Good morning, ladies and gentlemen, and welcome to the Ceres Power Holdings plc Annual General Meeting. Throughout this meeting, attendees will be in listen-only mode. Questions are encouraged and can be submitted at any time via the Q&A tab situated on the right-hand corner of your screen. Please just simply type in your question and press send. The company may not be in a position to answer every question received during the meeting itself. The company review all questions submitted today and publish responses where it's appropriate to do so. These will be available via your Investment Company dashboard, and we'll notify you by email when they're ready for your review. I'd also like to remind you that this meeting is being recorded. I'd now like to hand over to Warren Finegold, Chairman of Ceres Power Holdings plc. Good morning, sir. Ladies and gentlemen, it's now 9:00 A.M., and I'm pleased to welcome you all to the 2021 Annual General Meeting of Ceres Power Holdings plc, held at Roffey Park Institute in Horsham. As a result of the continuing COVID-19 restrictions, and in line with the latest government advice, the board has adopted a number of changes to the traditional running of the company's AGM, as we did at the last AGM in December 2020. The company has made arrangements for a quorum to be present to transact the formal business of the meeting as set out in the notice of AGM with other shareholders attending by webinar. At this time, I call the meeting to order. Let me introduce myself and also my fellow directors. I am Warren Finegold, Chairman of the Board. This is my second AGM at Ceres, and I am delighted to be leading the Board at such an exciting time in the company's development and after an extraordinary year of achievement. You will hear more about this in a few minutes when the Chief Executive presents his review of the business. Also with us today are Steve Callaghan, our Senior Independent Director and Chair of the Remuneration Committee, Caroline Hargrove, Non-Executive Director and Chair of the Nominations and Governance Committee, Aidan Hughes, Non-Executive Director and Chair of the Audit Committee, Uwe Glock, Non-Executive Director, Haoran Hu, Non-Executive Director, William Tudor Brown, Non-Executive Director, Philip Caldwell, Chief Executive Officer, and Richard Preston, Chief Financial Officer. I am delighted to say we also have with us Dame Julia King, Baroness Brown of Cambridge, who we have recently announced will join the board as a non-executive director immediately following this AGM, and who will stand for election at the next AGM. We also have members of our executive team present, together with representatives of our legal and financial advisors. With us, too, is Tim Anderson, Company Secretary. A few words about the agenda for this meeting. First, we will have a company presentation where we will also read out and answer questions related to the general business of the company, submitted in advance or posted live on the webinar. I anticipate this will take about 30 minutes. We will then address the formal business of the AGM. I will talk through the format and procedures for this shortly. If you would like to ask questions relating to the company presentation or the AGM resolutions, you may submit them now via the Q&A tab situated on the right-hand corner of your screen, and we will address them at the appropriate time in this meeting. We move on to a business review of the company, including a presentation from our CEO, Phil Caldwell. Okay. Thank you, Warren, and thank you everybody for joining us today. Let's move on with the slides. Looking back, this has been quite an extraordinary year for everybody concerned, and I'm very pleased to say that at Ceres, we've had a very successful year with our strategic partners going from strength to strength. I think underpinning that, despite the global pandemic, is action to address climate change remains the number one global priority. Our purpose at Ceres is to establish ourselves in a leading position as a clean energy technology business that addresses climate change. I'm pleased to say that in that reporting period, we've also made progress on all our major contracts, increasing revenue to around GBP 30 million over the 18-month period, just over GBP 20 million for the 12-month period, and maintaining an asset-light, high-margin business which sets us apart from our peers in the industry that have margins around 67%. I'll talk further about our strategic partnerships, and I'm very pleased we have two board members here, representatives from Bosch and Weichai today as well. I think overall, this was really made possible through the commitment and dedication of all of the people at Ceres throughout this pandemic, and I think what we achieved is a huge credit to all our people. A big thank you for everybody concerned. Earlier this year, we also successfully completed a fundraising of GBP 181 million to grow the business. I'll explain why we feel the timing is right to grow the business. Again, that was backed by our strategic partners in Bosch and Weichai. Why are we growing the business now? Well, I think I'm sure all of you are aware that the urgency to address climate change has never been greater. We're seeing that in a number of areas on the macro scale. Policy decisions globally, there's now 20 major countries with policies towards decarbonization and hydrogen strategies. From Ceres' point of view, having been in this industry for almost 20 years, we already are, we believe, one of the leading technology players in this industry. We want to maintain that leadership position and grow. Climate action remains the biggest challenge, I think, in industry, we're seeing a lot of companies now actually committing towards net zero targets and facing considerable disruption as they move to decarbonize their businesses. Finally, not just the policy side and the industry side, but we're now seeing very strong backing for investment for growth