Hello, everyone, and welcome to the Green Hydrogen Systems Interim Financial Report for the First Half of 2023. My name is Harry, and I'll be your operator today. If you'd like to ask a question during the Q&A after the presentation, please dial star one on your telephone keypad to enter the queue. It's now my pleasure to hand you over to Green Hydrogen Systems CEO, Sebastian Koks Andreassen, to begin. Sebastian, please go ahead when you're ready. Thank you very much, Harry, operator. Good morning, everybody. Welcome to this call. As said by the operator, this is Green Hydrogen Systems reporting the interim results for first half of 2023. I'm referring to the slide presentation that is running on the screen in the background here. Firstly, I need to remind you that whatever we are reporting today, both in written and in oral materials here, that does contain forward-looking statements, and please be aware of that. Also refer to the overview of risk factors in our latest annual report from last year, which is available on our corporate website, greenhydrogen.dk. In terms of today's participants, as ever, that is besides myself, Sebastian, the CEO of the company, also Ole Vesterbæk, my CFO, who will cover the financial ground a bit later in the presentation. We're also joined by Jens Holm Binger, who is heading our investor relations. The content we have planned to cover today includes a business update, including recent events, and also a status on the A-Series and the X-Series, our product offering to the market. Then, as said, Ole will take you through the financials, both the results from the financial statement that we're reporting today, and also reconfirming our financial guidance for the year, as well as our medium-term targets. I will round off with some, some closing remarks, and following that, we are open for any questions that you may have. Briefly overviewing, significant events so far in the year, and also recapping, in case we are joined today at this call by any new investors or shareholders to the company. Green Hydrogen Systems as an electrolyzer original equipment manufacturer, we are delivering pressurized alkaline electrolysis equipment to the market for green hydrogen in the future. Starting off out of the year in January, we took our first order to date of 7.2 MW, which is a significant part of our current order backlog that we are about to deliver. We continued during quarter one of the year, the A-Series electrolyzer deliveries, and also, as per plan, delivered the first prototype of the future X-Series electrolyzer to its test site environment in Denmark. In May of this year, we did report certain and needed modifications for the A-Series, and that led to a downwards adjustment and more negative adjustment to our EBITDA 2023 guidance, which was communicated back then. As Ole will let you know later, we maintain the view that we adjusted at the time. On EBITDA, this number is in control and is performing according to plan. In July, we had the great pleasure for the company to close the capital raise, a combination of a rights issue on equity and a shareholder loan from two of our largest shareholders. That delivered proceeds for the strategy execution that we now have in front of us, and I'll get back to that topic a bit later as well. We also, entering the summer break, faced issues on the supply situation on certain of our components. That has been going on for a bit longer than expected, and that, not least, is also the basis for us today not reporting revenue in the second quarter of this year. However, we are seeing positive signs now on these issues being gradually resolved. That being said, we are seeing also the order backlog and what we are expected to deliver as per plan and to revenue guidance for the remaining part of the year. That will be piling up for this quarter and the following quarter of this year. Delivery of the backlog to reach revenue of DKK 120 million-DKK 160 million, for the majority part of it, will happen over the next two quarters. By end of this year, we also expect to conclude on the current test program we're running on the future X-Series, and that's the prototype I referred to in Skive. That is the basis for us to conclude that we are capable of and ready to taking commercial orders on the X-Series. That event is as per the original plan, expected to take place by fourth quarter of this year, allowing us for first delivery of the X-Series towards the end of next year in 2024. Digging a bit deeper on the following slide into the A-Series, and an update on the deliveries and production capabilities there. We have seen successful acceptance tests, delivery and revenue recognition of equipment in Q1. That led to the DKK 14 million, as previously reported. Since then, we have been delivering electrolyzers to both site acceptance tests and commissioning for commercial production of green hydrogen, both at customer sites in Chile, South America, in Norway, and in Denmark. As a brand-new data point, I can also report that following the close of second quarter, we have here in August, in the recent days, also concluded a similar test of equipment to a European customer, which will be