Hello, and welcome to Aker Carbon Capture's results presentation for the third quarter 2021. I'm David Phillips, Head of the U.K. and Investor Relations, and I'm joined by our CEO, Valborg Lundegaard, and our CFO, Egil Fagerland, to talk through our results. Firstly, Valborg will run through the main points of the quarter and main developments in the market outlook, and then Egil will run through the financials, and then we can take your Q&A. As you can see on the site you're probably watching this webcast through, you can ask questions at any time. Please do put them on the system, and we'll make sure we address them as much as we can in the time we have left after you've heard from Valborg and Egil. Valborg, over to you. Thank you, David, and I will extend my welcome as well to all of you. Aker Carbon Capture's third quarter included further progress on the Brevik CCS project and new business opportunities. First, a short introduction to the company and the highlights of the quarter. Aker Carbon Capture is a pure-play carbon capture and storage company with the strength of the Aker group. For investors, this opens up for investments in a pure-play company, not a conglomerate of segments. Our proprietary technology has been developed over 20 years and is validated to over 50,000 operating hours and certified for several applications. Aker Carbon Capture's technology is cost-effective, robust, and flexible, meaning it can be applied to existing plants or new builds. The 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. The highlights of the quarter. The Brevik CCS project, the first carbon capture project at a cement facility in the world, is progressing according to plan with key milestones achieved. Last week, we announced a strategically important MoU. Viridor has partnered with Aker Carbon Capture for the delivery of five modular Just Catch plants within 2030. Viridor is one of U.K.'s leading recycling resources and waste management companies. In September, we signed an MoU with Carbonor. Carbonor's plant low CO2 char production in Norway could become the first in which carbon capture and storage is sold as a Carbon Capture as a Service, where the emitter pays a fee based on the volume of carbon captured. We have also announced that Aker Carbon Capture is a partner of the Danish Greensand CO2 Transport and Storage project. For the pilot project, 29 Danish and international companies and research institutes have joined forces. EU has now approved the Dutch government's funding of the Twence's project. The project will enable the removal of CO2 from flue gases at Twence's waste to energy facility in the Netherlands. The captured CO2 will be used at greenhouses. We expect to start the project in the fourth quarter. In this quarter, we officially launched our innovative Carbon Capture as a Service business model, our commercial approach to accelerate the uptake of carbon capture, especially with mid-size emitters. The new offering has been well received by our customers. Last week, we announced that Aker Carbon Capture will work with Elkem to use our Mobile Test Unit to capture emissions from smelters in the process industry. This will be the first time carbon capture will be deployed for this industry. In August, NOK 840 million were raised through a private placement to strengthen investment in technology, product development, modularization, and digitalization to drive down cost, as well as continue to develop the organization and internationalize the company. Finally, strengthen the balance sheet to pursue growth opportunities. Aker Carbon Capture has been selected by Viridor as partner for accelerating decarbonization at waste-to-energy sites in the U.K. and delivery of 5 modular Just Catch plants within 2030. Viridor, supported by shareholder KKR, has an ambition to become the first net zero waste energy company by 2040 by bringing forward CCUS alongside plastic extraction and increased recycling. The partnership with Aker Carbon Capture could accelerate Viridor's net zero plans by a decade to 2030. Developing the modular CCUS plants on the five waste-to-energy sites, combined with another two planned bespoke CCUS plants in the Viridor portfolio, would totally deliver about 1.5 million tons CO2 savings per year, meeting 15% of the U.K. government's 2030 emission reduction target. These investments, up to GBP 1 billion, would also create around 1,000 construction jobs and up to 180 skilled green jobs in Scotland, Wales, and the English region. Carbonor's planned low CO2 char production, located right outside the Northern Lights Terminal in Western Norway, could become the first in which carbon capture and storage is sold as a service, where the emitter pays a fee based on the volume of carbon captured. The project will utilize Aker Carbon Capture's Just Catch, integrated with Carbonor pyrolysis technology, to produce low-emission, high carbon reductants for the alloy industry. Carbonor's goal is to commission the new char operations in time for the opening of the Northern Lights Longship project in 2024. Aker Carbon Capture's Mobile Test Unit is currently in Poland, testing our proprietary technology for CO2 capture at a char plant. We are proud to support the Project Greensand as one of 29 Danish and international companies and research institutes that have joined forces to carry out this dedicated pilot project. The project, which is led by INEOS Oil & Gas and Wintershall Dea, aims to demonstrate that CO2 can be injected into the