in green investments with the ESG agenda growing significantly. I think we have this perfect environment now to really bring forward technologies that can address climate change across society into mainstream commercialization. Next slide, please. If you think about the company's purpose and where we've come from as a business, Ceres Power started off in small scale stationary at the kilowatt level. Over the past years, as we've changed the business model towards a partnering and licensing model, we really focused on the core technology, and we've gone up in power quite considerably from single kilowatts to tens of kilowatts, to most recently announcements with our partners such as Doosan in South Korea into the hundreds of kilowatts, going on to megawatt scale. That trend continues, and that's fantastic for the business because that's just showing the demand for the technology. Equally, if we think about our purpose, about decarbonization of society, we're starting to look at some of the harder to abate sectors of society as well. That has taken us into applications such as transportation, and we have our partnership with Weichai, particularly looking at the commercial vehicle side of our technology as a range extender for heavier vehicles. More recently, we're seeing renewed interest or new interest rather, in maritime applications, particularly on some of the future fuels that are being considered for decarbonization like hydrogen and ammonia. Our partnership with Doosan is a great example of that, where last year they announced they're moving into a partnership with Hyundai Heavy Industries, one of the world's largest shipbuilders. We've gone from stationary power into transportation, and then we're looking at industrial decarbonization as well, and this really is a hard area for society to address, but it's also a huge opportunity. We believe there's a significant business opportunity in green hydrogen and a pathway to decarbonization of industry and e-fuels. One of the things that we've done is raise additional capital to grow this side of the business. Really, we are staying true to our purpose in addressing all these sectors of society. Next slide, please. If you just look at the progress we've made over the past 18 months or so, we first started working with Doosan in July 2019 with, first of all, a system level license, which is about GBP 8 million. We're pleased to say that last year, we moved that forwards into a larger scale utility type application and also a manufacturing license to move towards 50 MW of production by 2024. Very pleased that we continue our relationship with Weichai, and they've continued to invest in the business. Sorry, the slides. Thank you. They continue to invest in the business through all the financing rounds, and we're in the midst of discussions with Weichai around the formation of the intended JV in Shandong province this year. Also getting closer to completing the trials, which have been undergoing for about a year on our application for a range extender in the mobility applications with Weichai. With Bosch, we've been working with Bosch for a number of years now, and they recently completed a significant milestone just at the end of 2020 to commit towards a target of scaling manufacture to 200 MW by 2024. That's on the back of successful technology transfer. We should also mention our partnership with Miura in Japan, where we have been all the way through system development through to actually having commercial products on sale in Japan now, and that's been going very well for over a year. We're very pleased with the progress with Miura. A new partner was announced at the turn of the year, which was AVL, which is a partnership really on engineering and business development. The intended strategy there is enabling us to access more applications and more strategic partnerships with somebody that can also provide some of the front-end engineering and also the business development. We're very pleased with how that relationship has started. Already, we have a number of opportunities that we're working on together. Next slide. The key part of the progress we've probably covered already, but you can see here, the highlights with Bosch, 200 MW by 2024. You can see the picture there of the 10 kW unit that we've developed with them. We have one working in Horsham. There's several of these now on trial in Germany. With Weichai, you can see the 30 kW range extender, which is undergoing the trials now in China. With Doosan, we made that significant step with Doosan that are the leaders in stationary power. South Korea has a very ambitious target of power generation from fuel cells, something like 16 GW by 2040. We're with the market leader in South Korea. That was a very significant partnership for us. As I mentioned, AVL takes us into more and more applications and business opportunities. We felt the timing was right to grow the business. We raised GBP 180 million, of which about 25% was actually to grow the existing fuel cell business, higher power applications, future fuel readiness. Things like readiness with ammonia, hydrogen compatibility and blends, et cetera. They're all going to be needed for decarbonization. The SOEC side, around GBP 100 million over the next five years is really to grow this very interesting area for us of electrolysis using solid oxide. Solid oxide is a truly reversible technology, and it's a very natural step for the company to look at reversing the application of the fuel cell into electrolysis to actually produce green hydrogen, particularly in industrial applications. Underpinning all that is a core of investment in infrastructure, to accelerate our development and make sure that we're continuing to innovate at the same time as delivering on our key partnerships. We're very pleased that we completed this fundraising, and we're very pleased to have the support of our two major shareholders in Bosch and Weichai backing this strategy as well. Just a word