOK 100 million private placement successfully placed

Press release

Oslo, July 03, 2020

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN, HONG KONG OR THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN.

ELOP AS: NOK 100 million private placement successfully placed

Oslo, 3 July 2020. Reference is made to the press release from ELOP AS (the “Company”) published on 2 July 2020 regarding a contemplated private placement (the "Private Placement") and listing on Merkur Market (the “Listing”).

The Company is pleased to announce that the Private Placement has been successfully placed with a total transaction size of approx. NOK 100 million through the allocation of 16,650,000 new shares at a price of NOK 6.00 per share.

The Private Placement was significantly oversubscribed with strong support from certain new high quality investors and existing shareholders.

The net proceeds from the Private Placement will be used to finance the Company’s commercialization plan and general corporate purposes.

Customary lock-up agreements have been entered into with the Company, members of management and the board of directors and certain large shareholders, which, subject to certain exceptions, restricts their ability to, without the prior written consent of the Managers, issue, sell or dispose of shares in the Company, as applicable. The Company has a lock- up of 6 months, the members of management, the chair of the board, Øivind Horpestad, and board members Ketil Skaget, Lars Nilsen and Erik Langaker have a lock-up of 12 months, shareholders Middelborg Invest AS, a company owned by board member Kristian Lundkvist, and Sogn Invest AS have a lock-up of 6 months. Certain other large shareholders are subject to a lock-up of 6 months on their existing shareholdings.

Completion of the Private Placement is conditional upon payment and registration of the share capital increase pertaining to the Private Placement with the Norwegian Register of Business Enterprises. The Company will have 70,302,922 shares outstanding following the Private Placement.

Allocation to investors will be communicated on or about 3 July 2020. The Private Placement will be settled by the Managers on a delivery-versus-payment basis on or about 17 July 2020 following the registration of the new share capital in the Norwegian Registry of Business Enterprises and the issuance of the new shares in VPS. The delivery-versus-payment settlement in the Private Placement is facilitated by a pre-funding agreement between the Company and the Managers.

The Company has applied for, and will, subject to the necessary approvals from the Oslo Stock Exchange, list the shares of the Company on Merkur Market. The first day of trading on Merkur Market is expected to be on or about 17 July 2020.

Advisors:

Arctic Securities AS and Pareto Securities AS are engaged as financial advisors to the Company and as Joint Lead Managers and Joint Bookrunners in connection with the Private Placement and Listing (the “Managers”). Advokatfirmaet Schjødt AS is acting as legal advisor to the Company.

For more information, please contact:

Øivind Horpestad, Executive Chairman
+47 910 00 626

Kjersti Kanne, Chief Executive Officer
+47 480 31 075

Important notice:

This announcement is not and does not form a part of any offer to sell, or a solicitation of an offer to purchase, any securities of the Company. Copies of this announcement are not being made and may not be distributed or sent into any jurisdiction in which such distribution would be unlawful or would require registration or other measures.

The securities referred to in this announcement have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and accordingly may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and in accordance with applicable U.S. state securities laws. The Company does not intend to register any part of the offering in the United States or to conduct a public offering of securities in the United States. Any sale in the United States of the securities mentioned in this announcement will be made solely to "qualified institutional buyers" as defined in Rule 144A under
the Securities Act.

In any EEA Member State, this communication is only addressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus Regulation, i.e., only to investors who can receive the offer without an approved prospectus in such EEA Member State. The expression "Prospectus Regulation" means Regulation (EU) 2017/1129 as amended (together with any applicable implementing measures in any Member State).

This communication is only being distributed to and is only directed at persons in the United Kingdom that are (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order") or (ii) high net worth entities, and other persons to whom this announcement may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "relevant persons"). This communication must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this communication relates is available only for relevant persons and will be engaged in only with relevant persons. Persons distributing this communication must satisfy themselves that it is lawful to do so.

Matters discussed in this announcement may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as "believe", "expect", "anticipate", "strategy", "intends", "estimate", "will", "may", "continue", "should" and similar expressions. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believe that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict, and are beyond their control. Actual events may differ significantly from any anticipated development due to a number of factors, including without limitation, changes in public sector investment levels, changes in the general economic, political and market conditions in the markets in which the Company operates, the Company's ability to attract, retain and motivate qualified personnel, changes in the Company's ability to engage in commercially acceptable acquisitions and strategic investments, and changes in laws and regulation and the potential impact of legal proceedings and actions. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. The Company does not make any guarantee that the assumptions underlying the forward-looking statements in this announcement are free from errors nor does it accept any responsibility for the future accuracy of the opinions expressed in this announcement or any obligation to update or revise the statements in this announcement to reflect subsequent events. You should not place undue reliance on the forward-looking statements in this announcement.

