Hello and good morning, everyone, and welcome to the Everfuel Q3 presentation on our earnings report in Everfuel. What we have to show you today is basically the very first step of Everfuel fueling that we go from the full hydrogen value chain together with partners producing green hydrogen, distributing it and dispensing it to fleets of vehicles as what you see right here on the presentation. Firstly, here you have the disclaimer, naturally goes without saying. The presenters of today, myself, Jacob Krogsgaard, Founder and CEO, and Anders Bertelsen, CFO, at Everfuel. Good morning. Good morning. I will go through a quick presentation of where we are, and then afterwards, Anders will join us when we go into the financial statements numbers. Thank you. A quick summary of Everfuel. We are a dedicated hydrogen fuel company unlocking the hydrogen economy. We are dedicated to make heavy duty and intensive users of hydrogen mobility a success, and we are on a path to reach full fossil parity with clean green hydrogen. The technology of hydrogen for stations, electrolyzers et cetera is basically proven, but there's a requirement for dedicated hydrogen fuel companies like ourselves to truly commercialize green hydrogen and cut the necessary costs, add the necessary efficiencies to truly make green hydrogen happen. That's what we're doing. We are a dedicated and integrated hydrogen fuel company, end-to-end on the hydrogen value chain, as you see it here in the bottom, with our headquarters here in in Herning in Denmark. And we're listed on Euronext Growth as EFUEL. We are today operating, investing and installing assets in Norway, Sweden, Denmark, Germany and Netherlands, and looking into to Belgium as well. You see the initial target markets on the right-hand side, as well as you see the following markets where we will expand when we move from the proof of business into the growth phase of Everfuel. Highlights from our key events from Q3. As you can see, we are in construction mode, we are in execution mode, and we are also in a mode where there's a lot of visibility and interest about what we do in Everfuel. We have installed hydrogen stations in Copenhagen. We have opened this one. We'll talk more about that later. We are in process installing high-capacity bus station in Heinenoord in Netherlands. As you see here, we have had some prominent visits and presentations about Everfuel. Mette Frederiksen, the Prime Minister of Denmark, visited us together with Crossbridge in Fredericia, where we talked about the HySynergy project, building large-scale electrolyzer, phase I, also phase II. That was a really interesting and a very dedicated prime minister really trying to understand and recognize how important the steps of Power-to-X are that we are doing in Fredericia. On the top right-hand side, you see the Royal Highness Crown Prince Frederik of Denmark that visited or joined the Danish delegation in Germany, presenting Everfuel and our activities there. You see our business development director and sales director, Nicolai and Lars here presenting for him. Last but not least, we opened the hydrogen station in Copenhagen on Prags Boulevard to fuel taxis here on Friday last week. Key events. Well, we are continuing and progressing according to our ambitions on the Scandinavian hydrogen fueling station network. That goes both in Denmark and in Sweden and Norway. We have opened the station in Hvam, close to Oslo, and as well the Prags Boulevard station in Copenhagen. We have signed a cooperation agreement with TECO 2030 for delivery of hydrogen for their hydrogen power generators. This is actually an interesting niche market where we're replacing with partners replacing diesel used in gensets and instead using green hydrogen. This is basically another alternative where our hydrogen can just be used one-to-one and replace fossil fuel. We are in construction on HySynergy phase I, so this is 20 MW electrolyzer building next to the Crossbridge refinery in Denmark. We are progressing with the project and now with the ambition of being operational at the late part of the second half in 2022. Equally important, phase II of HySynergy up to 300 MW of electrolyzer. We are nominated for potential IPCEI grant, which will definitely move us in the right direction to execute this project. We have the taxi rollout starting in Copenhagen and as well as in Aarhus here in Denmark. As you see, we have a decent cash position to continue to execute our plans, EUR 69.5 million. As said, we are in execution mode. We're walking the talk, and we are getting success in proving that we can truly make green hydrogen happen. We're growing our team of Everfuelers significantly, and we're growing competences EPC Wise, et cetera, to make electrolyzers happen. This is the competence that we actually see there's a significant need of in our market, and that's a competence that we expect to be able to utilize for other projects going forward with Everfuel ourselves, but also together with partners. We are looking at various transportation segments. We are in dialogue with many different customer and potential customer groups in order to truly make the business cases viable on hydrogen mobility. We will not just be building a lot of hydrogen stations and hoping for customers