Good day, everyone, and welcome to Capsol Technologies' Q4 and Full Year 2024 Investor Update. My name is Tone Bekkestad, Head of Communications at Capsol. I'm joined today by our CEO, Wendy Lam, our CFO, Ingar Bergh, and our Chief Delivery Officer, Sam Thivolle. Wendy will start off by taking us through our Q4 highlights. Sam will then be presenting a deep dive on our Capsol Go demonstration units, what they are, why our clients invest in Capsol Go demonstration campaigns, and the invaluable learnings the Capsol Go units provide in further developing our technology. Wendy will then take us through the operational. You have questions anytime during the presentation. I will now hand the call over to Wendy. Thank you, Tone. Good day, everyone, and welcome to our Q4 and Full Year 2024 Investor Update. Let me start by sharing what a typical carbon capture value chain looks like. This is an illustration showing a biomass energy plant that is producing heat and electricity and emits a large amount of CO2 in doing so. Some plants, like this one, can emit 100,000 tons of CO2 every month. Form of full plant design for emitters like this one through a technology license. This CO2 capture plant can typically stand end of pipe next to the emitter. Our solution has the ability to capture CO2 concentrations from 3% to 30%. We can meet the industry standards of capture rate of 95% and even more, and produce food-grade CO2 of over 99% purity. Once captured, the CO2 leaves the capture plant where it is transported and typically stored. While Capsol CCS projects like this are a much-needed solution to address the harmful effects of emissions, and Capsol is providing a competitive solution to addressing this need. A recap of who Capsol is for those of you just hearing about us. We are one of the very few publicly listed carbon capture technology companies in the world. We offer a method of inherent heat recovery in our capture process, which results in significantly lower electricity consumption than that of competing mature technologies. We have energy consumption of 0.5-1.5GJ/ton. Our technology experience is built on decades-proven chemistry, more than 15 years of R&D, and over 17,000 hours of operating experience with our demonstration plants. We also have a mature project pipeline of over 17 million tons of CO2 capture capacity, and this is still growing. We are just at the beginning. With that, let me cover our highlights of an exciting Q4. First, we have continued to show strong revenue and pipeline growth. We have almost three times revenue growth and 45% pipeline growth year- on- year. That's proof of our strong commercial traction. This pipeline now has the potential of over EUR 200 million in revenue potential in FIDs in the next three years. Our tech is also verified by industry leaders. We've also been very pleased to see that the first large-scale CCS project with Capsol's technology, namely... Others. We also continue with initiatives to drive performance and value capture. While we're happy about the overall progress, we are never satisfied. To protect and further leverage our cost leadership, we've opened up an HPC, or Hot Potassium Carbonate, R&D center in Stavanger during Q4. We started a project to improve the HPC chemistry with bio-based additives with Stockholm Exergi, KTH Royal Institute of Technology, and RISE. Finally, we are still running Capsol with a business model that is fully funded. As for any business, CCS projects must be economically viable, and Capsol is already making a contribution. On the CO2 captured, there is a gap from the incentives on ETS, or Emissions Trading System cost avoidance, and low carbon premiums. The difference means that the project still requires additional subsidies. In the example beside this, you can see that Capsol's lower capture cost, represented in orange, driven by lower energy costs, can already make a project profitable. For projects in biomass or waste energy, where we can generate extra heat, additional revenues can increase the incentives, further improving carbon removal credit markets, paying a premium for CO2 from BECCS projects. We see increasing demand for low carbon materials, and ETS is forecasted by multiple parties to be EUR 135-EUR 155 by 2030, increasing the value of avoiding emissions. At Capsol, we are seeing these dynamics directly from our customers. Looking more broadly beyond cost advantages, Capsol brings other benefits to post-combustion carbon capture versus other options in the market. In the first category with our customers. Second, against amines who have the most traction for post-combustion carbon capture, we are offering a stable open-source solvent that does not lead to harmful emissions to the air or contaminate the CO2 it captures. Capsol also requires minimal to no water or steam and offers a fully independent end-of-pipe integration. Finally, over amines, Capsol has inherent heat generation, has lower capture costs, and can easily integrate to take advantage of any extra heat that may be available to improve over other solutions and is the most mature alternative to amines. The result of the advantages I just mentioned is that while the carbon capture industry is not moving at the pace the world needs yet to achieve various targets, Capsol is still seeing very strong pipeline growth. The Global CCS Institute showed mature project pipeline growth of just 12% in cement, biomass, and energy from waste. We are present in the most advanced geographical markets where the required regulatory framework is in place. We also continue to work with leading industry partners such as Munters, Siemens Energy, Strabag, GE Vernova, Sumitomo SHI FW, and Petrofac. The strong traction you have seen EUR 10 million. As this revenue is triggered by our customers taking final investment decisions on their CCS projects with our technology, a question we've been asked by investors and analysts lately is, when can we expect the next FIDs? The short answer is that there are not many FIDs expected this year in our portfolio, as most of our projects in our