Good morning, and welcome to the presentation of the fourth quarter results by Aker Clean Hydrogen. Presenting the results, today are Chief Executive Officer Knut Nyborg and CFO Kristoffer Dahlberg. After that, we have time for some written questions from you. With that, I'm pleased to hand it over to you, Knut. Thank you, Ivar. Good morning, and welcome to Aker Clean Hydrogen's fourth 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, Kristoffer, our CFO, will present the financials before I wrap up and we get ready for some Q&A. As most of you already know, Aker Clean Hydrogen is an integrated clean hydrogen producer. At the moment, we are developing approximately 2 GW of net capacity projects and prospects. We are heading steadily towards our 5-GW target. Our aim is to contribute to annual CO₂ reduction of close to 10 million tons. Let's have a closer look at our business model. We will produce clean hydrogen and hydrogen-based products and provide that to a variety of end users. We will develop, build, own, and operate production facilities ourselves or together with our asset partners. We focus on securing affordable electricity and natural gas to our green and blue hydrogen and ammonia plants, as well as biogenic CO₂ required to produce methanol from hydrogen. We are in active dialogue with a large number of off-takers. One example is our partnership we announced today with Kuehne+Nagel, focusing on green container shipping. Another example is the HEGRA project with Statkraft and Yara that will provide emission-free ammonia to the Yara fertilizer factory at Herøya. Green steel or more specifically, green DRI, is another promising segment where we are in dialogue with both iron ore producer and steel makers to provide integrated hydrogen solutions to the DRI plants. We will organize our assets as special purpose vehicles or SPVs together with our partners. Our strong commercial, technical, and operational teams delivers a range of services to these SPVs, creating revenue for Aker Clean Hydrogen, also in the early phases of development. Origination and asset development is one example, using the Aker family company, partners and relations to secure attractive land plots and affordable power feedstock. On the more technical side, we provide safe and lean specifications and system solutions from the feedstock to the end users. Of course, standardized and modularized plant architecture enabled through our strategic vendors that I will come back to later in this presentation. Our services related to project execution includes management of the project team from the owner side, safe and effective orchestration of all project phases, capitalizing on the Aker industrial legacy and our smart digital tool portfolio. This active role and our strong competence and focus on simplification and reuse will also continuously improve the efficiency in developing new assets. Over time, the asset value will continue to increase over and above the development cost we invest in the assets. Power price is the single most important factor in cost of hydrogen. This represent a great opportunity for countries with favorable renewable power cost to take a leading role in the hydrogen economy. We are currently developing assets in region with really low cost of clean renewable energy. Our initial focus areas are Norway and Latin America. However, we are also exploring opportunities in other region with low power price, as you can see illustrated on the map here. Exporting hydrogen is not viable as hydrogen is not a viable option over large distances and need to be consumed locally as energy or as feedstock to other processes. In region with limited local demand, the hydrogen can be converted to either ammonia or methanol before being exported globally. Well-developed infrastructure and low transport costs may secure competitiveness even in markets far away from the production sites. An even more interesting business case is to produce the affordable hydrogen where you have the low cost power and use it as feedstock to exportable commodities such as iron or DRI. I will now take you through some of the company highlights in the quarter. At Aker Clean Hydrogen, we are looking back at the rather busy period where we have built a strong organization, matured our project and prospect, and some of them have reached key milestones in the period, such as HEGRA completing feasibility phase and Aukra passing DG0. We have also analyzed and confirmed that our projects are taxonomy compliant. We have established several exciting partnerships for developing offtake for our products, setting up joint marketing company to sell and distribute green ammonia from Berlevåg. The Berlevåg project with Grieg Edge is one example I will come back to. Launch in collaboration with Aker BP to decarbonize its platform supply vessel operations and together with the leading operator and distributor of LPG in Uruguay, Acodike Supergas, we have matured an interesting power-to-X opportunity. We have also made good progress