Nini West reservoir, offshore Denmark, as well as supporting the deployment of cost-effective and environmentally safe monitoring technologies. Through our growing Danish entity, Aker Carbon Capture Denmark, we are well-positioned to serve not only the growing CCS market in Denmark, but also accelerate other markets in Europe. Finally, in terms of significant recent developments, we have announced that Aker Carbon Capture will be working with Elkem and a number of industrial partners in Norway to test the first application of carbon capture with emissions from the smelting industry. This program, which uses our Mobile Test Unit, will run over two years. It has support from Gassnova and The Research Council of Norway. We will start with handling emissions in the Mo Industrial Park from Elkem Rana, which produces high-purity ferrosilicon and micro silica, and SMA Mineral, which produces lime and dolomite. The goal of the project is to test and optimize how carbon capture technology can work with emissions from smelting operations in order to prepare for a potential full-scale plant in the future. SINTEF noted the partners involved in this project have identified the potential for 1.5 million ton of CO2 capture in the region. This would be equivalent to around one third of emissions from the metal industry overall in Norway. Let's have a look at the recent market trends. Activity in the carbon capture market has continued to accelerate during the third quarter. The recent global status of the CCS report for 2021 from the Global CCS Institute highlights a doubling of the number of carbon capture facilities in operation and development when compared to the previous report for 2020. These 135 facilities represent a total capture capacity of some 150 million ton of CO2 per year. The pipeline of CCS projects, that is, those in construction or under development, has increased by almost 50% since the end of 2020. Now it stands at 111 million tons of CO2 per year. Around half of the new projects added this year are in the U.S., with significant additions also from the U.K. and Europe. This year has also seen continued strong momentum with the development of large CCS networks or industrial clusters. These bring economies of scale, such as shared transport and storage infrastructure, and are important for the development of CCS for both large and mid-size emitters. There are 20 such clusters in advanced development at present, with 13 of these within Aker Carbon Capture's target market in Northern Europe. We also note the recent U.K. news around selection for the Track 1 cluster development. Ambitious political climate targets set in the recent months continue to show strong policy support. The new European Climate Law increases EU target for reduction of greenhouse gas emissions from 40% to at least 55% by 2030 compared to 1990 levels. The IPCC sixth assessment sets out a clear carbon emission budget for the 1.5-degree climate ambition, and Wood Mackenzie estimates that a carbon price of EUR 130 per ton is required to reach the 1.5-degree target. The IEA Net Zero 2050 roadmap describes the priority actions that are needed to ensure net zero emissions by 2050. According to IEA, this is perhaps the greatest challenge humankind has ever faced. For CCUS, the IEA roadmap is visioning significant growth, with 1,300 million tons of CO2 by 2030 and 5,200 million tons of CO2 by 2050. With this scale ahead, the CCS industry could, in the medium term, grow to reach a similar scale to that of natural gas today. The EUA or the EU ETS has remained strong and now stands at around EUR 65 per ton. This is despite some short-term carbon market volatility in recent weeks, influenced mostly by the sharp moves seen in commodity prices such as coal and natural gas. Analyst targets for carbon by 2030 continue to be in the range of EUR 75-EUR 150 per ton, supported by the IEA's sustainable development scenario, which requires carbon pricing of minimum EUR 110 per ton to achieve emission reduction targets. Policy support around carbon markets remain firm. In the middle of July, EU emphasized the role of the ETS in its Fit for 55 climate policy proposal. This includes tightening allowance supply by increasing the Linear Reduction Factor from 2.2% to 4.2% per year, and implementing an additional one of 117 million ton quota cut from 2023. Potential further tightening as allowance held by the Market Stability Reserve above the previous year auction volume will no longer be valid from 2023. As third, Carbon Border Adjustment Mechanism, CBAM, introduced aiming at avoiding unfair global competition and carbon leakage from EU to regions with less strict carbon policies. Four, allowances previously handed out for free to be phased out with the CBAM. Finally, shipping to be gradually included in the EU ETS. The EU taxonomy now acknowledges the importance of CCS in the context of climate change mitigation, which allows emitters to use or plan to use carbon capture with some important potential benefits, such as favorable market classification and access to the EU green bond market. Let's move over to operations and business development. Aker Carbon Capture has in the initial phase prioritized the European market with Scandinavia, Benelux, and U.K. leading the way. Here, the interest from customers and the regulatory environment to support adoption of CCUS are most mature. However, as the consequence of increased focus and activity in North America, we see opportunities emerging in this