Eltek Valere Announces Solar Inverter Product Family during Intersolar Show

DRAMMEN, NORWAY - June 9, 2010 - Eltek Valere today announced a new family of solar inverters at Intersolar Europe, the worlds largest solar exhibition that runs from 9-11 June in Munich, Germany. The launch marks Eltek Valeres strengthened position in the rapidly growing market for components for solar power industry.

Eltek Valere is well positioned to take market share in the very interesting and rapidly growing solar inverter market, said Rune Finne, CEO Eltek ASA. Our expertise in power electronics, our established logistics chain -- from component to customer delivery -- and our global network of sales and service experts provides great advantages.

During the show, Eltek Valere will officially announce the Theia HE-T family of solar inverters. Solar inverters are the power electronics that convert the energy from the solar panel to AC power that can be fed into the electricity grid. The new product line from Eltek Valere sets a new standard for isolated string inverters, with its high efficiency.

The Theia HE-T family is unique in the solar inverter market with its high efficiency power conversion technology, global regulatory approvals and price competitiveness. High efficiency is crucial to maximizing the return from the solar plants, said Ingar Apeland, VP Renewable Energy at Eltek Valere. Theia HE-T can also be used with all available solar panel technologies in the world,

Market Outlook

The rapidly growing market for solar inverters is already larger than Eltek Valeres primary market for telecommunications power systems. Eltek Valere also announced it has signed a Memorandum of Understanding to deliver solar inverters to the solar installations planned by SanSca for the Chinese Golden Sun project, in co-operation with Dateng Renewable Energy Corporation. SanSca is a company established by Scatec and the Chinese Sanhe Group.

The market in countries like Germany and Italy has all ready exceeded expectations. In addition there is a rapidly growing interest in, among others, Middle East, Asia and North America. We have already won several contracts and our order book is increasing rapidly. We are therefore very excited to see the response on our new product line at the InterSolar fair, Apeland said.

About Eltek

Eltek is a strategic technology partner within power solutions and microwave radio transmission, through its three business units Eltek Valere, Nera Networks and Nera Telecommunications. The company reported revenue of NOK 5.8 billion in 2009, and had close to 3,330 employees in more than 50 countries at the end of the year. Eltek is listed on Oslo Stock Exchange and headquartered in Drammen, Norway.

Eltek Valere is a technology leader developing and marketing high-efficiency (HE) power solutions for telecom and industrial applications. The company also has a growing business activity towards renewable markets, such as photovoltaic grid inverters and chargers for electric vehicles. Headquartered in Drammen, Norway, the companys global operations counts approximately 2,000 employees, and generated revenue of NOK 3.1 billion in 2009.


For more information, please contact:
CEO Eltek ASA, Rune Finne +47 901 05 008
VP Renewable Energy, Ingvar Apeland, +47 928 60 777
CMO Morten Schøyen +47 915 17 452