The information, opinions and forward-looking statements contained in this announcement speak only as at its date, and are subject to change without notice. The Company does not undertake any obligation to review, update, confirm, or to release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise in relation to the content of this announcement.

Neither the Managers nor any of their affiliates makes any representation as to the accuracy or completeness of this announcement and none of them accepts any responsibility for the contents of this announcement or any matters referred to herein.

This announcement is for information purposes only and is not to be relied upon in substitution for the exercise of independent judgment. It is not intended as investment advice and under no circumstances is it to be used or considered as an offer to sell, or a solicitation of an offer to buy any securities or a recommendation to buy or sell any securities of the Company. Neither the Managers nor any of their affiliates accepts any liability arising from the use of this announcement.

The distribution of this announcement and other information may be restricted by law in certain jurisdictions. Persons into whose possession this announcement or such other information should come are required to inform themselves about and to observe any such restrictions.


ELOP AS: Contemplated private placement and listing on Merkur Market

Press release

Oslo, July 02, 2020

test

Her kommer teksten......

The first rolling ultrasonic scanner

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN, HONG KONG OR THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN.

ELOP AS: Contemplated private placement and listing on Merkur Market

Oslo, 2 July 2020. ELOP AS (“ELOP” or the “Company”) has engaged Arctic Securities AS and Pareto Securities AS (together the “Managers”) to advise on and effect a contemplated private placement of new shares in the Company with gross proceeds of between approximately NOK 75 million and approximately NOK 100 million (the “Private Placement”).

The net proceeds from the Private Placement will be used to finance the Company’s commercialization plan and general corporate purposes.

The price per share in the Private Placement has been set to NOK 6.00, equivalent to a pre-money equity value of the Company of approximately NOK 322 million based on the 53,652,922 shares currently outstanding. Members of management, executive chairman Øivind Horpestad, Middelborg Invest AS (represented on the Company's board of directors), Tigerstaden Invest AS and certain other existing shareholders have collectively pre-committed to subscribe for NOK 25 million.

The application period in the Private Placement will commence today, 2 July 2020 at 09:00 CEST and close today on 2 July 2020 at 18:00 CEST. The Managers and the Company may, however, at any time resolve to shorten or extend the application period. If the application period is shortened or extended, any other dates referred to herein may be amended accordingly.

In connection with the Private Placement, the Company will apply for listing of its shares on Merkur Market (the “Listing”), a multilateral trading facility operated by the Oslo Stock Exchange (Oslo Børs ASA). Subject to completion of the Private Placement, and the necessary approvals from the Oslo Stock Exchange, the first day of trading on Merkur Market is currently expected to be on or about 17 July 2020.

Customary lock-up agreements have been entered into with the Company, members of management and the board of directors and certain larger shareholders, which, subject to certain exceptions, restricts their ability to, without the prior written consent of the Managers, issue, sell or dispose of shares in the Company, as applicable. The Company has a lock- up of 6 months, the members of management, the chair of the board, Øivind Horpestad, and board members Ketil Skaget, Lars Nilsen and Erik Langaker have a lock-up of 12 months, shareholders Middelborg Invest AS, a company owned by board member Kristian Lundkvist, and Sogn Invest AS have a lock-up of 6 months. Certain other larger shareholders are subject to a lock-up of 6 months on their existing shareholdings.

The Private Placement will be directed towards Norwegian and international investors, in each case subject to an exemption being available from offer prospectus requirements and any other filing or registration requirements in the applicable jurisdictions and subject to other selling restrictions. The minimum application and allocation amount has been set to the NOK equivalent of EUR 100,000. The Company may, however, at its sole discretion, allocate an amount below EUR 100,000 to the extent applicable exemptions from the prospectus requirement pursuant to the Norwegian Securities Trading Act and ancillary regulations are available.

Completion of the Private Placement is conditional upon (i) all necessary corporate resolutions being validly made by the Company, including without limitation, the Company’s board of directors resolving to approve the Private Placement pursuant to an authorisation given by the Company’s extraordinary general meeting held on 22 June 2020, and (ii) payment and registration of the share capital increase pertaining to the Private Placement with the Norwegian Register of Business Enterprises.

