Well, hello and good morning, and welcome to the Q4 Presentation Of Our Earnings Presentation of Everfuel. Thank you all for listening in and joining. It's exactly 9:00 A.M., so let's get started. Here in the background, you see one of our hydrogen trailers being installed close to Copenhagen, where we will shortly be producing hydrogen used for the mobility in Copenhagen, mainly taxis. The presenters of today, myself, Jacob Krogsgaard, Founder and CEO, and Anders Bertelsen, CFO of Everfuel. Good morning, everyone. We will go through some highlights of Everfuel and what has happened in Q4. Firstly, I'll do that, and then afterwards, we'll go through the numbers as well as this. Just a very brief update. Everfuel, what are we? Well, we are a hydrogen energy and hydrogen fuel company. That's the only thing we do. We are very dedicated in setting up the full hydrogen value chain from renewable energy to hydrogen production, distribution, dispensing, cutting away the inefficiencies, the complexities, and moving hydrogen down to fossil parity level. We are at a point where the hydrogen technologies of electrolyzers and distribution stations are proven. They are not perfect. They are not good enough yet, but they're good enough to get started, and the technology will not move unless we and others support that, and that's what we do in Everfuel. We wanna be ahead of this curve, ahead of the wave, gaining the learnings, and having the best position for when the rapid ramp up really starts to kick in. We are headquartered here in Denmark. We have facilities, and we have employees throughout Scandinavia, Germany, and Benelux. Q4 highlights. Well, when you look at some of the activities, we have opened our high-capacity hydrogen station in Copenhagen. On the top left side, you see a picture of one of the DRIVR taxis operating there. DRIVR is a green fuel taxi company, and they are together with Toyota really pushing the hydrogen taxi mobility in Copenhagen and proving that taxis are needed in order to make this case work. We're very pleased about the cooperation, both the existing cooperation and also the agreement we have signed to expand that cooperation even further. Bottom left side, we see the hydrogen station in Heinenoord. It currently is still in construction. We're getting close to open that station here during March. Top right side, that's where you see the HySynergy facility in Fredericia. A lot of below-ground construction has happened throughout the last months, and now we are finally at a point where we can see the building erecting off the ground. We also signed an agreement for heat delivery from this HySynergy facility. We're not just producing hydrogen and delivering that. We're also now utilizing one of the additional streams coming out of the electrolyzer, being the waste heat. Key events. We have the hydrogen taxi fleet in Copenhagen running successfully. Sorry to say they have to some extent been affected by COVID restrictions and partly lockdown here in Denmark. That has happened throughout Europe. That also affected some of the activities that we have seen in Q4. Nevertheless, we now see that those activities are now slowly starting to ramp up again here during the course of February since the restrictions have been eased here in Denmark. We together with Toyota and DRIVR used this case as the proof of our concept, and now we're ready to scale up the activities, and that's why we have signed an agreement with to aim for 200 taxis by the end of this year and finally 500 taxis throughout Copenhagen. We have signed the excess heat agreement on HySynergy, and then we are now entering the German market actually with pretty great force since we have been awarded or nominated the award for two independent hydrogen contracts for heavy-duty fueling in Germany. We naturally were very pleased about that. As well in Sweden, we have been awarded a grant, so co-financing to build two truck high-capacity stations in between the corridor in Värmland region in between Stockholm and Oslo and also going a bit up north. Our cash position by the end of Q4 was just short of EUR 60 million, and here in January, we have managed to make the first disbursement of a EIB loan, which has helped even further on the cash position. Where are we on making hydrogen happen? Well, in Everfuel, we are in execution mode, so we're walking the talk. We are the trailblazers truly making hydrogen happen. We're also growing our team quite substantially. We are ahead of our predicted curve here to be ready even earlier and also to develop even more of these necessary competencies and also technologies and know-how, eventually IP, that we need to have in Everfuel to make the small gears of this chain of gears work together. We believe that is the complete right thing to do, and that will also give us a competitive edge compared to competitors. When you look at the chain here in the bottom, starting from renewable energy, electrolyzer, hydrogen distribution stations, and finally, the fuel cell vehicles. We are carefully monitoring on the power generation site. The RED II should have been fully implemented during the end of 2021. As you very often say with Brussels, that has been delayed, which is still the case, meaning that we don't know the direct definitions of what is green hydrogen and how closely connected should renewable energy be with electrolyzers. We are patiently, well, getting impatient, waiting for that to materialize before we come up with our strategy. On the hydrogen production, we are in construction with the 20-MW