on the fuel cell and the green hydrogen side. One of the reasons we felt this was a logical step for the company is essentially it's highly synergistic. We're building on the same core cell and stack IP and architecture. We can use the same IP portfolio, has dual purpose across both of these applications in many instances. Importantly, we're at the stage of scaling up with partners now on the fuel cell side, but a lot of that work on the maturation of supply chains on scale up, et cetera, is equally applicable in the other applications of SOEC. We believe a lot of the ecosystem that we're putting in place now on the fuel cell side could be addressed towards electrolysis as well. Hence, we believe it's the same partnering model which we've been successful with so far on the fuel cell side can also be applied to electrolysis. If you think about this in terms of the business opportunity, I'm very pleased with the progress we've made on the power side in recent years, and I actually think that we've only just touched the surface of where the fuel cell side of the business can go. If you think about the partnerships we've talked about on the left-hand side with Bosch, Doosan, Weichai, Miura, and some of the different applications that we're already targeting, commercial CHP, data centers, distributed power generation, utility power generation, maritime, that's just getting going. We are going to continue to invest and grow that side of the business. If you think about the other side of decarbonization and the fuel side, green hydrogen as a potential pathway to decarbonization of some of these harder to abate sectors, such as industrial applications like green ammonia, green steel, decarbonization of cement, petrochemicals, and e-fuels. There's a whole new set of partners and ecosystem that we can go into there. It's a very logical expansion of the business. Next slide. We do believe the technology has some clear advantages in certain applications. I've always been a big advocate saying that as we face this challenge to decarbonization, we're going to need all the different technologies available to us. I think the sweet spot for solid oxide is really in the integration with thermal processes where we can address industrial decarbonization. I think that's one of the hardest things to address. I think in that particular application, we could have as much as a 20% advantage on efficiency. Efficiency is going to be very important when we think about hydrogen production, because about two-thirds of the cost of green hydrogen today is the energy input. We see a very significant market opportunity for SOEC in that particular application. Next slide, please. How the business scales, it's exactly the same model that we've been practicing for the past eight years or so since I've been with Ceres, which is we're driving on the left-hand side, more and more applications and demand for the technology, which in turn drives the demand on the right-hand side of this slide for manufacturing partners and licensees. We want to basically establish our solid oxide technology as the industry standard. That comes about because we'll have intentionally many partners running different licenses for system applications, serviced by a trusted number of partners who can really scale the manufacturing and supply chain, and that's how we grow the business. How we see that evolution of revenues growing, I'm pleased to say that we've continuously grown top line revenue over the past few years. Really, we expect the big inflection point in revenues to be when we get recurring royalties, which comes on stream when our partners come on stream with scale. We're talking 2024 onwards. What we're doing here is if you look at the purple on this chart, that's the progress, the journey we're already on with the fuel cell side of the business. I believe that the electrolysis side, it will lag by a few years because we still have to do the development and the partnerships. Again, with all the synergies I talked about, I believe it's going to be very additive to the future value of this company. The financial highlights for the 12 months, we did change our year end, this is adjusted for a 12-month view. What you can see here is revenue in the 12-month period was just under GBP 22 million. As I mentioned earlier, gross margins of 67% because we operate this partnering and licensing business, it's, we believe, the best way forward for this company to commercialize and scale. Adjusted EBITDA, just under GBP 10 million. Cash used in operations, you can see here, was relatively modest. Significantly, the order book and pipeline was just under GBP 100 million at the turn of the year. Cash and investments actually was GBP 110 million at the turn of the year, but obviously, we've now added significantly to that with the recent raise. Just to leave you with a summary and outlook, really. Like I said, the urgency for climate action has never been stronger. We have to move at pace and scale with our partnerships, and that's what Ceres is all about. The strategy of licensing and partnering, we believe, is working very well with us, and we value very much the partnerships that we have today and look also at expanding our partnerships. I think we have delivered another solid year, despite some of the headwinds we've had with the pandemic. Again, I can't thank our team enough for that, for their commitment to Ceres. It's fantastic. I think we are establishing our reputation in the industry as the go-to company for solid oxide. I think you'll see that as more and more partners come on board and we continue to enjoy the support of the partners that we have. The fundraise, I think, consolidates our position for growth, and we want to maintain that leadership position. We don't want to stand still. We want to be the leader in this sector. We are still planning a move up to the main market in the next year, because that's the logical transition for the company to make. We are a high