Hello, and Welcome to the Green Hydrogen Systems Annual Report 2022. My name is Alex. I'll be coordinating the call today. If you'd like to ask a question at the end of the presentation, you can press star one on your telephone keypad. If you would like to withdraw your question, you may press star two. I'll now hand over to your host, CEO Sebastian Koks Andreassen to begin. Please go ahead. Thank you very much, operator. Good morning. Welcome, everybody, and thank you for joining this conference call. Green Hydrogen Systems has today announced its annual report for 2022 in combination with two other, company statements on our medium-term targets for 2026, as well as planned changes to the Board of Directors and senior management. Please be aware that the presentation we are providing today does include forward-looking statements. If, in doubt, also refer to overview of risk factors that we are releasing as part of the annual report 2022. That report is now available on our corporate website, greenhydrogen.dk. Besides myself, Sebastian, a pleasure, I am joined by two colleagues, my CFO, Ole Vesterbæk, who will help me cover the ground today, as well as Jens Holm Binger, who is our Head of Investor Relations. Welcome on their behalf as well. In terms of agenda, we will provide you with a business update, including comments on the A-series and X-series. We will comment on our factory expansion here at Nordager in Kolding, Denmark. As announced, we will also comment on planned changes to the Board of Directors and my senior management team. In terms of financials, Ole will take you through the financial statements for last year, 2022, that we are reporting today, including a reconfirmation of our financial guidance as already issued in January of this year for 2023, in combination with medium-term targets and what we're also providing today, some further comments on the capital raise, and that will take us to closing remarks and Q&A at the very end. I will dig into it. Firstly, on the A-series, which is our current product offering, we are confirming that we, by the end of last year, that we are reporting today, 2022, did deliver following successful acceptance tests on our A-series product. We did deliver the first A90 electrolyzers to our customers. That was clearly a turning point for us as a business after a lot of hard work and efforts during 2022, and also the disappointments that we suffered from the delays of that technology. That allowed us ultimately to recognize revenue on those first product deliveries to our customers. We have continued delivery of additional units during the first months of 2022. All of that will be subject to formal communication by the quarter one reporting later on in April. We can confirm that we have continued the shipping to our customers in the first months of this year. We are expecting, as previously announced, also to continue that over the next quarters and ultimately deliver a majority of our current order backlog within this year and the remaining part of next year. We have, as said, suffered some challenges related to our A90 electrolyzers that we reported back in June, and we have been working very, very hard and structured to identify the issues that we faced at the time related to certain functions and components in the system. We have now corrected them, we have validated them, and that is the basis for us to start shipment to our customers by the end of last year as said, which is a pattern that continues now during the next quarters. Last year, we reported in total seven new orders with a combined capacity of 5.4 MW, all of them, for the avoidance of doubt, on the A-series, which is our current product offering. In addition, after the closing of 2022, that happened in January, we had the great pleasure of reporting the largest sale to date for this company by 7.2 MW to a single customer. We signed that in January, that in total brings our order backlog up north of 20 MW, which includes, for the avoidance of doubt, what we have also delivered in the first months of 2023. As said, we expect to deliver the majority of that order backlog within this calendar year, 2023, which is supportive of our financial guidance on revenue, et cetera, that we have reported today as well. To deliver the remaining part as well as, of course, new sales during 2024. Going from the current product offering, the A-series, to the future current offering of the company, which is the X-series, that program is progressing positively. Reminding new listeners on what this is about is a significant step up in terms of capacity and output from this X-series product compared to our A-series platform. That allows us to provide still standardized and modular products to the larger and larger projects that we are seeing in the market. Each of these X-series units are targeting a total of 1,200 normal cubic meters of hydrogen output per hour with a total of six stacks taking to a 6 MW consumption. A very large, very powerful and to the market, a very attractive offering, which is being confirmed by our customer dialogues that are ongoing. The timeline we're looking into is that we are as previously reported on track to deliver the first prototype of this X-series by the end of Q1, and subsequently for that prototype to install and commission that and start testing and production from that as part of a project called GreenLab Skive in Denmark. That is expected to happen during first half of 2023. Towards the end of the year, we expect to have test results acquired and the sufficient and required basis for starting committing to actual sales of the commercial versions of this X-series, and we expect that to happen towards the end of the year. We will continue 2024 with following further sales and also the delivery of the first expected contracts on this X-series product. Very