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