in building our integrated hydrogen producer position and progressed over cost reduction ambition, as I will come back to. First, I would really like to tell you more about the green fueled journey we are embarking on together with Kuehne+Nagel. As announced this morning, we have signed an agreement with Kuehne+Nagel to expand their existing mass balance and certification system to also include green fuel such as hydrogen, ammonia, and methanol. The model is easy. We balance green container mileage with the number of green ships plus a certain amount of green fuel. The green containers do not have to be transported by the ships that actually consumes the green fuel as long as the total green container mileage balances the amount of green fuel consumed. This enables Kuehne+Nagel the customers to make use of Aker Clean Hydrogen green fuels to be carbon neutral in any trade lanes. Aker Clean Hydrogen will provide the green fuels, and Kuehne+Nagel will handle the booking of the green container premium contracts. Kuehne+Nagel, as you probably know, is the world's largest container freight forwarder and are experiencing an increasing customer demand for green container transport. Hence, the total green container volume is limited by the number of ships operating on green fuel and the volume of green fuel that can be provided. We are already together in mature dialogue with shipping operators with plans to convert to hydrogen-based engines and drivelines that have signal interest to become part of this so-called green container Mass-B alance-C oncept. We also recently signed an agreement with Aker BP, the second largest operator in the North Sea, to collaborate on decarbonizing their platform supply vessel operations. As some of you probably have seen, the new governmental declaration sets us a strategic direction towards low emission solution for offshore supply vessel from 2025 and zero emission from 2030 and with this collaboration, we will support Aker BP in their transition. Together with Aker BP, we will define the value chain for supply of green fuel to their PSV operation with a specific focus on the technical solutions for safe storage, loading, offloading, bunkering of the ammonia. We are also discussing an option to supply the ammonia for the initial operations of the supply vessel through the Aker BP. Another new agreement is that Aker Clean Hydrogen and Varanger Kraft will, together with Grieg Edge, establish a joint venture that will handle offtake delivery contracts, including fuel supply and distribution from Berlevåg. To accelerate the transition to green fuel, we need to understand and remove our customers' hurdles and make green alternative affordable, safe, and easy, as we have talked about before. Our collaboration with Grieg Edge does just that, creating a one-stop shop for end users of green ammonia based on fuel supply from green ammonia Berlevåg and fuel distribution by Grieg Edge. Last quarter, we presented our standard configurable system solution. Standardization and reuse is a key component in our business model as this will reduce cost, delivery time, and risk, and also improve safety. To achieve this, we need a strong and forward-leaning supply chain. We need strategic vendors that have affordable, effective, reliable, and safe technology and solutions as well as solid execution capabilities. Over the last six months, we have been working really hard to screen, interview, and select the key strategic vendors that we will partner up with to realize our tangible goals to lead the cost learning curves for hydrogen and ammonia plants and also ensure fast scalability. We are now getting ready to choose these strategic vendors for key elements like electrolyzers, balance of plant, power and control. Aker Solutions, as you already know, is selected as integration partner, and we are also working very closely with Haldor Topsoe for the ammonia part. This will further accelerate our journey towards realizing our first projects. Our main focus is to mature our assets along the funnel towards final investment and commercial operation. At the same time, our origination team and BD team is constantly working on identifying new opportunities in the selected geographies and segments. The main movement since the last quarter is that our Uruguayan power-to-X project with Acodike has moved from pipeline to prospect category. This, in addition to various other movements, leaves a net increase of project and prospects of 200 MW to a total of 2 GW. We have worked a lot on maturing projects. Let me now give you some highlights. At Aukra, we aim to develop a large scale production facility for blue hydrogen using natural gas from the local gas processing plant at Nyhamna. I'm happy to announce that the project proves technically and commercially viable. Together with our partners, Shell and CapeOmega, we have decided to further invest in maturing the identified opportunities. The studies we have conducted so far indicates highly competitive levelized cost of hydrogen. Another