The loan will be released upon initial payment of USD 6 million to Q-Free, which will also mark the start-up of the project.
The loan from Export Credit Norway is the majority of the external financing of the project and as such represents a very important milestone in the progress towards a start-up of the project.
Under the contract, Q-Free will deliver roadside infrastructure and tags over a two years period, and service and maintenance over a five year period. The Electronic Law Enforcement (ELE) system will be based on Q-Free’s unique tolling solutions and will be used by the Indonesian Police for traffic monitoring in the capital Jakarta (DKI) and surrounding areas (Bodetabek).
For further information, please contact:
CEO: Øyvind Isaksen +47 908 76 398
CFO: Roar Østbø +47 932 45 175
Q-Free is a leading global supplier of products and solutions for Road User Charging and Advanced Transportation Management. The company has approximately 280 employees and is represented in 17 countries. Headquarter is based in Trondheim, Norway. Q-Free is listed on the Oslo Stock Exchange with the ticker QFR.