Good morning. My name is Ivar Simensen. I'm the Head of Communications at Aker Horizons. Today we're presenting Aker Carbon Capture's first quarter results. With us, we have Egil Fagerland, CFO, and first to present the results, CEO, Valborg Lundegaard. Good morning. Aker Carbon Capture's first quarter included the start-up of the Brevik CCS EPC project and several new partnerships. We have experienced positive market development in the quarter with continuous increase in CO2 quota prices, several countries and companies setting more ambitious targets for CO2 reduction. Most important, increased activity in the market with CCS developments moving forward. First, a brief introduction to the company. Aker Carbon Capture is a pure-play company, combining the agility of a start-up with the strength of the Aker group. Our focus is on the CCUS market only. Our customers will have our full attention. For investors, this opens up for investment in a pure-play company, not a conglomerate of segments. Our proprietary technology has been developed over 20 years, and it's validated over 50,000 operating hours and certified for several applications by DNV. Aker Carbon Capture's technology is cost-effective, robust, and flexible, meaning it can be applied to existing plants or new builds. Our proprietary process uses a non-toxic, biodegradable mixture of water and organic amine solvents to absorb the CO2. When our customers come to us, they want to reduce their emissions and not introduce new emissions or hazardous chemicals. That is why our technology's unique HSE characteristics are also a commercial differentiator. Highlights of the quarter. The Brevik CCS contract marks a breakthrough for Aker Carbon Capture and the carbon capture industry. This is the first carbon capture project at a cement facility in the world. The contract has been awarded to Aker Carbon Capture by Norcem Heidelberg Cement. The EPC project commenced in January. Key milestones have been achieved according to plan, and the plant is scheduled to be in operation in 2024. The Brevik CCS project is part of Longship, the greatest climate project in Norwegian industry ever. This is a full value chain CCS development, including Brevik CCS, as well as the transportation and storage project Northern Lights. The storage project has excess capacity and will further advance the carbon capture market. In March, Aker Carbon Capture, Ørsted, and Microsoft signed an MoU to explore ways to support the development of carbon capture and storage at biomass-fired heat and power plants in Denmark. By capturing the carbon emitted by biomass-fired heat and power plants and storing it underground, it is possible not only to reduce but also remove carbon from the atmosphere, negative emissions, as carbon from sustainable biomass is part of a natural biogenic carbon cycle. Later in March, Aker Carbon Capture and Siemens Energy signed an MoU aimed at developing combined offerings for carbon capture solutions that can be applied to gas turbines and gas-fired power plants. The intention is also to explore ways to jointly fast-track developments of major projects globally. The U.K. government has announced that radical new climate change commitments will set the U.K. on course to cut carbon emissions by 78% by 2035, and launched ambitions to capture 10 million tonnes per year of CO2 by 2030. Therefore, major U.K. opportunities are moving forward. Large-scale gas to power plants with carbon capture are planned to decarbonize industrial clusters. As a consequence of increased market activity, Aker Carbon Capture is establishing presence in Denmark and U.K. Today, Aker Carbon Capture announced a collaboration agreement with SINTEF, one of Europe's largest independent research organizations. The two organizations have collaborated on CCS developments for more than a decade, including development of the CCS industry's most HSE-friendly amine solvent. The current collaboration includes membrane technology, hydrogen application, and testing of higher capture rates. We are ready to take the next phase of challenges to develop even more cost-effective carbon capture solutions. Varying national and regional pricing initiatives impact effective carbon price. This includes not only ETS, but also national tax, regional tax, and fine, and in the U.S., tax credit. We have seen some remarkable development recently. ETS prices hit record high EUR 47 per tonne in April 2021. This is an increase of approximately 45% since end December 2020. Even though CCUS more and more is becoming part of our clients' license to operate, rising carbon prices clearly supports for growth in the CCUS market. Today, CCUS developments require governmental funding. We haven't reached break-even yet. However, we have already seen that the effective carbon price is increasing. Our part of the economics is the cost of carbon capture. We are continuously working on reducing the cost of our two main products: Just Catch, which is a mid-sized modular plant that captures up to 100,000 tonne CO2 per year, and Big Catch, which is a tailor-made capture plant for the biggest emission points, over 400,000 tonne per year, up to 7 million tonne per year. Renewables like solar and wind have demonstrated significant cost reduction, like we have done for Just Catch, where