Element Logic

– The offer of export financing is important for Element Logic and is used in the sales process with potential customers.
Export financing is often essential to getting projects under way, says Dag-Adler Blakseth, CEO of Element Logic.

When Element Logic sold an automated storage system to Bergans Outdoor in Germany, GIEK issued a EUR 1,633,594 buyer credit guarantee for Export Credit Norway.

– Without loans and guarantees from Export Credit Norway and GIEK, the customer would have had to postpone the project due to lack of funding, says Blakseth.

Element Logic is a Norwegian systems integrator that supplies storage and distribution systems. With its in-house warehouse management system (WMS) software, the company buys a variety of components from sub-contractors and provides complete solutions to customers. The components of the “Auto Store” storage system, which was sold to Bergans, are produced by the Norwegian company Hatteland.

DNB is co-guarantor in the transaction.

We at GIEK are delighted that our guarantee support can help a small exporter to grow internationally. For smaller contracts, it is possible to apply for both loan and buyer credit guarantees through a joint arrangement with Export Credit Norway. That eases the application process for many smaller exporters. Elizabeth Lensberg, GIEK customer relations officer, Energy and Industry