Good morning, welcome to the presentation of third quarter results by Aker Clean Hydrogen. Today, our CEO, Knut Nyborg, will take us through the main highlights of the quarter. After that, Chief Financial Officer, Kristoffer Dahlberg, will go through the financials. After that, we have time for some written questions from you. With that, I'm happy to hand it over to you, Knut. Thank you, Ivar. Good morning, and welcome to this third quarter presentation. I will start with a brief introduction of the company, some of the quarterly highlights, as well as development in some of our projects. Following that, I will touch upon the hydrogen market development, including cost levels we see on our project portfolio already. Kristoffer, our CFO, will then present the financials before I wrap up, and we get ready for the Q&A session. As most of you already know, Aker Clean Hydrogen is an integrated clean hydrogen producer. We develop, build, own, and operate hydrogen, ammonia, and methanol facilities globally. At the moment, we have more than 1.8 GW of net capacity in our project and prospects in Norway, Chile, and Uruguay. We are heading steadily towards our 2030 target of reaching 5 GW net install capacity. Our aim is to contribute to annual CO2 reduction of close to 10 million tons. Let's recap a bit on our main focus and target markets. If you look at the illustration to the left, you see three main sectors, namely energy, transport and mobility, and industry and heating. While the energy sector can be fully electrified by replacing fossil fuels with renewable power, the other two sectors contain several applications that simply cannot be electrified. For these, hydrogen in various forms will be the only solution to decarbonize. Our target applications, ammonia, methanol, shipping, refinery, and steel are examples of this. We restlessly chase opportunity to cut waste and make things easier across the entire value chain there. Our main focus, as I mentioned before, is to make hydrogen affordable, safe, and easy. To make hydrogen affordable, we leverage strong relationships with renewable energy partners to ensure favorable levelized cost of energy. We have already achieved energy contracts at favorable levels. Together with Mainstream and other renewable partners, we are developing a holistic electron to molecule optimization to achieve lowest possible levelized cost of hydrogen and ammonia. The reuse of standard configurable solution will help us reduce cost, time, and risk for our plants. Safety is one of our absolute top priorities. A modular architecture that I mentioned enabling reuse is also important for safety as it improves both the fabrication process, the construction, and the operation. However, the HSSE culture tools and solutions that we have developed from decades of technology, project, and operational leadership in the oil and gas industry is equally important. If there's one thing the hydrogen industry should copy from oil and gas, it should be HSSE. To make the transition easy, we strive to understand the end users' hurdles and set up smart system solutions, operations, and business models in a way that removes or reduces these to an acceptable level. My next slide will illustrate this with a tangible example. How do we make ammonia affordable, safe, and easy for Longyearbyen? It is already decided that the coal-fired power plant at Longyearbyen will close down and be replaced by a more sustainable solution. Several alternatives have been evaluated, but in both the Norwegian state budget and the government declaration, it is clearly stated that the solution will be ammonia. The challenge is then to get that pure green ammonia to Longyearbyen. Therefore, we have established a fantastic team, a value chain team under the umbrella of ZEEDS, which stands for Zero Emission Energy Distribution at Sea. The team includes Varanger Kraft, Aker Clean Hydrogen, who have formed Green Ammonia Berlevåg company, Wärtsilä, and Grieg Edge, that together work on what's called MS Green Ammonia, and Store Norske, who has the ambition to convert up to 1,500 off-grid power plants in the Arctic. This team has now been working together for a few years, and that pays off. Both the Norwegian government and the local authorities at Longyearbyen recognize this strong effort and explicitly state that the green ammonia will come from Berlevåg. The local authorities are also on the intentional agreement list with a significant portion of the phase 1 production volumes from Berlevåg. Let's look at another example of how we make this affordable, safe, and easy. On the screen here now, you see our Aker Clean Hydrogen green ammonia plant. Since the IPO, we have been developing our modular and configurable system solution that we promised. We analyze our complete project portfolio to design a smart modular plant philosophy and a set of key standard building blocks, that you see to the left here, that can easily be configured to the individual project needs. The details of this will be sorted out between our strong system architect team in Aker Clean Hydrogen, our integration partner, Aker Solutions, as well as key technology OEMs like, for instance, Haldor Topsoe and others. On the left