to come. It's key for us that we have a decent baseload offtake on our hydrogen stations when we do the investment assessments on these. That's why we are gathering not just one customer, but multiple customers to be able to use the same stations and get the decent business case, which will eventually allow us to make the hydrogen more competitive and move us into this area where we are moving down towards fossil parity. When you look at the hydrogen value chain here in the bottom, just a brief summary of where we are. On the right-hand side, we are in full operation with our Everfuel App, that being backed by our Helios system. Maybe some of you saw the SoMe video we made roughly a month ago about the initial steps of our Helios system being online. Today, we operate seven hydrogen stations. We have four hydrogen trailers in operation, and the next four are due to be delivered here at the end of Q4. On hydrogen production, we are in construction of the largest or expected largest electrolyzer in Europe. We made the groundbreaking here in Q3. Then we are, of course, looking a lot into the renewable energy. This is really the key of providing green hydrogen for our customers. It makes sure that the green electricity is used in electrolyzers. That we're looking very closely into, and we are, of course, very curious about the final implementation that will happen on RED II, the new Renewable Energy Directive II coming out of Brussels. The Everfuel ecosystem here presented together with partners from Siemens Gamesa. This is a really cool location to show exactly what's going on and why green hydrogen is one of the necessary solutions in order to make green mobility happen on a wider scale. Here, this is in Fly, just what is this? 10 km from our headquarters in the middle of the mainland in Denmark. Here, Siemens Gamesa has a test wind turbine where they've installed an electrolyzer, and this electrolyzer is directly connected to the wind turbine, producing hydrogen, compressing it, and delivering it into our high-capacity hydrogen trailer. In Everfuel, we distribute this to our hydrogen stations, and especially the one we have in Copenhagen, where we are operating the taxi fleet. Of course, this is with the ambition of eventually being able to use our Everfuel App, where we can push messages to our customers. If we have a lot of green electricity coming in from renewables, we will be able to nudge our customers, saying, "You gotta go fill," because actually we have a lot of green hydrogen coming in due to the wind coming next thing. Our Scandinavian ambition, as you see it here, you see stations in operation, mostly active currently in Denmark, but now getting really active in Sweden and in Norway as well. With the first station coming in Trelleborg, and quite a few more in the planning phase in Sweden, we see that there will be some growing activities shortly. The same in Norway. We're looking at corridors from Oslo, Trondheim, and also Oslo going west. In Copenhagen, we have been in construction mode for quite some time with the high-capacity hydrogen station there. This is a... Copenhagen is, of course, a dense area, being a capital, and getting locations and getting spots for hydrogen stations has turned out to be quite a challenge. However, the way we've done it here, we think it's really strong with a cooperation with OK as well as E.ON. OK are the landlord, and they are the one operating biodiesel dispensing. We operate hydrogen dispensing. E.ON operate CNG dispensing, and we'll eventually also operate battery electric charging. You have a lot of renewable fuels located at one specific site, and this is one of the locations where customers will get used to when you want to have green fuel, this is where you need to go. We have taxis in operation today from DRIVR. This is DRIVR and a few others as well. This is roughly 50 taxis that are in operation, and then with the expectations to actually have 100 taxis in operation by the end of November. We also see that in the growth of the hydrogen sales in Copenhagen. In addition to this high capacity hydrogen station, where we actually have two independent hydrogen station modules to give high capacity but also redundancy. We also have our medium capacity station even closer to the city center right next to the Høje Taastrup power plant. We hope to be able to operate this with a station with even more capacity, but that's due to the local permitting. On HySynergy phase I and II, well, we are happy to say that we are truly in construction. You can see the building plan here on the right-hand side, and you can see the video on our various SoMe channels. We started construction on the eighteenth of August, and we are now at a point where majority of the concrete work have been completed. Now erection of the buildings will now start so that we can actually really see something growing down there. As said before, the ambition are that we will have first hydrogen coming out during the later part of second half of 2022. On the exact same plot of land and in strong cooperation with Crossbridge, we are planning the phase II of HySynergy, which is a 300 MW electrolyzer due to be operational by end of 2024. We are expecting a budget of roughly EUR 250 million for this project. We're so