Eltek Valere awarded electric vehicle contract

Eltek Valerewill deliver battery chargers to THINK City. The contract is the first resultof Eltek Valeres growth initiative for electric vehicle technologies, andshows new areas of application for the companys core competencies.

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

Eltek Valerehas traditionally delivered power supply systems to the telecommunicationindustry. This contract shows new areas of application for the companystechnology.

-We use ourleading technology platform and the same logistics organization as we do forour chargers for telecommunication, says Morten Schøyen. -That means that wecan produce compact, energy efficient and competitive chargers to electriccars.

The contractwith THINK concerns THINK City, which is being produced at Valmet in Finlandand now is ready for orders. Eltek Valere will also deliver chargers to theirdeliveries of complete drivetrains. Eltek Valere starts delivering the firstchargers in February.

The marketfor electric vehicles is still in its early stages although many players expectstrong growth in the coming year. The success criteria for electric vehiclesare battery technology, charging infrastructure and the charging time.

- EltekValeres electric vehicle charger is a lightweight and compact product that iseasy to place in a car where space and weight matters a lot, says MortenSchøyen. - The charger also has a high power efficiency, which lower the powerbill and reduces heat generation. Eltek Valere aims to capture a strongposition in this market.

For more information, please contact:

Pål Skistad, CFO, +47 9085 0378

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