we have been able to reduce the cost with 90% since 2012. The cost can and must be further reduced. There is not one quick fix. We have to challenge the cost in many different ways. One, technology development. We will continue to improve and challenge the carbon capture technology and work with leading technology partners. Two, standardization and modularization. Reuse of design solution reduces cost and increases efficiency. Modularization opens up for low-cost fabrication and efficient hookup. Three, digitalization. We have established a digitalization program with our Aker sister companies, Aize and Cognite. It's called Electron, a five-year partnership dedicated to embedding industrial software to put raw data in context, as well as building application on top of a data platform to improve efficiency and drive better results. Four, strategic partnerships. Offering integrated solutions with our complementary technology partners provide commercial attractive solutions. Five, long-term supply chains. We will take advantage of ongoing projects to establish long-term, cost-efficient supply chains. Finally, six, learning by doing. Brevik CCS is our first Big Catch delivery. We expect to learn a lot from this and be able to reduce the cost considerably for later Big Catch developments. Let us now take a look at the status of operation and business development. The carbon capture market is expected to develop into a global market. Aker Carbon Capture has, in the initial phase, prioritized the European market, with Scandinavia, Benelux, and U.K. leading the way. Here, the market interest from prospective customers and the regulatory environment to support adoption of carbon capture technology is most mature. We will prioritize to deliver our carbon capture products to four market segments: cement, bio and waste-to-energy, blue hydrogen, and gas to power. To strengthen our offering and position in prioritized market, we have secured MOU and collaboration agreement with complementary partners. This enables truly integrated solution for efficient and sustainable offering to reduce CO2 emissions. The cement industry represents 6%-7% of global CO2 emissions. CCS is the solution to decarbonize this hard-to-abate segment. In December 2020, the Norwegian Parliament approved the Longship project to establish the entire CCS value chain, from capture to transport and permanent storage underneath the North Sea. Longship includes the Brevik CCS project, where Aker Carbon Capture will deliver a complete CO2 capture plant in 2024. We are proud to be selected by Norcem Heidelberg Cement for the Brevik CCS EPC project, the world's first carbon capture project at a cement facility. The contract value, it's NOK 1.7 billion. The plant will have superior heat integration with existing cement plant and capture 400,000 tonne of CO2 per year, equal to total emissions from about 200,000 cars from the roads. Aker Carbon Capture's technology has been verified for application to the cement industry through extensive testing with our mobile test unit in Brevik. The EPC project commenced in January, and an experienced project team has been mobilized. Key milestones has been achieved according to plan. Going forward, you can all follow the development of the project from the webcam at the Brevik site. Liquid CO2 will be transported by ship from Brevik to a terminal at the West Coast of Norway. From here, CO2 will be pumped through pipelines to a reservoir beneath the sea bottom. The full value chain CCS development Longship is scheduled to be in operation from 2024. With Twence in the Netherlands, we have signed an EPC contract for carbon capture at their waste-to-energy plant. Planned startup of the EPC project is in Q3 this year, pending final government approval. Already, Aker Carbon Capture has been contracted by Twence to update technical documentation, project schedule, and commercial conditions. This is a Just Catch modular plant with a capacity of 100,000 tonnes CO2 per year. The captured CO2 will be sold and utilized as fertilizer at a greenhouse. In March, Aker Carbon Capture, Ørsted, and Microsoft signed an MoU to explore ways to support the development of carbon capture and storage at biomass-fired heat and power plants in Denmark. By capturing the carbon emitted by biomass-fired heat and power plants and storing it underground, it is possible not only to reduce but also remove carbon from the atmosphere, as carbon from sustainable biomass is part of a natural biogenic carbon cycle. It is our ultimate vision to drive forward the process of facilitating negative emissions and reaching actual operation of a commercial and technical setup, creating substantial negative emissions. In February, Aker Carbon Capture signed an MoU with Lyse and Forus Energi to explore CCS opportunities in the Stavanger-Sandnes region in the Southwest part of Norway. By 2030, Lyse aims to be climate neutral in its own operation. At the same time, it will contribute to significant reduction of emissions regionally, nationally, and internationally. In January, Aker Carbon Capture and Hitachi Zosen Inova signed an MoU aimed at accelerating carbon capture solutions in the waste-to-energy industry. In Europe, both for new and existing waste incinerators. Hitachi Zosen Inova, a major turnkey