Good morning, everyone, and welcome to today's call, titled Green Hydrogen Systems Third Quarter 2023 Trading Statement. My name is Ellen, and I'll be the operator for today's call. All participant lines will be muted throughout the presentation. At the end of today's presentation, there'll be an opportunity to ask a question. If you'd like to ask a question at this time, please do so by pressing star followed by one on your telephone keypad. I would now like to turn the call over to Peter Friis to begin. Peter, please go ahead whenever you're ready. Thank you, operator, and thank you to all of you who have taken the time to join our Q3 webcast. To start, I would like to introduce myself as the new CEO of Green Hydrogen Systems. First of all, I'm glad to return to the renewable energy industry. I'm especially glad to to join Green Hydrogen Systems at this point of time. A time where electrolyzer products need to be rolled out to rapidly to our customers, in the same time as production need to be ramped up to an industrial scale as soon as possible. Product development and scaling of new renewable energy technology, just about to take off, was my core focus in investors. This is what inspired me and motivated me back in time. After some years away from renewable energy industry, it is the possibility to join that journey once again, that attract me to Green Hydrogen Systems. I look forward to use my insight and experience here. We work every day on maturing and industrializing the electrolyzer product family. This was a short introduction from my side in this investor call. I will leave the floor for my CFO, Ole Vesterbæk, who will take you through the presentation and answer questions related to the trading statement you might have. Thank you, Peter. Before we start the actual presentation, please be advised that this call will contain forward-looking statements, which are subject to risks and uncertainties. Today's participants are our new CEO, Peter Friis, sitting next to me. It's our Head of Investor Relations, Jens Binger, and myself, Ole Vesterbæk, CFO. At today's call, we'll update you on the recent past events, as well as some near-term business milestones. Furthermore, we'll provide the latest details on our A and X-Series development and commercial progress. Delivery of the initial X-Series electrolyzer units commenced end of 2022, and have continued into Q1, Q2, and Q3 2023. We have delivered the electrolyzers to Danish, European, and global customers, and we'll see that our electrolyzers are installed and operated in commercial projects, providing green hydrogen to various direct and indirect applications. Later on in the presentation, we'll provide more details on some of these projects. In the interim report for the first half of 2023, we have discussed specific component and sourcing challenges with the X-Series. These challenges have, to some extent, continued in Q3, impacting our ability to make final assembly and delivery of a number of electrolyzer units. The impact in Q3 and for the full year will be discussed later in the presentation. In the beginning of October, we have announced the appointment of Peter Friis as our new CEO. Peter brings valuable experience in product development, optimization, and scaling of production facilities. These capabilities are essential in the current stage of our business, where the main focus is our continued product optimization and delivery plan, and the commercial rollout of our electrolyzers to clients worldwide. The X-Series prototype tests and validation progresses towards high-pressure hydrogen production at the GreenLab in Skive, Denmark. ... Customer dialogues and partnerships on the X-Series is progressing positively, exemplified with the recent letter of intent with BioCirc. In Q3, and also continued in Q4, we have delivered additional X-Series electrolyzers to our customers. The delivered electrolyzers have been commissioned for commercial production of green hydrogen at customer sites in Chile, Norway, and U.K. While being in production, the electrolyzers provide valuable data to further develop and optimize our electrolyzers. As communicated in late August, Green Hydrogen Systems is gradually solving the sourcing challenges related to the supply of specific component, such as brazed heat exchangers, as well as separator vessels in the required volume and quality. We expected a higher number of deliveries in the past quarter, but the sourcing challenges have significantly influenced deliveries revenue in Q3 2023. The delivery plan for rest of 2023 caters for the revenue required to reach the full year revenue guidance range. The plan relies on an expected and significant acceleration of components deliveries to allow for the scheduled electrolyzer Factory Acceptance Test and customer shipments before the year end. Any delay in the component supply chain in the electrolyzer product finalization, or the needed Factory Acceptance Tests, will increase the risk of not realizing the revenue guidance range for 2023 due to the extensive number of electrolyzer units to be revenue recognized in the remaining part of the year. During Q3 and October 2023, we have assembled balance of plants and containers, except the constrained parts, which supports a more rapid final assembly and test of the electrolyzers towards the end of the year. In the interim report for first half 2023, we briefly mentioned the customer project in Chile. Green Hydrogen Systems has delivered electrolyzer equipment for Walmart and its warehouse and distribution center in Chile, providing around 200 forklifts, trucks with hydrogen for its fuel cell powertrains. The equipment is part of the first industrial green