electrolyzer HySynergy, and we are also in construction on distribution center Copenhagen, and in planning for other distribution centers to be installed next to partner electrolyzers. At the end of 2021, we operated six hydrogen trailers, and two more ordered. Both of these two will be in operation here during February 2022. We have currently seven hydrogen stations in operation. We have secured location for an additional seven. Finally, on the right-hand side, it's all about customers, right? The end customers. We're now at a point where 100% of our hydrogen stations are operated through our Everfuel app, meaning that that's the interface with our customers, where they actuate the dispensers, where they can monitor their fueling history, and where we then have the access where we will also be able to communicate with our customers, not general customers, if we have more green, cheap hydrogen available at our stations. We are also operational with the first level of our Helios big data system. During Q4, I also made a sneak peek about how is it actually that the Helios system work, just on a very overall level. We are already now moving much further into depth than that. Top line, even though it still has a far to come from where we want to go, it's still a significant movement compared to Q3. More than a doubling of our hydrogen sales in Q4 compared to Q3. Actually, in Q4, our hydrogen sales is roughly the same as in the three previous quarters together. This is mainly due to the increased offtake from the taxi fleet in Copenhagen, but also a general increase, also taxis, and definitely the offtake we see in the Hvam station just outside of Oslo. We opened the station in Prags Boulevard, Copenhagen, here on November 12th. As said earlier, we have seen some reduction in the growth of the hydrogen sales due to the COVID restrictions we have seen here in Denmark, which immediately, of course, affects the taxi industry. The HySynergy phase I, phase II. One of the significant milestones is really to get this construction off the ground. There are substantial below-ground work done here, not just to facilitate this first 20 MW electrolyzer, but to try to prepare the site for much more than just facilitating this HySynergy electrolyzer. This hall you see here, that's the electrolyzer hall. To the left of this, there will be another hall for the supporting functions, so compression, water treatment, et cetera, for the electrolyzers. To the right-hand side, two more halls, one with a workshop, a dedicated laboratory for our technology team, and one with a storage hall to support all of our operations going on across Denmark. In addition, an office space, our administration. A lot of things will happen here. Zooming in on HySynergy phase I. Signed an agreement with Twice, the regional municipality-owned heat distribution heat transmission company. This initial agreement actually gives heat from the HySynergy electrolyzer, which is enough to heat up 500, 600 houses in this region. As part of this agreement, Twice is building a dedicated transmission line from the HySynergy electrolyzer and connecting it to the transmission line to the municipalities north of Fredericia. This line has much more capacity, meaning that if we upgrade the facility with heat pump and can put that into a bankable business case together with Twice, there's a potential to increase the heat sale even further. That is, again, a key for us because we are utilizing multiple revenue streams out of this electrolyzer. These revenue streams, that's really key. Every time we sell some heat, we sell potentially some oxygen to other partners that could come later. That helps to reduce the cost of the hydrogen for the benefit of our partner, the final request bridge, and for ourselves. We expect first hydrogen to flow out of this electrolyzer during the last part of 2022. On phase II, the 300 additional MW, we are progressing very well as well. One of the most important points, that's power connection. If we do not have great power connection, it's pretty difficult to install an electrolyzer. Therefore, it's so essential what we managed to communicate yesterday, that we now have confirmation of a reserve capacity from the Danish TSO. So we actually have that power available. The various entities developing renewable projects and also developing Power-to-X facilities will know how difficult it actually is to get a power connection. This is truly a significant step for us. We actually expect pretty significant offtake from the phase II electrolyzer as soon as it will be operational. We are actually considering to divide it into three 100 MW with the purpose of the first 100 MW to be operational even earlier, and accelerate that construction that way. We are targeting an FID by the end of 2022. That's of course subject to having all the necessary approvals and as well the funding in place. We expect commissioning late 2024, early 2025, thereabout. The budget for the whole, for the total 300 MW is roughly EUR 250 million. We're qualified or pre-qualified for IPCEI funding for this HySynergy phase II. IPCEI, Important Projects of Common European Interest. Very big subsidy scheme, managed to set in motion during the course of last year. It was the ambition of Brussels to have that concluded during the course of 2021. That was not the case. We are still in, we believe we're still in good shape, actually both with HySynergy phase II as well as Green Fuels for Denmark, where we're also a participant. That dialogue is good. We will not make any promises on behalf