much in line with what has previously been reported. A major component in the continued ramp-up of our business that we will come back into in terms of numbers and our medium term targets for 2026. We have also entertained you previously on the factory expansion, and we are basically here confirming what has already been reported, which is that our expansion of the factory is taking us to initially 400 MW of manufacturing capacity over the next years. That expansion has now physically happened and we are inaugurating the buildings as we speak. That all together happens on budget and ahead of time plan, which is extremely satisfactory for us in the current market. It's difficult to execute these projects. We managed to do so. All together, that is another important step for us in becoming a serial producer, not only on the current A-series but also the future X-series, and ultimately reach lower and lower cost points for our technology and its output on hydrogen. In the separate announcement released this morning, we are also announcing plan changes to the Board of Directors. The board this morning approved the nomination of Mr. Poul Due Jensen, with the addition of Poul Due Jensen, that will be a supplement and a complementary competency at the Board of Directors with Poul's significant experience from building and managing international organizations, obviously, Grundfos, where he is the CEO, both here in Denmark, in Europe and internationally. At the same time, we've also taken note of Mr. Thomas Thune Andersen and Mr. Jakob Faurholt Hansen's decision not to seek re-election as part of the upcoming annual general meeting, which is coming up ordinarily in April of this year. All together, this change at the Board of Directors, if finally confirmed at the annual general meeting, will provide senior management here with a very, very strong Board of Directors and competencies for our continued journey. We, as management, look very much forward to that and also thankful, of course, for all the very valuable experience and addition to the past year's growth of the company, that Thomas has provided and that Jakob has provided as well. I, as the CEO of the company, also have my focus on making sure that our senior management team is as strong as possible for the journey ahead. I have taken the view that two changes are required for that, and I'm also therefore very pleased to report today that Mr. Stefan Kim has stepped in as the CTO. He did, in fact, that already on 1 January 2022 of this year. This morning, Carsten Schütz is also joining the executive team as the new Chief Operating Officer for the company. With those two, international, very experienced profiles across their respective disciplines within technology, development, scaling, manufacturing, serial production, in highly technical organizations in their past, I'm very pleased here to have this team around me for the future scaling of the company. That is especially supportive of the plan we have around the continued industrialization of the A-series, obviously also the delivery of the X-series. It is complementary competencies to our manufacturing capacity scale-up to becoming a serial producer of that and also to the further internationalization of the company. Senior management team as of today includes, Stefan and Carsten, and I'm also very pleased to report that. On financial statements, I will hand over to my CFO colleague, Ole Vesterbæk, for taking you through that. Please, Ole, go ahead. Thank you, Sebastian. In the following, I'll walk you through the financial statement for 2022 as well as the guidance for the current year. Already presented and communicated in January, our key financials are fully in line with the latest guidance for 2022, except for gross profit, which turned out more positive than expected. In 2022, realized revenue from customer contracts of DKK 10 million and DKK 0.5 million from other customer activities. Our revenue from customer contracts increased and doubled by DKK 5 million compared to 2021 due to delivery and our ability to revenue recognition of the first A90 electrolyzer modules. Gross profit was minus DKK 10 million compared to - DKK 17 million in 2021. Gross profit has been negatively impacted by provisions for the late deliveries and performance obligations related to delivery delays. EBITDA was minus DKK 249 million compared to - DKK 149 million in 2021. The negative development in EBITDA was a direct consequence of continued investment throughout the organization with a focus on finalization of the A-series as well as development and prototype build of the X-series. In addition to the R&D efforts, organizational capabilities have been strengthened in sales, health and safety, and production excellence, which are reflected in the number of employees that has increased from 187 end of 2021 to 276 the last 12 months. EBIT was of -DKK 283 million compared to -DKK 166 million in 2021. Besides impacts from EBITDA, the development reflects amortization of the A-series technology and depreciation of production equipment and facilities. Moving on to the balance sheet. At the end of 2022, intangible assets covering our development activities was DKK 174 million compared to DKK 59 million the year before. The increase by DKK 115 million net is due to development activities mainly related to the A-series and X-series. Profit, property, plant, and equipment increased by DKK 153 million, mainly due to the expansion of the production facilities in Kolding, Denmark, to more than 400 MW capacity when the facilities are fully equipped and utilized. Investments have increased. You know, inventory have increased by DKK 97 million in order to secure parts and materials for assembly and delivery of the current backlog, as well as parts and material for the X-series prototype build. Our cash and