market. We will prioritize four market segments, cement, where we will be the first in the world to capture CO2, bio and waste to energy, including opportunities for carbon removals or negative emissions, gas to power with a large plant in U.K., and blue hydrogen paving the way for green hydrogen. In all these segments, our technology has been tested and certified. We are proud to be selected by HeidelbergCement Norcem for the Brevik CCS EPC delivery, the world's first carbon capture project at the cement facility. The plant will have superior heat integration with the existing cement plant and capture 400,000 tons of CO2 per year. The EPC project commenced in January, and key milestones have been achieved according to plan. The Brevik CCS project is part of Longship, the greatest climate project in Norwegian industry ever. This is a full CCS value chain development, including Brevik CCS, as well as the transportation and storage project, Northern Lights. Longship will be in operation in 2024. The cement industry represents 67% of global CO2 emissions. CCS is the solution to decarbonize this hard-to-abate segment. In the third quarter, EU approved the Dutch government's funding of the Twence project. The project will enable removal of CO2 from flue gases at Twence's waste-to-energy facility located at Hengelo in the Netherlands. We expect to start the EPC project in the fourth quarter after final investment decision. This is a Just Catch modular plant with a capacity of 100,000 tons CO2 per year. The captured CO2 will be sold and utilized as fertilizer at greenhouses. Aker Carbon Capture, Ørsted, and Microsoft are exploring ways to support the development of CCS at biomass-fired heat and power plants in Denmark. A study for implementation of carbon capture at one of Ørsted's site is currently ongoing. In July, Aker Carbon Capture signed an agreement with BIR to explore carbon capture at their waste-to-energy plant in Bergen on the western coast of Norway. The Northern Lights terminal is located only 60 km from the plant. We are currently executing a study for BIR to explore this opportunity in more detail. Aker Carbon Capture has also signed an MoU with Lyse and Forus Energi to explore development of full-scale CCS facility in the Stavanger-Sandnes region in southwestern Norway. A study is currently ongoing. The opportunities with Viridor, as I've mentioned earlier, is also part of this market segment. The third prioritized market segment is carbon capture for gas-to-power plants. The U.K. government last week announced that the ambitions for CCS has been increased from 10 to between 20 and 30 million tons CO2 per annum by 2030. The announcement also included the selection of track 1 clusters. The HyNet and East Coast Cluster will begin decarbonizing industry from 2025. There are several opportunities for delivery of big carbon capture plants for large gas power plants in the U.K. This includes BP Net Zero Teesside and SSE's Keadby 3. The design capacity for each of these carbon capture plants is between 2 and 2.2 million ton per year of CO2, and this is more than 5x the Brevik CCS. Aker Carbon Capture will work closely with the consortium of Aker Solutions, Siemens Energy, and Doosan Babcock to deliver such large gas-fired power plants with carbon capture in the U.K. We need both green and blue hydrogen to fight climate change. Aker Carbon Capture's focus is blue hydrogen market, hydrogen from natural gas provided with CCS. IEA estimates that 33% and 38% of global hydrogen market to be blue in 2030 and 2050 respectively. EU has forecasted investment of EUR 11 billion for retrofitting half of the existing European hydrogen plants with CCS before 2030. The U.K. recently announced its first hydrogen strategy, covering both blue and green hydrogen. This ambition has significant government support, including from the GBP 1 billion CCS infrastructure fund. In the United States, we see that currently over 20% of the CCS plants in plant developments are targeting blue hydrogen. Aker Carbon Capture has an important partnership, including Aker Clean Hydrogen, Shell, Aukra Municipality, and Cape Omega, that is exploring the opportunity to establish blue hydrogen production facility on the Aukra island in western Norway. Next is our exciting new offering, Carbon Capture as a Service. First, a brief reminder of our main offerings across Aker Carbon Capture. We have essentially two main product offerings, Big Catch, which can handle 400,000 tons of CO2 per year and more, and the modular Just Catch, which targets 40,000 and 100,000 tons per year. We can deliver either of these on an EPC project basis, and for the Big Catch offering, we can also provide key equipment and a license model. Our modular Just Catch offering is the heart of our Carbon Capture as a Service model. Interest from companies, both small and large, that want to reduce their industrial emissions has skyrocketed. However, to most of these clients, CCS is a totally new concept that requires upfront investment and a variety of contracts and interfaces, from securing financing to separate contracts for each step in the value chain, as well as a number of contracts throughout the operational lifetime. Many companies that want to reduce emissions through CCS have been held back by the complexity and commitment required to act. Aker Carbon Capture can offer Carbon Capture as a Service, an integrated offering that covers everything a customer needs to reduce emissions by CCS. It is carbon capture made