The Company reserves the right, at any time and for any reason, to cancel, and/or modify the terms of, the Private Placement. Neither the Company nor the Managers will be liable for any losses incurred by applicants if the Private Placement is cancelled, irrespective of the reason for such cancellation.

ELOP in brief:

ELOP is a Norwegian company established in 2013 by founder Terje Melandsø. The Company has developed a rolling ultrasonic concrete scanner for inspection of critical infrastructure. ELOP’s unique and patented technology is called COBRI. The Company is headquartered in Hamar, Norway, where its research facility is also located. It is developing advanced tools, applications and software solutions for inspection, monitoring and management of concrete structures around the world.

Concrete is the most used construction material in the world, but maintenance of critical infrastructure is a growing global concern. Aging concrete structures, such as bridges, tunnels, parking structures, dams and buildings, are driving up maintenance cost and an increasing number of collapses is setting public safety on the agenda. Maintenance is today heavily reliant on inefficient manual inspections and ELOP is developing solutions to address these global challenges. The underlying technology behind the COBRI scanner uses well-known ultrasonic technology to enable subsurface scanning of concrete structures. As the only rolling ultrasound product on the market, the COBRI enables efficient scanning and 3D visualization. The visualization will make NDT (non-destructive testing) available and efficient for both experts and non-experts alike. The COBRI increases the chance of early-stage detection of subsurface structural weaknesses like air voids, cracks and damages in coating facilitating for preventive maintenance before corrosion becomes an issue. The user-friendly design and functionality is expected to disrupt the inspection of critical infrastructure. ELOP aims to collect large amounts of data from all COBRI scanners in operation, with the purpose that the data will subsequently be used for analytics, management of concrete assets and within a few years contribute to a fully integrated structural health monitoring system. The COBRI hardware and software will produce real-time 3D data for deeper and more comprehensive analysis of concrete assets. The technology is aimed to ensure efficient scanning of assets compared to existing technologies that only perform snap shot imaging of selected areas on large structures. Actionable data will be available for customers without the need for complex interpretation of raw data and lab analysis of ultrasound output.

Company highlights:

  • ELOP aims to become a market disrupter with the first rolling ultrasonic concrete scanner on the market
  • Huge untapped inspection and maintenance market globally
  • Huge market potential in data collection, analytics and value-adding applications
  • Commercial launch with first product to market expected in Q4 2020
  • Carefully constructed growth plan with estimated revenue of NOK 800 million by 2025
  • Verified and tested technology with strong commercial and industrial partnerships
  • Highly experienced management team with the right technical experience to spearhead commercialization

“This is a very important milestone for us at Elop. The technology we have developed here in Hamar will provide substantial benefits for society including reduction in CO2 emissions, improved safety, and prolonged lifetime for concrete constructions around the world”, says Chairman Øivind Horpestad.

Advisors:

Arctic Securities AS and Pareto Securities AS are engaged as financial advisors to the Company and as Joint Lead Managers and Joint Bookrunners in connection with the Private Placement and Listing. Advokatfirmaet Schjødt AS is acting as legal advisor to ELOP.

For more information, please contact:

Øivind Horpestad, Executive Chairman
+47 910 00 626

Kjersti Kanne, Chief Executive Officer
+47 480 31 075

Important notice:

This announcement is not and does not form a part of any offer to sell, or a solicitation of an offer to purchase, any securities of the Company. Copies of this announcement are not being made and may not be distributed or sent into any jurisdiction in which such distribution would be unlawful or would require registration or other measures.

The securities referred to in this announcement have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and accordingly may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and in accordance with applicable U.S. state securities laws. The Company does not intend to register any part of the offering in the United States or to conduct a public offering of securities in the United States. Any sale in the United States of the securities mentioned in this announcement will be made solely to "qualified institutional buyers" as defined in Rule 144A under
the Securities Act.

In any EEA Member State, this communication is only addressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus Regulation, i.e., only to investors who can receive the offer without an approved prospectus in such EEA Member State. The expression "Prospectus Regulation" means Regulation (EU) 2017/1129 as amended (together with any applicable implementing measures in any Member State).

This communication is only being distributed to and is only directed at persons in the United Kingdom that are (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order") or (ii) high net worth entities, and other persons to whom this announcement may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "relevant persons"). This communication must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this communication relates is available only for relevant persons and will be engaged in only with relevant persons. Persons distributing this communication must satisfy themselves that it is lawful to do so.

