25 October 2022 - The extraordinary general meeting in Elop AS has today
approved the name change from Elop AS to Inin Group AS to reflect the group's
new strategic direction.

"The new name reflects that we have moved away from being only a technology
provider, to also being an industrial owner that invests into companies that
deliver construction, maintenance, inspection and other specialist services in
the infrastructure value chain," says Øivind Horpestad, CEO of Inin Group. 

"Inin" is not an abbreviation and can have multiple meanings, including
investments into infrastructure and inspection businesses, industrial
investments, inspection and infrastructure, as well as investing in the
individuals that are employed by Inin Group companies. 

"We have a broad mandate in terms of size of companies we can acquire and
potential future structural moves we can make, but it will happen in the
infrastructure space. Our ambition of delivering cash positive operations in
2023 remains firm," adds Horpestad. 

The name-change will be effective once it has been formally registered in the
Brønnøysund Register Centre.  

Inin Group consists of three business areas: 

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

2. INSPECTION: Through recently established entity Nordic Inspekt Group AB that
will conduct testing, inspection and certification of infrastructure and other
industrial assets.

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

(ENDS)

For further information, please contact:
Øivind Horpestad, CEO, Tel: +47 910 00 626