Eltek Valere Awarded First Contracts for New Solar Product Line

(Drammen) Eltek Valere has been awarded two contracts in Italy for the solar inverter systems Theia PV Power Station, the first orders for this new solar product line. The total contract value is NOK 21 million and includes shelters with approximately 11 MW solar inverters.

- We released the Theia PV Power Station at Intersolar in Germany last month, and are pleased that we are already being awarded important contracts. The PV Power Station provides a turnkey solution for converting energy from large solar arrays to the medium voltage electricity grid. Eltek Valeres PV power station provides the highest efficiency in the market, and the orders show that Eltek Valere is competitive in the market for large PV installations, says EVP Ingvar Apeland, who is responsible for Elteks Renewable division.

Eltek Valere in the solar inverter industry
Eltek Valere is a leading supplier of high efficiency power electronics. The solar inverter market is an important and rapidly growing part of the companys business.

- We expect much from the solar market in the coming years. The underlying demand and growth is solid and these important new contracts in Italy prove we have some of the best products in the market place, says CEO Jørgen Larsen in Eltek ASA.


About Eltek ASA:
Eltek is a strategic technology partner within power solutions through Eltek Valere, and a regional supplier of transmission systems, satellite communications and infocomm systems through Nera Telecommunications. The Company reported revenue of NOK 4 billion in 2010, and has close to 2,700 employees in close to 40 countries. Following the divestment of Nera Networks, Eltek focuses on its core business in telecom power and power electronics solutions for industrial applications and renewable markets such as solar power and electric vehicles. Eltek is listed on Oslo Stock Exchange and headquartered in Drammen, Norway.

About Eltek Valere:
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 almost 2,200 employees, and generated revenue of NOK 3.2 billion in 2010.
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.