revenue basis, that will be reported later on as part of the trading statement for quarter three. That being said, we have struggled on quality and supply chain challenges, and that has caused a pause in certain parts of the assembly line during quarter two of this year. As I mentioned before, this has dragged also into the beginning of quarter three. We are gradually seeing these things being resolved. However, it's a, it's a very, very critical and important component in our ability to deliver the equipment towards the end of this year, that we will get the, the, the adequate and sufficient supply of these components to allow us the ramp up of production. We have done final assembly both here in July and August with successful acceptance tests of the A-Series electrolyzer that I referred to before. Also, then we have our focus on industrializing our production facilities to allow us serial production on the A-Series during the next quarters. Lastly, as previously reported, we expect that the majority of the 20 MW, approximately order backlog that we had from the beginning of the year, that we will deliver that as basis for revenue towards the end of 2023, with the remaining parts to be delivered and revenue recognized in 2024. We're bringing today one example of, of more to come on, on how we are supporting customers, empowering their transition to 100% green logistics. This specific example is the equipment, piece of equipment that we delivered to our South American customer. We delivered two hypervisor of our A-Series, A60 electrolyzers, totally 0.6 MW. That is indeed for the first industrial green hydrogen plant at a large warehouse and distribution center in, in Chile. The project itself is, is expectedly and soon to be replicated at other locations, and that will allow the customer in question to decarbonize, if you will, the majority of 200 forklift trucks to become hydrogen-driven. The electrolyzers that we have delivered out there, they are spinning satisfactorily and producing at its specified production sheet, at least up to 260 kilos of hydrogen every day at an output pressure of 30 bars. We're extremely pleased now to be seeing these customer project examples and how the equipment and also our customers support the green transition. Looking a bit further ahead, the X-Series is a major component in the continued scaling of the business. Our future revenue, starting from next year and, and onwards, is expected to come from the X-Series. We are right now, and we have been doing that since Q2, we are undertaking a very important test program of the first of two prototypes at a test site in Skive, North northern Jutland in Denmark. That is the first prototype of the X-Series, totaling 6 MW per module. That is being tested and validating up there-- and validated up there. As you can see, from the picture, the site at GreenLab in Skive, where the equipment has now been installed and is now being tested. We're doing these prototype tests to de-risk the, the, the technology, to take the learnings that expectedly occur when you run a test program. You will find components that are not working according to expectation, other things are. Ultimately, to make sure that we have all these corrections understood and planned for that when we later on, by end 2023, make the commercial decision expectedly to start taking orders on the X-Series equipment. That will allow us to start delivering the first X-Series to electrolyzers by 2023 or 2024 or the end of that year. Reminding you that the X-Series module is a 6 MW module consisting of the current technology and the current stacks, 6 in total, each of 1 MW. That is significantly increasing the product offering from us, from the A-Series to the X-Series, which, which goes well enhanced with the expected increase and also customer needs and demand, and the project sizes that we are seeing in in the green transition. As I also mentioned at the beginning of this call, Ole, as the CFO, and myself, the board of directors were very pleased that we were able to conclude in July on a capital raise process. We ended up raising close to DKK 700 million gross from two instruments. Thanks to many of you listening in on this call, our shareholders, through the rights issue, where we issued new shares, 104 million in total, that raised gross DKK 469 million. At the same time, we landed, also very thankful for that, two term loans, provided by two of our large and important shareholders, A.P. Møller Holding and ATP, totaling DKK 250 million. Altogether, that allows us to continue to execute on our strategy and to meet our financial targets for the future. It also allows us sufficient funds to maintain a strong balance sheet, and Ole can get back to that in a moment. Ultimately continue investing around 4 important areas for our scale-up. Firstly, on the R&D side, secondly, on pro- product industrialization, our ability to serial produce the equipment, strengthen the balance sheet, and also a continued expansion, especially, our capabilities around commercial and service organization. Altogether, very pleased to have that concluded, and that leaves the task ahead of us to now start ramping up the production