cash equivalent is by year-end, DKK 340 million. Current borrowings in 2022 are related to the repurchase agreement entered in 2021, involving holdings of bonds, AAA, used for placement of excess liquidity. Increase in our contract liabilities is in line with our increased activities, whereby we have received prepayments from new customers on projects in the order backlog. Moving on to the cash flow. Changes in net working capital can primarily be explained by an increase in inventories, higher trade payables following the activities, and higher contract liabilities from 2021 to 2022. Adjustments primarily comprise amortization of intangible assets and depreciation of tangible assets. The development in cash flow from investing activities of DKK 102 million, excluding financial assets, was mainly related to development activities of the A-series and X-series. In 2021, a placement of around DKK 750 million was made in AAA-rated Danish mortgage bonds. The placement is recognized as a financial assets in the balance sheet and stated as an investment activity in the cash flow statement. The financial assets are utilized from repurchase agreements and are recognized as borrowings. The proceeds from share issued in 2021 relate to the listing of Green Hydrogen Systems at Nasdaq Copenhagen. This concludes the 2022 financial, and I'll now turn into the guidance for 2023. Following our successful acceptance test and delivery of our first A-90 electrolyzer modules in December 2022, as well as continued progress in assembly, finalization, and delivery of customer orders in the first month of 2023, we maintain and reconfirm our guidance for current year. In 2023, we expect revenue in the range of DKK 120 million-DKK 160 million. The revenue range is substantiated by the current order backlog and with a potential increase from info out orders that may be signed and revenue recognized in 2023. Our expected EBITDA for 2023 is expected in the range of -DKK 240 million to -DKK 210 million. Gross profit will increase, and we continue to invest in the sales organization and in marketing efforts. We have also continued and will in the future, of course, continue on R&D activities related to the X-series product platform. Investments are expected in the range of DKK 270 million-DKK 300 million. The investments relate to production scale up, X-series production line, X-series prototype build, sales facilities, as well as R&D activities, focusing on the X-series and numerous initiatives to further increase the system performance of the A-series and X-series product platform. With that, I'll hand back to Sebastian for our medium-term targets and update on the potential capital increase. Thank you very much, Ole. I would indeed like to update you on our medium-term targets for 2026, as well as the announced capital increase. For reference, medium-term targets for this company are a set of financial figures that we use to target in the horizon. What we're reporting today from 2026 is releasing the previously announced targets for 2025. In summary, we as a company target to exceed DKK 1.2 billion of product and service revenue by 2026, and also underneath that, to turn positive on operating results, EBITDA, within the same year. A number of key assumptions have been used and considered when configuring these numbers. We need a successful finalization of the X-series, as I commented on previously, as well as a commercial ramp up of that X-series, with first sales taking place in 2023 and first commercial deliveries to customers taking place in 2024. We are in the market generally seeing, of course, a need for maintaining competition amongst OEMs, electrolyzer manufacturers, but also to make sure that green hydrogen will offer a cost parity to alternative fuels. To do that, we are also planning to decrease, as per plan, average selling prices of our products, obviously maintaining a cost base accordingly that allows attractive margins also going forward. We are gradually decreasing average selling prices with the X-series representing the largest step down on that on a megawatt level. We also see growth in our install base with more and more products now being delivered to customers. That does represent an attractive and recurring revenue stream for us from service business. We are expecting that also to take a larger and larger stake of, or share, apologize, in the revenue mix at the same time as providing attractive margins. We altogether have a cost out plan supporting those margins and cost of goods sold over that time horizon. Relative to revenue, we expect our costs to land at around 75% by 2026. We will, as a technology driven company, a scale-up company, continue to invest in our product offering, our organizational capability and manufacturing capacity. However, we do see also a peak point for CapEx going through this year, and we gradually expect that to be around 10% of revenue of the company as a rule of thumb. With these key assumptions, we also highlighting that all of this is contingent as well on successful execution of the capital raise I'll get back to you in a very short moment. As well, other assumptions and risk factors should be considered when thinking about these numbers in terms of revenue and EBITDA. The capital increase that we are contemplating, I would like to comment on that as well. Firstly, by timing and structure on the left-hand side, at our annual general meeting on 18 April 2022, the board has decided that they plan to seek authorization from the General Assembly to increase share capital with pre-emptive rights for the existing shareholders. By structure, that means that our contemplated structure for the capital raise is a so-called rights issue with issuance of new shares with pre-emptive rights for existing shareholders. We target up to DKK 650 million in gross