far nominated for IPCEI support, which is a state funding, and now this is still ongoing. No final news yet. No bad news yet. We are still trying to be patient and waiting to see how this will evolve. We believe this would be a significant step, not just for us in Everfuel, but actually for green hydrogen. The true advantage here is that when we're building electrolyzers right next to the refinery, we have multiple off-takers. We have off-takers of the hydrogen going both for our own mobility for hydrogen stations, but also for the refinery, where the refinery are using the green hydrogen to make the traditional fuels, gasoline, diesel or the equivalent, greener. We also have the usage of the process of the waste heat coming out of the electrolyzer. This is actually harvested and used in the district heating system that are in this region. That are already happening on phase I and will also be happening on phase II. This is truly exciting. In addition to the HySynergy phase II project, we also participate in the Green Fuels for Denmark project led by Ørsted, and where we are a small partner there. It's actually two out of two projects, IPCEI with expected or hopeful IPCEI funding in Denmark that we're participants of. Even further, the GreenLab Project, also with an ambition and funding from CINEA to build a 100 MW electrolyzer, we also participant there, where we will be off-taker of the hydrogen and using this for mobility. A lot of things are truly happening here. Going to our strategic cooperation with TECO 2030. In Everfuel, we really just wanna make hydrogen happen, and we want to make hydrogen out-compete diesel. All of the locations and the applications where we can compete with diesel, we wanna do so. The generator business is truly interesting and this is what we're looking into with TECO 2030. As well, the business case is being one thing, but equally, the technical interfaces utilizing the high capacity and our hydrogen trailers and connecting this directly with the fuel cell systems. So far so good. We've also signed cooperation agreement with Greenstat for developing and commercializing a competitive green hydrogen supply. So that's equally interesting as well. We are in cooperation with ASKO. They are a food retailer or food distributor in Norway. They have been truly leading the ambitions of making green distribution and are already today operating trucks running with green fuels. With green hydrogen, sorry. In Sweden, we are preparing the launch of H2 stations there, meaning that we have now signed a contract with the municipality of Trelleborg. This is truly one of the ways where we wanna make the business cases work. We have through the Nordic Hydrogen Corridor co-funding to build the hydrogen station. In addition, we have customers that are committing to an off-take out of the station, which is just the necessary step to make the investments happen on our side. All the additional sales that we of course are expecting at this location will then make the business case even better. Trelleborg is a ferry city where you have ferries going downward to Germany and Poland, if I remember correctly. Trelleborg can and will likely be a hub also considering the heavy duty transportation, trucking, et cetera. In Sweden, we are progressing with our strategic partnership with OKQ8. Where we are, our retail partners installing hydrogen stations at their sites, and we are walking hand in hand, identifying locations, moving towards getting permits in place, and also making sure that we have sufficient amount of customers that are committing here. Hopefully we will see some even further projects coming up then. Looking at our team of Everfuelers. We are continuing to grow and increase this. In Q3, we had seven more Everfuelers that joined us, giving us a total of 45 at the end, plus a few two externals. In addition, we signed six more, or the start of six more in the beginning of Q4, and we have signed for even further to join us as well. It's a growing team of Everfuelers. Here on the picture to the right, you see the Everfuelers here this summer, and that team is now growing. It's truly exciting and it's even an honor to see the competence level of people joining us. This is not just local people from the area here in Herning in Denmark. We have now 11 different nationalities and ranges of age as well as female and male. It's a really, really good balance, and we see that as a completely critical foundation to continue to grow our business. Just to recap our ambitions and strategy of where we're going. In Everfuel, we wanna be the green hydrogen energy and fuel company. On the right-hand side, you see the markets. I talked about that here in the presentation. The ambition are to reach EUR 1 billion in revenue with 30%, 35% EBITDA margin before 2030, and already hit a positive EBITDA around 2023. In order to get there's truly a lot of investments that needs to be done, and that's what we're in the preparation mode now to put this into SPVs that are financeable activities. The investments are EUR 1.5 billion, of which we expect 20% to come from equity and the remaining to come from public grants like IPCEI, et cetera, and then also from loan financing, which we already have in place on our HySynergy phase I, and we are