Matters discussed in this announcement may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as "believe", "expect", "anticipate", "strategy", "intends", "estimate", "will", "may", "continue", "should" and similar expressions. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believe that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict, and are beyond their control. Actual events may differ significantly from any anticipated development due to a number of factors, including without limitation, changes in public sector investment levels, changes in the general economic, political and market conditions in the markets in which the Company operates, the Company's ability to attract, retain and motivate qualified personnel, changes in the Company's ability to engage in commercially acceptable acquisitions and strategic investments, and changes in laws and regulation and the potential impact of legal proceedings and actions. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. The Company does not make any guarantee that the assumptions underlying the forward-looking statements in this announcement are free from errors nor does it accept any responsibility for the future accuracy of the opinions expressed in this announcement or any obligation to update or revise the statements in this announcement to reflect subsequent events. You should not place undue reliance on the forward-looking statements in this announcement.

The information, opinions and forward-looking statements contained in this announcement speak only as at its date, and are subject to change without notice. The Company does not undertake any obligation to review, update, confirm, or to release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise in relation to the content of this announcement.

Neither the Managers nor any of their affiliates makes any representation as to the accuracy or completeness of this announcement and none of them accepts any responsibility for the contents of this announcement or any matters referred to herein.

This announcement is for information purposes only and is not to be relied upon in substitution for the exercise of independent judgment. It is not intended as investment advice and under no circumstances is it to be used or considered as an offer to sell, or a solicitation of an offer to buy any securities or a recommendation to buy or sell any securities of the Company. Neither the Managers nor any of their affiliates accepts any liability arising from the use of this announcement.

The distribution of this announcement and other information may be restricted by law in certain jurisdictions. Persons into whose possession this announcement or such other information should come are required to inform themselves about and to observe any such restrictions.

“A deeper understanding of the actual state of for example a bridge, will radically improve investment planning and help asset owners manage maintenance costs more optimally. DEKRA may be the first to use this in its day-to-day work, and we are very proud that our technology will now be available in the market”, says Elop CEO Kjersti Kanne.

Elop’s ultrasound scanner will be trialled on DEKRA projects in the Nordic countries in the coming months. Thereafter, the two parties are planning an international launch.

At Elop, they are now expanding the organization both locally in Hamar and Oslo to build the capabilities necessary to support their international ambitions.

“We plan to grow from today’s 12 employees to almost 50 employees in 2020” says Kjersti Kanne.

CEO, Stefan Törngren of DEKRA says “The collaboration will provide us with new and effective methods for mapping and inspecting concrete structures. We are committed to being a leader in technology and delivering the best possible service to our customers. The technology Elop delivers could become an important instrument for us in the future”.

Commercialisation requires a thorough test of the areas that are important to the industry. The knowledge both players now acquire will contribute to any adjustments to the product before the planned market launch. Both parties have the same ambitious outlook and look forward with excitement and anticipation to the opportunities.


Elop AS is a Norwegian technology company specialising in providing ultrasonic equipment for non-destructive inspection and testing (NDI / NDT) of concrete structures. The international team of highly qualified staff has over the last 5 years developed and designed a handheld rolling ultrasonic scanner for inspection and mapping of concrete construction.

Cobri is a rolling ultrasonic scanner with dry connection to the substrate that maps structure and defects such as cracks, air pockets, delaminations, and technical pipes inside concrete structures. Ultrasound technology enables the user to determine depth and placement of elements and defects in concrete that are not visible on the surface through a real-time visualisation of the structure. Technology is revolutionising the way NDT inspections are
performed.

Elop has received funding for the development of its technology from the prestigious EU program Horizon 2020, the Research Council of Norway, Innovation Norway and the Regional Research Fund inland. The company is headquartered in Oslo and has its research and development department in Hamar.

The company currently has 12 employees under the leadership of CEO Kjersti Kanne, Øivind Horpestad is the Chairman of the Board. Further information can be found at www.elop.no


Hard meeting with concrete scanner

Hard meeting with concrete scanner

Erik Langaker (left) has thrown himself over a new investment. He joins with NOK 20 million in ELOP, where Kjersti Kanne is CEO and Øivind Horpestad is chairman of the board. PHOTO: ANDREAS KLEMSDAL

Erik Langaker has thrown himself over the growth company Elop. He takes a seat in the board and buys shares for NOK 20 million.

Elop will revolutionise the market for concrete inspection. Their concrete scanner is the first in the world to use ultrasound to create 3D images, using a machine that rolls over the concrete.