portfolio have more engineering work to be done. Next year, however, a large share of our pipeline can be FID ready. If we look at the next three years, 800 projects, which is growing every quarter, and that it typically takes 12-24 months for a project to go from feasibility study to FID. I now pass to our Chief Delivery Officer, Sam Thivolle, who will take us deeper into how we are delivering for our customers and gaining experience. Thanks, Wendy, and good day, everyone. At Capsol, as Tone and Wendy mentioned, I look after the delivery of the engineering studies, which we perform for our clients, and I also manage the operations of our Capsol Go demonstration unit. I joined the company in December to ensure operational excellence in our activities by enhancing our practices, namely safety. Built a technology platform for post-combustion CO2 absorption with potassium carbonate. We have developed several applications of the technology, which defines the solutions we have for our clients: our Capsol Go demonstration unit, the Capsol end-of-pipe license for full-scale plants, and Capsol GT, which is our solution to capture CO2 from gas turbines. Today, we are working hard with our clients and our contractors to ensure that we maintain a spotless safety record in 2025. Commercially, it has been announced that we started 2025 with two new campaigns: an energy- from- waste project at Mälarenergi in Sweden with Sumitomo SHI FW, and Schwenk Cement in Lithuania, which is pictured on the right-hand side. This is a big one for us, as it is our first campaign for a cement producer in 2025, which is a good sign not only for the adoption of our technology, but also for revenue generation this year. Let's rewind a little bit. What is a Capsol Go? It is a fully electric demonstration unit, which we use to replicate the hot potassium carbonate carbon capture process at a client. The campaign varies between three months and one year, and we take care of everything: installation, people, equipment, chemicals, and then breakdown and transport. We have three of these demo units, to which we can also add a liquefaction module, which is also a containerized solution. It is this 30-foot container, which you can see in the middle. With this, we can capture about one ton per day, with the option to liquefy CO2 and assess if we can meet Northern Lights standards or food-grade specifications. Let's investigate more what we do with this. What do our clients get from a Capsol Go demonstration project? Very simply said, a Capsol Go unit is a tool to de-risk a carbon capture project with hot potassium carbonate. This must be standardized CO2. We are the bridge between these point source emissions and then later conditioning and transport. As a result, we have to demonstrate that we can achieve high CO2 capture rates under various operating conditions, being biomass, energy from waste, cement, petrochemicals, and other industries. This is why emitters use our Capsol Go units to mitigate potential flue gas issues. What are the contaminants? How does the solvent behave? Opportunities. This helps us build valuable knowledge as CCS projects move towards full-scale implementation. Let me give you a simple example. Typically, our clients measure their emissions for reporting reasons, but they record average data. The variability can be seasonal, and we need to make sure that all cases are covered, but the changes can also be instantaneous. With a Capsol Go, we are exposed to short-term variations, and detection of these specificities is one of the keys to a successful project later. Last point is on stakeholder engagement. Some of our clients use the Capsol Go demonstration unit as a communication tool for three reasons in no particular order. Number one, to build social acceptance. Number two, sometimes to get public funding. Number three, to secure internal support. Because typically, if a plant manager can show a tangible successful demonstration at his facility business, a successful campaign is probably the best-selling argument to progress towards a license agreement with our client. With seven contracted campaigns, with more than 15 hours of runtime on multiple flue gas configurations, such as biomass, energy from waste, and cement, we are by far the company with the most post-combustion flue gas experience when it comes to hot potassium carbonate. I guess this is why our units make the cover of publications like the last issue of the CCS state-of-the-art technology. We run our own research and development initiatives. Capsol Go is therefore the platform used by our Head of Innovation to test the solutions which our team develops in our R&D center in Stavanger. With the demonstration units, we can quickly do a reality check of the concepts we have developed in the lab. By iterating these exchanges between lab experiments and pilot-scale deployment, we are able to refine our models and accelerate our development. The objective is to develop a bio-based promoter to enhance CO2 capture. At some point, we will test this on real flue gas, and it will be done with a Capsol Go. We do this with other technologies or other suppliers, which will ultimately improve our Capsol end-of-pipe value proposition. This is Capsol Go in a nutshell. One key to secure future growth for Capsol Technologies is to continue to innovate and deliver demonstration campaigns on time, within budget, and without safety incidents. I can guarantee we will work hard in 2025 to make this happen. Thanks, over to you, Wendy, for the operational review. Thanks very much, Sam. Let me start the operational review with a summary of the commercial traction we have had since end of Q3. Since then, we have signed six projects, all with large industrial clients, all of whom have a portfolio of carbon capture needs in their organization. Working from the top, we have progressed our work with a cement plant in Europe from feasibility to a Pre-FEED. This is for a large international cement provider. Next, a large utility with operations across key European countries has engaged us for a