of Brussels when there will be a conclusion, whether it's good or bad. But we remain optimistic and will naturally inform when we know more. Looking at the hydrogen fueling network in Europe. Here you see the stations that we have either in operation or where we have locations secured. We are slowly moving with our plan of making these white dots into orange or yellow Everfuel colored dots. That's of course a key part of our strategy. Just reminding ourselves again, we're not building stations across these corridors just for the fun of it. We're building stations when we see a good customer offtake in these given cities, and that's what our sales and business development teams are working so hard towards. We're actually very active business development-wise throughout Europe and especially in Germany. We're pleased to say that we have been notified that we will be awarded a contract for two independent hydrogen station projects in Germany. The first one in the Frankfurt area, which also includes both installation of hydrogen station as well as hydrogen supply for a minimum of three and potentially two additional years. We will let you know more when that's available. The second contract is in the North Rhine-Westphalia region, which will be a station installation and the full operation of that station for a period of at least 10 years. That's expected, or both of these expected to be operational during the course of 2023. This really proves that we're entering the German market. It proves that our concept of cutting costs from the hydrogen value chain and providing green competitive hydrogen to our customers are slowly starting to pay off. This is something that we are expecting even more of in the German market. In Sweden, we have been awarded SEK 45 million as a co-financing to build two hydrogen stations in the Värmland region to cover the corridor between Oslo and Stockholm, as well as in the region up in the woods north of Karlstad. We are developing the sites together with OKQ8. It's very interesting, very good cooperation. We continue with the ambition of having 10 joint sites in operation by 2024. The Trelleborg site we are progressing with as planned. Last but not least, we have now signed a contract with a very experienced Swedish account manager that is joining Everfuel to make us run even faster in Sweden. In Norway, we have been operational with the pump station throughout the quarter, and we see the sales from that station also increasing slowly. The second station that we should take over from Uno-X Hydrogen, the Åsane station close to Bergen, we currently do not have any further information to share. It's us taking over that station is independent of the seller and the seller's partner, as well as the municipality checking all the boxes and handing over the station in an approved state, which is not yet the case. We can unfortunately not tell more about it. We're expecting this to happen in 2022. We know that's really frustrating for the few of you that are now impatiently waiting for a conclusion, and believe us, we would have wanted a conclusion much earlier, but this is out of our hands. In Oslo, in Alna, we are developing the Alna site in two phases. Phase I will be a movable station that we will install temporarily to fuel taxis and support the growing taxi fleet in Oslo. The next phase that we are planning for now is a high capacity to fuel among other vehicles, but trucks primarily. On the right-hand side here, you actually see the sketch of how that site can look like. In Norway we're also in partnership with ASKO, Greenstat, TECO 2030, as we have announced, with the ambition of coordinating to make hydrogen happen in corridors, so that we have multiple partners that will eventually offtake sufficient hydrogen to make the cases work. As we informed during the spring of last year, we have been in dialogue with Hydro, or Hydro's hydrogen company, Hydro Havrand, about establishing JVs for hydrogen production. After a long period, we have decided to discontinue those discussions, specifically on JVs, but we will continue to look into the opportunity of Everfuel offtaking hydrogen from Hydro Havrand electrolyzers. Everfuel remain with the full position of developing practical electrolyzers et cetera, wherever we see that necessary. It's so important for us that we nail these cooperation and locations for electrolyzers so that they fit within our mobility ambition. Looking at European funding and continuing to show the high activity level, the STRING cooperation is a cooperation between city and municipalities and regions from Oslo down the west coast of Sweden, through Denmark, down to Hamburg. In the STRING initiative, a lot of partners have joined forces to make a European CEF funding CEF application. It's an ambition to build a total of eight hydrogen stations for trucking and other types of vehicles on this route, and we from Everfuel will be the ones to build eight of these stations if the project will be awarded. We think that's a very cool and strong project. In the phase II we already mentioned, as well as the Green Fuels for Denmark, which is also qualified for IPCEI grants, and we are patiently waiting to see how that will turn out. Green Hydrogen Systems, one of our partners here from Denmark, have been granted a significant funding to build a 6 MW test module for the 100 MW electrolyzer to be built at GreenLab here in Denmark, and we already have the plans and agreement to set up hydrogen distribution there. We're very pleased about that, and having a small participation