and delivery to our customers. With that said, I need to conclude on the business update section, and then I will hand over to Ole, my CFO, to take you through the financials that we're reporting today. Please, Ole. Thank you, Sebastian. In the following, I'll update you on the financial performance for the first half of 2023, as well as the guidance for full year and our midterm targets for 2026. In the first half of 2023, revenue from customer contracts was DKK 14.7 million. Compared to last year, it's an increase of DKK 14.2 million for the first half, where delivery of the 2 customer orders contribute to the revenue increase, as just mentioned by Sebastian. Service revenue from the delivered electrolyzer units year to date, as well as from orders late last year, will be recognized at a later stage when service is performed at sites. Due to challenges in the supply of contained component not fulfilling the specified coating quality, we have had post acceptance tests for parts of the backlog during the second quarter of 2023. The challenges are currently being managed, and factory acceptance test and revenue recognition of the A90 electrolyzers will resume from Q3 2023. Gross profit was DKK -87.2 million, and EBITDA, DKK -161.8 million. In the first half of the year, the quality issues with certain components, combined with the price inflation and additional work required in the assembling and manufacturing process, contributed to increased costs at DKK 30 million-40 million. The cost increase also led to an adjustment of the EBITDA guidance for 2023 back in late May. Green Hydrogen Systems has adopted a profit protection plan, providing our expected savings, partly covering the increased costs. Cost-cutting exercise in the profit protection plan include postponement of activities, hiring of non-critical positions, postponement of certain investments, as well as reduction of e- expenses from sale and administration costs. Net financials ended at a minus at DKK 6.8 million, compared to a plus of DKK 3 million in first half of 2022. The increase in financial expenses is due to the fact that we have used our Repurchase Agreement of Repo, partly to finalize to finance our growth and our investments in the first half of the year. Net profit was minus DKK 200 million, compared to minus DKK 148 million in the first half of last year. End of June 2023, total assets were DKK 1,762 million, compared to DKK 1,361 billion, end of first half last year. This was mainly driven by an increase in non-current assets, when tangible assets and property, plant, and equipment has increased by DKK 90 million and DKK 65 million, respectively. The increase in intangible assets reflect the continued investments in R&D activities, technology improvement projects, and the increase in property, plant and equipment reflects the progress and finalization of the factory expansion, as well as investments in production equipment and test facilities. Furthermore, inventory has increased by DKK 94 million. Inventory consists of parts, so raw material, assemblies, and material, as well as electrolyzers delivered to customer sites, but not revenue recognized yet. Equity decreased in line with our net profit, compared to June 2022, as a result of the negative development for the period. By the end of first half of 2023, cash and cash equivalent were net DKK 207 million, including cash, like, financial assets, less borrowings. In the first half of 2023, Green Hydrogen Systems initiated a capital increase process, as just outlined by Sebastian. The capital increase provided gross proceeds from a share issue of DKK 469 million. In addition, we have drawn up a term loan of DKK 250 million, which combined total DKK 790 million gross. The equity and debt has been recognized in the balance sheet in July, so it's not included in the balance sheet and cash flow for the first half of 2023. Turning into the guidance for full year and medium targets for 2026. In the first half of 2023, we have tested, we have delivered, and we have revenue recognized A90 electrolyzer units. We had a setback in assembly and test prior to summer due to the quality issues determined on certain components. Since then, we have made positive progress, and we have confidence in the production and delivery for the full year, which means that we maintain our revenue, EBITDA, and investments communicated earlier. Which means that our revenue is expected to be within the guidance range of DKK 120 million-DKK 160 million, adjusted for our backlog and, of course, supported by a production plan. We are still confident in the current production and delivery plan for the rest of 2023. It's important to state that assembly test and delivery of the A-Series electrolyzers can be impacted by additional supply chain challenges and quality challenges on certain components, which may postpone delivery of orders expected as a part of the revenue assumptions for 2023. EBITDA is expected, as previously announced, late May, in the range of minus DKK 240 million-DKK 280 million, and investments are expected in the race, range of DKK 270 million-DKK 300 million. Early 2023, we have announced our new medium-term targets to include