Hello, good morning, all. Good morning. Thank you for listening in to the Q1 presentation from Everfuel. We have one minute to go, and then we will get started. The clock is exactly 9:00 A.M. Let's get started. Thank you for listening in. Everfuel, the presenters of today, myself, Jacob Krogsgaard, Founder and CEO, and... Anders Bertelsen, CFO, at Everfuel. Thank you. Well, firstly we will go into a wrap up of what's going on in the world of Everfuel, and at the end we will have the financial review. First, a quick recap. Everfuel, we are unlocking hydrogen at scale. Everfuel, we are all about making hydrogen happen at high quantities, at competitive levels, and truly making this necessary transition happen from fossil fuels to green hydrogen. We are at the point where we are reaching 100% clean and green competitive levels compared to diesel. At the current prices we can actually document that we are below. We are also at a point where hydrogen technologies are readily and rapidly becoming more proven and available. We are a dedicated company listed on Euronext Growth in Oslo that are taking on the task to own, operate, and perfect the full hydrogen value chain. We're doing that in our target markets, Norway, Sweden, Denmark, Germany, Netherlands, and Belgium, and preparing for the future scale-up in the following markets in the further phases to come. What has happened here in Q1? We had a very great opening event of our high capacity heavy duty station in Heinenoord, Netherlands. This station is used as a base load customer connection, which is a very good and proud partner that has their bus depot right next door. They had four hydrogen buses, and now they're expanding that fleet with 20 buses more that are using our station on a daily basis. This station a landmark for us in Everfuel because this is our first dedicated new Everfuel station, and it's also the station that implements some of the necessary features to reduce costs. The utilization of our hydrogen trailers, we do that already on this station. What else happened in Q1? We have launched our hydrogen hub concept, which we think is extremely good. You see the first location beyond Fredericia where we announced this in Kristiansand. We have secured three strategically located locations for heavy duty highway stations in Denmark. We have with contracts and are running to execute the projects in both Frankfurt and in Wuppertal in Germany to fuel fleets of fuel cell buses. Construction is running very well on our HySynergy 20 MW electrolyzer in Fredericia, Denmark. We remain with a very strong cash position, actually better than at the end of Q4, which is more than sufficient to cover the activities we have currently. We have extended our board of directors. Søren Eriksen joined as chairman, and three other very experienced members, and this is truly a pleasure. Making hydrogen happen. What's happening within Everfuel? Well, firstly, what's happening within Europe? REPowerEU, the very ambitious hydrogen plan, or so-called a European plan to reduce the dependency of Russian gas was announced yesterday. 20 million tons of hydrogen. That is a lot of green hydrogen that should be used to replace natural gas. Some of that have to be produced in Europe, other have to be imported. Of the have to be produced in Europe, we are here, and we're here to take our piece and chunk of that. It's also with a great pressure that we recognize the ambitions of the Danish, German, Dutch, and Belgian governments to build a lot of new wind power in the North Sea. This is exactly why these are our target markets, and that's why we have our slogan, "Yesterday's wind is today's fuel." We are progressing according to our plan on a number of levels. We are in execution mode on building electrolyzers in Fredericia. This is the one we'll be duplicating for other sites. We have eight trailers in operation. Very soon, more trailers on order. We operate eight stations today, and we have secured locations for eight more, and quite a few more in our pipeline. The fleets of fuel cell vehicles that we are fueling are growing on a daily basis. Last but not least, we have a team of engineers within Power-to-X, so the construction of our electrolyzers that we are constantly expanding, and we are gaining a lot of the necessary experiences, not just to build one electrolyzer, but just as importantly, to put this in a duplication machine so that we can do that again and again and again with cost reductions each time. Our hydrogen sales has increased 62% compared to Q4 last year. This is mainly due to two reasons. Firstly, that our cooperation with DRIVR and Toyota in Copenhagen is continuing to grow. DRIVR has now come out of the other side after the COVID pandemic, and thereby they see the need for taxis are increasing. Still not at the levels before the pandemic, but they see some positive signals. On Heinenoord station, we have had that operational since March 11, and that's also one of the reasons