Okay. Good afternoon, everyone. We have with us Robert Borin, the CEO of Cavendish Hydrogen. Very interesting company. We're now having the eighth presentation of the day. I hope you're all still wide awake, and ready for some additional information. Robert will talk about Cavendish for about 20 minutes, then we'll have the opportunity to ask questions, like in the other formats as well. Please enter questions in our chat tool, and we will then address them. Robert, floor's all yours. Thank you very much. Thank you very much, for that introduction. Well, good afternoon, everyone, and, as said before, hope you're still having energy for the presentation number 8 of the day, but my name is Robert Borin, and I'm the CEO of Cavendish Hydrogen. And I'm very happy to be here today presenting in MWB's Future Energy Conference. Well, over the next 20 minutes, I'll walk you through, who we are in Cavendish and why we believe that heavy-duty hydrogen mobility is a, compelling opportunity. where we stand financially, and operationally, and finally, what we see as the near-term catalysts of our business, particularly in Germany and in the Netherlands. I leave time as said before for questions at the end. But before we begin, I'd like to draw your attention to our forward-looking statements disclaimer. as with any presentation of this kind, today's discussion includes forward-looking statements that are subject to risks and uncertainties, and I'd encourage you all to review this slide at your own pace a little bit later, maybe. But with that said, let's get started. And let's see. There we go. Here's how today's session will be structured. I'll start out with an introduction to who we are in Cavendish. Then walk you through our investment case, our recent financial and operational performance, the near-term growth catalysts that we are currently tracking, plus some of the recent headlines. And I'll close with a short summary in Outlook before we open up for questions. So, let's start out with who we are. Well, in Cavendish Hydrogen, we are in the business of ending emissions from mobility. And we do this through reliable hydrogen fueling solutions across the world. And, yeah, that's the simplest way I can put it. And it's the thread that runs through literally everything that I will talk to you about here today. we have been developing fueling solutions for more than 20 years. And today, that experience translates into a footprint that spans 3 different continents. we have stations operating across Europe, in the US, and in Asia. and we are currently having stations under development in Germany, Luxembourg, Poland, and in Italy. our headquarters is in Herning in Denmark. we have offices in Oslo, Norway, in Vienna, in Austria. That's where I'm sitting today. And in Irvine, California. in Herning, we operate one of the largest hydrogen station factories in the world, a complete value chain under one roof, including a laboratory of more than 1,000, 300 square meters, where we do both in- and outdoor hydrogen testing. this facility is really central to our, commitment to innovation, with our R&D team working on the next generation of hydrogen fueling stations. and this is backed by more than 60 patents, around basically protecting our core technologies. our core segment, is, heavy-duty transport and bus transport. And we have currently 57 stations in operation today. So, why is it that we focus on hydrogen mobility and not other solutions like electricity or biofuel? Well, hydrogen fuels and vehicles have strong advantages over both combustion engine vehicles and battery electric vehicles. first of all, hydrogen fuel cell vehicles have no emissions, which obviously is a prerequisite for any modern vehicle today, and also what makes fossil fuel vehicles obsolete over time. second, if we look at the driving range, a well-functioning truck today needs to be able to drive around 800 kilometers in a single tank, and hydrogen delivers that already today. And I don't know if you've seen any of the announcements that came out this morning from the auto show in, Hannover, but there are producers now announcing more than 1,700 kilometers range on a one fueling. So that's really, really cool. the third factor here is, of course, that, the fueling time, where, battery electric vehicles simply cannot compete with the traditional fossil fuel vehicle, on their refueling time. and here, a fuel cell electric vehicle already can do that. It's within the 10 to 15 minute range. and fourth, the limited grid con- congestion that we're talking about. if you compare battery electric and hydrogen fueling, a battery electric heavy-duty charging station requires I would say in the factor 10 more grid connection than, what a, hydrogen fueling station does. So, and that's a meaningful, difference when you talk about the energy grid and the, the con yeah, the, the constructions that we see there today. So, let's move ahead. And if we narrow that down, to why we are specifically focusing on heavy-duty, I would say that because heavy-duty transport, it isn't really a niche of the transport sector. I mean, more than 25% of the European tran transport emissions come from heavy-duty vehicles. trucks and buses, makes up today around 2 to 5% of the vehicles on European ro-roads. and yet they account for over a quarter of the emissions. that's an outsized problem that demands an outsized solution. Hydrogen can cut this significantly, and it does so with the combination I just walked you through. high decarbonization potential without overloading the electrical grid. And that's really the key here. battery electric technology struggles here precisely because of that grid constraint. Hydrogen really doesn't. And that's why we believe that heavy-duty is where hydrogen mobility is having its most clear, most immediate, and most consequential use case. So, what is it that we offer? Well, we offer, the full value chain from supply source, through hydrogen storage to fueling station itself, and of course, the dispenser, which is where the vehicle is serviced. and this is everything from cars, vans, trucks, forklifts, and buses, whatever you name it, we can we can do that. but we don't stop at the equipment. We offer the full scope of services ranging from design and manufacturing to project engineering, project management, installation, commissioning, and maintenance. and even operational services. So, and that full service model is part of what differentiates us and what keeps our, stations running reliably, once, they're, in the ground. So basically, when the installation is done. So we're not leaving it there. so with that as a background on who we are, let's, turn into the, investment case. So, our investment case rests on four different pillars. First of all, proven execution. stations build, commissioned, and generating recurring service revenue across Europe, Asia, and the US. this is not a paper pipeline that we're talking about. It's real, and it's operating infrastructure. The second part is, the proprietary technology. it's more than 20 years of hydrogen fueling know-how that is now built into a scalable solution that we are currently delivering to our customer. third part, we are now having the strategic partnership. We are working strategically with a number of different actors lately. We have BHGT, who joined us, this spring as a strategic investor. And an industrial partner. And, this is a relationship we are already, working hard to, to, to, mature and, and we are already getting really, really a lot of synergies out of this. And finally, I would say that the policy tailwinds, the national funding programs for fueling stations in Germany and the Netherlands, which I'll come back to shortly. this is also a strong, this strong force of the pillars. I would say together these four pillars are what we believe make Cavendish a compelling investment case, even as we work through what remains a sort of near-term, uncertain challenging market. So let's move to our recent financial and operational performance. there we go. yes. Turning, to our recent financial performance, our revenue comes from elderly from equipment sales, from projects, installation, and service works. And. So, so they are now really commercially in operation. So this, that's also, of course, really, really positive to see. and these stations are backed, by technology that has that has, improved, across, successive station generations. built on, on 20 years of experience that we have had, during the last 20 years. quality and reliability remains a central focus for our product roadmaps. And, that work never ends. So, let's turn now to what we see as our near-term growth catalysts. And if we look at Germany and the Netherlands, which in our view, is a near-term catalyst for the whole of the hydrogen mobility business. In Germany, now, and, BMV administer, roughly 220 million Euri Euro funding program that opened up in June. For new stations, serving tracks and, trucks and hydrogen-powered commercial vehicles. this program was heavily oversubscribed with more than 70 applications for hydrogen fueling stations. which is a strong single, on the demand side of the market. In the Netherlands, on top of this, we had a 45 million euro, swim funding program, that was completed in the second quarter of this year. and this was, very positively, decided to become a, an annual award that will come back on an annual basis. so this is, of course, also really positive. both of these programs are really encouraging, signals for the market that we are operating in right now. So, moving ahead. And, I want to be a little bit more precise around the timing here because I know that this is typically something that, will