The rest of the crew, and we're really looking forward to spending some time with you today. We're also joined by a number of our key industrial partners and customers. We're really looking forward to their input later on in the presentation. Also, we're thrilled to see such good interest and engagement with the financial community joining us on this webcast today. It's a real pleasure for us, such a young company, only just over a year old, to have such a good following. Now, I say just over a year old. Of course, we actually are not just over a year old. We've been around for decades, and actually our technology story, our innovation, our experience in terms of process technology, really should be measured in decades rather than in months or just a year or so. This experience theme is something that we'll return to in some detail later on today in parts 2 and 3. Our session today, our CMD, it really runs through three parts. The first sets the scene. The first is talking about the market. We'll have an opening comment from our CEO of Valborg, it's talking about the market from the Global Carbon Capture and Storage Institute. It's a great video which will lead into a short break. We'll talk about innovation, our innovation technology story. We'll have some great interviews with some key partners of ours, Siemens Energy and Microsoft. We'll have another short break and move into part 3, which is all about commercial innovation and our Carbon Capture as a Service story. There we'll have some hopefully very exciting input, I'm sure, from the likes of Carbfix and Carbonor. During this, we have Q&A at the end, but during this, on the online platform that you're already engaged in, there's room to chat and to ask questions. We'll be keeping an eye on that all the way through. As questions come up, please do enter them in there, and then we'll get to them right at the end of the show when we come to the Q&A section. Let's take the first move, part one. Valborg, thank you for joining us. How would you summarize our strategy and our positioning right now? Thank you, David. Well, let me take the bigger picture first. Fighting climate change requires action now, and there's an increased awareness that carbon capture and storage must be part of the solution. A year ago, we were approached by a number of customers from all over the world who wanted to use our unique technology to reduce their CO2 emissions, and we understood that that was the right time to establish a pure play company on carbon capture. Now, a year after, we're in operation. We are delivering the world's first carbon capture plant on a cement facility in Brevik for Heidelberg Materials, and we have announced a new innovative offering, Carbon Capture as a Service, carbon capture made easy. We've set ambitious target going forward, and in order to do so, we need a clear direction how to meet those targets. First, we are looking at the market. We have prioritized the Northern European market with Scandinavia, Benelux, and U.K. leading the way. This is where we had most requests from customers. We also see that the regulatory regime is most mature. We have prioritized segments where our technology have been verified and proven. It's cement, of course. We will be the first in the world. It's bio and waste to energy. It's blue hydrogen and gas to power. We cannot do this all alone. We have to work with partners. We're a small company. We're a startup with the agility of a startup. We also have the strength of the big Aker Group and the strong Aker companies in the group. We work with other partners as well. We work with a number of complementary partners, and some of them you will meet today. I'm looking forward to introduce them to all of you. In order to turn economics positive for CCS, we need to get the cost down. That is our part of this puzzle. We have set an ambitious target with up to 50% cost reduction within mid of this decade. There are a number of initiatives to be taken to reach that target. It's not just one fix, but we are ambitious. When it comes to business models, we will continue to deliver EPC projects like we're doing for Heidelberg Materials, but also license models with key equipment. Now we're bringing the whole value chain together, carbon capture and storage, offer the full value chain as a service. The customer just pay per ton CO2 captured. Carbon Capture as a Service is carbon capture made easy. Our ambition is 10 in 25, secure contracts to capture 10 million tonnes of CO2 by 2025. Back to you, David. Thank you, Valborg. Yes, there's a lot to discuss today. We'll hear from you at the end. We'll come back for some closing comments and a wrap-up. The next stage of this is to run through a market outlook, and we're delighted to be joined by Jeff Erikson. Jeff, thank you so much for spending the time to join us today from the Global Carbon Capture and Storage Institute all the way from Washington, D.C. Jeff, you have some nice slides to run through, then after that, you and I will have a couple of quick questions. Over to you. Very good. Well, thank you, David, and first I just want to make sure that I'm coming through okay. Can you hear me all right? David, can you hear me? Yes, thank you. Yep, you're on. Okay, very good. Thank you. Great. Well, it's a pleasure to be here speaking with you all today, and it's exciting to be part of the Capital Markets Day. I think the fact that Aker Carbon Solutions now is a triple A carbon capture company is a sign of the development of the industry, and like I said, it's a pleasure to be a part of it. I'm going to spend about 15 minutes today just walking you through very quickly what we see as the current market in carbon capture. When I talk about carbon capture, that is full chain. Includes both the transportation and storage elements, as well as the capture element of it. So not just what it looks like today, but what we expect to see in both the near future and the further horizons for the market. First, just a word about. I want to make sure that my advancement is working well, because I'm not seeing that on my monitor. I should be advanced to slide 2 here. Can someone confirm that? There we go. Okay, I see it now. Thank you. A word about the Global CCS Institute. We're a global think tank. We have as members national governments, subnational governments, multinational companies, and small service providers, and we're pleased that Aker Carbon Solutions is one of our current members. Our mission is simple, is to accelerate deployment of carbon capture and storage globally. We have over 100 members now. We've seen tremendous growth just in the last 2 years. I'll talk a bit more about that in just a minute as to why that's happening. We are located around the world in seven locations. We provide advocacy, intelligence, and connections both to our members and to the broader carbon capture stakeholder community, and the climate and energy stakeholder community. Just to get everyone on the same page as far as what I'm talking about, there's a lot of languages getting thrown around, with respect to what carbon capture is and a lot of different definitions. This will be the working definition that I will use today. When I talk about carbon capture and storage, it's the full chain. It starts with capture, point source capture at an industrial facility. That CO2 gets separated from the rest of the flue stream. Typically, gets compressed and put either into a pipeline or onto a ship for transportation. It gets stored deep in the subsurface geology, typically in a sandstone or basalt formation. If it's sandstone, then it has an impermeable cap. As I said, it's typically a couple of kilometers down below the surface, so there's no opportunity to impact groundwater, those kinds of things. That's the overall picture of carbon capture. Again, as I talk about it is those three components, capture, transportation, storage, but also includes things like direct air capture. I'll talk a bit more about that in just a minute, as well as carbon utilization. Take a look at what's happening around the world. If I look back at the last 12 months or so, a few headlines. First of all, tremendous growth that we've seen in both interest and commitment to carbon capture, and that's both in the private sector and among governments. That's driven by a couple of things. First of all, there's a recognition now that climate change is not something that we need to worry about in the future, but it's an urgent problem to address currently. There are more and more countries and companies that have committed to net zero emissions, typically by 2050 or sooner. Those two elements are actually driving a lot of the interest and investment in CCS. In addition to that, there's more and more evidence that's demonstrating quite clearly that you can't get to net zero, you can't get to deep decarbonization on a global basis, on an economy-wide basis, without utilizing significant carbon capture and storage. We're seeing then, as a consequence of that, policy and funding support building all around the world and specifically in several countries, both well, across the continents. In Europe, it's the U.K., Norway, and the Netherlands that are leading the pack, as well as the European Union. In North America, very much the U.S., Canada is also in the game. In Asia, China has seen a significant uptick in interest in carbon capture, and Japan is developing policies mostly actually to facilitate carbon capture development overseas. They see themselves as a technology partner, for other countries, typically developing countries, where there's better storage capacity than there is in Japan. Some of the key developments that have occurred over the last 12 months or so, well, the big news in the U.S. has been the finalization of the tax credit associated with capturing and storing CO2. That's called 45Q, and that's been a long process to get that finalized, but now the rules are quite clear. It's given investors some clarity and assurance that they understand the rules of the game so they can make investments with a clear understanding of what kind of return they can get going forward. In Europe, there's significant project development occurring. The Longship project, which does include the Heidelberg Cement Plant, which was mentioned earlier, the Porthos project, which is in the Port of Rotterdam or it's capturing from CO2 emissions at the Port of Rotterdam, storing CO2 offshore. In the U.K., there's a current competition for funding by the U.K. government. The government is committed to funding 2 cluster projects, or as we call them, networks, by 2025 and 2 additional network projects by 2030. I mentioned China earlier. The 2030 and 2060 goals that were announced by President Xi just about a year ago is driving tremendous interest both among governments and state-owned enterprise as well as the private sector in China. Everyone's kind of scrambling to figure out where carbon capture fits into their decarbonization strategy. There's a lot of activity that's occurring there in China. Around the world, the new operating model is networks, and I'll talk a bit more about that in a little bit more detail in just a minute. That's one of the key developments and trends that we're seeing around the world. Hydrogen is taking a very clear position as part of the energy future as well as the industrial future for the world. There's currently a big debate about how it's produced. Is it going to be green hydrogen, which essentially is separating hydrogen from oxygen in a water molecule? That's energy intensive. It uses renewables to supply the energy, hence they can call it zero carbon. It is energy intensive and much more expensive than the alternative, which is blue hydrogen. Blue hydrogen is separating hydrogen from a carbon in a hydrocarbon molecule, typically coming from coal or gas, and then taking that CO2 that's created along with the hydrogen and sequestering that through the use of carbon capture and storage. As I said, there's a big cost differential. It's about 3 times more expensive currently to produce hydrogen using a green hydrogen process than it is a blue hydrogen process. The big question, kind of a big unknown, is how long will that cost differential last, and will it close, will it narrow, and how quickly will that happen? We're seeing over the last several years, more and more evidence, as I indicated earlier, that carbon capture is absolutely essential to achieve our climate goals. There are 2 reports that just come out this year, one by the IEA, there in the bottom left, the International Energy Agency, which looks at how to get to Net Zero by 2050, and they're identifying a tremendous growth trajectory that's going to be required by carbon capture in order to achieve Net Zero by mid-century. The other really significant report came out by the Intergovernmental Panel on Climate Change, in the bottom right. That's what they call AR6, which identified the impacts of climate change around the world. That came out just a month or so ago, and that paints some pretty frightening scenarios as far as impacts of climate change. More and more recognition among well-established scientific bodies that carbon capture is an essential part of a low-carbon future. Where are we now, and what does all that imply for what we need to get to? Well, first of all, in 2020, and again in 2021, there's about 40 million tons of CO2 that's being captured on an annual basis, million tons per annum. 