or one of the strong reasons why we've seen the increase in hydrogen sales. Now coming to one of the points that I have been particularly happy to talk about, hydrogen hubs. Based on the experiences from Fredericia, where we are building our HySynergy electrolyzer, not just with the purpose of making our own mobility work, but also having a key partner as a neighbor to offtake hydrogen as well, have agreed some agreements to offtake the base part of the waste heat out of the electrolyzer. Potential to sell more waste heat. Potential to sell oxygen out of the electrolyzer as well. Utilizing all of the value streams out of the electrolyzer and also preparing to work in the power balancing market on the power supply of the electrolyzer to reduce the cost of the electricity coming into the electrolyzer. Those experiences and the documentation that we have of how to build the 20 MW electrolyzer is basically the starting point for other hubs. Next hub, we have been pleased to announce that in Kristiansand in the Agder Hydrogen Hub project together with Greenstat, a Norwegian hydrogen developer. We have developed a project where we actually have a lot of similarities to what we have done before. It should be a 20 MW electrolyzer in phase one with the ambition to scale up to 60 MW. The offtake of hydrogen being used for land-based transportation and trucking, but most importantly, also within the maritime sector for a number of different partners that have leaned forward and given us very strong commitments. Also, the potential to use the oxygen at the neighboring facility in the Glencore Nikkelverk, and as well with the opportunity to sell the excess heat for the nearby district heating system. All of these features create a really strong opportunity. We have applied for national Norwegian funding from the Enova program for this Agder Hydrogen Hub project in phase one, and we of course hope to be nominated. We will see how that goes. This is a concept that we are expecting to duplicate. Based on the 20 MW phase one electrolyzer in Fredericia, using that as the start case in other locations, in Kristiansand, other locations as well that we're working on to make hubs happen. In addition to make hydrogen competitive, we're equally very happy to talk about our Everfiller. The Everfiller is our second generation hydrogen trailer, which we will use to supply hydrogen directly to the small to medium size fleets of hydrogen fuel cell trucks and buses. What we have talked about in many of our presentations, it's completely key to get the levelized cost of hydrogen as low as possible for the benefit of ourselves, but most importantly, our customers. What we have seen are that there's a lack in order to get the small fleets started, to get these customers started, and then having a fleet of fuel cell vehicles or hydrogen vehicles that can then grow steadily. That's what we can do with the Everfiller. The Everfiller will have a high pressure, high capacity hydrogen, even more than what we have on our current generation trailers that we call our Everhaulers, which is the purpose of simply driving with as cheap as competitive hydrogen from A- B. The Everfiller, this is about having higher pressure, higher capacity so that we can fill the vehicles without cooling, without compression. We cannot cheat here with physics, meaning that when you don't have cooling, you don't have compression, there are some limitations. Your filling time is longer compared to a hydrogen station. We are, to some extent, eliminating that challenge by having multiple fueling lines out of the trailer. As you see here on the picture, you can have three fueling lines. They can be oriented in many different configurations. Here, that's one of the configurations. They can also be in a roundabout. They can be located differently. The Everfiller is based on in-house developments within Everfuel. The hydrogen cylinders we'll have on the trailer will come from suppliers and partners. However, what we call the rear panel, the rear cabinet of the trailer and the features there, that will come from us in Everfuel. As said, it's based on our patent pending technology, where we have a few patents that are now pending, which are key elements to truly reduce the cost out of this dispensing. We see compared to with the small and medium sites compared to installing stations that we can actually reduce the cost of hydrogen by roughly EUR 1 per kilogram, which makes a difference. Sorry, just very quickly on the timeline. In 2023, we expect to have the first pilot, and by 2024 we expect to be ready to use this on a daily basis. It's key for us to now go and interact with customers to truly see what the interest here are. We have made a few sneak peeks, and as we mentioned the press release yesterday, we already have customers that are extremely excited about the opportunities that we have right here. Back to today, HySynergy project phase one as well as phase two in Fredericia. Here