MultiPower ASA

'MultiPower' or the 'Company'

MultiPower has signed a distribution agreement with Itochu Corporation ('Itochu') a general trading company headquartered in Japan.

MultiPower has, in conjunction with Itochu, developed a new emergency back up battery for the Japanese market. The emergency chargers will be distributed through Itochu from August this year. While initial orders are modest the board are hopeful that the strength of Itochu's distribution network will lead to additional larger orders. 

Commenting on the agreement, Morten Hansson, CEO of MultiPower said: 'The agreement is encouraging progress for MultiPower and, significantly, a breakthrough into the Japanese market. The market for our products in Japan is very mature and we are optimistic our relationship with Itochu will prove profitable. We have been working closely with Itochu for almost two years and we are proud to have succeeded as one of the few European companies to export to Japan'