hoping to use similar models going forward. We are looking at a project IRR on 8%-12%, which is after this initial period where we are now in the proof of business phase of initial investments, where we truly need to lean forward, get some learnings, get some projects in the ground, and gain those experiences. We have these four phases in our business plan. Proof of technology. We are now in the proof of business phase, going until the end of 2022. Thereafter, it is the ramp-up phase, and finally it is take-off. With EUR 1 billion revenue, that is roughly 600 tons of hydrogen per day, which is equivalent to fueling 10,000 buses, trucks, and taxis, or the equivalent. That is the operation of Everfuel. Anders, will you talk us through the financials? Yes, I will. Looking at the financials, it's starting out with the revenue side, we still see a slight effect from the same story as we told in Q2, where we have the COVID situation still ongoing, but also the fact that we were without hydrogen in a period of Q2 and then in Copenhagen. It's slowly ramping up, and we expect to see that increasing even further when moving into Q4, based on also what Jacob said, that we are seeing increased taxi activities in the Copenhagen area. On the other operational income, that is purely driven by grants and subsidies that are paid out based on the projects that are ongoing. Looking at the cost side. The costs are reflecting the increased cost base, which are according to plan, where we are scaling up our organization. We are scaling up our location, our facilities, which is then again driving the higher costs. All in all, it's all according to the plan that we made early on. That leaves us with a EBITDA of around EUR 2 million in the quarter, and year to date of around EUR 4 million-EUR 4.5 million, negative loss, again, all according to plan. The cash flow is, again, more or less the same story as we told in Q2. We are having cash flow negative effect from operations still. That is of... We have a positive effect on that in this quarter because we are starting to have more and more focus on our procurement processes and focusing on how we can positively impact our working capital moving forward as well. We are heavily impacted by the investment, again, according to the plan. All the investments that Jacob just took us through have an effect year to date of EUR 7.7 million. Then again, we had in the capital raise in Q1, which is lifting it all up to a positive change in cash and cash equivalent year to date of EUR 45 million, almost EUR 46 million. All of that leaves us with a solid cash position end of Q3 with EUR 69.5 million, which is supporting the growth moving forward. Very robust cash position at this point in time. Balance sheet is reflecting the very strong cash position, and it is also reflecting the fact that when we are converting cash, we are primarily converting it into asset investments and growing the asset side, which then again is according to plan and also reflecting the fact that we have the largest projects that are now really starting to kick off, where we in Q2 were hitting ground running, and now it's starting to materializing in more tangible assets on the different sites. Again, reflecting the very positive and solid cash position for the time to come. Jacob, will you take us through the outlooks? Yes, definitely. Trying to look at the near-term outlook. We are ramping up the activities in Copenhagen. One thing are just to put more taxis on the road. That will be handled by DRIVR and Toyota. Equally important are to make sure that the hydrogen station remains with high level of operation, and that we are continuing to supply a sufficient amount of green hydrogen, making sure that we have some robustness and redundancy in that value chain. The groundbreaking in Heinenoord and the construction will continue there, and we are now progressing with the first location in Sweden, in Trelleborg, and with hopefully other locations in Sweden as well. We are operating our hydrogen trailers, and we are increasing the number of hydrogen trailers in the area here in Q4 with the additional four hydrogen trailers with a total of eight trailers in operation, and that will be supporting our activities both in Netherlands, potentially Germany, and then Denmark, Sweden and Norway, of course. We remain very strong focused on market development with vehicle OEMs as well as fleet customers. This three-step program that we're initiating together with end customers, where we are putting a number of end customers together to come with starting commitment on operation of hydrogen trucks or similar, and then vehicle OEMs providing those numbers and trucks, and from there on, when that initial demonstration is successful, we will see the fleet grow. Has to happen coordinated with these three participants, vehicle OEM, fleet, and then customers and ourselves in Everfuel. Then of course, the HySynergy continuing the construction of the phase I project and progressing towards the final IPCEI funding on phase II. Summarizing on Everfuel. We are leading European green hydrogen fuel company. We are... It's a really interesting and also huge growing hydrogen market that we are well-positioned to capitalize on. Especially going for this intensive and