Norwegian technology company ELOP (Hamar, Norway) was recently awarded an innovation and development grant from Innovation Norway, the Norwegian government’s industry development vehicle. The funds will contribute to further strengthen the company’s product and market development.
“Norway is faced with a significant challenge in developing new environmentally friendly industries to replace current export products that are slowly being phased out because of downscaling in the oil and gas industry,” says Mathias Bakke Haugen, financial advisor at Innovation Norway. “We are therefore happy to be able to back high-tech companies, like ELOP, that have a strong, green profile, and products with significant potential in international markets.”
The grants and loans total NOK 7.4 million ($795,963). According to the company, the funds will be used for continued technology development and testing prior to its product release later this year.
ELOP’s focus is on the design and development unique ultrasound technology and software for the inspection, mapping, and management of critical concrete infrastructure. The group’s solution provides actionable data, visualized in a real-time, three-dimensional format, together with appropriate analysis to reveal the actual condition of concrete structures.
According to the company, the insight provided by the technology can contribute to improved safety and a more efficient use of public resources on critical infrastructure. The technology enables more targeted preventive maintenance, resulting in benefits for both the environment and public spending.
“Our collaboration with Innovation Norway has meant a great deal to us, both in the form of financial assistance and guidance,” says CEO Kjersti Kanne. “We greatly appreciate that this collaboration will continue, now that we are working on commercialization and growth.”