40 million tons, which is significant. It's about 10 times the largest solar installation in the world. It's a significant amount of CO2 that's being stored. Now, pales in comparison to what needs to happen by 2050. The IEA Sustainable Development Scenario indicates that more than 100 times the capture and storage is going to be required than is there currently. And some of the other scenarios that are currently out there, including the Net Zero scenario, paint the scale that's required as even higher. That implies a required investment of somewhere between $650 billion and $1.3 trillion over the next three decades. A tremendous opportunity, tremendous need for investors and for the financial community, as well as those who are providing services to those major emitters that need sequestered carbon. I have lost my connection to the clicker function here, so if someone on that end could advance the slides for me when I cue them, I would appreciate that. Great. Thank you very much. This is the trajectory that we're showing. This was actually a chart that was included in our 2020 annual Global Status of CCS report. We're anticipating tremendous growth. If you see another bar there at the end that demonstrates 2021, that bar is going to be north of 150 million tons per year of CO2 capture capacity among those projects that are in operation, in construction, and in development. We saw a drop-down in investment and in activity from a peak in 2011 down through 2017, and now what we're seeing over the last 4 years, and again, well into the future, is a significant increase in annual capacity by all projects that are both in operation and in development. I have control now of my clicker again, so I'll take it from here. This is what it looks like if you look at a global picture around the world where the carbon capture activity is. This demonstrates in red those that are in operation or construction, and in blue, those that are in development. You can see a great deal of activity and a lot of history for carbon capture in the U.S., some in Canada, a lot in Northern Europe, activity in China, Japan, and Australia as well. If you remember the countries that I ticked off earlier, you can see a great deal of alignment between active policy development in those countries and where the activity is happening, both the historical activity or those projects that are in operation and those that are currently in development. Looking at the global picture another way, this is by industry. Two things to point out here. Red is those in operations, blue are those that are in advanced development, and this chart does not include those that are in early development, which it's a lot more circles to this chart. In any case, you'll see that there's a shift away from carbon capture on natural gas processing and towards carbon capture on power production, both coal generation and natural gas generation. The other thing that you'll see again in our status report that's coming out in about a month is a big increase in ethanol, to carbon capture on ethanol. That's a relatively low-cost capture opportunity, and there's a network of 30 ethanol plants across the U.S. Midwest that have developed a cluster network approach and those projects are in development also. I mentioned networks, and that, as I said, is the predominant operating model that we'll see going forward. This is just a map of the various network projects that are occurring around the world, and a network is analogous to a shopping mall, if you will, where you have typically an anchor tenant, a major emitter, and several other emitters in that proximity. That increases the efficiency of both capture and transportation. I just want to point out the Northern Lights Project or the Longship project in particular. This is occurring in Norway, and the thing that I find really interesting here is if you look at this map, it demonstrates all the different capture or emission sources that they hope to service and manage the CO2 for across Northern Europe. Again, this we see as a great model for other projects going forward. Let me just then to finish up, come back to my headline slide, I just wanted to add to that, what I'm calling a watchlist down there on the bottom. These are things that are emerging trends that we expect to grow pretty significantly, strengthen significantly in the coming months and years. First, a lot of interest right now on carbon capture on liquefied natural gas as customers are seeking ways to reduce the life cycle carbon footprint of the natural gas that they're purchasing. Carbon capture on shipping is occurring in two different ways. One is great opportunity to actually transport the CO2 by ships. The other thing that's starting to happen now is actually putting CO2 capture units onboard ships for their own emissions. Shipping is, I think, an example of the evolution and maturation of the carbon capture industry. We're seeing carbon capture in new geographies, including Eastern Europe and Southeast Asia. We're also importantly seeing that as support for carbon capture grows, the voices of those that are in opposition are also growing. We expect to see that. There's certainly not a consensus among energy and climate stakeholders on the role for carbon capture, and that's a challenge and a bit of a battle that is going to play out over the next months and years. Let me stop there. I know David has a couple of additional questions that he wanted to throw at me. Thank you for your attention, David, over to you. Absolutely. Jeff, thank you so much. That was a really great, it's very impressive to fit so much into only a few slides. There are so many moving parts in this industry right now, As you say, it's growing quite quickly. I also liked your perhaps unintentional use of the phrase Aker Carbon Solutions, actually it's quite a good timing because actually one of the big topics today is all about Carbon Capture as a Service, Maybe we are moving more towards that type of model. Maybe if we ever change, we'll credit you with that idea when it comes up. A couple of questions. I really like the watchlist, the highlights, what to look for on the horizon. I wondered if you sort of took a little bit of a step and looked over the horizon. What's next in the sort of the let's say the medium term, the known unknowns on the positive notes, what catches your eye? Well, I think one of the areas that if I start with kind of technology and how technology will develop, I think an unknown is the trajectory and the speed with which direct air capture will be deployed. There was an announcement today of the Orca project in Iceland that will be capturing CO2 from the air and actually using Carbfix's technology to sequester it below ground. One of the things that came out in the article that I read this morning over breakfast was that there are some limitations to both the cost, which again is three to five times more than point source capture and storage, as well as the volume. The article that I read noted that this new facility is the largest in the world. It started up operation yesterday, or they announced that they were under operation yesterday. At the largest in the world, about 4,000 tons of CO2 captured per year. That compares to a typical point source capture project, which is somewhere between 500,000 tons and 3 million or 4 million tons per year. Volume's a limitation there. The other really exciting technology that we're looking at is the Allam-Fetvedt Cycle. You may not be familiar with that, NET Power is the company that owns that technology and is developing projects around the world. They're actually using captured CO2 to turn turbines to generate electricity. They've got a lot of irons in fire right now. They're just starting to get towards commercial scale projects. It'll be interesting to see once they do go commercial, if the promise and the expectation actually plays out there. Those are two areas that I would say are on the horizon, and we're not quite sure how they'll play out. From a storage standpoint, I'll go back to the Carbfix technology, and we've been storing CO2 in sandstone for 4 years. Most recently, the Carbfix technology includes storing CO2 in basalt formations, which are quite prevalent around the world. The benefit to this is actually quite rapid mineralization, or solidification of CO2, turning that into a mineral, so that the opportunity for migration is well-reduced. That's a really exciting potential. Again, we'll see how the cost and the practicalities of that technology plays out. Of course, we have Carbfix with some contribution in the last video in our session in Part 3. Really looking forward to that piece. One more question from me, Jeff. Just on the, I guess, the other side of the coin, putting it very simply, what could go wrong? On the last slide I mentioned opposition that is growing, and that is a significant risk. More specifically, there's general opposition to fossil fuels and carbon capture, rightly or wrongly, is still tied quite closely in the minds of many to extending the life for better or worse of the fossil fuel industry, and many folks are opposed to that, and many loud voices are. That's going to in fact impact the acceptance of carbon capture. In Europe that plays out as opposition to land-based CO2. In the U.S., it's opposition to pipelines. Both of those I think are going to be essential going forward. Another possible derailer for carbon capture would be the advancement of other technologies and the associated cost that could be alternatives to carbon capture. For example, green hydrogen, how quickly will that cost differential narrow? Will green hydrogen, the promise of green hydrogen, the drop in cost for green hydrogen actually maybe make blue hydrogen obsolete? In addition, there's different ways to make steel. They're using electricity to generate high levels of heat. The metallurgical coal that's being used now may not be required in the future. There's a lot that's wrapped up in that because that works more effectively, more cost effectively on new plants than on retrofits. Those are some of the things that I see as perhaps derailing the progress that we are seeing now and anticipate going into the future. Okay. Jeff, look, really appreciate your time. Thank you for your insights and your nice graphics. It's a good story. Yeah, obviously one that we're following extremely closely. Look, thanks a lot for your time again. Just for everyone on the event, Jeff is not joining us for the Q&A at the end, but you can see his details. If you wish to get in contact with the Global Carbon Capture and Storage Institute and Jeff himself, please do so. Okay. Thank you, Jeff. Thanks for your time again. Thank you, David. Thank you, all. Bye-bye. We now approach the break between the parts of our sessions. We're going to have a short break where you can find a refreshment, have a quick leg stretch before we move into Part 2, which is all about innovation. In the run-up to the break, we have a very exciting video to show you. Let's see the Brevik video, please. This is a huge project. I know that the world is looking at us. We have worked with the project for more than 15 years now. We are going to realize the first carbon capture plant in the cement industry in the world. Climate change is probably the biggest challenge we have ever had, and what we are doing here in Brevik is really important. We have a very tight schedule. We have hundreds of milestones that we have to meet from now until 1st of July 2024 when the first shipment arrives to load the liquid CO2. If you look around at the plant, you immediately see that we have not very much space. We have to move activities out of old areas. We demolish. We can start building up again to be prepared and ready for taking in to receive the new equipment for the capture plant. The biggest challenge, so to say, I would say right now is that we are doing construction work in an existing plant, which is running full speed 24/7. It is an old plant. It has been in operation for more than 100 years. Regardless of where we put the shovel in the ground, we hit something, foundations or cables or pipes or, well, obstacles. The project will get into a very busy phase at the construction yard in 2023, and we need to make crystal clear to each other what we expect and how to do it and when to do and what to do in this construction phase, for the project to be a success. They are in the engineering phase and preparing the drawings and the solutions even more in details, and then they are out looking for their sub-suppliers. The technology itself is derived on an Aker legacy, a focus on this technology for decades. What we're doing now for the first time is scaling up. Making sure that we apply it in an energy-efficient way so that we are not wasting energy to capture CO2. That's the challenge. Now we're detailing out the design, making sure that we have maturity and preciseness in the design and documents at this stage. If we do an error now, we can modify it on a sheet of paper. If we find an error 2 years down the road, we need to cut down steel and rebuild. That comes with a totally different price tag. The real proof of the pudding here will be if we manage to produce the normal volume of cement each year as we do today, and that's done in a situation where we're building a new plant aside the existing plant. To integrate this, that's the huge challenge. If we manage that, then we are world champions. Hello. Welcome back to the second part of our Capital Markets Day. This is really focusing on innovation. It's focusing on our experience, our technology, our partnerships, which also reflects one of our key values in terms of working together. I'm delighted to be joined by Jim Stian Olsen, our Chief Technology Officer, our CTO. Thank you for joining us. Thank you, David. Firstly, carbon capture. What exactly is this about, and where do we fit into this story? Yeah. Today, the man-made CO2 emissions are at approximately 40 gigatons every year. Most of that come from power and heat generation, approximately 45%. We also see a significant amount of emissions coming from industries, transport, and other sources as well. In order to reduce those emissions, we need to use all the tools in our toolbox. A low-hanging fruit is to improve our energy efficiency of our systems. This is relatively cheap, and it's usually the first move that people make when they want to reduce their emissions. In addition to that, we have to reduce our use of fossil fuels, which triggers massive deployment of renewable energy. This will take some time, and it will not help in the hard-to-abate sectors such as cement. This is why carbon capture becomes important. The IEA estimated that we need to install carbon capture plants covering 2,400 million tons of CO2 by 2040. That is 6,000 Brevik CCS projects to put it in perspective. Taking a step back from the market need, how does it actually work? If you go to the next slide