the financial development for 2026, where we target total revenue of more than DKK 1.2 billion and a positive EBITDA. The development towards 2026 is based on a number of assumptions to our product development, cost out potential, investments, general market development, and more. Realization of the majority of the assumptions, and thereby, also realization of the target financial development, was contingent on a capital raise during 2023. With the completion of the share issue and debt financing in July, we are pleased to confirm the 2026 revenue and EBITDA targets. With that, I'll hand over to Sebastian for some final remarks. Thank you very much, Ole. From my side, simply recapping that, it was a first quarter where we reported DKK 14 million in revenue, and also a second quarter following up that with no further revenue. In total, an interim of DKK 14 million in revenue, and the expectation that this will start picking up now for this quarter three and quarter four following this. Since quarter one, we have delivered electrolyzers, that have been site acceptance tested, and commissioned at customer sites, both in Chile, Norway, and Denmark. Also alluded to on the first page of the presentation, also followed up by similar events, in this month, August of 2023. The A-Series prototype has been delivered by the end of Q1, according to plan, and currently, testing of that is going on. We expect that to allow us a commercial decision basis to launch sales by 2023 Q4. Lastly, as I think sufficiently elaborated right now by both Ole and myself, but indeed, it was a very positive thing. We concluded on the capital raise process in July of this year, meaning that we now have sufficient funds to deliver on our 2026 targets. With that said, operator, please back to you, and I'm open for any questions from participants on the call. Thank you. If you'd like to ask a question, please dial star followed by one on your telephone keypad now. If you change your mind, please press star followed by two. When preparing to ask your question, please ensure that your phone is unmuted locally. ... Thank you. Our first question of today is from the line of Anthony Plom of Carrick International. Anthony, your line is open. Thank you very much. Good morning to you all. My question refers to efficiency, and on your current and future X products. What is the kilowatt hours per kg, please, currently and on the future X-Series? We are coming from a current level, which is slightly higher than originally expected, which is in high 50s. In terms of kilowatts per kilowatt hours, our contractual levels right now sits between 57 and 59. We expect that to go further down also on the X-Series. I'm not in a position right now to mention specifically what we will see gradual improvement of that over time, but we will target over time with the X-Series, also sub 55. Thank you. Thank you, Anthony. Thank you. Our next question today is from the line of Casper Blom of Danske Bank. Please go ahead. Your line is open. Yep. Thank you very much. I have two questions. I'll just take them one by one. Looking at your full year revenue guidance and what has been delivered here in the first half of the year, it's a quite significant ramp up that you're looking into here in the second half of 2023. I was just hoping if you could give a little bit more flavor as to what you have done in order to make sure that the organization is actually ready for such a ramp up. I mean, quick math, it is at least DKK 100 million that you need to book here in the second half. What have you done to make sure that that is actually also possible from a, yeah, practical point of view? Thanks, Casper. good morning. Your question is, is, of course, fully appreciated, and, and, and the math, looks the same from our side. We will need to deliver the majority of our order backlog, to, to fulfill our revenue targets. What we have done on the organizational side is, is, is, well, a, a number of things, but on the manufacturing side, it is, both, a focus on, of course, making sure that we're bringing the sufficient amount of people, with the right capabilities and have them trained. Secondly, our new Chief Operating Officer, Carsten Schiøtz, has been working on redesigning our entire production flow line, which means that we both from a capability point of view, but also on how we actually assemble the sub parts of, of, what will end up being a final electrolyzer that has changed. With those two, what can you say? Decisions or, or work done, we are now relying on this receiving the sub components, especially around plate heat exchangers and separators, to fit them into our racks and electrolyzers to allow these equipment to be delivered to customers. Okay. Is there anything that could go, you know, wrong in terms of the sourcing? You did, of course, touch upon the, you know, it feels as if some of your key components are being delivered, sort of a, sort of a little bit ad hoc. Have you done anything additionally in order to make sure you also have the, the stuff you need to, to make sure that these electrolyzers leave the factory floor on plan? Well, Casper Blom, I think the answer to that it needs to be no. Not