easy. Transport and storage will be embedded in the service through strategic partnerships. Aker Carbon Capture will handle the full value chain from point of emission to permanent storage. Again, the customer will simply pay per ton CO2 captured. Today, there are 13 CO2 storage projects under development or in early planning across Northern Europe. The focus in the market has been on the large emitters linked to these various storage project. There are more than 700 relevant emitters across Europe that are medium-sized. Aker Carbon Capture's standardized Just Catch is a perfect match for this market. It's modular, it's scalable, affordable, and it has short delivery time. With the standardized Just Catch, we can unlock synergies for medium-sized emitters located in the proximity of a CO2 hub, or for a customer with a portfolio of emitters. With Carbon Capture as a Service, we will offer our customers flexibility for phased implementation of CCS, starting with one train of the full CCS value chain, and then grow with an additional train if preferred. We have experienced that many of our customers with large CO2 emissions see Carbon Capture as a Service with Just Catch as an attractive start of their decarbonization journey. The levelized cost of the full value chain service offering will be in the range of EUR 75-EUR 145 per ton of CO2. For comparison, the EUA is now around EUR 65 per ton. Analysts' 2030 target, as mentioned earlier, range from EUR 75-EUR 150 per ton. The CapEx for Just Catch plant, including liquefaction, temporary storage, as well as financing, will be in the range of EUR 20-EUR 40 per ton of CO2. The cost range reflects efficiency gains through implementation of serial production. The OpEx, including solvent supply, energy, digital operation center, labor, and maintenance, will be in the range of EUR 25-EUR 45 per ton of CO2. Cost of energy is the largest variable here. The largest range we see for transportation and storage, with EUR 30-EUR 60 per ton of CO2. The costs will vary mainly due to distance from source to storage. Let me share with you the way forward. A year after the company was established, we are in operation, delivering Brevik CCS, the world's first carbon capture plant on a cement facility. We have set ambitious targets and a clear direction to position for the huge market ahead of us. Initially, we have prioritized the European market and four market segments, cements, bio and waste-to-energy, gas-to-power, and blue hydrogen. We cannot meet our ambitions alone. Therefore, we have entered into collaboration agreement with several complementary partners. To turn CCS economics positive, the cost must come down. We have set a target of up to 50% CapEx reduction within the mid of the decade. There is not one quick fix. We must challenge the cost in many ways. We will continue to work with EPC and license models, but now it's time to bring the full value chain together. Carbon Capture as a Service. Carbon capture made easy. Our customers will simply pay per ton of CO2 captured. We believe that this model will accelerate the market as well as accelerate cost reduction. With strong signal for CCS market growth and doing the right thing now, our ambition is to secure contracts to capture 10 million tons per annum of CO2 by 2025. Thank you, and over to our CFO, Egil Fagerland. Thank you, Valborg. I will now take you through the key financial highlights of the third quarter before we move on to Q&A. Bear in mind that all the numbers mentioned today are in Norwegian kroner. We'll start with the income statement. The overall revenue for the third quarter was NOK 101 million, which was up 45% compared to the previous quarter. This reflects increasing activity on the Brevik CCS project, which is progressing as planned, and we also saw increased activity related to pre-FEED and feasibility studies in the third quarter. Our reported third quarter EBITDA was negative NOK 54 million, which was a decrease of NOK 7 million compared to the previous quarter. The negative EBITDA was driven mainly by activity related to tenders, technology development, digitalization, and international growth, both in Denmark and U.K. The period included a limited contribution from projects due to no recognized margin on the Brevik CCS project. Profit is normally recognized first when a project reaches a high level of certainty in cost estimates. Now to the cash flow development. We ended the second quarter with NOK 552 million in cash and cash equivalents. In the third quarter, we had a loss before tax of NOK 55 million, which represented a cash outflow. Net current operating assets ended the quarter negative NOK 261 million and represented a cash inflow of NOK 77 million in the quarter. This was mainly driven by received payments for achieved project milestones on the Brevik CCS project, which is expected to cover payables in the coming 6-1 2 months. In August, a capital raise of NOK 840 million was completed through a private placement process, where NOK 38 million new shares was issued at NOK 22 per share. The net proceeds from the private placement ended at NOK 826 million. Excluding the private placement, the third quarter generated NOK 20 million in cash inflow. Overall, the cash and cash equivalents at the third quarter end was NOK 1.4 billion. Thank you for listening today. That concludes the presentation. We'll move on to Q&A. Okay. Thank you, Egil. Thank you, Valborg. Now we'll move to Q&A, and thank you for everyone who's been so