in that project as well. Looking at the team of Everfuelers, we are expanding our team and, as I said earlier, we're actually ahead of our expansion curve here. This is due to the fact that we see the increased activity within hydrogen in general, and we need to be ready earlier than anticipated. We are expanding across the field, meaning this is both sales business development, but it's also in the administration to set up supportive functions. It's in the technology department. It's in our construction team to set up both electrolyzers and hydrogen stations. Then it's of course in our operation team to make sure that we operate these increasing number of assets as efficient as possible. Here on the right-hand side, you'll see the team of Everfuelers at more or less the last time where we were allowed to meet all together due to the various restrictions. We hope that will soon ease a lot so that we can have a chance to update pictures here as well. Summarizing, and just repeating our joint ambitions here in Everfuel, we have the ambition of reaching EUR 1 billion revenue with 30%-35% EBITDA before 2030. Doing so, we are walking through four phases in our business plan. We're now in the proof of business phase, where this is now where we will be nailing the cases and proving when we look separately at these hydrogen value chains and how we operate these, we'll be within the money on these given business cases. Phase III, that's ramping that case up before we enter phase IV, where it's fully repeat business. This will be fueling 10,000 buses, trucks, taxis or the equivalent, and the estimated investments is EUR 1.5 billion in reaching that. We expect 80% of that to come from public grants as well as loan financing, and the remaining will come from equity investments. Each of our projects are expected to have something like 8%-12% project IRR. Moving into the financial review, Anders. Thank you, Jacob. The financial result for Q4 and also for the year 2021 reflects that, as previously stated, we are in an initial stage of commercializing the green hydrogen value chain, and we're ramping up across the organization and also converting our cash into assets. On the revenue side, we've seen an increase in Q4 in the sale of hydrogen both compared to Q3 2021, but also very much compared to Q4 2022. On a full year basis, we have a significant growth in the revenue from sales of hydrogen, and this is despite the fact that 2021 has also been very much impacted by the COVID-19 restrictions in... Especially in Denmark and Scandinavia in total. Our total revenue for full year 2021 is dropping a bit compared to 2020. That is coming from the effect of one-off effects in the 2020 numbers, where grants for operational items, et cetera, has been higher than what we see in 2021. On the revenue from sales of hydrogen has increased and according to plan. On the cost side, we see the cost of hydrogen still being a bit too high. It doesn't really reflect at this point in time all the initiatives that we have launched to optimize the value chain. That is an ongoing project within Everfuel. On the total costs, it is again reflecting the ramp-up that we've been doing through the organization of Everfuel to be able to scale our business moving forward. We realize a profit or a loss before tax of EUR 2.9 million for Q4 and full year basis EUR 6.6 million. Our cash position is still strong. It has been, of course, affected by the heavy investments that we've been doing during 2021, primarily in the HySynergy site and also in our facilities in the Netherlands and in the Copenhagen area. We'll of course continue to convert this cash into assets, but still a strong cash position leaving 2021. As also mentioned by Jacob previously, we have also made the first disbursement of our EIB loan facility during the first quarter of 2022. As you see here, also reflected in the balance sheet that we are converting the cash into physical assets as we move along. That is all according to the plan, setting up these physic]]al assets out there. Jacob, will you take us through the outlook? Yes, definitely. Looking at our outlook, we have a strong order backlog of approximately EUR 35 million at the time of reporting, and we are continuing to focus heavily on securing these long-term contracts with customers as well with firm commitment and strong commitments because that's necessary in order to unlock the investment in new assets and stations, starting up our hydrogen station in Heiligenhafen here during the course of March. We really look forward to that and showing pictures of you, even though the ribbon cutting will be delayed quite a bit due to COVID restrictions. We are strengthening our distribution, adding yet another two hydrogen trailers to complete with eight in total. HySynergy phase I and II progressing according to plan, fingers and whatever crossed that there will be conclusion, hopefully positive on IPCEI funding. As mentioned a few times, strengthening and continuing to grow our organization, focusing on competencies to be ready to do project development and project execution as well as technology development. Then, market development together with vehicle OEMs and fleet customers, where we can't make this happen without we do this jointly and coordinated. That's what we're trying to do throughout our markets. That concludes the presentation this morning. Here you have a summary just to keep fresh in mind of what we're all about here in Everfuel. We're a dedicated hydrogen fuel company, and we're here to take a significant chunk of