Eltek Awarded Contract to Supply on-Board Chargers for Volvo Car Corporation's New Electric Vehicle Project

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DRAMMEN, Norway--December 26, 2011: Eltek has signed an agreement with Volvo Car Corporation regarding deliveries of on-board chargers for a hybrid electrical vehicle program. Under the agreement, Eltek will supply complete water-cooled on-board chargers with volume production starting in 2012.

“We are very pleased to have signed this agreement with Volvo Car as it demonstrates further acknowledgment of our high efficiency technology and its benefits”

"We are very pleased to have signed this agreement with Volvo Car as it demonstrates further acknowledgment of our high efficiency technology and its benefits," said Michel Fraisse, Vice President of E-Mobility at Eltek. "With its hybrid vehicles, Volvo Car brings together the best of the latest electric vehicle technology with its top combustion engines, enabling drivers to have all of the benefits of an electric vehicle, without sacrificing performance or range. We are proud to be a part of this project and look forward to working closely with Volvo Car to ensure the optimal utilization of our leading technology."

The Eltek EV Powercharger 3000 features an industry-leading 96 percent power conversion efficiency, which minimizes heat generation and battery charge time, and thereby lowers consumer charging costs.

Eltek is a 40-year global leader in high efficiency power electronics, with experience supplying DC power systems and battery charging to demanding applications in telecom, railways and power utilities.

"Energy efficiency, limited heat generation, light weight and compact size are some of the key advantages of our technology," Fraisse said. "All serious automotive manufacturers are working with E-mobility one way or the other, and we are seeing great interest in our technology from many of them. This contract with Volvo Car is an important step."

About Eltek ASA

Eltek is a technology leader developing and marketing power conversion solutions for 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 info comm 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.

Eltek