waste-to-energy plant provider, has delivered over 70 plants over the last two decades. Blue hydrogen, the third of our prioritized segments, is hydrogen produced from natural gas with CCS. This morning it was announced that Aker Clean Hydrogen and the Municipality of Aukra are exploring opportunities to realize the establishment of a blue hydrogen production facility on the Aukra Island in western Norway. The Aukra Hydrogen Hub project will rely on access to natural gas from the local gas processing plant. The hydrogen plant will split the natural gas into hydrogen and CO2. The clean blue hydrogen can be used to decarbonize local industry processes, provide emission-free fuel for sea and road transport, as well as being exported to European hydrogen consumers. The CO2 will be permanently stored. As part of the development, Aker Carbon Capture will, together with SINTEF, explore new capture technology for hydrogen production units, which complements our existing and qualified capture technology for blue hydrogen from steam methane reforming. The Aukra development represents a large-scale new build hydrogen production facility. However, the market for retrofit of existing hydrogen production should not be underestimated. Decarbonizing the existing hydrogen market by adding carbon capture is a key to unlock the emerging hydrogen market in Europe. The European Union foresees investments of EUR 11 billion for retrofit half of the existing European hydrogen plants with carbon capture and storage before 2030. Haldor Topsoe, the world's leading technology provider for hydrogen production from natural gas, is Aker Carbon Capture's partner for cost-effective blue hydrogen. Together, we offer a complete solution for low-carbon hydrogen production, both retrofit of existing plants but also new blue hydrogen plants. The fourth prioritized market segment is carbon capture for gas-to-power plants. In U.K., the green industrial revolution has been launched. The target is to capture 10 million tonnes per year of CO2 by 2030. This has accelerated the market. There are several opportunities for delivery of Big Catch carbon capture plants in the pipeline. BP has secured funding for the first phase to accelerate development of U.K.'s first decarbonized industrial clusters, including Net Zero Teesside power station, equipped with carbon capture and storage. Aker Carbon Capture has been pre-qualified for carbon capture for this plant. The design capacity of the carbon capture plant is approximately 2.2 million tonnes per year of CO2 capture, 5.5x the carbon capture plant in Brevik. SSE Thermal and Equinor are actively developing Keadby 3 power station, equipped with carbon capture and storage. Aker Carbon Capture has been pre-qualified for carbon capture here as well. The design capacity of the carbon capture plant is approximately 2 million tonnes per year CO2 capture, 5x the carbon capture plant in Brevik. In March, Aker Carbon Capture and Siemens Energy signed an MoU aimed at developing combined offerings for carbon capture solutions that can be applied to gas turbines and gas-fired power plants. The global collaboration will initially focus on the European market for new and existing low-carbon power generation, where a combination of new turbines and carbon capture and storage can provide sustainable solutions fit for the 21st century. To sum up, ambitious political climate targets have been set at the start of the year. The U.S. is back in the Paris Agreement, and a new target is set. U.S. will reduce emissions 50%-52% by 2030 compared to 2005 level. Canada increased 2030 emission target to 40%-45% by 2030 compared to 2005 level. This is an increase of 4%-9%. U.K. government has announced an ambition to reduce emissions by 78% by 2035 compared to 1990 level. Finally, Denmark's goal is 70% emission reductions by 2030 and climate neutrality by 2050. For Aker Carbon Capture, the activity level in the quarter has increased compared to 2020. With project studies, tender, and support to EU Innovation Fund applications, we are investing in the company with recruitment and technology development. There is no doubt that CCUS is part of the solutions to mitigate climate change and that the long-term carbon capture market potential is huge. In order to focus, Aker Carbon Capture has set a clear direction for the markets and industries to be initially pursued. Only in this market, Northern Europe, and our four segments, there are over 450 industrial sites with emissions more than 100,000 tonnes per year. With strong signal for CCUS market growth and a stronger market position for Aker Carbon Capture, our target remains. Our ambition is to secure contracts to capture 10 million tonnes per year of CO2 by 2025. Going forward, the following will be prioritized. The Brevik CCS EPC project is our most important reference project. It is the world's first carbon capture on a cement plant. The EPC project commenced in January, and key milestones have been achieved according to plan. A successful delivery of the project is a must. We will continue to accelerate the CCUS market by reducing the cost of carbon capture. We will continue with standardization, digitalization, modularization, technology improvement, and learning by doing. We will take an active role in developing the CCUS market