25 August 2022 - Reference is made to the stock exchange announcement dated 5
July 2022 regarding Elop AS (Elop) signing a term sheet to acquire Nordic
Infrastructure Group AS. Elop has today signed the final share purchase
agreement that enables Elop to enter the Nordic infrastructure market through
acquiring 100 percent shares in Nordic Infrastructure Group. 

"This transaction is a key building block in our strategy to make Elop a
profitable business. It expands Elop's service offering and gives Elop access to
multiple new revenue streams, bringing us a major step towards our target of
cash positive operations in 2023," says Elop board member Kristian Lundkvist. 

In addition to the acquisition of Nordic Infrastructure Group, Elop announced on
3 August 2022 that it has reached an agreement to acquire 65 percent of the
fast-growing electrical contractor Hadeland Elektro AS. Both these investments
underline Elop's strengthened focus on the infrastructure construction and
maintenance segments. 

Going forward, Elop will provide asset owners with services such as inspection,
construction, maintenance and training, in addition to delivering inspection
technologies. The group will consist of three business areas: 

1. Construction, maintenance, and specialist services: In Norway, Sweden and
Finland through Nordic Infrastructure Group and Hadeland Elektro AS.

2. Inspection services: Through a newly established company that will utilize
Nordic Infrastructure Group and Hadeland Elektro's client base to build up a
joint inspection offering towards asset owners, including driving the adoption
and utilization of Elop Technology's inspection hardware and software. 

3. Elop Technology: Inspection hardware and software, including Elop Insight,
Elop Insight Crawler, and other ultrasound-based scanner solutions from Elop.

TRANSACTION TERMS

The purchase price for 100 percent of the shares in Nordic Infrastructure Group
(on a fully diluted basis) is NOK 92 million based on accounts as of 31 December
2021. Elop will take over all of the shares in Nordic Infrastructure Group in a
100 percent share-based deal, settled by shares in Elop valued at NOK 2.80 per
share, in total NOK 72 562 927. Existing warrants in Nordic Infrastructure Group
will be replaced by Elop issuing new warrants, in total NOK 19 437 073.

All shareholders in Nordic Infrastructure Group have agreed to 12-36 months
lock-up period for their shares in Elop. The consideration will be settled by a
combination of treasury shares, new shares issued in Elop and warrants. 

CEO in Elop, Øivind Horpestad, is a minority shareholder with 10 percent
ownership in Nordic Infrastructure Group via Gimle Invest AS. Gjermund Sogn, via
Sogn Invest AS, is a minority shareholder with 2.82 percent ownership in Elop
and 37 percent ownership in Nordic Infrastructure Group. As a result, the
transaction will be subject to approval in accordance with the Norwegian private
limited liability company's act section 3-8.

Closing of the transaction is expected to take place in September 2022. 

(ENDS)

Contact information:

Øivind Horpestad, CEO, Tel: +47 910 00 626
Kim Boman, CFO, Tel: +47 959 63 912