margin, clean energy technology business, and I believe that we're very well positioned for growth. I'll happily take questions. Hi, Phil. Thanks very much for the update. We have had a couple of questions come through, if you're happy to take a moment here. The first comes from investor who asks, the company is to be congratulated on its progress with existing licensees, but last year you stated that you expected to achieve one to two additional licensing agreements each year. I can imagine that lockdown restrictions have probably influenced progress since then because there have been none forthcoming. Are you disappointed, and has the pipeline of such discussions increased? No, I'm not disappointed at all. I actually think that if you look at what we did last year. We did actually sign some very significant license deals last year. The Doosan deal was a GBP 43 million deal. The AVL deal, although it's not a license deal, is a pathway towards more partnerships. The key milestone that we passed with Bosch also triggered another stage of around GBP 23 million, a follow-on contract. When we say new license deals, actually, they also count with existing partners. Growing partners is just as important as adding to that pipeline. I'm very pleased, actually, I'm very proud of what we've achieved commercially in the past year, and I think our results say that. In terms of new partnerships, we're always working towards new partnerships, and we will update you when we have significant progress on that. I think, like I said, with the early stages with some of our relationships with AVL, we're continuing our relationship with Honda, which we don't talk much about, but again, when we have significant progress, we'll update you on that. The new area, like I said, of electrolysis, we have already a lot of interested parties in that new area. I think commercially, the pipeline is very healthy. A further question has come through on the Q&A function. The SOEC tech in its view is very difficult because you need a lot of heat to run it. What's your estimate of the whole SOEC market? You're still developing SOECs, but do you have an interest to deploy or sell it? How will that work? I wasn't quite clear on the first part of the question. I think there is a bit of a misconception, which is SOEC only runs if you have heat. That is not true. Actually, SOEC is already a higher efficiency technology than alkaline or PEM, even without heat integration. The clear advantage is when you have thermal integration, and the level of thermal integration gives you the uplift on efficiency. SOEC, as a family of technologies, there is more and more interest in that area. It is not just at Ceres, we are seeing that in other regions as well, in Scandinavia, in South Korea, et cetera. You will see more and more applications, I think, for solid oxide in electrolysis, because it is natural that we should move up in efficiency for electrolysis. Electrolysis is not a very high efficiency process today. Mount up efficiencies are not brilliant. It's logical if we are going to go down this path of green hydrogen, we should develop high efficiency electrolysis, and that's what we intend to do. In terms of the business model, as I've explained in the presentation, it's the same business model. We're not intending to build and deploy electrolyzers on our own. Our job is the technology providers. There's plenty of people already very invested in this pathway to green hydrogen who are all looking for high efficiency electrolysis technology, and we're engaged in early stage discussions with a number of those. Like I said, we're very confident that the market is there and is very significant. If you ask me how big that market is, I think it could be as big, if not bigger, than the fuel cell market in the fullness of time. Like I said, I think there's a lag here, as in people need to understand that when you talk about decarbonization, you're talking about a transition to 2040, 2050. If you look at the projections for hydrogen, it really gets going late 2020s, 2030, 2040. We believe the timing is right to do the development now because we think that this technology will have a very significant role to play as a high efficiency technology in the decarbonization of industry in the coming decades. Great. One final one if I may. "There's clearly slippage with Weichai," says Charles. "Is there a political implication with this? No, not at all. Not that we are concerned with. No. We said two things in our partnership with Weichai. One is we need to complete testing field trials in China. That, unfortunately, has been somewhat impacted by COVID. The teams, both the Weichai part of the team and the Ceres part of the team have worked well, and that's something that we're looking to conclude middle of this year. Then the business planning side, which we are fully engaged with right now. Like I said, Weichai fully backed the last capital raise and remain a very supportive partner. I personally don't have any concerns around any change in the geopolitical side. I think it's all about the relationship and the strong partnership we have with our partners. A question, if I could address it to you, Richard. Gareth asks, "Are the estimates for future royalties for SOEC per year or total for the upcoming years? How many megawatts of SOEC are those royalties applicable to? Thank you, Elizabeth. These are royalties per year, but they're based on the total addressable market. Clearly, we'd expect to get a decent portion of those. That's what it's based on. Thanks, Richard. Tony asks, "Phil, when do you think the electrolysis development will turn into licenses? There's two answers to that. One is we need to demonstrate this to a credible level to potential partners. There's also a value question here, which is if we try to license this too early, we risk giving away valuable IP into partnerships or not really getting the full value for this. We will license it when it's the right time to do so. That