in the sense that we have not worked hard on, on doing the best we can to have the subsuppliers lined up. The, the slides also continue to late. We've seen during the summertime in, in our ability to deliver equipment. That is expected because we have not yet received the sufficient amounts of, of subcomponents, especially around the separators and the plate heat exchangers. That means that, that, to your question, can, can further things go wrong? We don't expect it to, that there is an inherent risk that if we do not receive the components as required, we cannot deliver according to plan. That said, we remain confident that we will get the equipment and the subcomponents, and that we can start assembling relatively soon in a more serial mode, allowing us to deliver the megawatt and revenue output for the year. It does come with an uncertainty, and we are being clear about that. Mm-hmm. If one was to sort of then think into 2024, 2025 and 2026, where hopefully you will be delivering even more, much, much more than, than you are doing here in the second half, is there a way to sort of make sure that those subsuppliers also step up, you know, maybe using more subsuppliers or, you know, how can you, how can you assure that? Yeah, I mean, absolutely. As ever, I am, and we are very transparent around our own journey here. Our ability to estimate and assess our overall performance and output, allowing us to deliver on the promises made, also our ability to work actively, also upstream from our business, into the value chain and the supply chain around our things that also needs to improve. That being said, we are from a sourcing point of view, taking a number of different approaches. Firstly, as you're also alluding to here, we are trying as best as we can not to be relying on single suppliers. We have a dual sourcing strategy or multiple sourcing strategy on many of these components. We also try to be unreligious, if you will, on, on, on our, what we are doing ourselves, in the sense that as much as we can lead to sub-suppliers, we will. We, we, we become more and more distinct on what is core to us, and what we, what we want to control ourselves. Lastly, we are also working on, on, making these sub-suppliers delivering larger and larger sub-modules to our, suppliers. We are not, relying on, on this very large currently amount of sub-suppliers to us, but we are getting it, it more and more pre-assembled, before we do the final assembling of the equipment. A number of different procurement/sourcing, initiatives there. Okay. That was a, that was a long first question out of two. The second one then goes to the X-Series. As we sort of wait for hopefully, a successful testing, and first sales here later this year, are there any milestones that you will be announcing towards year-end that we should sort of keep an eye on? We expect to announce, following, of course, the, the proper internal treatment of that, but we expect to announce by quarter four, that we have now, landed a sufficient, basis and robustness, on the X-Series so that we can commence, firm sales on that equipment. That is an event that is taking place in, in, in quarter four of the years, not with a specific date yet, but that is, that is the event in quarter four, allowing us to take in, the orders that will, convert to sales, by next year to fulfill our targets there. That, that will be coming from, from, the company in quarter four. Brilliant. Excellent. Thanks a lot, Sebastian. Thank you, Casper. Operator, please. Thank you. As a reminder, if you'd like to ask any follow-up questions or any further questions, please dial star one now. Our next question today is from the line of Dan Togo of Carnegie. Dan, please go ahead. Your line's open. Yes, thank you. Just to break down the issues here during Q2, I see there's twofold, right? You have quality issues on the A90, causing you these DKK 35 million-40 million, additionally, and then you have these supply chain issues, causing delays. Are there any costs, penalties, et cetera, attached to that? Then following up-upon a bit what Casper was asking here, in the longer run, can you elaborate maybe a bit what these supply chain issues are and the impacts here? Because if it's, it's, if it's lack of capacity, I mean, that could potentially reflect on prices, and again, you're seeing additional cost inflation when we go into 2024, 2025. What's the risk of such a scenario? And a bit of flavor on that, please. Thanks, Dan, and good morning, also to you. I will let Ole cover the first part on the cost and the penalty side, and, and, and I will, I will address your question on, on sub-suppliers, cost and uncertainties after that. Please, Ole. Yeah. In respect to your question in regards to our ability to pass on some of the costs related to the quality issues on coating and other quality issues causing delays in in the second quarter. We are constantly looking into improving our supplier base, optimizing the quality, but in this specific instance, of course, also passing on cost and looking for the ability to claim penalties and cover some of our cost, which had increased due to these events. Can you elaborate maybe, the, the, these... Sorry, sorry, just