The financing is based on GIEK and Export Credit Norway’s joint loan and guarantee solution for export contracts up to NOK 50 million. Element Logics contributes to the financing by providing a seller credit.
UAB Devold produces wool clothing under the brand Devold.
GIEK and Export Credit Norway also participated in financing the sale of an AutoStore system from Element Logic to sports apparel company Bergans Outdoor in Germany in 2015.
With a joint loan and guarantee solution for smaller contracts, GIEK and Export Credit Norway may finance up to 90 percent of total credit amount, without requiring bank participation in the transaction. If the exporter contributes to the financing by providing a seller credit for the last 10 percent, the buyer will make down payments on the credit to both Export Credit Norway and the exporter with 90 and 10 percent, respectively, with interest over the credit period.
According to international export credit regulations, up to 85 percent of the export contract value may be financed by export credit. Read more about GIEK’s buyer credit guarantee here.
The storage system AutoStore is produced by the Norwegian technology company Hatteland.