important news there is that natural gas was recently suggested to be included in the EU Taxonomy by the European Commission. In our view, this de-risks blue hydrogen project and potentially lowers the cost of capital to develop them, consequently also increasing the project returns. The Aukra Hydrogen Hub is well positioned for export to Europe. Compared to other hydrogen and ammonia projects in Norway, our project benefit from the existing gas pipeline directly to Easington in U.K., substantially lowering the transportation cost to the market. This can be our hydrogen highway to the U.K. Blending hydrogen into the existing gas pipeline to U.K. is an interesting option. Recently, the U.K. Energy Networks Association published a plan setting out how Britain's network of gas pipes will be ready to deliver 20% hydrogen to homes and businesses around the country already from next year. Conversion of hydrogen to ammonia for export via ship transport to EU is another way to the market. We are developing that and are in good dialogue with European customers. Finally, on this overview here, I will point out that we together with our partners at the so-called low emission energy hub, such as Shell, CapeOmega, Equinor, Gassco, are looking at hydrogen export directly to the EU through either repurposing of existing pipelines or building brand new pipelines. The Rjukan green hydrogen project is progressing nicely. DG1 is planned for within the next few weeks, and the project development benefit from the already mentioned standardization and supply chain effort. We have secured a competitive agreement for power with Tinn municipality. For the production facility itself, we are planning to reuse an existing industrial site, including infrastructure and buildings at the Rjukan Næringspark. We are also aiming for more efficient resource use by creating green value chains, utilizing the surplus oxygen and heat for local buildings and industry. An intensive effort have been executed the last couple of months to develop the market and secure offtake, which I will talk more about the next slides. Having a long and proud industrial heritage and being the birthplace for industrial hydrogen production in Norway, Rjukan and the local authorities are forceful facilitators for the development of sustainable industries. Logistics analysis shows cost-efficient transport of compressed hydrogen to customers at a distance of approximately 250 km on road, on trucks, indicating that by the green sector on this figure. We are working with potential local offtakers, but we are also working extensively on maturing the market in the eastern part of Norway and having a detailed and mature discussion with several offtaker groups. Let's move further north to our green ammonia Berlevåg facility. We are developing this together with our partner Varanger Kraft in a 50/50 joint venture. As you all know, electrification in Norway is forging ahead, creating a large demand for new grid capacity. This results in a prolonged process to get necessary grid permit in place also in Berlevåg. We are therefore exploring a phase development solution, leveraging available power in the area. At the same time, the 100-MW project is moving steadily forward, and in the quarter we secured an option for the main industrial site. We signed this MoU to establish the joint company with Grieg, and we also have strong and continuous discussion with regional ship owners to secure offtake. Finally, at Herøya, we are developing Europe's largest green ammonia facility together with Statkraft and Yara by converting Yara's existing gray ammonia plant to a 480-MW green ammonia production facility. This will eliminate one of the largest point emitters in Norway outside the oil and gas industry with 800,000 tons per year. This will be important for Norway to meet its CO₂ reduction promise. The feasibility study is now complete, demonstrating that this is feasible to realize. We are also now preparing for concept select and pre-FID. We are encouraged that Enova supports Yara 25 MW project, indicating strong support to decarbonize this particular facility. The Norwegian politicians are also supportive, demonstrated by electrification and ammonia production in Norway explicitly being stated as a key focus area in the Norwegian state budget. With that, I will leave the word to Kristoffer. Thank you, Knut, and good morning, everyone. I will run you through the financial highlights from Q4. We continue to invest in developing our projects and building the company to take a leading role in the hydrogen economy. In Q4, we had revenue of NOK 5.5 million, driven by billings from our commercial and technical teams, which provide value-adding services to the project, as Knut mentioned earlier in the presentation. In 2022, we expect billings to increase as we step up our project maturation efforts and move more projects to SPVs. Materials, goods and services of NOK 2.1 million are related to subcontractors and third-party costs related to generating those