to understand here. You have, you, you, you have, sort of say, quantified the quality issues to these DKK 35 million-DKK 40 million... Yes. Will there potentially be anything on top of that relating to the supply chain issues in, in the form of penalties, et cetera, that impacts the second half? We have accrued for LDs arriving from our contractual obligations to customers. We don't expect to realize any additional penalties in respect to these quality issues. Okay. Thank you, Ole. To the latter part of your question, on general sub-supplier situation, I do foresee that, that, we are exposed to, to sub-suppliers' ability to, both deliver on time and at the right quality. I, I mentioned that because that is also, that is already a, a point of, of experience for us, that we have seen that. That is indeed also, a point that we have already seen on the separator and the light heat exchanger issues. As mentioned, as part of the EPA adjustment we announced in May, we also made the active decision on switching from certain materials, nickel coating to, to stainless steel... What we are seeing now in terms of sub-suppliers struggling, delivering on, on, on the time is, is probably something that we and also other OEMs in the value chain will, will, will see also going forward. I do think, however, that part of, of the obligation we have and the task we have as an OEM is also to become better and better in, in managing the supply chain. And that also as, as addressed to the prior question by, by your colleague from Danske, then, that also includes more active involvement of more than one sub-supplier on, on these things. On the one hand, a lot of these components, most of them are relatively simple components. Stainless steel is a, is a known material, et cetera, et cetera. It is relatively straightforward. On the other hand, these raw materials need to be manufactured to become vessels and subcomponents in our systems. That means that the sub-suppliers need to do further handling of the materials according to our design and, and, and quality and, and, and safety specifications. That means that although it is relatively simple materials, there are some steps before these materials become subcomponents in our systems, and that takes longer than expected. These suppliers, are they unique for green hydrogen, or do they supply other OEMs within electrolyzers? It's a more industry-wide problem, or is it unique for green hydrogen? Do you have any knowledge of that? Well, if not full knowledge, then I can confirm that, that some of these suppliers are unique to us. Others are definitely supplying the, the entire industry, and that means that it is also, widely speaking, an, an industry phenomenon we're talking about. I also think, a bit of defense comment for the entire industry here is that, that, although stainless steel is stainless steel and has been for, for a long time, many of these components need to go into electrolyzers, that are being scaled for the first time. I think there is, a bit of an industry learning there as well, that, that some of these suppliers may have been on the market for many, many years, but they have not, done sub parts to electrolyzers. That there is a first for everything, and this is also quite new to the value chain. Maybe something relating to this as well. Can you just remind us what are the warranty provisions you intend to make going forward? We have put aside the warranty accrues in line with our revenue, and currently, we are quite conservative in that respect. Over time, when we are getting more and more insight and knowledge in regards to the expected cost, it will drop gradually. Right now, we are accruing around 10% for our guarantee obligations, and in addition, specific provisions related to any quality issues which are determined with the more specific character. Okay. Thanks a lot. Thank you, Dan. Also rounding off the, the, the nature of the questions addressed here by, by all of you, we can, from our side, management side, confirm that, that we are paying a lot of attention to our supply chain situation. It is clearly a prerequisite for us delivering on our promises and our targets, that we get these subcomponents. Otherwise, we cannot do that in the timing that, that we have in our plan. Rest assured that this is a, this is a, a high attention topic for us. Operator, please back to you. Thank you. As a final reminder, if you'd like to ask a question today, please dial star one on your telephone keypad now. Okay, it appears we have no further questions entering the queue today. It'd be my pleasure to hand back to Mr. Andreassen for any closing remarks. Thank you, Harry. Thank you, operator, and thank you, everybody, for paying attention. This is only for me to say thank you on behalf of the Green Hydrogen Systems team. We are working hard and look forward to reporting the next quarter results at the trading statement in November of this year. Thank you very much for now for paying attention to this call this morning. Thank you. Thank you. This concludes the Green Hydrogen Systems interim report for first half of 2023. Thank you all for joining. You may now disconnect your lines.