hydrogen plant in Latin America, and proof as showcase and rollout for similar projects. In Q3, we have delivered an X-Series electrolyzer to a Swiss Power- to-G as project, owned and operated by Gaznat. The project provides CO2 neutral, renewable gases such as methane and hydrogen, which are injected into the Swiss gas network. The last commercial project I'll mention for now is our partnership with GeoPura, and the first deliveries of the 7.2 MW order signed back in January 2023. The first unit are delivered and will provide green hydrogen for supplying GeoPura's hydrogen power units across U.K. In GeoPura's green power as service model, the green power units are deployed for off-grid, temporary, or backup power supplies at various customer sites that requires zero-emission power across construction sites, TV production, or outdoor events. Besides delivery of the electrolyzers itself, Green Hydrogen Systems will support the projects with on-site maintenance, remote monitoring, and support as a part of the multi-year service agreements. In general, we are pleased to see these significant milestones for us and for our customers. The project milestones so far also confirms the commercial competitiveness of our standardized, modular, and factory acceptance-tested X-Series electrolyzer products. It's another step in the ongoing rollout of electrolyzers to various hydrogen projects for different applications worldwide. The development, tests, and validation of the first X-Series prototype are progressing at the GreenLab site in Skive, Denmark. The ongoing test program consists of a series of interdependent and coordinated phases, which started with basic software tests after the installation and commissioning phase, followed by tests where pressure is gradually increased up to the targeted performance values. While being performance tested, the prototype also undergoes third-party safety and technical validation, providing strong product performance evidence towards the ongoing customer dialogues. We continue to be in good dialogue with existing and potential new customers for the possibility of partnering on a test site for the second X-Series prototype, as well as sales for the first mod 1.0, as the recent announced letter of intent with BioCirc. On Monday this week, we have announced a letter of intent with BioCirc, a Danish developer, owner, and operator of renewable energy clusters. We and BioCirc are to cooperate on tests and supply of an X-Series electrolyzer unit, which makes a significant milestones in both our and BioCirc's commitment to advancing green technology and sustainable energy practices. We are pleased to see BioCirc's strong interest in our X-Series electrolyzer, and to provide electrolyzers equipment that supports BioCirc's overarching long-term strategy to become a prominent player in the Power-to-X space. At the same time, the cooperation allows us to take the next steps in a potential site testing and supply of an X-Series unit, enabling us to increase our valuable operational experience from on-site hydrogen production. The cooperation is an early stage development, and certain permissions and approvals are required prior to FID. With these positives on the X-Series, I'll end the presentation and hand over to the operator for Q&As. Thank you. As a reminder, if you'd like to ask a question, please press star followed by one on your telephone keypad. That's star followed by one on your telephone keypad to register a question. We'll just pause for a moment or two to allow any questions to be registered. Our first question today comes from Sam [unknown] from Carnegie. Sam, your line is now open. Please go ahead. Thank you. I was just wondering whether the risk on the top line that you allude to in terms of your guidance, so if there is a risk here, what is the potential risk, so to say? And will that in such a scenario have an impact on EBITDA as well, or does the EBITDA guidance, so to say, include whatever risk that might be on the top line? Just some clarity here. Thanks. Yes. Thank you very much for the question. We fully acknowledge that we have, in fact, in the recent period of time, had an issue with our supply of the specific components. As communicated in the late August, we are gradually resolving the sourcing challenges. We have seen an increased risk of not realizing the revenue according to our guidance range, but we've still got the confidence that we'll be able to final assembly and factory acceptance test the needed units. And then for the EBITDA question, due to, as we have previously communicated, made provision for loss to these parts of delivery of our backlog, we will see a minor impact on the EBITDA if we will deliver less or more than the actual guidance. So you stick also and maintain the guidance for the EBITDA. So EBITDA is well protected? That's what I hear. Yes. Also, despite ups or downs on the revenue. Mm. compared to the current range. Okay, good. Thanks. Thank you. As a reminder, if you'd like to ask a question, please press star followed by one on your telephone keypad to register. We'll just pause for another moment or two to allow any remaining questions. Okay, no further questions registered. So, Peter, I would like to hand back to you for any closing remarks. Thank you for your question, and thank you for all of you who have joined the webcast. Feel free to reach out to our Head of Investor Relations, Jens Holm Binger, if there are any further questions. Goodbye for now, and have a good day. That concludes today's conference call, everybody. Thank you very much for joining. You may now disconnect your lines. Have a great rest of your day.
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