Eltek Valere awarded electric vehicle contract

Eltek Valere will deliver battery chargers to THINK City. The contract is the
first result of Eltek Valere's growth initiative for electric vehicle
technologies, and shows new areas of application for the company's core
competencies.

- Chargers for electric vehicles represent a new and exciting business area and
we have high expectations, says Chief Marketing Officer Morten Schøyen in Eltek
Valere. - We see a great deal of interest for our technology from both large car
makers and smaller manufacturers of electric vehicles. In addition to the
contract with THINK, we expect to gradually develop business with other
customers within this segment, says Morten Schøyen.

Eltek Valere has traditionally delivered power supply systems to the
telecommunication industry. This contract shows new areas of application for the
company's technology.

-We use our leading technology platform and the same logistics organization as
we do for our chargers for telecommunication, says Morten Schøyen. -That means
that we can produce compact, energy efficient and competitive chargers to
electric cars.

The contract with THINK concerns THINK City, which is being produced at Valmet
in Finland and now is ready for orders. Eltek Valere will also deliver chargers
to their deliveries of complete drivetrains. Eltek Valere starts delivering the
first chargers in February.

The market for electric vehicles is still in its early stages although many
players expect strong growth in the coming year. The success criteria for
electric vehicles are battery technology, charging infrastructure and the
charging time.

- Eltek Valere's electric vehicle charger is a lightweight and compact product
that is easy to place in a car where space and weight matters a lot, says Morten
Schøyen. - The charger also has a high power efficiency, which lower the power
bill and reduces heat generation. Eltek Valere aims to capture a strong position
in this market.

For more information, please contact:

Pål Skistad, CFO, +47 9085 0378


This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)


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