doesn't mean that we won't go down the path of joint developments and starting to have partnership discussions with people. Like I said before, I think that to manage expectations, it will lag several years behind the SOFC side of things. That said, we do have very significant interest in this whole area of green hydrogen. I think if things go well, I think partnerships could form sooner. We can't speculate, but we'll keep you updated with partner progress. We like to deliver through partnerships, and that's how you'll be able to monitor our progress. Great. Another investor asks, "Can you talk about your competitors and who you worry about most? Well, at this stage, I don't really worry about competitors because the market is pretty nascent, and the whole industry needs to mature and really commercialize. If you want to get into specifics, I hold a view that there isn't one technology wins all, and I think it's a misconception from investors that they're trying to pick a winner, because that's just not the case. If you want to go into more details on the solid oxide side of things, they're not direct competitors, but we respect Bloom Energy in the U.S. They've made good progress on data centers, they're moving into South Korea, et cetera, and they're also moving into electrolysis. Very parallel path to ourselves. Some of the Japanese ceramics companies, we've always competed against and done very well. I think we're the only non-Japanese technology on the market in Japan, as I mentioned, with Miura. The likes of Kyocera are our leading player in Japan. Solid oxide, there's not that many players. In some ways, we need the whole sector to come forward. It's not just Ceres being the only solid oxide advocates, if you like. In terms of different applications, you'll see very good technology on PEM in some of the mobility applications. You'll see early stage of alkaline in electrolysis because it's most mature, and you'll see different technologies at different stages. If you look at the challenge for fuel cells and green hydrogen, the market potential is so huge that we have to rapidly scale supply chains, manufacturing, and industry. There's plenty of room, I think, for a couple of world-class companies to really emerge in the coming years. Great. Thank you. There's a couple of questions that have come through on partnerships. Once the partnership is established, how do the two companies proceed in practice? Perhaps if you could provide an example. Another one, talking about partnerships also as being key for us, whether we see any opportunities in partnering with U.K.'s ITM, which is looking to create world-leading hydrogen development. Would there be any synergies for the companies? Thanks. Okay. If I answer the first part, the partnerships follow a fairly regular pattern. People that have known the company for a while will have seen this in our progress. We tend to start with joint developments where we put engineering teams together. We work typically on systems, and at that point, we sometimes also grant a system-level license. That tends to take an application through to a prototype, and then we move on to licensing, where the partner may want to take manufacturing in-house, and then we form a licensing partnership. At the same time as the license agreement is signed, that also includes the future royalties. We tend to work on engineering services type joint developments with about a 50% margin, license fees which are significant upfront, which cover the technology transfer, so where we actually provide technology directly to partners, and then we carry in royalties once that partner actually commercializes. A good example of that is Miura, who've gone all the way through that cycle from early stage joint developments through to building their own products in Japan and now actually sell under license from Ceres. That's the partnership. In relation to the question regarding ITM, anything's possible. I respect ITM. I know Graham Cooley and the team pretty well. I don't think that's really on our agenda right now. We're focused on getting our technology to the demonstration phase in the next 18 months. Also, if you look at the size of our partners, we tend to look at large industrial players who are very additive to Ceres, so that's who our target is right now. Great. Perhaps one final question before moving back to the formal part of the meeting. Bruce asks, "What are the key operational objectives for the business over the next year? Thanks. It's really delivery to partnerships. What we are committed to with Bosch on scale up, with technology transfer and enabling Doosan to scale up and establishing the joint venture with Weichai. They're obviously three key fundamentals that we're working very hard on at Ceres and putting a lot of people and investment into those because that really takes us forward to commercialization. At the same time, standing up some of the electrolysis side that enables that business to attract partners and to grow. It's really delivery. Delivery to existing partners is number one priority, and then growth and innovation. Part of the fundraise was to enable us to do both simultaneously. We can't stand still. We're a very innovative company that relies on technology and IP, and that's what we're going to continue to do. We also have to mature the technology at scale and speed, and that's what we're doing with our partnerships. I shall now return to the formal business of the meeting. The notice of this annual general meeting was sent to shareholders on the 20th of May 2021. Unless there are any objections, I will take the notice as read. Thank you. I will now explain the procedures we will follow. We will first read out and answer any questions related to the resolutions received in advance and those now posted live during the webinar. We will also publish the questions and answers on the company's website after the meeting. If you have not yet done so, please post any questions on the