attentive and put in so many questions into the system already. I did notice that one person managed to get three questions in before four minutes had elapsed. It's great to see such good interest. We're all about managing expectations at Aker Carbon Capture. I think it should be fair to point out that I don't know if we'll get through every single question this afternoon but we will do what we can. Let's kick it off. Firstly, from Fearnleys, from Øystein Vågen at Fearnleys. Questions around CapEx and Big Catch. Do you expect Carbon Capture as a Service on the Big Catch units in the future? Well, first of all, right now what we offer is Carbon Capture as a Service for Just Catch only. Going forward, we will certainly use the methodology, with modularization and standardization from Just Catch also in our Big Catch project. I do not see that we can offer this service model in the near future. Around maintenance CapEx, do we see any kind of maintenance CapEx linked to operations on Carbon Capture as a Service units? Part of that chart that you saw while we're presenting on the levelized cost actually includes the cost of maintaining the assets. Our business model for the Carbon Capture as a Service includes a financing model where Aker Carbon Capture won't necessarily own the asset itself, so that will most likely be presented as a cost in Aker Carbon Capture's books in the future. Okay. Thank you. Last one for Øystein. Do you have any kind of guiding for long-term CapEx per year? This is for the overall company. At the moment, we don't provide guidance on those financial figures. It's safe to say that it's a low number. We're not a capital- That's correct. heavy company. From James Winchester from Bank of America. Can we provide some color on the tendering process with Viridor in terms of when we think the FIDs could be taken, and whether we have the structure and capital to take on five projects at once? First, when it comes to the schedule, as stated, Viridor has an ambition now to accelerate their decarbonization, with these standard Just Catch CCS modules within 2030. How this will spread across the decade, I cannot go in detail on. When it comes to the CapEx, again, back to Egil's response to how this will affect our balance sheet. Yeah. Yeah, for these projects, it really depends if we are able to deliver them as Carbon Capture as a Service. We would, again, utilize our financial partners to support with the financing of the assets. I think we are well set up to deliver on those targets that we've set for Carbon Capture as a Service, and more than five units in total for the next five years. Okay. They could also be in traditional EPC models. We will discuss this further on with Viridor. Absolutely. Very recent news as well. Next one, also from James. What are some of the milestones, if you like, the lines in the sand we're looking at in the near term, in terms of what we see that could be sort of a proof of work, proof of success? Well, of course, for me, success on the Brevik project is a key for us as a company. We are certainly on schedule there and have met key milestones, meeting the milestones for placing the major POs and so on. We've recently completed a HAZOP. These, following that project all the time, being on track, that is important. Other milestones is, of course, to ensure order intake, and I already mentioned that EU now has approved the Dutch government funding of the Twence project, and we are planning for starting up that project in fourth quarter. Okay. Last one from James on working capital. I think I know the answer to this one. Guidance for, we've had three quarters of inflows, guidance for Q4 and for 2022. What can we say? Specific on the quarters, I won't be, but for the current working capital position that you see, it's in its majority driven by the Brevik CCS project. The cash flows in are there to cover planned cash flows out over the next 6 - 12 months. We've said that the project is cash neutral, meaning overall, it's covering our costs and profits, with cash inflow before cash outflow. Okay. Moving on, James Carmichael from Berenberg has a number of questions here. Firstly, Brevik. What level of completion has this project reached, and when do you think you might be able to recognize profits? I think I just responded to that. We are maturing the engineering, as I said, completing HAZOP. We placed POs. Fabrication has started on for our waste to energy unit. For the equipment to be delivered. We still haven't started fabrication in Brevik. We will have some fabrication in 2022, the majority of the work will then take place in 2023. Okay. Regarding profit recognition on the project, we've said that we take profit once the cost estimate is highly certain. Normally, that's around 20% financial progress. That would happen likely in 2022. We can't be specific on the quarter when we reach that level of maturity. Okay. A question on Twence from James here. What is left to start the EPC phase? Is the sort of timing around Twence typical for the timing of recognizing activity with projects in the future? Well, for those of you who have followed us for a long time, you know that we've been waiting for this EU approval, and we have a contract with Twence in place, which was actually signed some time back. There has been several steps, and that is some of the complexity with having financing in place. Now, we certainly believe that these milestones have been met. The final now is the final investment decision within Twence's