here, then we will see a simplified overview of It's hanging on the slide. Okay, sorry about that. Aker Carbon Capture has a solvent-based post-combustion capture. We have a process which you can see here. We have a flue gas coming from the industrial source, and it goes into what we call the absorber tower. This absorber tower is a very tall structure, approximately 40 to 50 meters high, and several meters in diameter. Near the top of the absorber, we introduce our solvent, which is a liquid chemical compound that binds easily to the CO2. The solvent then rains down in a counter-current flow to the flue gas and captures the CO2. Clean flue gas is then leaving the top of the tower into the air. The CO2-rich solvent is pumped over to another tall tower, which we call the desorber. Here we add heat, which then allows the CO2 to release from the chemical compound and then move into the CO2 conditioning unit, which is usually either a compressor or a liquefaction, depending on how we want to store the CO2. This is post-combustion carbon capture. Absolutely. The solvent-based chemistry behind this is not particularly new, though. What's our history in this and when does it come from? Yeah. If we look at our next slide, then you will see that although we are a new company, we're not new to carbon capture. Absolutely. Already back in 1996, the Aker Group delivered the Sleipner platform and helped enable the world's first offshore CO2 storage project. In 2008, that's when we started our journey. We started the largest R&D project in Northern Europe in order for us to develop our carbon capture technology. At the most, we had more than 30 researchers working and testing more than 90 different solvent recipes and developing the technology that we have today. At the same time, we started to design and build our Mobile Test Unit, which we've traveled the world and tested on several different flue gases over the years. In 2012, we built and finished Technology Center Mongstad, and we have executed industrial scale campaigns with our technology there as well. All these efforts lead up to this point, where we're now delivering the world's first carbon capture plant on a cement factory. A lot of discussion around solvents here, but why is there so much time on solvent R&D? Why is it so important? In the next slide, you will see a beautiful picture of our solvent. This is really at the heart of our research and development efforts. The solvents are the key here. Our S26 solvent is tremendously robust, and we experience very little degradation when we use it, even on difficult flue gases. Degradation means that the solvent is breaking down during use, which limits the capture performance. For some solvents, it can even lead to corrosion and damage of the equipment. This is not an issue for our S26. In addition, the HSE profile of the S26 is unique, in a sense that it is non-toxic and biodegradable. Together with our other patented technologies, we ensure that our carbon capture plants does not impact the local environment they are in. This also has been tested through a range of flue gases. If you can just go to the next slide, there's a good image in terms of our operating hours and experience, and also what we tested it through. Can you talk to this and let me know why is it so important that we have this range of flue gases? This is the reason why I can say that we have a minimal impact on the local environment. We have more than 50,000 operating hours with our technology, 20,000 hours from Technology Center Mongstad, and then 30,000 hours with our Mobile Test Unit. We have tested 7 different flue gases throughout the years, and of course, including extensive campaigns within our primary segments, which is hydrogen, cement, waste to energy, and gas to power. At Norcem, we actually tested more than 7,000 hours continuously and qualified our technology with DNV. The next step in this, and this is a very convincing technology background, but it's going from the science lab to reality. Yeah. It's taking the step to industrialization, commercialization, and so on. What have we done along this way? Yeah. Since we finished Technology Center Mongstad, we haven't been resting on our laurels. We've been using smart engineering and clever solutions to be able to reduce the cost and the footprint of our plant by 90%, and obtaining even better performance on our capture plant and our Just Catch 100 model. This plant is ideal for medium emitters with real estate constraints, and deliver high capture rates for our customers. This product is also the basis of our innovative Carbon Capture as a Service offering that you will learn more about in a later second part of this event. The development and modularization has a big impact on the cost. Is there more we can do in terms of cost of carbon capture? Absolutely. We have to continue to fight the cost curve of carbon capture. We're now starting our journey to bring down the cost of our Big Catch solution. This is a task that requires that all the disciplines in Aker Carbon Capture work together to achieve that. In this next segment, you're going to see how we work to achieve this. Technology plays a central role in reducing the cost of carbon capture, as equipment cost is the combination of technology implementation and material choice. For example, a technology improvement making an equipment more efficient will likely make it lighter, thus reducing the cost of procurement, shipping, and installation. Our team works with a product mindset. Our designs are based on international standards using standard methods, tools, specifications, and equipment. We maximize use of standard shipping containers, which are fully dressed and tested before leaving the fabrication yard and transported on standard ships and trucks. Installation, hookup, and completion time at site is greatly reduced, securing a safer, faster, better, and more cost-efficient delivery to our customers. Our focus on strategic partnerships with complementary technology providers and customers will set the tone for wider market adoption, leading to combined execution synergies, optimized technology integration, and bold innovations. Procurement represents a significant part of the project costs. That required a close cooperation with engineering team and with technology and with our suppliers. This is to achieve a company goal reduction of the CapEx by 2025. To achieve this goal, we are focused on a long-term strategic agreement with the industry qualified and competitive suppliers. Procurement are fully focused on suppliers' HSEQ performance and green emissions footprint. Learning by doing allows us to cut waste, remove uncertainties, and reduce risk. Through this process, we also generate knowledge, know-how, and experience, allowing for continuous improvement of our products and offerings. We are building on vast experience from our Mobile Test Unit and extensive and thorough testing from Technology Center Mongstad, which unlocked efficiency gains and cost savings when we set out to deliver Brevik CCS, the world's first industrial-scale CCS project at a cement facility. That's what I'm working with. Digital is a core competitive differentiator. To define the industry by delivering the market-leading technology for carbon capture. To reduce cost of product and project delivery through standardization and modularization. To build and drive a digital ecosystem and value stream. To achieve a cost-efficient supplier network. Five, four, three, two, one. There, our CapEx ambition up to a 50% reduction by 2025. A big thanks to our employees for taking part in that. It is really excellent. I really appreciate it. We talked a lot about moving the cost down for carbon capture. What about the rest of the value chain, Jim Stian? How can we look at that? I think we stand in front of a formidable task, and we're not going to solve the climate crisis on our own. This is why we have chosen to partner with some of the best technology players in the world. We've chosen to work with the companies that have complementary technologies to ourselves. We work together with Aker Solutions and utilize their engineering and project execution capabilities, among other things on Brevik CCS. Hitachi Zosen Inova, Topsoe, Siemens Energy, and MAN Energy are partners that have complementary technologies to us. SINTEF is a key research partner that we worked with for years and will continue to collaborate with to develop our technology further. Carbfix is a company that has developed a unique technology that enables CO2 storage through mineralization. We truly believe that we can accelerate the carbon capture and storage market together with them. Finally, digital solutions are essential for us to succeed in a landscape where rapid change and development is the normal. That is why we've partnered with Microsoft, ACE, and Cognite to leverage our data and become even better at carbon capture. Thank you. Yes, we'll hear a bit more about Carbfix later. In talking of partnerships, we are extremely fortunate to have Siemens Energy joining us for a short interview and a short Q&A. Karim Amin, joining us all the way, a few hours ahead of us in the Middle East. I really appreciate your time, and thank you for taking time out of your busy evening, let alone your busy day. Thank you so much. A few questions. Firstly, just for the benefits of everyone, can you tell a little bit about yourself and what you do at Siemens Energy? Thank you so much for the opportunity. Happy to be here. I'm Karim Amin. I'm the Executive Vice President of Siemens Energy, running the Power Generation division, which is basically the division that has all the power generation assets, whether it's from fossil or from other sources of energy. The two main questions. The first one, the energy transition, obviously a huge theme. How are you incorporating this into your strategy at Siemens Energy? Particularly, how are you helping your customers to decarbonize? Right. I think a few words first about Siemens Energy. It's a world leader in the entire energy domain. We are active in generation of energy, on transmission, as well as in industry applications. A EUR 28 billion company. We are active in more than 100 countries around the world, and more than 90,000 employees are busy with our agenda and business activities. I think our contribution towards that is twofold. First of all is our own commitment as a company towards zero carbon emission. Siemens Energy, back in May, did sign and commit on the strategic, Science Based Targets initiative, which is targeting zero carbon emission in our operations by 2030. That's when it comes to our commitment in our own operations. I think the bigger task is that we also have the privilege and the very exciting task to support our customers in decarbonizing their own processes and their own applications. Generation, transmission, industrial application is meeting these challenges by looking at zero or low power generation CO2 emission on the generation side, transmission and storage of energy. There's a lot of efficiency elements here around how to store energy in an efficient way and maximize the use of renewables. There is a very big task around the decarbonization of industrial processes for all the industrial verticals. Just to give you a couple of examples to make these things a bit tangible, we recently did work on a project in a steel plant in Linz in Austria, where we are putting our electrolyzer to generate green hydrogen from green energy sources, and also power the arc furnaces with sustainable and green energy so that we are moving the application of green hydrogen and renewable energy straight into industrial processes in larger scale. This steel plant will achieve 80% reduction in its CO2 emission when the entire operations are decarbonized. That's one example. Another example really is in the area of decarbonization of heat. I heard from the colleagues before me, they talked about combined heat and power. Together with other partners, we are working in Berlin on combined heat and power district heating, using electrical heat pumps that would be able to power more than 12,000 offices, 1,000 households, with sustainable green source heat applications also contributing massively towards cutting CO2, more than 7,000 metric tons per annum. A number of initiatives that we're working on to support our customers as well in their decarbonization journey. Absolutely. Thank you, and thanks for including the examples. It's very powerful stuff. My last one, partnerships. In this whole momentum, how important are partnerships to you? Let's be honest, where do we fit in? Right. It's all about partnerships, and I think we just talked about it, or you just touched it a while ago. Well, we need to go into this journey of decarbonization fast. To accelerate this, it's all about partnerships and how can we work together on multiple fronts. Aker Carbon Capture and Aker Solutions are working together with us. For example, a couple of days ago, there was also an announcement. We're working on one of the largest projects in the U.K. We bring our expertise in power generation, in high efficient gas turbines, in hydrogen co-firing so that you could reduce the CO2 emission, together with Aker Solutions and Aker Carbon Capture, putting carbon capture solutions where I think it will be the lighthouse project for capturing of carbon and also storing of carbon. That's one example. Most powerful thing is we are working together with Aker Carbon Capture on developing solutions that we could utilize on our own gas turbines. Whether for new projects that we will sell new gas turbines already with complementary packages and solutions for carbon capture, or we look at our existing fleet. I mean Siemens has more than 6,000 gas turbine out there in the world. More than 20% of the power generation capacity is coming from our equipment. By cooperating together with Aker Carbon Capture, we can offer our customers, whether they are new customers or customers operating existing fleets, solutions that could really help them meet their decarbonization objectives. Absolutely. Thank you. I think it is going to be a very exciting story, and we are very much looking forward to