revenues. Note that both revenues and associated costs had a bit of a catch-up effect in Q3 following the startup of the company. Salary was NOK 18.4 million. Sorry, NOK 18.2 million in Q4, up from NOK 14.9 million in Q3, reflecting the planned growth of our team to 50 FTEs. Other operating expenses was NOK 37.8 million in the quarter, up from thirty-one point nine in Q3, which mainly reflects increased project maturation efforts. In Q4, development expenditure was around NOK 20 million. In sum, we had an operating loss of NOK 53.5 million in Q4 versus NOK 46.7 million in Q3. This is according to plan, and in addition to maturing our projects, we are continuing our corporate development activities, including building a lean and digitized execution model, standardized hydrogen solutions, and establishing a supply chain with strategic suppliers. Net financials was a NOK +4.8 million, driven by higher returns on our cash investments. ACH's share of loss in equity accounted investees was NOK 4.6 million. In sum, we incurred a net loss of NOK 53.3 million in the quarter. At the end of the year, we had cash and short-term deposits of NOK 2.7 billion, leaving us well capitalized to further develop the company and our project portfolio. 2021 was a startup year for ACH, and I would like to provide some color on the financial highlights of the year. We invested NOK 81 million in Greenstat and Meraker Hydrogen. We spent NOK 35 million developing our projects, maturing them towards FID. We spent NOK 20 million to develop our digitalization and standardization platforms for low cost developments. In addition, we incurred material startup costs related to building a strong organization, getting all key processes, tools and procedures in place. With that, I leave the word to Knut for some concluding remarks. Thank you, Kristoffer. To summarize, going forward, our three main priorities will remain the same. Mature and grow our funnel, build a strong team, and last but not least, drive structural cost reductions. So far we are on track in all these three areas. There is a remarkable growth potential in clean hydrogen within the hard-to-abate sectors, and we already have 2-GW portfolio of industrial hydrogen projects and prospects. Our structured cost reduction is paying off, and we already now see our projects show attractive cost levels matching offtake price expectations. Looking back at 2021, I'm very happy with what we have achieved and we are well prepared to execute on our strategy to become a strong hydrogen producer. With that, I leave the word over to Ivar Simensen again for the Q&A session. Okay, thank you, Knut, and thank you, Kristoffer. We have, excuse me, a couple of questions. The first one coming from Gard Aarvik at Pareto asking, "How has the market picture changed with the increase in carbon and gas prices? Do you see a change in behavior from offtakers or governments? Yeah, I think the increased gas prices, even though it's not probably that high for forever, it really has increased interest from potential offtakers. They see that the risk of a continuous high price or at least also fluctuations will be an additional argument for them to transition towards a more green and environmentally friendly solution. Thank you. There's a question from Adrian Bergem at Arctic, asking, "Is the FID for Rjukan expected in 2022? Is that for the full 40 MW or only the first phase with 20 MW? And also in Rjukan, do you expect to sign a long-term offtake agreement or would you rely on the merchant market? Well, what we can say about the first question is that what we are aiming for now is the first phase, the 20 MW. That's our focus now, where we will work towards an FID, hopefully this year. When it comes to how we think about contract strategies, I think we will leave that question to more, yeah, to later on. Okay, thank you. There's a question from James Burgess of S&P Global. "Could you give some more details on the 200 MW Uruguay project? And also what LCOH are you targeting for this project and others to be competitive? I think we will wait with more details on that project until we can come out with the information together with our partner there. But we can say that Uruguay has also favorable power prices and also access to biogenic CO₂, which makes it a good site for power-to-X opportunities. Okay, finally there's another question from Gard Aarvik at Pareto asking which tangible milestones you see in 2022 for Aker Clean Hydrogen across your portfolio. There are quite a few tangible milestones, depending on the different efforts we are pursuing. On building the organization is one part. The standardization effort on the supplier selection is a key milestone coming up now, selecting the key strategic vendors. Of course, another important milestone we are chasing is taking FIDs on the project mentioned. Okay. Thank you, Knut and Kristoffer. That concludes our presentation for this morning, and we thank you all for participating.
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