proceeds. Net proceeds equivalent to DKK 600 million. That is, 80 million euro/U.S. dollars. As said in January, we are in dialogue with our existing larger shareholders, and several of them, regarding such potential capital increase. We will, of course, in due time, report further to the financial markets when we are ready for that, as the process progresses, and we have news to report. This number, that we target DKK 600 million net proceeds, we have a very clear plan for how to deploy that capital. Firstly, these net proceeds, and at the same time, the obtaining debt and new equity financing will provide the company with sufficient funds to maintain a strong balance sheet towards the end of 2025. That will include meeting potential covenants related to debt that we could raise, and that we target as well, a balance sheet of a cash balance, apologize, of at least DKK 200 million at that time. The cash position, as we report here, and the projection is sensitive to a number of assumptions that we have talked about before. Before also the realization of our medium-term targets, and as said on the previous slide, especially the X-series ramp-up, and also, on a more financial note, the terms of prepayments. Use of proceeds are expected to go into five main areas. Firstly, as said, remaining an R&D-focused company, we will invest and continue to invest in R&D efforts across our A and X-series programs, as well as new product offerings over time. Secondly, we will continue investing on the ramp-up of our current manufacturing facility here in Denmark and potentially elsewhere, allowing for product industrialization. In other words, serial production of the A and X-series over time. We will also invest in sales and organizational ramp-up, especially to attract the needed and right competencies, and especially also in terms of investing in establishing a service business around our install base, as that will grow as well. Lastly, point four and five, we will seek generally a stronger financial cushion on our balance sheet. Balance sheet needed to, of course, fulfill security guarantees required by customers as the projects are expected to grow to larger and larger scale. As well, of course, as having sufficient working capital, both to operate and support the growth of the company. As I said before, we will report further to the markets when we are ready for that, as we are progressing the capital raise process. There will be a touchpoint around and after our annual general meeting where, as said, the Board of Directors are planning to seek this authorization from the general assembly. On that note, I really wish to recap on today's reports. Firstly by saying that we will today, and we have today, reported that we have delivered the first A-series electrolyzers to customers. In my view, Green Hydrogen Systems, and we as a team and organization, we are in a significantly improved position compared to where we were a year ago. Despite the very hard and unexpected efforts around our A-series products, we are pleased now to reach the turning point of the company and to be focused now on actually delivering the order backlog. On the X-series prototype, we are progressing that as well with the first delivery expected late this Q1 of 2023, with subsequent installation, from there, also testing of this prototype towards the end of first half of 2023, and that is according to the revised plan exactly on schedule. We are also reporting a successful expansion of our production facilities. Finalize that ahead of plan. Assembly lines and the actual functioning of that facility is being built up these days and that ultimately allowing for serial production and cost down of both A and also later X-series. We are reporting today medium-term targets for 2026. As reported, DKK 1.2 billion plus by, in terms of revenue, by 2026, with a positive EBITDA of the same year. Lastly, we are also providing further details on the targeted capital raise, up to DKK 650 million. Structure is expected to be a rights issue, and altogether, that will allow the company to execute its plans and also to meet our commitments on the medium-term targets towards 2026. With that comment, operator, please, over to you in terms of Q&A. Thank you. If you'd like to ask a question, you can press star one on your telephone keypad. If you'd like to withdraw your question, you may press star two. Please ensure you're unmuted locally when asking your question. Our first question for today comes from Casper Blom from Danske Bank. Casper, your line is now open. Please go ahead. Thank you very much. Great to see the traction, gentlemen. My first question is to the X-series. What could go wrong here? You say that you expect the first delivery to take place here in late Q1, but just sort of to take the worst case scenario here, where could we see issues? Thank you. Good morning, Casper, and thank you for those words. On the X-series, it is important to note that this is a prototype version of a future commercial product offering. Prototype means that this is the first time we assemble and also power a product like this, according to plan, that will happen over the next two quarters. Firstly, in terms of risk, this is not an exhaustive list, but I need to share probably three headlines with you. Firstly, there is a timing issue. We have not yet finally assembled this version and this prototype, so we could suffer delays from doing that, and that means a later installation on site. Secondly, this is all together part of an EU-supported program, focusing on maturing and also helping new technologies to become commercial products for the market. That means that it will be the first time that we are putting power and electricity on such a prototype. That happens in a test environment in GreenLab Skive in Denmark. We are doing that because we want to see