heavy-duty fuel market where other zero-emission fuels like batteries can truly not do the job. We have a firm plan, and we have an execution team that have capabilities to do this and have proven that we have done this before. The business model that we're presenting is giving us a rapid growth as well as it's giving us recurring revenues and moving towards the solid profitability. That being the summary, and then I can see on my right-hand side that a few questions have popped in as well. Let's just go through these one by one. Thomas, you're asking about the collaboration. Could you elaborate a bit on the Norsk Hydro collaboration? How is it moving forward, and when can we expect any further news? Well, thank you for asking. The dialogue with Hydro are continuing in a good and constructive manner. We are not at any point where we can disclose anything where we are in this process. We have to recognize that processes like this simply takes time, and it's also in a market where we have both parties trying to understand where would we be positioned the best. It takes time. Bear with us, and Hydro will be patient, and when there are anything to announce, we will let you know. We have also Thomas asking about what's the level of investments, CapEx that we can expect in 2022. I don't believe we have disclosed that. No. We would not be able to disclose that. Naturally, we are moving forward on the projects that we presented here. While the largest one, investment-wise, is the HySynergy phase I electrolyzer in Fredericia. The numbers of that electrolyzer is also public. We expect the electrolyzer to be roughly at around EUR 20 million, and then in addition comes the administration and technology center, distribution center that we're building next to this electrolyzer. On the stations, well, let's see how many of these we will manage to get in operation. We will be installing as many that we have end customers providing commitments for. We have anonymous. Why should I invest in Everfuel rather than other hydrogen ESG companies or hydrogen companies other than ESG and partners? Well, firstly, when you look at the hydrogen space, there's truly a lot of hydrogen companies around. Majority of these are currently technology-based, and that's of course key, and if you wanna go for a technology bet, that's where you should go. In Everfuel, we are an energy and hydrogen fuel company, meaning that we're the ones to operate the technology coming from our good friends and partners. That gives us a different revenue profile where our recurring revenues and the more contracts that we will sign on top will eventually move the revenues upwards. You will see more fluctuating revenues from technology suppliers, so that's a different investment and financing profile. We are strong believers in walking the talk in Everfuel, driving fuel cell vehicles and everything where the vehicles are available to do so. My car, the company car as well as our maintenance vehicles are also, to the extent possible, operated by hydrogen. Any other ESG arguments? Not at this point in time, no. No. Very good. Another one, also, anonymous. You have previously stated that the refueling station in Bergen, or Åsane, Bergen, in Norway will be one of the first to reopen, but in the presentation you are stating that it's due within the next year. What is causing this delay, and can you be more specific on when it expects to open? Well, this is one of the difficult ones. We took over the responsibility of the station almost a year ago. However, it's conditional on the seller and the seller's partners to provide the station in a state where it's fully operational and fully approved, and this is currently not the case. We are on an almost daily and weekly basis pushing for this. We wanna be operational. We have operation team that are ready to take over the station. Unfortunately, this is currently out of our hands. This is definitely not how we prefer it to be, but sometimes it's the way it is. We would hope that a gentle push from ourself and others will help move this forward. What's the current average hydrogen sales price at your refueling stations? Question from Thomas as well. Can you remember this one, Anders? No. Not fully. We are currently selling the hydrogen at. Now I need to calculate backwards from Danish to euros. DKK 111-DKK 112 at our Kolding station. Including VAT. Including VAT, yes. That is where the majority of our hydrogen is sold at this point in time. That gives at least a guideline on which level we are at. Yeah. I would say with the growing hydrogen supply base being of our own region and being truly green, this is also what will help us to move hydrogen into the more commercial levels. We're already at DKK 111, pretty close to the gasoline parity as the market is currently. We are expecting to grow the sales quantities, which will eventually have a positive effect on the hydrogen price, and we are expecting hydrogen used for cars to be in the range of eventually EUR 10 per kg. However, we are not there yet. Quantities needs to go up, but they are progressing. Thomas as well, will you consider to engineer your own hydrogen refueling stations? For the time being, that's not a part of our plan in Everfuel. We have good, solid suppliers from mainly