working with you, of course. Look, Karim, thank you so much for your time today. I really appreciate you dropping into our Capital Markets Day. Thank you again. My pleasure. We're now back to the last part of the innovation discussion. Jim Stian, R&D. Moving away from some of the, let's say some of the heavier stuff, moving more towards the horizon. What's our technology strategy? Becoming better is something that we'll always strive for, and that is why we've established a technology strategy that is based on the principle of strengthen, expand and explore. We need to always strengthen our existing portfolio in order to stay ahead of the curve. We also need to look at new technologies that open up opportunities in adjacent markets. Last but not least, we need to explore. We need to look at nascent technologies that we can mature to an industrial delivery, the same way we took post-combustion capture from the lab to the industrial scale. We are guided by our values, and bold innovation will be central to achieving our goals. Absolutely. I think we have some examples as well. I think the next slide is looking at blue hydrogen. Yes. Potentially. We wanted to give you a taste of what we're working on within technology and innovation, and this is one of the examples that we have. It's an ongoing research and development program that we do together with SINTEF to develop an innovative pre-combustion capture technology that can be used to decarbonize large-scale hydrogen production. Currently, we're conducting industry-scale testing at SINTEF's laboratories. Together with Aker Clean Hydrogen and other partners, we're looking at the opportunity to provide a carbon capture solution at Aukra, on the west coast of Norway, where we can capture well over 95% of the CO2, and which can lead to reductions of 2 million tons of CO2 per year, potentially. This pre-combustion technology will obviously be a good complement to our existing post-combustion. Absolutely. Will give us one more leg to stand on. Absolutely in this. Digital, one of your favorite topics, I believe. Yes. If we want to stay in front, we need to be agile, we need to make good use of all our available tools. This is why we work together with our partners to build a digital ecosystem for carbon capture. This ecosystem is built on 3 layers. Each serve their special purpose. Starting from the left on the slide that you see now, we have the data layer. We are a young company, but we are already generating and collecting data from many different sources, ranging from our operational assets, we have engineering data, we have data from our documents, we have our customer management systems and so forth. All of this data we're collecting. For us to be able to make sense of all of this data, we're setting up a platform layer where we feed in all the data. Here, the data is contextualized, and this means that we're structuring it and we're making it easily available for the users. It is in this layer that we will see our data infused digital twin come to fruition. Finally, we have the application layer. Here, we add applications that are connected to the data layer again. This enables our employees to work with the data either through visualization, data analytics or other methods. When this all comes together, I think we will have very powerful tools to become even better at carbon capture. Absolutely. Thank you. I think this is a super useful slide. Certainly, in my previous life, I would have found this extremely useful in explaining how so many parts of the digital ecosystem really, really fit together. Thanks for that. I did notice that we have a special guest now from Microsoft. I noticed that she was taking particular interest in this slide as we were talking through it. I'm delighted, one of our senior industrial partners, Microsoft, on the digital side, delighted to have Joanna Menguy joining us from Paris. You're the only person joining us today from our own time zone as well, so it'll be probably the easiest one we'll do today, I'm sure. Thank you so much for joining us, Joanna. Hey, good morning, good afternoon, and thank you very much, David, for having us. Firstly, just a very quick question. Can you tell us who you are and what your role is at Microsoft? Sure. I'm Industry Director, EMEA, a part of Industry Solutions, Energy and Sustainability team at Microsoft. Excellent. The two main questions. Firstly, Microsoft has talked a lot about decarbonization as an important part of its strategy. I suspect, and certainly when we talked before, I suspect there's rather more to it than simply helping customers decarbonize. What's the angle behind this big ambition? The ambition, simply put, is to make significant contribution to reducing global emissions. We've been hearing about this throughout the event. Very interesting conversations. I've been listening very carefully to this. Our goal is to use the whole of Microsoft business power to effect change in those areas by minimizing the negative impacts of our operations, of our own operations, and maximizing the positive impact of our technology. Delivering new products and services driven by data, AI, and digital technology to power environmental sustainability. That's why I was looking at this demonstration that you just made. Thanks for sharing this. At Microsoft, we started this journey more than a decade ago. In January 2020, we committed to being carbon negative, water positive, and zero waste. We also announced that by 2050, our goal is to remove all the carbon from the environment, I'm sorry, all the carbon that Microsoft has ever emitted, either directly or through electricity consumption since our company was founded in 1975. We realize that reaching these goals also requires new technology, that we discussed also today, to be developed and built. These technologies don't necessarily exist today. We also announced a $1 billion climate investment fund, which is set up to accelerate the global development of carbon reduction capture and removal technologies. Finally, we also use our voice on climate-related public policy issues and support new policy initiatives to help us all move faster. Looking ahead of COP26 in this fall, we have a real opportunity here to come together and commit to a net zero economy, and share learnings on our individual and collective journeys to reduce carbon emissions. Absolutely. We look forward to seeing you at COP26 especially. Our last question, partnerships. This is something that we discussed with some other guests on the CMD. How important are partnerships to Microsoft, and where does Aker Carbon Capture fit into this story? Partnerships are crucial, essential. We firmly believe that the world's most challenging problem, like climate change, cannot be solved alone. A strategic partner is absolutely key, especially to the big, bold technology innovation we all need to solve this very complex issue. To reach our sustainability ambition, we're completely dependent on technology partners in various fields. For example, we will rely on partners in the energy sector to provide clean G for our data centers, but also on carbon capture technologies to reach our goal of removing all the carbon emissions produced by our operations since the founding of our company in 1975. You see the volume. We're happy, as Jeff pointed out, to see that after years of significant capital committed to CCUS today. This momentum is driven by a combination of factors, like strengthened climate commitments, like ours, increased government support, technology advances, and stronger investment incentives. We've partnered since September 2020, we joined the Northern Lights Project in partnership with Equinor, Total, Shell, and the Norwegian government. Northern Lights was shown will provide transportation, receipt, and permanent storage of CO2 in the North Sea. We're very happy to contribute to development of this shared infrastructure and hope that it will trigger new investments in related areas. As we could all see in all the analysis that was shown, I'll just quote the International Energy Agency and of net zero pathways, of how much more of CO2 storage we'll need if we want to meet our joint ambitions. We're very happy to support all the partnerships and the most recently, we also started a cooperation with Ørsted and Aker CC to address technological, regulatory, and commercial challenges, opportunities for creating negative emissions by capturing and storing carbon emitted by biomass-fired heated and power stations. These are all examples I can give how we will support our own ambitions, and again, where these partnerships are absolutely essential for our individual and collective journey. Absolutely. Thank you for sharing your thoughts today. It's interesting how often Northern Lights and Longship gets mentioned. It really is a defining project. Joanna, thank you so much for joining us. I really appreciate your insights. Thank you. Yeah. Thank you. Look forward to working with you in the future. That is the end of part two. We now will approach another quick break for you to get some refreshments, stretch your legs before we dive into the heavy stuff with the commercial and the finance side of Carbon Capture as a Service. Just a quick reminder, you can ask questions on the front end, on the website that you've already logged in on. Do please put questions as they come into your mind, and we will pick them up in the Q&A session at the end. Okay. Thank you. Oh, yeah. Yeah. Welcome back to part three of our Capital Markets Day. As I did maybe warn you a few minutes ago, this is the heavy part of the day. This is the commercial and finance section. We've talked a lot about innovation from technology, from R&D side, and also in terms of partnerships. We're diving into the commercial angle, and then we're going to dive into the finance and, I'm sure what many have been waiting for, some comments around revenues and costs. Firstly, well, I'm delighted to be joined by two of my colleagues, Egil Fagerland, our CFO, and Jon Christopher Knudsen, our Chief Commercial Officer, CCO, JC to keep it short. We're going to start off with the commercial side. JC, commercially, what business models do we offer right now? Well, essentially, I think it's important to distinguish between our two main offerings here, and it's about the Big Catch, which is our large integrated plants, like we just saw this fantastic video from Brevik earlier. Which is all about how we can integrate very closely to the plant and deliver large, it could be 300,000, 400,000, it could be 1 million or 2 million. Also, of course, as we set the sale of actually cutting costs in this area, we feel it's important that we deliver this EPC. That's why we've indicated that for these first-of-their-kind deliveries, there needs to be an EPC with us. Similarly, of course, when we come to the Just Catch, these are the modular mid-scale plants, and these are produced and then brought to site, and this is naturally a turnkey EPC delivery. As we move on, and of course, we would like to reach out into a lot of different places in the world, I think it's important that we also have other delivery models. As we've indicated on this slide, we also have a technology licensing delivery model with the key equipment. This enables us to work with clients that are not situated close to us and still be very relevant to us. They work with EPC companies close to them, wherever it is in the world. This is, of course, not natural to do licensing of these blue containers. Certainly, the EPC delivery of Just Catch and both the license and the EPC delivery of the Big Catch is the core of our offering. Absolutely. The third column here is quite a new step, Capture as a Service. Can you talk through what exactly is that? Yeah. What we saw with our customers was, of course, that they had trouble still in that the technology was solid, it was tested, and then we had a long time in terms of actually being able to deliver this based on our technology development. We saw that the feedback still from the customer side was that we needed to take away some barriers. This is where we started looking at how can we make it easier for our customers to actually implement carbon capture. Yeah. Yeah. I think it is just set up on the next slide as well. If you can jump a slide. Absolutely. If we take the next slide here, this is where we start looking at what are the key obstacles that the customer is facing. One of the things, of course, that our customers immediately said was, "Okay, this is about cost. The cost is high, and we have problems with actually financing this." We knew that the offering that we brought to the market needed to meet that requirement. It was also about some of these are mid-scale emitters. They don't have a large engineering department. The ability to deliver a carbon capture plant, the liquification of it, as well as intermediate storage on the site is really important, and actually, that needs to be part of the offering as well. Even with all of that good stuff into one package, there was still obstacle. What we saw very quickly was that we needed to do more. We needed to accelerate the market, and we needed to look at how can we connect our carbon capture to transport and storage. This is where the Carbon Capture as a Service came from. Because this needs to come into full value chain using our partners. Either it's Northern Lights that we heard about earlier, or it's the Project Greensand in Denmark where we're working closely with Ineos and other partners, or if it's one of the U.K. clusters or some of the Mediterranean ones that are being developed. This all really comes down to a cost per ton model. How does that work? What does that include? Yeah. I would say it's much more than just a pay per ton model. Yeah. It's about standardization. It's about bringing a product that is so standard that we can deliver it very quickly, that we can mass produce it very quickly, and that we can connect to the transport and storage providers in one offering, so the customer is actually facing us and not a range of different type of people in the value chain. Absolutely. I think this is actually, if you jump one slide forward. Yeah. Absolutely. There