Inin Group AS — Earnings Release 2021

Sep 24, 2020

ELOP enters into commercial agreement with Endur

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 onshore 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

See also www.elop.no

About ELOP

ELOP AS is a Norwegian tech company established in 2013. ELOP has developed and patented an ultrasound technology for inspection and analysis of critical infrastructure. The company develops and commercialises tools and digital solutions to inspect, monitor and manage infrastructure worldwide. ELOP’s vision is to provide asset owners with smart solutions that improve safety, extend asset lifetime, and minimise total lifecycle cost and environmental footprint.

ELOP is listed on the Oslo Stock Exchange Merkur Market. The company is headed by CEO Kjersti Kanne with offices in Oslo and Hamar in Norway. Øivind Horpestad is the company’s Executive Chairman.