study for a large-scale energy from waste plant. Next, Holcim signed on for a Capsol demonstration campaign for a plant in Germany as part of a wider collaboration. They are the second cement provider to an international energy company for one of their refineries. Finally, a new German cement producer signed on for a feasibility study with us at the end of Q3. These projects represent the kind of interest we have had from the market. Zooming out with a view of the last 12 months, we have seen a 45% growth in our mature project pipeline with up to 200. Represent 3.85 million tons of capture capacity supporting customer adoption. Third, our license agreements at 1.35 million tons of capture capacity represent this contracted revenue growth we have for the future. Overall, we are seeing steady growth, and as said earlier, we are engaging with larger customers on their carbon capture needs. I want to share another view of what sectors are behind that growing pipeline. Capsol is merging as the preferred technology across multiple industries. In cement, where we are growing quickly, we have 8.5 million tons of capture capacity in the pipeline. Customers here like our lower energy consumption numbers, the easier plant integration, and no need for additional steam. Finally, we are still positioned to take advantage of growing demand for CCS on gas turbines to decarbonize everything from gas power plants to data centers. The low concentrations of CO2 in the exhaust of a gas turbine make capture extra challenging, but we can use the high-temperature exhaust to power our system in an efficient way and generate extra electricity along the way. We continue our work with leading gas turbine manufacturers here. Next, I'll give a couple of project examples from cement and biomass. In cement, we are very proud that Holcim will be one of the first to deploy a Capsol Go demonstration unit on a cement plant. In December 2024, Capsol signed a cooperation agreement with Holcim, one of the world's largest cement producers, building on an earlier engagement. Operations, and if successful, it could lead to a large-scale rollout of CapsolEoP technology. Holcim targets 8 million tons of fully decarbonized cement by 2030, presenting a major commercial opportunity for Capsol. Within biomass, Stockholm Exergi's BECCS, or Bioenergy and CCS project, is our first large-scale project coming to life with an FID soon. We booked our first licensing fee at the end of 2024 with this project. This project with our technology was validated through a number of key milestones. It secured EUR 180 million from the EU for large. In January 2025 for this project. The plant will capture 800,000 tons of CO2. This is bigger than the CCS projects for Norcem in Brevik and Celsio in Oslo combined. Capsol is now positioned for scaling up commercial deployment across multiple industries. Finally, as we look ahead, we are identifying a number of exciting growth possibilities for Capsol to create value. Building on our core base of experience, Capsol opened a new R&D center in Stavanger, Norway, in Q4 2024. The center will expand chemical and process testing to generate proprietary know-how while working alongside our Capsol Go test campaigns. The center will also optimize capture performance with a new R&D collaboration for bio-based promoters to make the chemistry of HPC work even better. The project was awarded SEK 7 million from the Swedish Energy Agency over two years. Alongside core R&D, we're also exploring full project cycle service offerings for the future, including solvent supply, digital services, and other expert services. In summary, we are taking a long-term view of the value creation potential of Capsol, building on our already robust technology platform. I now pass on to Ingar, who will provide financial highlights. Thank you, Wendy. Technology platform. It is capitalized with no major investments in plants or factories. We do not expose our balance sheet for customer runs in project, and we can scale globally with a relatively small team. Finally, it is a high-margin model. We have pre-tax margin targets of between 40-60% on the corporate level. Let me bring you through an example on how this model is deployed in a project. Take a cement project with mature engineering studies. For these studies, we typically get paid between EUR 50,000-EUR 500,000. If desired by the client, we also execute a Capsol Go campaign to further mature the project. A campaign typically lasts six months with EUR 150,000-EUR 250,000 in revenue per month. The engineering work and demonstration campaigns go a long way to funding our operations. Until now, we have been working on the left-hand side of this project timeline. However, as Wendy touched upon earlier, our project pipeline is maturing, and we are moving over to the right-hand side of the timeline with our first license revenue booked in Q4 and opportunity for final investment decisions on more than 10 million tons per annum from our current portfolio over the next few years. Times relative to the same period last year. For the full year, we saw revenues at NOK 94.2 million, up 2.75 times from 2023. The majority of revenue is still from demonstration campaigns and engineering services, but in Q4, we booked our first licensing revenue, making it our first profitable quarter with a pre-tax profit of NOK 3.2 million. Let's have a look at cash flows for Q4. We started the period with NOK 66 million and ended at NOK 64.5 million, giving a cash outflow of NOK 1.5 million for the period. We invested NOK 3.1 million, mostly in the Capsol Go program, with now only about NOK 3 million remaining. This is down. NOK for the quarter. This was down to a concentrated effort to improve the working capital relative to Q3. With the cash position, current cost levels, and contracted revenue, we are fully funded to execute our current business plan. On that note, I give the word back to Wendy. Thank you very much, Ingar. The milestones we expect over the next six to twelve months will de-risk the path towards long-term goals and revenue