side of the slide, you can see some of these standard building blocks, as I mentioned. By utilizing these in different configuration for our different Aker Clean Hydrogen plants, we can reduce CapEx through repeatability and reuse. We can reduce safety risk, as we know the standard solutions are safe. We can also improve delivery time, as we will procure the same equipment each time at our strategic suppliers. The picture in the middle shows the Berlevåg ammonia plant where we apply this. This plant will be built up in two phases of 100 MW each, which allow for a short time to market and expansion when the market opportunity increases. This is possible through this standardization approach. Together with our technology OEM, Haldor Topsoe, on the ammonia plant, the ammonia plant is designed in a way that minimizes the need for modification to double the capacity in second phase. Our modular approach, as I describe here, and that you will see more about in the future, is based on experience from other industries, and it is a proven way to reduce cost, schedule, and also improve safety and quality. Let's look at the company highlights. Starting from the left here, our project portfolio is being developed according to the plan. I'm happy to announce for the first time clear FID guiding on our key projects with two FIDs expected in 2022. We are growing and maturing our market funnel with the announcement of the agreement signed with TuNur, a renewable energy transmission and hydrogen developer in Tunisia, where we together will start developing a hydrogen and ammonia project. As mentioned, we are restlessly working on establishing effective hydrogen value chain, and one of our key focuses in this quarter has been to establish a safe and affordable logistics solution from Northern Norway down to EU. The Norwegian government declaration again defines an ambition to make all support vessels to be used in the oil and gas industry green by 2030. Aker Clean Hydrogen and Aker BP have joined forces to explore setting up a complete value chain from ammonia production to the ship operation. We are also happy now to announce that we have secured a competitive long-term power agreement for the Rjukan project. As you already heard about, we have now completed the feed-ready standard 100 MW green ammonia plant that enables us to cut cost. As you see from our market funnel, we are well positioned to meet our 2030 target. Our total portfolio has grown by 0.9 GW since the IPO in March. We continue to mature our funnel and have now moved the first phase of the Aukra project from the pipeline category to the prospect category. The Tunisia project with TuNur has moved also from opportunity category to pipeline category. We have also in the period added new opportunities in the pipeline. Let's have a look at the project development, trying to summarize that on a single slide and give a few examples on two of the projects. Our key projects are progressing well. A strong, growing team in Aker Clean Hydrogen and a solid partnership with Aker Solutions enables us to progress all the various prospects and projects in an efficient manner. We are now ready to guide more on when we plan to take final investment decision on some of these projects. Our first project to enter FID milestone are Berlevåg and Rjukan. Both are planned during next year. Berlevåg has already passed concept select, and Rjukan will do that early next year. For our first phase of the [Chile] project, we plan for completing concept select and make land acquisition commitment during first half next year, followed by a comprehensive environmental impact assessment and FID early 2025 at the latest. For the Aukra Hydrogen Transition Hub, which we call it, we are aiming at concept select for phase 1 during second half next year and followed by feed period leading to an FID early 2024. HEGRA, as you heard about, is currently planned for a concept select in 2023 and an FID early 2024. As already mentioned, Berlevåg has mature offtake dialogues. You heard about the Longyearbyen one. We are also conducted, in the period, maritime user seminar and received great feedback from a number of ship owners. Let me look a bit into two of the project, HEGRA and Rjukan. The HEGRA joint venture company was established in this quarter, and a strong team is now working well together towards completion of the feasibility study. The plan is to start producing green ammonia in 2026, and we are well on our way. At Herøya, we are developing Europe's largest green ammonia facility by converting Yara's existing gray ammonia plant to a 480 MW green ammonia plant. This will eliminate the largest point emitter in Norway outside the oil and gas industry, with 800,000 tons per year. This will be an important project for Norway to meet its CO2 reduction promise. The project also fits perfectly with the ambition of the Norwegian Energy White Paper that was released earlier this year to realize one to two industrial scale projects with international growth potential. Ammonia has enormous scaling potential internationally. Support and framework conditions are important to succeed on this project as well as the other projects. We experience now strong interest and