own organization. Starting the detail engineering, placing the POs for the Twence project and so on. Normally, a Just Catch project have a delivery time around 16 months or so, but of course, in this situation, post-COVID, there might be implications on delivery time. Okay. Next question from Al Stanton. Viridor. How many Viridor sites are located within the U.K.'s two clusters, and what is the most likely transport solution for the CO2? Yeah. These five Just Catch are spread, some in England, I would say between HyNet on the West Coast and the East Coast Cluster. There is also one up in Scotland. In addition to the five Just Catch projects, there are two bespoke design. That's important to highlight. In our second quarter presentation, we also informed the market that we have done a study for the Runcorn project, which is a large waste to energy plant operated by Viridor, and it has emissions of 1 million ton per year. Thank you. Thank you, Al, from RBC. Next, Anders from SEB. How many Mobile Test Units do we have, and are there plans to build more? Yes, we currently have one Mobile Test Unit, and we've really enjoyed the journey that that Mobile Test Unit has had. We've qualified for a number of applications, and we've matured our technology. As I said, currently it's in Poland for just qualifying for char production and CO2 emissions from that kind of segment. We see quite a lot of interest in the market for our Mobile Test Unit, and we are certainly considering to increase with more Mobile Test Units. Okay. Just also from Anders on CapEx, just really to revisit the 50% CapEx reduction target by mid-decade. Could you just outline what we mean by that? Yeah. Yeah. I can share a little bit- Yeah. At the moment, we are benchmarking against our Brevik CCS project. It's a project which has certain boundary conditions that we have to apply and also the first one in the world for cement. For that Big Catch, we see further potential to modularize and standardize, to use our digitalization efforts that we're working on now to implement more automatic operations on the site. Also to mature our supply chain, which we are building with Brevik. All these elements will work together to help us bring down the CapEx, and we already see results on that. Maybe a specific example related to Brevik and why we see the possibility for modularization is that the soil conditions do not allow for heavy lifting and modularization on the site at Brevik. This will, of course, be a big opportunity for the next Big Catch plant. Okay, thank you. Now on to Rachel Fletcher from Morgan Stanley. First question, I suspect this will be featured under the no comment answer, but in Q3 for revenues, are we able to say how much came from pre-FEED and feasibility studies? At the moment, we're not going to be specific on that breakdown. Of course, you understand that the majority came from our Brevik CCS project. Absolutely. I guess that one right. Having said that, there is very high activity on studies and pre-FEED. Oh, yeah. Yeah. Absolutely. Rachel's main question is really about the U.K. Obviously, a lot of news flow in the last week. Track 1 clusters announced last week. We were pre-qualified on Net Zero Teesside and Keadby 3. Are there other projects we're targeting, and when do we expect to be updated on whether we have been successful? I think the news regarding Viridor really stands out in this respect. The market is interesting, and if you look, for instance, around HyNet, there are a number of emitters close to that cluster where our technology is very applicable. We are really pleased with the announcement and see a great market opportunity. Okay. Moving on to Turner Holm from Clarksons. Two questions, I'll just do them one by one. Firstly, we've sort of gone through most of these in terms of the U.K. Just in terms of studies we've done around U.K. work, are we able to say much about how much we've done in terms of studies in the U.K.? No, we cannot give you an exact number on this. Sometimes our customers prefer not to disclose that we are doing study work. I would say that the U.K. market is very interesting. For us, of course, the Norwegian market, and also I would like to highlight the Danish market being of high interest. It's impressive, the activity level that we see in U.K. right now. Okay. Elkem, Turner's next question. Will this project run for the full two years before they make a decision, or could it move forward before the end of the two-year period? This is really not up to us to decide, then we have to talk to Elkem, of course. We are very pleased to have been selected by Elkem for this project and see a very interesting opportunity in a new segment for us. Okay. We're moving through the questions very quickly, actually. Yes. One from [New Eights]. COP26. Yeah. A bit of a different one. What are our expectations in terms of how this might impact our market? We've seen some announcement already ahead of COP26. I think the increased ambitions that the U.K. government has presented for CCS speaks for itself. I think the prioritization speaks for itself. I expect, of course, there'll be further announcement. It's very hard to forecast if we are able to come to a breakthrough. I think it's an important arena for various stakeholders to meet and to have a dialogue regarding how to fight climate change. Okay. We are actually at the end of our questions. Thank you everyone so much for joining us for our Q3 results presentation today. Thank you. Thank you all.