resolutions now. To be fair to everyone who wishes to ask questions, please restrict the number of questions you ask. We will only permit questions from members, corporate representatives of members, and proxies. Due to the current restrictions, the voting for all resolutions at this AGM will be determined by way of a poll of proxy votes received in advance of this meeting, rather than by a show of hands, and you will not be able to vote live on the webinar. Are there any questions? No. There have been no questions asked on the resolutions, and accordingly, I will now go through each resolution in turn and share with you the proxy votes received and announce the results of each vote. There are seven ordinary resolutions and two special resolutions. We shall go through the ordinary resolutions first. The 1st item on the agenda is to receive and consider the accounts of the company for the financial period ended the 31st of December 2020, together with the reports of the directors of the company and auditor of the company on those accounts. The numbers of proxies I'm holding in relation to this resolution are now shown on the slide you can see. I therefore declare resolution one carried. Resolution two is to reappoint BDO LLP as auditor of the company to hold office until the conclusion of the next AGM and to authorize the board through the Audit Committee to fix their remuneration. The numbers of proxies I am holding in relation to this resolution are now shown on the slide you can see. I therefore declare resolution two carried. Pursuant to Article 54 of the company's articles of association, the board is entitled to fill a vacancy or to add to the board so that the number of directors does not exceed 10. Any such director so appointed holds the office until the next following annual general meeting when they retire, but are eligible for election. Accordingly, Mr. William Tudor Brown stands for election. Resolution three proposes to elect Mr. William Tudor Brown to stand for election as a director of the company. He was appointed a director by the board on the 1st of April 2021. As such, he now stands for election by the shareholders. The number of proxies I'm holding in relation to this resolution are now shown on the slide you can see. I therefore declare Resolution three carried. The articles of association of the company require a third of the existing directors to retire and seek re-election at this AGM. Accordingly, Mr. Philip Caldwell, Mr. Steve Callaghan, and Mr. Aidan Hughes stand for re-election. Taking each in turn. Resolution four proposes to re-elect Mr. Philip Caldwell as a director of the company. The number of proxies I'm holding in relation to this resolution are now shown on the slide you can see. I therefore declare resolution four carried. Resolution five proposes to re-elect Mr. Steve Callaghan as a director of the company. As the senior independent director, Mr. Steve Callaghan has offered himself up for re-election annually. The number of proxies I'm holding in relation to this resolution are now shown on the slide you can see. I therefore declare resolution five carried. Resolution six proposes to re-elect Mr. Aidan Hughes as a director of the company. The number of proxies I'm holding in relation to this resolution are now shown on the slide. I therefore declare resolution six carried. We now come to the special business of the meeting. To resolve as an ordinary resolution. Resolution seven requests authority for the directors to allot certain shares in securities up to an aggregate nominal amount of GBP 12,295,100, equating to approximately 66% of the currently issued share capital. This resolution complies with The Investment Association share capital management guidelines and current practice. The number of proxies I'm holding in relation to this resolution are now shown on the slide you can see. I therefore declare resolution seven carried. We now come to the special business of the meeting to resolve as a special resolution. Resolution eight requests authority for the directors to be able to allot shares and securities up to an aggregate nominal amount of GBP 931,447 without the application of statutory preemption rights. The resolution is being proposed as a special resolution and therefore must be passed by a majority of not less than 75% of members present and voting. The number of proxies I'm holding in relation to this resolution are now shown on the slide you can see. I therefore declare resolution eight carried. Approval of resolution nine will enable the directors to issue equities for cash up to an aggregate nominal amount of GBP 931,447 without the application of statutory preemption rights for the purposes only of financing transactions. This resolution is being proposed as a special resolution and therefore must be passed by a majority of not less than 75% of members present and voting. The number of proxies I'm holding in relation to this resolution are now shown on the slide you can see. I therefore declare resolution nine carried. That concludes the formal business. I now declare the 2021 annual general meeting closed. I thank you all for your interest and attendance. This AGM webinar has been recorded and will be made available on the company's website. The results of the meeting will be announced to the markets through our regulatory information service and posted on our website as soon as practicable. Thank you all very much. Many thanks to the board of Ceres Power. Thank you very much indeed. Could I please ask attendees not to close this session as you'll now be automatically redirected for the opportunity to provide your feedback in order the board can better understand your views and expectations. This will only take a few moments to complete, and I'm sure is greatly appreciated by the company. On behalf of the board of Ceres Power Holdings plc, I'd like to thank you for attending today's annual general meeting. That now concludes the session. Good morning to you all.