strong support from the political stakeholders, and we also see that the governmental declaration has several positive elements in it that we now are discussing with the relevant stakeholders. Moving over to Rjukan. As I mentioned, we are happy to announce that we now have secured this long-term competitive power supply, through very constructive and good dialogue with the local stakeholders there. We already have a contract with the Rjukan Business Development Company for the land plot, and the plot is prepared perfectly for hydrogen production. Rjukan has previously been producing hydrogen, as some of you may remember. We have also established effective logistical solution to reach industry, shipping, and mobility customers from Oslo in the north to Arendal in the south. More importantly, we have very positive dialogue now with local industrial offtakers. Finally, Rjukan also represent very interesting local opportunities for offtakers of the surplus oxygen and heat from the hydrogen production, making it even more environmentally friendly. Let's look at the hydrogen market. Cost reduction is the only factor that we really can control ourselves. Standardization and reuse that I mentioned earlier will drive down CapEx and delivery time. Together with access to attractive renewable power resources, both volume and cost-wise, we expect the cost of clean hydrogen to be reduced with 60% from 2020 level during this decade. We are already today seeing competitive price levels from green hydrogen from our projects in Norway and Latin America. This is indicated by the vertical green bar to the left on the picture to the right. Already now we see levels down between 3.5 and 4.5. At the same time, we see that the price of gray hydrogen is increasing faster than anticipated due to the CO2 tax and ETS and the price increase on natural gas. Hence, the gap is closing faster than anticipated. The extreme price peak on gas we have seen lately will probably not sustain. However, existing hydrogen consumers like fertilizer producer, like refineries and others have probably gotten a new big item in the corporate risk register that will motivate them even more to seriously consider converting to clean solutions as an insurance measure in the future. Our home market, Norway, is well-positioned, and Aker Clean Hydrogen is well-placed and positioned in Norway as a part of a true industrial locomotive. Norway is in a fantastic and unique position to benefit from the growing hydrogen economy. First of all, we enjoy a massive amount of 100% pure green regulated hydropower. We even have a lot of surplus power as well as a lot of stranded hydropower assets. We also have great wind resources, both onshore and offshore. This results in a significant price spread between Norway and the Nordic and the EU country prices, which is very positive for Norway. Finally, we do have a strong government ambition as well as a very strong Norwegian energy industry with global leading position both as operators, integrators, and technology providers. If we use this position wisely, we can be in the forefront of driving the cost learning curves down in the same way that we have seen, for instance, offshore bottom fixed wind led by other first-mover countries. We can use this to establish export of hydrogen energy products to EU, U.K., and other areas. We are currently in close dialogue in Aker Clean Hydrogen. We are currently in close dialogue with both utility companies and end consumer companies in EU for setting up a hydrogen export from Norway to EU. Cost leadership will build strong Norwegian hydrogen operators as well as technology and EPC company that will take a leading position also in other regions, just the same way Norway have done for salmon, for fishing, for shipping, and oil and gas before. Chile is one example of that. As one of the Norwegian industry locomotives, as I mentioned, we are already in a strong position with several good sites in Norway. Some of them you see on the map here, from Rjukan and Herøya in the south to Berlevåg in the north. We are also doing active origination work to build further volumes of clean, affordable Norwegian hydrogen and ammonia. We are really excited to see that several of our projects are well-aligned with the ambition of the Norwegian Energy and Industry White Paper. I've already mentioned the Berlevåg project. There are also others. We are, of course, looking at significant offtake opportunities locally. Have an increasing focus also on the export of green hydrogen and ammonia from Norway. Let's move over to the financial and Kristoffer here. Thank you, Knut. Good morning, everyone. I will give you a short run-through of the key figures for the third quarter. As you know, our main business is selling hydrogen and its related products. In addition to this, we provide value-adding services to the projects and bill hours from our skilled workforce and subcontractors. We are now starting to operationalize this business model where we are able to boost margins through the project life cycles. As Knut already has presented, our projects are progressing well. You can see our increasing project value add in the revenue line, which is NOK 7.6 million in the third