Nel, and that we're expecting to continue. Naturally, we're pushing all suppliers, and that goes with Nel as well to make sure that we get the best technology at the very best price. Joakim, how many hydrogen stations are planned to be built in 2022? I think this infrastructure needs to be built before you see the customer market will start to buy hydrogen cars. Toyota has already the hydrogen car, but there are no places to refuel. At least in Norway. We fully understand your position, Joakim. What we need to do in Everfuel to make sure that we provide the best return on investment for our customers are to make sure that the stations that we install are with the best possible business case. The challenge are with private car operators, you don't use that much hydrogen. A rule of thumb, a private car user uses roughly half a kilogram of hydrogen per day. A taxi uses 3 kg-4 kg per day. A bus, 15, maybe 20. A truck, 20 kg-40 kg per day. The more hydrogen we sell out of a hydrogen station, the better the business case is. Our challenge are that if we need to build a lot of stations for only private operators, we'll be doing a lot of investments with the hope to get customers. We definitely want private customers also to use our stations, but we need a base case coming from intensive and heavy duty users to justify the investments. The alternative would be that we would need to price hydrogen really high, and then it would be unattractive for private users. A question from Lars. "What is the timeline to the rollout of fueling stations in Norway, for instance, Oslo? When is the station in Romford opening?" I hope not being very good on the local geographies in Oslo, I would expect this to be Alna. If I remember this timing correctly, within summer next year, we expect fueling to be ready at the site in the Alnabru area. Then we are planning already now that station to be upgradable with significantly more capacity, so not just to fuel cars and taxis, but also to fuel heavy duty. There's a lot of questions popping up. That's good. Then a question from Alax. "Can you translate the longer term 30%-35% EBITDA margin ambitions into an EBITDA EBIT margin equivalent? Given your longer-term ROCE indications, it seems to suggest ±15%. At this point in time, we're not disclosing our targeted EBIT margin. We are focused on EBITDA to gain positive EBITDA, as previously communicated. For now we leave it at that. Have to bear with us and be patient there. Then Sander, "Can you say anything about the timing of the conclusion regarding the IPCEI grant? In your opinion, will a conclusion be closer to Q1 2022 or already Q4 this year?" I can say with the truth in my heart, I don't know. Impatience is definitely existing. The original communicated timeline were conclusion by the very end of this year. That's of course what we are hoping. To be realistic, I have not seen processes like this go faster than expected. Very often it drags out a bit. We are standing ready to see what happens. "Where can we find the presentation?" Well. Yeah, they are available on our webpage. Under the investor section, you'll find all presentations. All quarter presentations are available. Exactly. I think we need to stop for further questions. Here we have the two last ones. "What are the most important long-term KPIs for Everfuel?" At least I have without or without just immediately saying revenue and EBITDA and EBIT, which naturally are key, and we are navigating towards that. Levelized costs of hydrogen, so LCOH, is truly key. Throughout our value chain, so having the cheapest possible LCOH coming out of an electrolyzer, and then the cheapest possible LCOH for the hydrogen distribution, and the cheapest possible LCOH for hydrogen dispensing. That's truly the key. Cheapest LCOH, meaning lowest cost hydrogen, should eventually make us win. Without a doubt, business-wise, I would see that as being the most important one. I fully support that. That of course from a financial perspective, the revenue and the EBIT and EBITDA is very important key figures. For us to be a success, it is primarily now the LCOH we are focusing on. Yes. The last one, "You are a member of the H2Bus Alliance. Can you elaborate a bit more on the progress of the consortium? When is it expected to deliver H2 buses to Europe powered by Everfuel?" We're continuing to progress in the H2Bus consortium as well in the H2Bus Europe project. We have a good belief that when starting operation on our station in Netherlands, this will give some positive effects. Also, to be realistic, we currently see battery electric buses being the preferred solution by a majority of these bus operators. We have a strong belief that that will shift towards battery electric buses as the limitations of being able to supply the green electricity when that electricity is available truly starts to become a hassle. This is on a daily basis that we and the partners in the H2Bus Consortium are moving towards making this into a truly interesting business and getting some volume behind it. We'll of course as well tell more when there are some good news to share. I think that was the wrap-up of all of the questions from today. I think we would say thank you so much for listening. Thank you. We will see you in a quarter's time. Thank you.