this hydrogen fuel market that will come especially within the heavy duty fuel business. Hopefully there's a few questions that have come our way. Yes. We have a question here from Sander, who would like to, if we could put more color onto when we expect the conclusion on the IPCEI grant. Well, Sander, yes, we would definitely like to do so, but we don't know exactly who to call in Brussels to, you know, when the conclusion will be. No. If we knew, we would announce. We are expecting it to happen shortly. If shortly is a week, some month, we will let you know when we know. The feeling is still good, but you never know. A question related to our breakdown of cost of H2 production at the moment, EUR per kilogram. Yeah. I think that's a bit too detailed to go into that now. That's numbers that we are looking a lot into currently. We can give you at least some flavor of that, meaning that the cost of hydrogen coming out of an electrolyzer is a mixture of the operation of the electrolyzers or the depreciation of the assets of the investment, and then the power cost. Clearly the power cost is key in these times to make sure that we reach low hydrogen prices. We have a very high focus on this, and that's something that we would like to talk more about at a later point in time. We have a question related to the timing of our conversion of the order backlog. And perhaps I could answer that one. Yes. We're starting to fuel the buses in Heinenoord here during the first or second, beginning of the second quarter of this year. That at that point in time will start to materialize the backlog from that. In the end of 2022 or beginning of 2023, we'll start to realize the revenue coming from the HySynergy facility in Fredericia. Yeah. Our revenues will be a mixture of firm contracts, like the ones we have in our order backlog, and then as well as these, what we call them firm strong contracts with customers, which is not firm in the way that there's a penalty if customers are not off-taking. But strong in the way that when the customers use hydrogen, they will off-take that from our hydrogen Everfuel activities. Good. The question here, if we could give, more information on why discussion with Hydro on jointly owned electrolyzer has stopped? We will not go into details about those specific discussions. The relation remains very good, and we have a pretty good belief that we will also do cooperation jointly. I think basically it's two business models maturing and concluding that we are actually stronger making this split instead of going into a more complicated JV setup. A question here, how are the increasing and volatile power and natural gas pricing affecting Everfuel and your business case? Well, that's actually interesting 'cause that's twofold. Firstly, majority of our contracts are indexed according to this, meaning that if our costs go up, the sales price to our end customer goes up as well. So they go back-to-back. In addition, and what I think is actually even more important, are that these fluctuating natural gas and power prices makes our customers and our potential customers very well aware of that challenge that they will be facing when they're in the future of fluctuating power and energy prices in general. What we'll be able to offer and what we're looking into with hydrogen would be to provide our customers with much more stable outlook on the cost of their energy. In reality, this will end up being for the benefit for us and our customers. Of course, we hope it will settle again, but it's not all bad. A question related to the risk associated with the timing of being operational at HySynergy in 2022. In these times of risk, everything is at risk, basically. Yeah. We'll let you know when we cut the ribbon, then we assume the risk is significantly reduced. Now, we have a good feeling when that is set, this is building a 20 MW electrolyzer that still looks like it will be the largest operational in Europe at the end of this year. Can there be risks or challenges that we have not expected? Potentially, yes. The only thing we can say are that we will do our very best to mitigate them as quick as possible. Again, also a caveat related to the COVID-19, you basically never know how that develops. That risk is always a sleeping risk, basically. Yeah. Yeah. Without disclosing too much, the construction costs at this current point in time have not been ideal either, but that's how it is. We have a question related to the backlog here again. Mm-hmm. Over how long time period will the EUR 35 million backlog be distributed? That backlog is a mixture of the HySynergy contract as well as the bus contract in Heinenoord, Netherlands. If I remember correctly, the bus contract in Heinenoord is 12 years. 12 years. The off-take or the minimal off-take for HySynergy is 10 years, right? Yes. Yeah. I think it's important to be clear here that, again, as Jacob also previously mentioned in the Q&A session, our backlog consists of firm agreements, which means that there's a penalty if the customer doesn't off-take that amount. All the revenue coming from, you could say, strong contracts, strong commitments, is not included in the backlog. Exactly. Yeah. I think that was all. No more questions. That concluded it. Well, we hope that satisfies all of the interesting questions you have out there. Otherwise, you know where to find us. Reach out to Leah, that is sitting here behind the scene, as well as Anders. Otherwise, we will let you know when we have news to tell, or we'll see you in a quarter's time. Thank you very much. Thank you.