through customer and complementary technology partnerships. This enables truly integrated solutions for efficient and sustainable offering to reduce CO2 emissions. We will continue developing opportunities in prioritized markets in accordance with our mission, enabling emission-free industries and energy solutions through carbon capture. Now I would like to introduce our CFO, Egil Fagerland. Egil joined us from DeepOcean. He has worked with Aker Solutions before, and it is a pleasure to have you on board, Egil, and we are now both open for questions. Thank you, Valborg. Okay, thank you. First of all, to everyone listening and watching, we do apologize if there's been issues with the broadcast. Working to rectify that, but there is time for a couple of questions. The first one comes from Rachel Fletcher at Morgan Stanley. You've said you'll spend NOK 100 million on R&D per year going forward. Can you confirm how much was spent on R&D in the first quarter? In terms of R&D, are you focused on improving your amine solvent, or are you researching other absorbents, such as membranes? Do you anticipate pursuing other CCS approaches in the future? I guess you can split the question between you. Yes. To answer the first part of the question, in the first quarter, we've spent about NOK 10 million in R&D, technology, and innovation. Going forward, we're going to continue to invest in the company. We're going to spend money on technology, in our strategic partnerships, digitalization programs, and we're also going to spend on standardization and modularization of our products. Over to our technology strategy. It includes both improving current technology but also looking into new solutions for carbon capture. I already mentioned in our presentation, the MoU that has been signed with SINTEF, and we are working with SINTEF on, for instance, membrane, which was mentioned. Going forward, we will continuously follow the market and look for opportunities also for collaboration because we want to maintain our leading technology position in this industry. Okay. Next question is from James Carmichael of Berenberg, asking, what should we read into the pre-qualification announcements in the U.K.? Are there other capture providers also pre-qualified? Well, of course, these mega-scale projects in the U.K. are very attractive also to our competitors, and I cannot respond on their behalf. However, what I can say is that we are in a very active dialogue with the customers in U.K., and we see that these projects are moving forward. Both Net Zero Teesside and Keadby 3 will move into a FEED phase this year, and I expect that the operators are really ambitious of presenting attractive development solutions at COP26 in November. Yes. Also a question from Carmichael about the EU Innovation Fund and asking if the Twence contract is specifically related to the EU Innovation Fund and more generally on the projects we have seen announcing that they are through to the next round of all the funding opportunities. First to comment on Twence. This project has been in dialogue with EU and the requirement for final approval much longer than the EU Innovation Fund process has been ongoing since last autumn. These are not directly linked as such. When it comes to the EU Innovation Fund, we haven't seen an official list from EU which projects has been awarded funding in the first place. We know that some have already announced that they are moving forward. We also hear from EU that there will be another round of funding now coming up this autumn. There is a lot of activity both with our customers and the ones that has already been awarded funding. Okay. A question from Frederik Lunde at Carnegie about Net Zero Teesside and Keadby 3. What is the timeline for firm contracts, and can we use the five times the Norcem contract as an indication of potential value? I will not comment on the value for this one. It all depends on the final contract model and how this is set up. When it comes to the timing, what we can say about this is, as I already confirmed, the projects will move into a FEED phase this year. In U.K., there are several projects. I mentioned two, and there are several clusters now in storage project moving forward. The government has decided to develop two of these in the mid of the decade, and then there will be another two by the end of the decade. There will certainly be a competition among the operators as well. It's a very attractive market, of course, going forward. That is the reason why we are setting up a legal entity in U.K. Okay. A question from Victoria McCulloch at RBC Capital Markets. In the more mature projects like those where you have pre-qualified for carbon capture, are you seeing the opportunity for different contract structures, or are these also EPC-style contracts? No, I think what we will see going forward is various kinds of contract models. Yes, there will be EPC contracts like we see now for Brevik and Twence. There could also be more license-type contract with key equipment and standardized modules. There could be more service-type contracts, which we are looking into and seems to be very attractive in the market. Okay. With that, we round off the Q&A session. Thank you all for listening and following the presentation this morning. Thank you. Thank you.