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Eltek ASA: Eltek awarded contract with Volvo Car Corporation

(Drammen, 23 December 2011) Eltek has signed a contract with Volvo Car Corporation on deliveries of on-board chargers for a hybrid electrical vehicle program.

Under the agreement, Eltek will supply EV Powercharger 3000 water-cooled on-board chargers with volume production starting in 2012.

The charger, with a power conversion efficiency of 96%, is a product developed in accordance with Eltek's strategy to bring energy-efficient, environmentally-friendly technology to market and penetrate segments like E-mobility (electrification of transportation).

Revenues generated by the contract are expected to be booked within a period of five years; the revenues and results effects are not expected to be material for Eltek on a quarterly basis.

For further information, please contact:

CEO Colin Howe, + 44 7768 466446

CFO Pål Skistad + 47 908 50 378

 

About Eltek ASA

Eltek is a strategic technology partner within power conversion solutions across a variety of industries including telecom, rail and infrastructure, power generation and distribution, solar energy and electric vehicles. Through the 50.1 percent owned subsidiary Nera Telecommunications Ltd in Singapore the Company is also a regional supplier of transmission systems, satellite communications and infocomm systems. Eltek reported revenue of NOK 4 billion in 2010, and has close to 2,900 employees in more than 40 countries. Eltek is listed on Oslo Stock Exchange and headquartered in Drammen, Norway.

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