we go. The full value chain into 1 pay per ton model is all about that capture is not enough. It's about how can we accelerate the market, making it easy for the customers to deliver the full value chain and get going with carbon capture. We have the full value chain, but how scalable is this? If you look at the next slide, I think it is fair to say that some of the feedback we got earlier was that, "Well, we don't really know if 100,000 is going to be enough if you're a big emitter. We understand that we can get going with just using 100,000 as a first step, and to learn something." We understand that the offering needed to not only deliver quickly and safely, but also bring something that we operate to the site, reducing the complexity for the customer. We needed to be able to follow the natural development of our clients. Meaning that if you had 100,000 and you saw that there is a need for 200,000, then you can actually scale up under the same model and be as flexible as we can, but still scaling to the needs of the client. Some of our clients actually are very interested in getting started with this offering because they see long-term, like cement producers right now, they see that they will need to pay maybe capture 800,000 or 1 million, or even 2 million. I think this is where this model comes in as a really quick start to getting started. while allowing for scaling up either. Yeah to another Just Catch module, or even to a Big Catch module. Yeah. It's a quick start, it's step wise, and it's scalable. The flexibility is an interesting idea as well, because you talk about the whole value chain. If you have a potential customer who maybe has some of this chain already, where can this fit in? That was one of the things that we experienced during what we call the pre-sounding phase. Before we went and announced this summer, we met with a range of customers with different expectations to us, and we went through that. One of the key findings we saw that this full value chain won't actually work for everyone. Some of them were very aggressive, already tied up to some of the U.K. clusters, for instance, and developing the infrastructure there. They don't really need the transport and storage. This is where, as we see on the next slide, customized CCUS is applicable, because we can certainly deliver the capture plant operating for 15-25 years, and make sure that we join the customer on this important journey, and then leave the transport and storage piece. Yeah to others where. It allows us to fit into some of the big industrial cluster projects like Northern Lights, Longship, et cetera, that we've heard about. We're very fortunate because we're joined by a live guest today. We had a recent MOU with Carbonor, and we're delighted to be joined today by Helene Mørne, who's the CEO of Carbonor, who's just making it to the stage right now. Helene, thank you so much for joining us. You took the brave route of joining us in person rather than the online version everyone else has followed. We appreciate your time. Thank you. Firstly, a lot of the listeners, and guys, and people on the webcast who maybe aren't based in Norway, maybe not be too familiar with Carbonor or yourself. Maybe start off with, so who exactly are you? How did you get into this idea? Because I think you have yourself quite a strong belief in the theme behind Carbonor, not just a job. Yes. I'm Helene Mørne, I'm the managing director of Carbonor, which is the company that wants to bring to fruition a very important climate project. Our ambition is to establish a chimney-less production of reduction material for the process industries. With chimney-less, I mean that our ambition is to lower the emissions as much as possible using Aker Carbon Capture's technology, and trying ourselves to innovate as much as possible in our processes to ensure that we emit as little as possible. The reason for this engagement is very personal for me, and I grew up talking about carbon capture. I remember the first time we talked about this was in 1985. I guess that's when Gro Harlem Brundtland coined the term sustainable development, but we were talking about global warming. My father said, "I know how we can solve this. We can inject the CO2 into old oil wells. Now we are able to be part of an important climate project ourselves, which is essentially focused on cleaning up the supply chain of industry. We produce this carbon-based reduction material that alloy industries need. Us handling our carbon footprint in the end allows the end users, the alloy industries, the smelting industries, to lower their carbon footprint. We believe that thinking like that enables us to clean up industry, and enables us to have these mobile phones and the computers with a lower CO2 footprint. Absolutely. It's a very powerful story, particularly the early start as well. Looking at how you work with Aker Carbon Capture, how does that fit into the overall story? Yeah. We started working with Aker Carbon Capture a few years ago, after we did an initial benchmarking of technologies where Aker Carbon Capture came out on top there, amine technology suited our production very well. We are now currently actually doing a project, we're just finishing this demonstration project with Aker Carbon Capture now. They just started capturing CO2 the day before yesterday. We're very excited about that to see how it goes. When we are in full production in 2024. Our ambition is to make use of Aker Carbon Capture's innovative business model, their Carbon Capture as a Service. As of now, we just signed an MOU, in which we have decided to cooperate to find out how we can realize this goal. In 2028, we will preferably have four Just Catch 100s, capturing 400,000 tons of CO2. That's very exciting. There's clearly a scalable opportunity, which is obviously good news. Excellent. Okay. Well, Helene, thank you so much for joining us today. I really appreciate your time. Thank you. Thank you for coming here in person as well. Thank you. Mm-hmm. Thank you. Okay. JC, back to you. I want to talk about the market opportunity a bit. When you look at the full value chain, you think about the industrial clusters and what you might need to join up to see a successful market growth, what does that tell you about how the market might look in Europe? Well, I think Helene's example here is an excellent one because I think we couldn't have done this if this wasn't a project where there was an infrastructure planned. Of course, Helene has the luxury here of actually being situated just outside the Northern Lights terminal. That's a very easy way towards the storage facilities. When we looked at how we can actually implement this Carbon Capture as a Service model, we needed to select markets where infrastructure was becoming available. Naturally, Norway, Sweden, Denmark, basically Scandinavia was a natural target. Of course, where legislation is also coming together because it's fair to say that many countries still have a way to go in order to be able to transport CO2, to export CO2 out of the country, and to make sure that they can take advantage of some of the storage opportunities that are there. More importantly, I think we also look towards market that have the right market drivers. If you've seen, and you, of course, David, living in London and heading up our U.K. business as well, we've seen the excitement that is brought now that the cluster sequencing process is now getting towards the end, I would say. Absolutely. Before COP26, we will probably know who's going to be the winner in that. That creates a lot of drive and momentum, and that comes back to these market drivers that needs to be there because I think we will never get started with this type of model if those drivers are not there. If the cement factories, which have been a part of the ETS system for many years, if they don't feel that this has a cost, then those drivers are not there. Certainly now over the last couple of weeks, I would say, with the spike in ETS price, it's been quite a remarkable interest in the market. Absolutely. If we just take maybe a little bit more detail around this. We have some numbers in terms of looking at Northern Europe. What sort of opportunity do you see in terms of number of emitters and so on? If you look at the next slide, I think based on these 13 projects, think about it, 13 transport and storage projects that are planned. It really excites me as you can see because it is meaning that it's not just the Northern Lights anymore. It's the Ravenna in Italy, it's the U.K. clusters. We're seeing a lot of motion now in Netherlands. Out of these, of course, then many large emitters has gotten going. We've been working for a long time with large scale emitters and Norcem, Heidelberg Materials you saw in the beginning, of course, that's a long, long journey. There is a much bigger potential. Just in Europe there is more than 700 mid-range emitters that could benefit from this type of offering. It could be the local waste municipality-owned waste incinerator. It could be a large cement factory that would like to get going and just start value capturing 100,000 tons. The nice thing about it's also that there are synergies for the transport and storage provider, and that's one of the feedbacks when we work with all the relevant transport and storage providers. It's that they can actually bring some of these values into their hubs and making sure that you use absolutely full capacity as these types of sites come into play. Absolutely. Yeah. We have this obviously well-communicated ambition of signing contracts to cover 10 million tons of capture by 2025. If you were to put a rough guide on this, how much of that could be from Carbon Capture as a Service? What we're seeing now at the moment is that maybe as much as 10%-20% of the 10 in 25 could actually be Carbon Capture as a Service. Of course, it will depend on that we keep up the momentum around the infrastructure, that we unlock some of the countries. Just think about Switzerland where there is maybe 30, 40 small waste incinerators, but they're struggling still with the legislation side, wanting to do more. They need to do some of the national legwork in order to get there, of course, we need to start making sure that the full value chain comes together. It wouldn't please me more, David, if I could offer a Carbon Capture as a Service, not only in Europe, but of course, a lot of interest now. of course, coming from North America. Absolutely. Well, thank you for the commercial discussion. I know one thing we've also talked quite a bit about has been the storage angle, and that we have a fantastic video to show you now, of Valborg on site in Iceland talking to Carbfix with a hard hat. Can we please look at the Iceland video now? Carbfix is one of Aker Carbon Capture's key partners. I'm on Iceland with the CEO, Edda Sif Pind Aradóttir. Edda, can you tell me a little bit about your company? Carbfix is a company that turns captured CO2 into stone underground. This we do by taking the CO2, which has been captured from emission sources or directly from the atmosphere, and we inject it into specific rock formations like basalt, which is actually one of the most common rock types on Earth. There, natural reactions that are actually part of the global carbon cycle on Earth take over, rapidly transforming the CO2 permanently to stone. This happens in just two years, and then the CO2 is permanently out of the picture. Amazing. Absolutely. Absolutely. I agree. It's a technology that nature itself came up with. We are simply imitating and accelerating this process. It doesn't look like nature because we're actually inside this igloo, and which looks even like science fiction. Tell me a little bit about what's going on in here. This is actually one of our injection wells, and we are standing here in one of the injection wells by Hellisheiði Power Plant, a geothermal power plant where Carbfix was developed. What we could have here is the piping that actually leads the CO2 into the subsurface. Here in this pipe, we have water, actually, with dissolved CO2. Basically what we inject is sparkling water, and this facilitates rapid transformation of CO2 to stone. This goes into the basaltic bedrock underneath us here, and there, these mineral reactions gradually start to happen, and the CO2 links with metals from the basalt, and in just two years we form new minerals. Wow. You certainly have a unique technology, but I would say so does Aker Carbon Capture with our HSE friendly carbon capture technology. How do you see that our companies can collaborate in order to accelerate CCS? I actually think our companies, they fit like two puzzles perfectly together. If we combine, we can together provide the whole CCS value chain. Aker Carbon Capture being the expert in capturing CO2, and us doing the injection and validation of rapid transformation of CO2 into stone. I think, as I say, two companies align very well, and I am very excited about what the future will bring to our collaboration. Edda, what happens when the CO2 enters the well? It goes into the basalt, and there, mineralization reactions start to happen. I actually have here some rock samples to explain this. We almost have here a before and after sample. You can see that this is, to a large extent, unreacted basalt. It's very porous. You can see there's a lot of space that we can fill up with new minerals containing mineralized CO2. Here we have an older rock. This piece of core was taken from our pilot injection site here in Hellisheiði. This is already containing some of the CO2 that we have injected and has been mineralized. Here you can see that the open pore space of the previous rock has been filled with new minerals, and part of these are carbonate minerals that contain solidified CO2. I even have another rock to show you, and this is sort of a more perfect crystal. Wow of the CO2 that has been turned to stone. This is called Iceland spar. It's calcium carbonate, and this is mainly what the CO2 transforms into. Usually we don't get these nice crystals. This takes a long time to form and very specific conditions underground. This is the same material, but just in smaller crystal form. How fast does this process