quarter, compared to NOK 1.1 million in the second quarter. This reflects increased billing of value-adding project work but also reflects increased project activity. In relation to this, you will also see that our materials, goods, and services cost is up to NOK 6.8 million from NOK 0.2 in the second quarter. We are building up our integrated hydrogen producer capabilities. This of course, includes building a strong organization. As mentioned last quarter, we have been able to establish a strong and diverse team faster than anticipated. We are continuing to ramp up the organization, and this is reflected in our salary and other personnel costs of NOK 14.9 million in the quarter, up from NOK 9.9 in the second quarter. Other operating costs were NOK 31.9 million in the third quarter, down from NOK 50 million in the second quarter. Q2 reflected material startup costs relating to establishing the company. In total in Q3, we had a net operating loss of NOK 47 million, and in addition to the mentioned elements, this is driven by external cost to grow the pipeline, as you've seen presented by Knut Nyborg. As also presented by Knut Nyborg, we are developing our standardized hydrogen and ammonia plants. We are also building cost-reducing digital solutions and building our project execution model, including an efficient supply chain. At the end of the quarter, we had a cash position of NOK 2.79 billion, leaving us in a good position to continue to build a strong company. With that, I leave over the word to Knut Nyborg for some concluding remarks. Thank you, Kristoffer. Let's summarize then. Going forward, our three main priorities will be to mature and grow the project funnel, to build an integrated hydrogen producer and a strong team, and three, to drive structured cost reductions. So far, we are on track in these three areas. There is a remarkable growth potential in clean hydrogen in general and our selected applications in particular. We already have 1.8 GW of industrial hydrogen projects and prospects under development. I'm very happy with the strong team we now have in place. We are well prepared to execute on our strategy to become a strong hydrogen value chain integrator and operator. Our structured cost reduction is starting to pay off, and we already now see attractive green hydrogen levels down towards $3.5 per kilo for some of the projects in the Norwegian project developments. With that, I leave the word over to Ivar Simensen again for the Q&A session. Thank you. Thank you, Knut, and thank you, Kristoffer. We do have a question from Adrian Bergem at Arctic Securities asking, presuming the FIDs rely to a large extent on government subsidies, does FIDs for Berlevåg and Rjukan in 2022 imply that you expect subsidies ready in 2022? Could you provide more details in general on your expectations on subsidies? I can try and answer that. First of all, when we say that we are aiming at FID in 2022 for Norwegian project, there are certain elements that need to be in place. First, you need to have the land, you need to have the power, you need to have the grid in place. For these projects, we are in a good position there. We also need to have a line of sight to offtake agreements, and we are in good dialogue with off takers. The third and important measure is, of course, the regulatory and policy framework that need to be in place. We rely on at least three elements there. First of all, it's the CO2 compensation, which is there today and in the governmental declaration that is stated to continue. Strong support from the new government there. The CO2 price level going up and also there we see strong support in the government declaration, as well as from the previous government also stating NOK 2,000 per ton of CO2. In the period before we reach those NOK 2,000 per ton, we definitely then need also the contract for difference model that is being identified in the government declaration, and we are also in direct dialogue with the different stakeholders to define how that will impact. That's what I can say. My suggestion or my expectation is that the sense of urgency now in the political system in Norway is such that there will be an urgency to, let's say, operationalize these mechanisms that they now have identified in the government declaration. Okay. We have one question, perhaps for Kristoffer. Could you give some guidance on your expected burn rate for 2022? Yeah. What we expect, of course, we have shown today that our revenue line increases with the added value to the project and also increase the project activity. We, of course, expect that this number will continue to increase from 2022 and onwards as we further ramp up the project activity and also build out ACH team. That will sort of counter the burn rate somewhat. Of course, we will also continue to invest even more in our project and also building the company. Costs is also expected to come up somewhat. We'll not be prepared to give any specific guidance today, but that's sort of the general direction on those two elements. Okay. Thank you, Kristoffer. Thank you, Knut. Thank you to everyone following the presentation this morning. That concludes our session.
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