potential, especially with demonstration units. We are already 70% booked today. We will continue to sign licensing agreements within our mature project pipeline for projects with visibility of FIDs. We will also continue to bring Capsol GT to the market and continue to expand our global industrial partnerships. In summary, we are in an exciting time for the industry and for Capsol. Capsol's pipeline growth is outpacing the industry, and we expect over EUR 200 million of revenue potential in projects that can reach FID in the next three years. In new sectors, Capsol GT can unlock a large opportunity decarbonizing gas turbines. We have a stable business and are fully funded in how we operate today. What drives us forward even more is the promise of greater growth. We are enhancing performance of our base technology in our new R&D center in Stavanger and are already working on new products and services. Thank you very much, and I'll pass it back to Tone for our Q&A. Thank you very much, Wendy. Now, let's look at the questions we have received. The first question is, what is the status of your U.S. office, and do you have a comment on the new U.S. administration? We still believe that the U.S. and Canada will be a very attractive market for CCS for us. What we've done in the U.S. already in the last year is raise our awareness, raise the awareness of the market for Capsol. For example, we are already going back there in a couple of weeks for CERAWeek, one of the premier energy conferences in the world. At that conference, we have been recognized as one of six energy innovation pioneers out of hundreds. We're still very optimistic about North America. Okay, thank you, Wendy. There is a question regarding GT. What is the market outlook for your Capsol GT solution? Yes, Capsol GT, as you know, it is providing the market an option for clean power and specifically clean gas power with gas turbines. What we know, despite the ups and downs of the politics in the world, we know that energy demand is growing and constant. We have said before that carbon capture is going to be considered quite more in order to provide a clean source of power for our customers. We are having conversations about that already. In terms of the market size, as some of you know, we are offering a solution for open-cycle gas turbines. We know there are over 3,000 open-cycle gas turbines out there already today that are creating emissions where our solution could be suitable. I remain very optimistic about the GT market. Thank you. I will say a couple of comments, and I might ask my colleague here, Sam, to also comment. When we look at everything as it is today, ETS where it is today, I think it can be easy to come to the conclusion that the cost of emitting is lower. All of our customers that we are working with are looking at the long term. We have seen various estimates, and our customers believe that the ETS price is going to be over EUR 130. We also have voluntary markets driving the dynamics as well and making the economics work better for CCS. Maybe I will ask Sam to maybe comment on what you are seeing with customers. Yeah, beyond that, the way we can help our customers improve the business case is first with the engineering studies, where we do an early risk mitigation of their projects. We talked earlier about the Capsol Go demonstration units. That's really the reality check that we do. We talk tips. Because by ensuring the optimal integration of the technology, we will ultimately reduce the cost for our clients. These are four levers. Thank you, Wendy and Sam. Next question is, you mentioned a pipeline with significant licensing revenue potential in 2025 to 2027. How does the prospects look like to convert this pipeline into firm sales in the same period? Questioning the lead time necessary from contract is. Everything that is represented in our mature project pipeline is representing paid work with customers. There is a broader pipeline behind that mature pipeline. We can safely say over 100 leads that we filter before we take things into that mature pipeline. By that activity already, we have already filtered the, we'll say, the most attractive projects that have the most likelihood of getting to FID. We get inquiries from all over the world, and we do make a point. If so, I'll also build a little bit on what you said of our pipeline, mature pipeline of 17 million tons per annum. We see a viable path to final investment decision for projects representing more than 13 million tons per annum over the next three years. Now, not all of these will necessarily happen or go to us, but at the same time, we see our pipeline is growing rapidly, and the ones not going to us will be replaced by new and exciting. Until reaching FID will be shorter, predicting between 12-24 months typically going forward for this. We'll, yeah. Thank you very much. There is a Capsol Go question. Do you still have ambition of acquiring another Capsol Go unit dedicated to the U.S. market? Maybe I can take this one, but first, we want to make sure that we serve our existing customers as best as we can. How do we do that? The right customer, the right opportunity, the right commercial model or partnership, we could invest in a new Capsol Go demonstration unit. Maybe I'll also add to Sam's answer that when we look at other markets, we have the opportunity to introduce, I will say, different versions of Capsol Go to meet the needs of that particular market. That also goes into the consideration, and it can also help us qualify even different elements of how Capsol can operate in. As you know, we have raised some capital last year to expand the organization, and we're definitely sized right now to handle the growth that we see in our immediate business plan. However, the market is very interesting, and the further we proceed with the work with our customers, the more opportunities we are seeing for various growth paths ahead. While we are sized sufficiently today to handle the growth, there will be other things that we will evaluate. Thank you to Wendy, Ingar, and Sam.