go? This takes two years. Since we inject the CO2, after two years it has been more or less all mineralized, and it will stay buried as stone forever. Iceland has unique geology, but are there other places in the world where this technology can be applied? Yes, absolutely. Basalt is one of the most common rock types on Earth. We find it on all the continents. Considerable amounts in Norway even, and in the rest of Scandinavia. If we combine all the storage space in the basalt that we find around the globe, it sums up to orders of magnitude larger than what we need for climate action. Injecting CO2 into basalt as mineral storage, it's a very complementary way of carrying out geological storage of CO2. Very good. This is actually a technology that can be applied when our companies work together worldwide. Absolutely. Absolutely. Aker does the capture, we do the storage. Yes. Hope you enjoyed that. Real carbon capture chemistry in action. Now we're moving into the financial section, which I know many of you on the webcast will be very interested to hear more of. Egil, our CFO, thank you for joining us. We want to talk a little bit about carbon capture as a delivery model. How do you, with your financial CFO specs on, how do you see this? To put this in perspective, we are starting with our end customer in focus with this business model. On the left-hand side, you see our customer, and we will work with our customer through a contract where we capture their CO2, and they pay per ton captured. For the customer, they will not need any upfront investment with this business model. We will offer a transparent pricing model, and it will be predictable as well. They will have a reduced need for in-house expertise for CCS, also for project management and for contract management across all these parts of the value chain, and we will handle that for the customer. On Aker Carbon Capture's side, what we see is that we will be able to build a long-term revenue base through these service contracts. We will, with some of the pricing models that we will come back to in the next slide, potentially see a growing upside link to increase in carbon prices. Also, for carbon capture, we will remain capital light, and that takes us into the last part of this slide, which is our financing partners. What we're trying to do here is have the financing partners purchase the Just Catch 100 unit from us on an EPC turnkey delivery basis, and then we will lease it back from our financing partner. The way we will do this, we are already, as we said in our second quarter presentation, working together with Aker Horizons. We're on a yield company that will be established together to finance the building of these units. Also through the last couple of months, we've really seen a strong interest from other investors willing or interested in financing these assets, and even specific project financing could be interesting. Our way of tackling this is finding the cheapest cost of capital available to finance these assets. We are now in various dialogues to set up ways to finance these assets. Absolutely. Thank you. It's very clear. Just taking a higher step back, the one variable that I'm sure people want to take a view on and to try and understand is the carbon price. The next slide outlines a little bit. Can you talk a little bit about market expectations and how we see? Yep that outlook? Yeah. Of course, for us, we follow the EU ETS or the EUA prices quite closely. We also see that a lot of the industries follow this and start talking to us because the prices are increasing. In the left-hand part of the graph that's showing now, you see the actual prices and how they've moved, and you see the quite rapid spike in the price. We even reached EUR 63 per ton on the EU ETS recently. When we look at market analysts' expectations toward 2030, we see a range from EUR 75-150 per ton in their estimates. For the IEA Sustainable Development Scenario, we see they're saying at least EUR 110 per ton to achieve our climate targets. All that really drives a focus on how can we, in especially process industries, but really across all industries, remove CO2. And- Certainly. Yeah. yeah. We also see that the latest update, the climate policy update from the EU, Fit for 55, they really emphasize the focus on carbon pricing as a mechanism to drive down carbon. Finally, we, in dialogue with our customers, but also following various governments that we are nations that we're looking into, local carbon taxes or contracts for difference is getting more and more interesting in this perspective. Yeah, absolutely. Certainly the upwards momentum of the carbon price, there's no question that has accelerated the urgency we feel certainly from our customer base. How might this filter down? We talked a lot about being flexible in terms of commercial models. How might this carbon price variable affect the way we look at customer models? Yeah. On the next slide here, what we will show you is that we're looking at various pricing scenarios when we discuss with our customers how we can deliver this model efficiently. We have mainly talked about three models, one being a variable price model, one being a range price model, and another one being a fixed price model. These, if you look at the chart on the left-hand side, that chart kind of represents where the carbon price has moved before. On the variable price model, we will follow the carbon prices that are relevant for the client. If the price goes up- We earn more. If it goes down, we earn less. However, normally for this type of service, we would have a base fee. On the range price, we would have a lower and upper limit, but we would still be somewhat exposed to the carbon price. Finally, the most predictive of all would be a fixed price model. In these models, the customer would pay per ton captured, linked to either EU ETS or similar carbon price that we would have agreed. In the variable price scenario, we would normally try to find a pre-agreed curve. What does this mean for our revenues? I'm sure it's quite interesting to understand for especially the analysts. What we see now is that the first phase of these projects will be building our carbon capture units. If we do this together with a financing partner, it will be a normal EPC turnkey delivery during the 1st phase. That's that light green part in the beginning where we will have these type of revenues. As we start capturing CO2, we would then get revenues as we capture CO2. That's the illustration you see in the variable price scenario. We have a lower revenue in the beginning of the period where the carbon price is low, and our expectation as the carbon prices now will increase, the revenues would increase as well. In the mid model, where you have the range price, you would see that lower and upper boundary where you would have a hedge against very high prices, for example, as a customer. Finally, the fixed price model, you would have a very stable revenue for us and a very predictable price for our customer. Absolutely. We talked quite a lot about revenues and carbon pricing, but the other side of the coin, which I'm sure will get good interest, is the cost of carbon capture itself. Maybe on the next slide, you could take us through some of your thoughts around that. Yeah. I personally think this is quite the bold slide. We're now sharing with you the costs that we are seeing for this service from our side of the equation for our CapEx, OpEx, and transportation and storage part of the value chain. These are also questions we get a lot from the analyst community, so we're now sharing with you a little bit about this. What we're showing on this slide is levelized cost of Carbon Capture as a Service, and by that we mean that we take the cost base through the life of these contracts, and we discount it to today's value. What we are then looking at there on the left-hand side where we say CapEx is a Just Catch factory or facility with the key equipment associated with it, including financing. The price range we see there is between 20 EUR-40 EUR per ton. When we move into operations and the OpEx phase, we will have a solvent supply, we will have energy, we will have a digital operation center, there will be labor and maintenance to keep the plant running as it should. That phase, we see 25 EUR-45 EUR per ton. Finally, when you transport and store the CO2, we see a range between 30 EUR-60 EUR per ton. This is probably where we have the highest uncertainty and the highest range of cost because it really depends how far away from the storage site the emission site is. When we put all this together, we see for this service at the moment that as we're looking into these contracts, the cost for the service will be between EUR 75-EUR 145 per ton. We're mainly focusing on those opportunities that fall in the lower range of this, or at least we are working very hard to realize that. Absolutely. Across the value chain, very roughly at one-third, one-third, one-third, but a little bit less perhaps in the CapEx, a bit more in the, as you said, the higher uncertainty around the T&S segment. That's right. Okay, absolutely. How does this look in terms of financials? What would we look like as this starts to come through? As we model this, we have to make some assumptions and some analysis of how will the accounting of all this look like. Of course, as we get contracts through the door, we always have to assess each contract by contract to make a correct accounting judgment. However, when we look into this now, we see that the first phase will be a normal turnkey EPC, normally then we recognize revenue over time using the cost-to-cost method, which most of the analyst community at least is used to looking at. Then, for the units that we lease back from a financing partner, we would then be under the IFRS accounting guidance for lease accounting. That basically means that we will have a lease liability on our balance sheet equaling the value of the future payments for that lease. On the opposite side, on our asset side, we would have a right of use asset to that facility. Net on net, it would be a net zero impact on the balance sheet. For the P&L, this is accounted as a depreciation of the right of use asset and interest on the liability. These are accounting mechanisms on how it will look when you look through our balance sheet and P&L, but it will not require cash funding for Aker Carbon Capture to put this on our balance sheet. That's done through our financing partner. Finally, as we start the Carbon Capture as a Service phase, we really see that the CO2 captured is the service that we deliver to our clients. Then, we would recognize revenue as we capture the CO2, and we would then also recognize the associated cost accordingly. Yeah, absolutely. Certainly, discussing leases, it's always hard to avoid IFRS 16, but I'm sure most analysts in the last few years have had their IFRS 16 vaccinations as well, so they should be hopefully not too scared by it. Hopefully. Yeah. Hopefully, indeed. Okay. One wrap-up from you, Egil, around the concept and ambition around Capture as a Service. Yeah. I think to wrap this up, we'd like to use the same slide as we used in our second quarter presentation. The fundamentals of what we believe this business model will do for Aker Carbon Capture is still the same. We're now introducing an offering we really believe will lower the barrier to start with carbon capture. We are building a foundation of long-term revenues for Aker Carbon Capture, and we are increasing our exposure to the overall CCS value chain. Finally, we're still providing technology. We're going to deliver EPC contracts and service contracts and maintain a capital-light business model. Excellent. Thank you. Okay, everyone, we're now at the last point of our formal program before we move to Q&A. I'm delighted to be joined again by our CEO, Valborg. Valborg, over to you for some closing remarks. Thank you, David. First, this whole Capital Market Day has been built upon our core values. This is the way we define who we are. We are devoted to doing the right thing, and we can use our unique technology to fight climate change. Also, we want to use this opportunity to show you what actions we are taking right now to position Aker Carbon Capture for the huge market ahead of us. We are devoted to working together. You have met some of our core team members, the management, but also other parts of the organization, and we are all working together to meet our ambitions. You've met some of our partners. Some of them. There are several others which also have been introduced. We are absolutely dependent on a close collaboration with our partners to meet our ambitions. The third value, we are devoted to bold innovation. You've heard about technology innovation, but also maybe even more exciting to many of you, commercial innovation and our new commercial offering, Carbon Capture as a Service, carbon capture made easy. Everything we've talked about today is how we, Aker Carbon Capture, can contribute to accelerate the CCS market. We do so in order for our company to meet our ambition of 10 in 25, but also for us to contribute to the world to meet Net Zero in 2050. Valborg Lundegaard, thanks a lot. Great sign-off. Of course, Egil and J.C., thank you for the heavy lifting in part 3. That was much appreciated. Now we go to a short break before we jump into our Q&A session. The Q&A session, just as 1 last reminder, you can jump into this on the front end you use on the webcast. We'll also be joined by, as well as my guy, Jim Stian, and also by Erik Langholm, who's our head of project. We'll have the full senior management team on-hand to take your Q&A. We will rejoin you in a couple of minutes. Thank you. Okay. Welcome back. You're now joining us for the Q&A session at the end of our Capital Markets Day. I'm joined by our entire senior management team. Thank you, lady and gents, for joining us. We will attempt to get through your questions. There's a lot online. It's great to see the interest. There are obviously some we won't answer. I'm sure you can guess which some of those might be. We'll try and get through them. I think it's quite likely we won't get through all the questions, and