You can read the full article (Only in Norwegian) (.PDF) published in Finansavisen on Monday 27 January 2020 here:


Elop agreement with one of the world largest inspection companies

Press release

Oslo, January 9, 2020

Elop agreement with one of the world largest inspection companies

The Hamar-based technology company Elop AS and Dekra Industrial AB part of Dekra Group, one of the world’s largest inspection companies with more than 45 000 employees in 60 countries, have entered into an agreement for the testing, marketing, and commercial use of Elop’s technology in combination with DEKRA’s services for inspection of concrete constructions.

The first rolling ultrasonic scanner

The two players together have a broad knowledge of ultrasound and inspection technologies and will bring new technology and solutions to assist owners of critical infrastructure such as bridges and buildings. The agreement gives Elop valuable access to specialist competence and market experience from one of the largest testing, inspection and certification companies in the world.

Concrete is the worlds most common building material, and the industry is responsible for over 8% of the global CO2 emissions. With timely corrective maintenance, the lifetime of concrete construction may be increased by 20-30 years. Elops technology will enable a more efficient and precise methodology to detect weaknesses and allow for optimised repairs and maintenance prior to a structure reaching critical condition.

“This is a very important milestone for us at Elop. The technology we have developed here in Hamar will provide substantial benefits for society including reduction in CO2 emissions, improved safety, and prolonged lifetime for concrete constructions around the world”, says Chairman Øivind Horpestad.

DEKRA and Elop will work together to pilot the services related to Elop’s technology. DEKRA’s expertise and long-standing experience with critical infrastructure are important in targeting the technology and services toward the market demand.

For the first time, owner of critical infrastructure will have access to a new and improved method for uncovering and documenting concrete quality and properties such as strength, density and thickness. In addition, it will be possible to locate cracks, air pockets, delamination, technical pipes and similar over larger areas.

“A deeper understanding of the actual state of for example a bridge, will radically improve investment planning and help asset owners manage maintenance costs more optimally. DEKRA may be the first to use this in its day-to-day work, and we are very proud that our technology will now be available in the market”, says Elop CEO Kjersti Kanne.

Elop’s ultrasound scanner will be trialled on DEKRA projects in the Nordic countries in the coming months. Thereafter, the two parties are planning an international launch.

At Elop, they are now expanding the organization both locally in Hamar and Oslo to build the capabilities necessary to support their international ambitions.

“We plan to grow from today’s 12 employees to almost 50 employees in 2020” says Kjersti Kanne.

CEO, Stefan Törngren of DEKRA says “The collaboration will provide us with new and effective methods for mapping and inspecting concrete structures. We are committed to being a leader in technology and delivering the best possible service to our customers. The technology Elop delivers could become an important instrument for us in the future”.

Commercialisation requires a thorough test of the areas that are important to the industry. The knowledge both players now acquire will contribute to any adjustments to the product before the planned market launch. Both parties have the same ambitious outlook and look forward with excitement and anticipation to the opportunities.


Elop AS is a Norwegian technology company specialising in providing ultrasonic equipment for non-destructive inspection and testing (NDI / NDT) of concrete structures. The international team of highly qualified staff has over the last 5 years developed and designed a handheld rolling ultrasonic scanner for inspection and mapping of concrete construction.

Cobri is a rolling ultrasonic scanner with dry connection to the substrate that maps structure and defects such as cracks, air pockets, delaminations, and technical pipes inside concrete structures. Ultrasound technology enables the user to determine depth and placement of elements and defects in concrete that are not visible on the surface through a real-time visualisation of the structure. Technology is revolutionising the way NDT inspections are
performed.

Elop has received funding for the development of its technology from the prestigious EU program Horizon 2020, the Research Council of Norway, Innovation Norway and the Regional Research Fund inland. The company is headquartered in Oslo and has its research and development department in Hamar.

The company currently has 12 employees under the leadership of CEO Kjersti Kanne, Øivind Horpestad is the Chairman of the Board. Further information can be found at www.elop.no

DEKRA is one of the leading suppliers of industrial inspection in Europe. The company is part of the DEKRA group based in Germany. DEKRA is an independent third-party technical inspection organization that tests, inspects and certifies installations, products and systems in the infrastructure industry.

DEKRA provides full service for inspections of buildings, plants, machinery and infrastructure, including material testing and inspection and advanced NDT testing.

DEKRA Industrial AB is accredited by the Swedish authority SWEDAC. DEKRA Group is also accredited in many different technical fields and is active in more than 60 countries.