how that product behaves when we power it. In other words, there is an inherent risk or embedded risk in doing that the product does not perform according to specifications when we power it during the Q2 of 2023 of this year. Then, of course, a bit further out in the horizon, all together, this product is designed and developed to the market, and external conditions around market demands, supplies, supply chain, et cetera, et cetera, that may impose a negative impact as well. I'm answering or trying to answer strictly your question here, Casper. I think I'm very much commenting here on the potential downsides, but I understood that being the question, the nature of your question. That was the nature of it. If I just may follow up, in terms of then getting, you know, additional orders for the X-series in late 2023 with delivery in 2024, is there a, so to say, buffer built into that expectation with regards to My expectation at least that the prototype here will be used as a test case for other clients to visit? I mean, is there some sort of buffer built in there, you know, a couple of months or three, on things that could, you know, be adjusted before you take the next real sales? Secondly, with regards to your change of a Chief Technology Officer, I can't help being a little worried about the fact that this happens at a time where you are launching your probably most important product. Thank you also here. I think in short, I can confirm that we have a certain element of buffer built into our plans around this. In terms of overall timing, I can state that we could. If we found the commercial risk palatable, we could sell an X-series product tomorrow. There is clearly a market demand. We, as a company, would like to make sure that we are not doing that until, and this is also past experience, that we are not doing that until we have the sufficient test hours from the product, and we are sure that we can actually deliver on time and according to performance specifications this product to customers. In brief, yes, we are not overly sensitive to this happening within months, but clearly the expectation is that we would like to see commercial traction happening towards the end of this year, and we would like also to see first deliveries of this X-series product by 2024. Stating the obvious, any change of a senior management position for a company like ours is a sensitive matter. I can also report that the exit of our previous CTO was due to, and only due to, private circumstances. Not per se a choice of the company, but private circumstances of Casper his name was. I'm very confident and also, what I have tracked on the first two months of Stefan's tenure here taking place, that we will not, is my assessment, so far in any serious shape or form from that CTO change that we have seen. Stefan is very much into it already. There was actually a somewhat approach from Stefan also taking place towards late last year. We are seeing very, very positive notes of Stefan taking place. You are of course pointing to a sensitive matter when you make changes. That is fair. Just the final one also on the X-series. Apologies for that, but I do find it super important. In the discussions you have with customers regarding X-series sales as of now, what is sort of the typical size they are looking at buying? I mean, is it just one unit? So I don't know, 5 MW or 6 MW, or are they already now looking at buying, you know, a larger amount, number of units to connect into a big plant? Thank you. Yeah. Thank you, Casper. Please don't apologize. We find the X-series extremely important here as well. Fully noted. We are seeing a little bit like we saw in the ramp up of the A-series, where we have just reported the to-date largest sale of the A-series to a single customer. We are seeing a gradual ramp up from the demand on single or a handful of products for smaller demonstration projects with the X-series of 6 MW each. These will obviously be larger and larger over time. Then we're also seeing customer demand or interest, should I say, for projects already that are up to and also north of 100 MW each. I can confirm that we are also already looking at how to provide the X-series, the future X-series, in what we call 100 MW cluster solutions. These are optimized solutions in terms of taking out certain synergies from from this number of X-series units, 17 in each of 100 MW cluster, and looking into how to make that a commercial offering, a plug-and-play offering for our customers. In other words, we are both seeing demand for single or a couple of products or X-series products, and we are also seeing demand or an interest for much larger modules. That confirms the basis for us delivering the X-series. Thank you very much. Thank you, Casper. Operator, please. Thank you. As a reminder, if you'd like to ask a question, that's star one on your telephone keypad. At this time, we have no further questions, so I'll hand the call back over to CEO Sebastian Andreassen for any further remarks. Thank you, very much, operator. By that, I mean to round off the call by saying thank you very much for your attention. We're really pleased today to report the annual results for 2022, finding ourselves, despite a very tough year, in a significantly improved position and situation as a company with our technology and the markets that we are preparing for. Our medium-term targets confirm the serious and very large potential, commercial potential of this business. Also, with the news on capital raise structure and the planned changes in the Board of Directors, we look forward to getting back to you, the financial markets, in due time. Thank you very much for your attention. On behalf of the team and myself, we will get back to work and thank you for your attention. Thank you for joining today's call. You may now disconnect your lines.