we've already spotted the number of interactions on the chat system went up a lot as soon as Egil started speaking. We know where the questions are coming from. I'll take these quite randomly, and I apologize, this is entirely as it comes through. To our CFO, do the ranges in your cost guidance, your CapEx, OpEx, and so on, what is it that drives that range? Some of them are quite wide, and I think you alluded a little bit to the greater uncertainty in the T&S stage, for instance. What is it that drives the range for CapEx and OpEx in particular? Yeah. In particular, for the CapEx, of course, the length of the contract period could impact. Also for the CapEx, the efficiency that we are able to build the plants will impact the cost. As we deliver more plants, we foresee a lower cost of delivering these plants. In the operational phase, as Jon Christopher was touching upon, some of our clients already have certain elements in place, so we are then able to bring the cost down for our service. One other one here. Obviously a lot of discussion around Carbon Capture as a Service, as you might guess. I think also this goes to Egil. I hope I'm not going to be asking Egil all the questions this afternoon, but the variable price model, how do you define the price risk we take? Yeah. We included in that slide that there will be, in these models, most likely a base fee. Of course, we are talking to our clients about these models and discussing what is commercially right for both of us. What we are occupied with is giving them a transparent and predictable price. I think, for our case, being exposed to the whole kind of cost curve all the way up and all the way down, we would have a base fee there. The risk would be limited somewhat. Yeah, absolutely. I will try and find some others that aren't about pricing here, I do promise. We talked about the three scenarios. I wouldn't say they're not really models, but they're scenarios of variables. Yes top and tail, and then the fixed one. As we've been offering these to customers, is there a preference? Do we have a particular preference in terms of what we'd like to offer? I think from what we're hearing in the dialogue with customers and also seeing is that the variable one brings a lot of interest. It's quite exciting to start looking at that. As you talk through these things, predictability is the real important thing here. If you're in the industry and delivering, for example, cement, what you would be occupied with is having a predictable cost base for that cement delivery over time. If you're in the full variable scale, then you're still exposed to the increasing prices. What we've seen is that there is a preference to hedging some of the risk. Yeah either through the range or through a fixed price. Absolutely. That's clear. I will move around now. Erik, Mr. Head of Projects, we have a question around Norcem. I think at the Q2 stage, we gave some comment around progress. Where are we up to now? What can we say around progress with Norcem? What we can say about the Norcem Brevik project is it is on schedule. We're doing engineering and procurement in this phase, and then next year, the first fabrication and installation activities start for our equipment. Already, Norcem, as you have seen in the video, are already doing demolition work and preparing the site for our installation summer next year. Thank you. A broader one, really. Talking about, this is one for Valborg, I think. Our ambition, the 10 by '25. Famous 10 by '25. This clearly requires a number of projects. What's our sense as to when the news flow and the progress to get towards that? How will that develop over the next few years? Well, we've seen a number of very large projects being linked to all these storage projects being planned. Like in Europe, there are 13 storage projects under development or in planning phase. Many of these will come along with the storage project, just like our Brevik CCS is linked to Northern Lights in 2024. However, with Carbon Capture as a Service, we introduce an offering to the medium-sized market, which can really tap into this. That's the area where we really want to accelerate, because these mega projects takes time to mature. We think things can go faster, but still, storage is provided. That's clear. Thank you. Question about supply chains now. I think it's maybe one both for JC as well as for Erik here. Talking about as you accelerate our ambition with Just Catch and Big Catch, what can we say about the supply chain? Are there bottlenecks that we see in the next 2 years that we need to take action on now and get some frame agreement signed, or is it relatively clear? Well, I think for the Just Catch modules, we're talking about mass production. It's really important to get going, because what we've seen is, of course, that many of the vendors that are out there and the suppliers that are out there have been waiting for many years to actually get into the execution phase. I think as we see them, a steady stream of projects coming, I think that's where we also see those improvements that we're aiming for. I guess that's similar to what you see, Erik, on the Brevik CCS projects. Well, on Brevik CCS, we have a long dialogue with our suppliers, and the sourcing is going excellently. The partnership and development is on schedule, so we're very happy with the performance of our suppliers there. We don't see any signs of bottleneck. Of course, we need to prepare for a future where the activity increases dramatically, and we're looking into frame agreement with critical vendors at an early stage so that we can achieve a more efficient partnership. Absolutely. A broader one, maybe one for Jim Stian Olsen here. Our competitive environment. Who do we see as our real competition? Well, I think you see in the carbon capture market as the interest for carbon capture is increasing, we see a number of companies popping up these days. When we look at the larger project and development, we typically meet three or four companies that are sort of addressing the same market as we are. Yeah. Typically, we see MHI there. Fluor is a typical company that we see, and also Shell Cansolv is present in the market that we operate in. Those are the ones we see most, and I think that we need to pay most attention to in the near term future. Okay. Thank you. One for Valborg. I guess some of you who maybe follow some of our employees on LinkedIn would have noticed that we have been hiring. We have the classic growth challenges of any company that's growing is to get enough of the right people. The question here is really what are we doing to address the challenge of getting people with the right skills? Well, it hasn't been challenging at all. I would say that we've been approached by brilliant people, actually from all over the world. It's been really a pleasant experience to recruit them. We have tripled the number of employees since we started. Of course, we have to work with partners. We cannot build a huge organization. We prefer the flexibility and work with complementary partners. Mm-hmm. Okay. Thank you. It was very clear. I think we are predictably back to the CFO seat for the next few questions. Thought I'd split it around a little bit. The cost, your famous, as you predicted in its creation, the slide that will get the most attention, the slide with the breakdown of CapEx, OpEx, and T&S and so on. How do those ranges compare with our ambition to reduce cost by up to 50%? How do those two stories fit together? Yeah, I think as in Jim Stian's segment on technology, we are targeting up to 50% cost reduction on our Big Catch deliverable. Our Just Catch was also mentioned in that segment, and we started with technology center amongst that and reduced the cost by over 90% till today's version, and we're still going to cut cost on that version. A lot of that cost-cutting is through the standardization that we are just about to finish, actually, and then through production of more than 1 unit at a time. We are really seeing those effects. I don't expect the cost reduction for that particular unit to be as large as 50%, but there will be cost reduction on that as well. Okay. There's a very interesting question here around availability of steam and heat. Thinking in the overall cost equation, and this is, I guess, one that a number of us may have an input into, you taking a particular site that may or may not have available heat and steam, how important is this in that overall cost equation? Yeah, I think for operational phase, of course, that is important. It is on the slide as well. We've broken down the cost quite a bit. Yeah I'm not intending to go into the details of each of those buckets right now, but that is an important element. Yeah, absolutely. I think, as you said, I'm not going to go any further, but the fact it's listed there does then tell you that it's obviously a major part. Yeah. It's a significant part, yeah. Because there are other. We have three or four bullets on that. There are others. Yeah. Erik? Well, we might say that that's one of the advantages of the Brevik CCS project is that we're using waste heat from the flue gas already available at the plant, reducing the amount of additional heat required, and that's one of the biggest steps towards an efficient CCS in cement industry is how we harvest that energy. Absolutely. Which we are very proud of. Thank you. Jim Stian, anything around that from your side you want to add? No, I think what we're looking at in the Carbon Capture as a Service is we want to build in some sort of flexibility. It's not all sites do have waste heat available. We have to make sure that we're able to actually capture CO2 in those cases as well. That's what we're doing with this new offering. Yeah we're putting in place. Absolutely. Another one on the ambition of reducing CapEx by up to 50%. We gave a nice example of the 90% reduction since 2012, I think it was. What basis do we take that 50%? Is that from today? Maybe Erik. The 50% of the Big Catch cost is what we're trying to reduce by looking at, for instance, a reference project like Brevik last year. Yeah which has a lot of challenges, and the ground condition and the complexity of installment there is special. I do believe if we can achieve progress on standardization and modularization to a higher extent in the future, that would benefit both clients and ourselves. Fair enough. Very good. Interesting one about amines. With my chemical background, I will definitely pass this one on. It's more a supply. I guess this links into the supply chain topic we had before, do we see a potential bottleneck around amine supply? Now, we have a very specialized chemical that goes into our mix, so it's not just anything off the shelf, it's one that we’ve obviously developed along with partners. Maybe Jim Stian, when you look at the amine supply picture, is this something that on the two to five-year view you have some concerns over? No, we get our amines from robust suppliers in the market that deliver on the international markets. I don't really see that as a huge challenge for us to get enough amines. Yeah. Fair enough. Okay. CFO time again. Thinking about the financing model around Carbon Capture as a Service, the EPC payment, certainly on your graphs, you gave a split in terms of the initial EPC revenues and then the Carbon Capture as a Service revenue coming in. The EPC side of it, I know certainly from my previous lives, it's not easy to forecast working capital, but what can you say around how the cash flow picture might change during that EPC phase? We all know that the working capital is hard to forecast. What we can say is that for our EPC business model, we are really looking for neutral cash flow. By that, we are always targeting to get money in before we pay our sub-suppliers. When you look at that, our working capital requirement to deliver these EPCs shouldn't be very high. Of course, as you produce more of them and mass produce some of these items, there might be some working capital requirement. I think it's a little bit too early to say if that picture will really change because we are now still targeting neutral cash flow on all our EPC deliveries. Yeah. Okay. Thank you. A very broad question around the T&S, the transmission or transport and storage segment. Well, 2 really, 2 related ones. Why is the cost so high versus the CapEx, for instance, on your nice chart? Secondly, what can be done to reduce that? Whoever can jump into that one. Maybe JC. Yeah, I think there's several reasons here. First of all, we should remember that the transport, for instance, by ship today is quite minimal. There is quite a bit of innovation that is needed both in the transportation piece and the way it's actually liquefied and in what state it is actually brought to the storage site itself. That's certainly one aspect of it. The second piece is, of course, that offshore operations, alliance that need to be either refurbished or put into place can be costly. We do see that the offshore storage, even if that provides a lot of opportunities for the future and especially on the scalability side, the ability to both use existing infrastructure as well as the existing knowledge that is in various types of industries in Europe will be extremely important. Of course, the third factor I think we've really seen proven here today, it's about what type of methods do we actually store with. Of course, the example here provided with Carbfix could be game changers, and there might be others. Mm-hmm. Absolutely. Jim Stian, any views on the? No, I think what he mentioned there about Carbfix is very interesting. They have a very modular technology that allows us to scale up in a different way than with the more conventional storage technologies. That makes it extremely interesting in the short and medium term. Absolutely. A broad one for Valborg. Let's fast-forward five, 10 years. What does success look like? Yeah. Well, we are already established in Denmark and U.K. We certainly will be established in many other countries by then. We have an international operation. We have met our first target of 10 in 25, and we are targeting for exponential growth, I would say, towards the next decade. We keep on investing in new technology, and we will not be disrupted technology-wise by others. We will disrupt our own technology and bring something completely new to the market. Absolutely. Thank you. There is one question, which has come up a few times, it is nothing that we do, but I think it is maybe hinting to, and JC, in your comment you talked about North America. We have a few questions talking about CCS, but when it's used for EOR, for enhanced oil recovery. Yeah. Maybe Valborg, is that maybe one for you? What is that? Yeah. Okay or even J.C. Yeah. What's our sense in terms of, is that a market that we would consider? Well, we've seen a rapid change in that market, I would say. Of course, this is primarily something that we've been seeing in North America and the Permian. shale operations for a while. They've been extensively using the available CO2 there. I would say that there's been a shift in this because we are now seeing large carbon capture sites that are having trouble to actually keep going because there is really no EOR market anymore. We're seeing very swift changes. We're seeing plants, for instance, now in Canada, where we might see what was used to be then EOR pipelines and EOR, shift over to permanent storage. I would say it's a very feel-able shift in the North American market. It never really hit the mark in the European market, especially since EOR using CO2 offshore is a very large operation and something that has not been used to a degree. I would say that maybe the EOR times are coming towards, and even if we would probably see CO2 being used in a number of applications going forward in the future. Yeah. Thank you. Valborg, anything you'd like to add to that discussion at all? No. I agree, and that is really if you look at the segments that we have prioritized, we see cement as extremely important. It is in hard to abate sector. Where only carbon capture and storage is the solution because the CO2 comes from the cement production itself. We see a great potential in bio and waste to energy, bio and energy with carbon capture, with possibility for negative emissions. We see blue hydrogen, and we see gas to power plants. The market is so big in these four segments that we are prioritizing. It's certainly sufficient for us to meet our 10 in 25. Absolutely. Thank you. That's very clear. A few questions around the lease structure with our potential partners. Clearly landing in Egil's seat, I think. I guess the question is, I'm trying to mix a few questions together here that have a common theme. Are we just looking for a financial link, or are we also looking for some level of risk transfer that could perhaps, let's say, pass on some price risk or pass on some operational risk from the facility itself? Yeah. Well, that's a good question, actually. For some of these contracts, some of the clients, they would prefer to pay the facility themselves or finance it themselves, and we do the rest of the service. Having a financing partner to work with, for example, what we're trying to do together with Aker Horizons, will help us accelerate this business model. When it comes to the risk transfer, it's to me quite clear that when you create a setup like this, there will be some movement in the risks. However, on the first couple of units that we are delivering, we foresee now to work very closely with our financing partner to deliver these. I think, for each case that we are now setting up in the beginning, we will have to define what that risk really is. For Aker Carbon Capture, we're always trying to minimize the risk that we have, or are left with, in such a setup, of course. It should be fair. Mm-hmm. Absolutely. One, it's not particularly our, it's really talking to one of our cousins, but asking about how we might look to structure the, or if we would have any involvement in the yield co as and when it might appear. Yeah. We are working together with Aker Horizons in this setup. What we've said before, and what we are looking into, is especially for the first couple of units with a larger risk, than maybe once we've kind of got running with this business model, we are looking into setting this up together for those first units. Okay. One in the R&D camp here. Jim Stian, thinking about solvents. Obviously we won't be comparing exact examples, but how does our S26, our blend, how does that stand out versus what's currently available elsewhere? I think, first and foremost, it is the unique environmental friendliness of our solvent. When we've done our campaigns with our Mobile Test Unit, and we've been testing then for emissions to air of harmful substances, and they're at a level that we're not able to detect them with the measurement equipment that we're using. This is really what is good about our solvent. This makes it safe for the local environment, and it makes it a good option even in urban areas. This is definitely, I would say, the most important element. Mm-hmm. Erik. Jim Stian's choice of solvent also adds on value savings for me in execution phase, because having a stable amine also reduces the corrosivity, so that we can choose simpler materials, and we do less reclaiming using less energy. It's an efficient and a good circle around the selection of amine, which we're doing. Mm-hmm. Thank you. Okay, we are running out of questions, actually. I managed to bunch quite a few together. We have a few whether we want to comment on someone else's project. I think the answer is probably no. A few pointing out my microphone issues early on. Thank you. Hopefully we got through that, ready for next year. I think we've covered a lot of the comments around CapEx and those cost splits and the uncertainty around it and how the cost and CapEx shape our ambition will bring that down over the next few years. I'm just seeing if there's any others. May I just add? You may. Yeah. That I think we were just looking through, of course, there was a lot of investor interest in those that are online today. We also saw quite a few of our partners, and I would like to take the opportunity to talk about our event next week, which is the actual official launch of the Carbon Capture as a Service, which is now Tuesday next week. I think we will see a very nice gentleman from the U.K. also heading up that. Hopefully the one with better microphone technique. We'll see about that. Excellent. Okay. Nope, very good promotion. Tuesday next week. Nice. Yeah. How about if you look at Aker Carbon Capture on LinkedIn, that's probably the easiest, quickest way to find out the invite, isn't it? Absolutely. Yeah. Wonderful. Okay. Back to the YieldCo, and our CFO. Do feel free not to answer the part of this that maybe doesn't refer to our own strategy. Just seeing how will our link up with them work? It's just going to be a lease payment. There won't be a direct link to, let's say, the per ton dollar or euro of revenue from the capture. In terms of the risk, there won't be a dividend, any type of dividend payment. What can you say around that without stepping too much over the edge? No, I'll answer the part that relates to Aker Carbon Capture. Yeah. What we foresee, and of course it's in the name as well, a yield company, we foresee that that relation will be a stable lease payment. In that situation, not directly linked to the price of carbon. Mm-hmm. Yep. Fair enough. Thank you. Jim Stian, more solvent questions. There's a bit of a solvent fan club building up here, I think. Okay. Questions around, obviously there are competitors out there who are putting money to work in R&D. There's enzyme-enabled carbon capture. There are other, let's say, lower energy requirement type of solvent mixes that have been looked at by some of our major competition. Do you have a sense as to the I know in your section we talked about the technology strategy, how much of that is actively looking into improved amine routes to carbon capture, as well as all the other routes we're looking at? We're definitely going to spend time looking for future solutions of the solvent-based post-combustion capture as well. We have already a strong relationship with SINTEF, but we are also talking to other scientific organizations, and we want to start to look into really novel ways of doing solvent design in the future, looking into artificial intelligence and these type of topics, so that we can really accelerate the way that we develop our solvent. Remember that the solvent program was 8 years, we looked at 90 solvents. Of course, if we're going to really make a change, we have to work even faster than that in the future. Yeah. We have to look at new methods for this. This is definitely something that we'll have focus on in the months and years to come. Yeah. It strikes me that it's a little bit of an analog to, I think it was the 1990s when combinatorial chemistry came into its own in terms of drug development. That acceleration of looking at a range of different potential, in that case, obviously drugs or drug parts. For us, looking at different solvent combinations, some type of machine learning to really look for trends and to increase the speed, the throughput. could be really, really important. Okay. Another thing I would say about the solvent side is that there's, as we discussed in your section, this is not new. There's a lot of work that's been done on amine-type solvents for carbon capture for some years, decades. There will be a lot of stuff on the shelf. As we talked about in your section, going from a science project and a larger science lab, to a small pilot plant, to a real pilot plant, to modularizing, to commerciality does not happen overnight. This is, I would say, absolutely one of our key USPs. I think many of our customers are coming to us and say, "If you were a standalone organization, new startup with a relatively new technology, we wouldn't be putting our trust into you. As we see, you have been in the business for nearly 200 years, the Aker Group. You've been really driving the innovation in this space and been, I would say, a bit stubborn in terms of actually getting this technology to the forefront." I would say that we're bringing together both a history, ability to deliver, and to really a position where we can have customers that trust that we will deliver on time and on schedule and on the cost targets that we have set forward. Absolutely. Thank you, J.C. We're 1 minute, or just below 2 minutes left in our Q&A session. There's still a few coming in. I think we'll start to think about wrapping up. There's a very broad question around policy, and I'm pretty sure that we thought we were not going to talk about policy, because it's nothing that we can control. No. We certainly work around it, and we react to it. In very broad terms, and I think policy as a topic has appeared on many of our slides, actually. In very broad terms, are there particular areas that we think the industry, let's say not Aker Carbon Capture, the industry needs to see some acceleration in? Or is it all really coming? Mm-hmm. Any of our board. I can start with Norway. I think everyone in Norway is extremely proud of the Longship development with the full value chain carbon capture. You know, Norcem Heidelberg Materials's project, which we are delivering carbon capture for in Brevik. Northern Lights with transportation and storage solution. We cannot stop there. Now we have the infrastructure in place, or it's being developed, but there is so much more to capture of CO2. We need that commitment, not only from the industry but also from politicians, and the drive really to accelerate and capture all the CO2 on some waste-to-energy plants around Norway and process industry and so on. I think so far what we've seen all over Europe is really the focus on these very large storage projects and one or two big emitters are linked to that. That is where Carbon Capture as a Service come in. Targeting the medium size emitters and tapping into this, and this is where we need the support from everyone, all stakeholders. Mm-hmm. Absolutely. Thank you. JC? I think one of the things that is good about this industry is that we're actually able to learn. If we look towards how we have approached this, or the U.K. government has approached this, we're looking towards maybe contracts for difference. That type of incentive mechanisms. We see some countries really focusing in on negative emissions, like we see in Sweden. We see, for instance, in North America where there's been this 45Q grant. which actually provides tax credits. What we need now is to look at these types of incentive mechanism and apply them into the industries so that they can get going with the projects, because we still feel, even when we have Carbon Capture as a Service. With the barriers that we've taken away, there's still somewhat reluctance to take that bold stand, take that first of a kind project on and get going with it. Now we have the infrastructure, we have the possibilities, the technology is well proven, so we should get going. Absolutely. Okay, everyone. We are up to time. Thank you for all the hundreds of questions on here. There were quite a few that were quite similar, so either you are having the very similar thought or you're just copying the person 5 ahead of you. I think it's been a really good discussion, and really thank you for the input. That's really it from my side. Just as a quick wrap up, I'll thank my colleagues for their time today, our senior management team. Hopefully, as a first outing, I hope you'll come back for more. We'll also thank our partners, industrial partners and customers. It was great to have you join us for interviews, videos. It was a very exciting and very different part, hopefully you'll agree, of our message. Of course, thank you for everyone to joining from the financial world and elsewhere. As I said at the beginning, for a company that's only one year old in the stock market, or a little bit over one year old, we are far from a screaming toddler, and we really, really appreciate your interest and all the information you want to get out of us in terms of this exciting growth industry. Keep in contact. Please join us next week for the Carbon Capture as a Service launch event. Yeah, we look forward to your interest in the future. Thank you.