you see a picture of when the construction was ongoing of the electrolyzer building. This building that you see there when you look here, that's the building, that's the tallest building to the back. In addition to building the HySynergy electrolyzer here in Fredericia, we are also building our Everfuel Tech. This is a technology center located right next to the electrolyzer. This technology center enables us to develop solutions and technologies, these small gears that make the big gears in the hydrogen value chain cost competitive and efficient. We already have some of those projects and technologies ongoing. The first product that will come out of the Everfuel Tech is our Everfiller. It's also a very unique opportunity. When we're here at the tech center, we have our laboratory, we have workshops, we have assembly areas for our Everfillers, we have storage facilities, and we have an administration building in four floors. We have the possibility to extend the administration building even additional. This is right next to the 20 MW electrolyzer. It's right next to the phase two electrolyzer in total of the 300 MW. This is key, having engineers, EPC teams right next to where we are building the first generation of the next electrolyzers, so they don't need to travel the world to see how the prototype works or how whatever features work. They can just walk 50 meters, and they can see it. We believe that will be a significant difference. In addition, we have reserved space to build a small hydrogen station here in case that's needed. All of these features make this a unique location. It's going to be a playground for Uffe, our CTO, and his team as well. It will be the home base for the electrolyzer EPC teams that we have and that we are continuing to grow. On HySynergy phase one and two. Firstly, phase one. What you see here on the top right side, this is electrolyzers in construction. This is real pictures from last week. The stack assembly was completed here on Tuesday I believe. Now we have the electrolyzer stacks ready. Went extremely well. Now it's getting all of the rest done. All of the rest sounds simple. There's a lot of work. There's a lot of balance of plant. There's a lot of interconnecting as well, piping and cabling that has to be done. It's running according to schedule. We are expecting to have first hydrogen coming out of the electrolyzer by the end of this year. We're also looking into the extension of this facility with a heat pump, which allows us to sell even more heat coming out of the electrolyzer and boost some of the heat to an even higher level. The cost update, we've had the expected budget of EUR 20 million, and currently we look at a budget around EUR 24 million, which is, of course, a cost overrun that we're not too pleased about. When that is set, the key electrolyzer has not changed in cost. A number of the balance of plant parts have remained the same. The true cost driver here have been in the construction of facilities around. Some of those costs are also simply due to the market that we're in currently with construction costs increasing a lot. When we are duplicating such a facility, we will expect to be within the communicated budget of this being EUR 20 million. Moving to the next phase two of the electrolyzer. This is the 300-MW electrolyzer. We already have the contract for the power supply or the process to get the power supply 350 MW from Energinet. We're targeting the FID by mid next year. The budget, we remain with the expected EUR 250 million for the total of phase two. We're actually expecting phase two to be chopped into 100-MW pieces in order to speed up the construction of the first phase, which we will call phase two A. That electrolyzer, that's where we expect or are hoping to get IPCEI financing. The IPCEI process has been ongoing for more than a year now and originally should have been concluded by December 2021. The process is continuing and ongoing, and we have our greatest belief that that will turn out in a positive way. With the launch of the REPowerEU, the commission is also saying that they have the clear ambition to get the projects awarded or not before the summer. Let's keep our fingers crossed. Once again, we will not give any promises on the processes that we're not in control of. We remain positive, and we stand ready to execute when and if we will get to that point. Our hydrogen fueling network is expanding, and as you can see here on the map, which is a mixture of the locations that we have stations in operation currently and the locations where we are in construction. We see a momentum on the hydrogen vehicle side, especially in the trucking sector. We see customers that are now being hit by the ESD requirements that they need to look at their fleet and how they can reduce emissions by their fleet. We also see some fleet operators of CNG or LNG trucks that have really experienced the pain of the significant cost increases of those fuels we have seen lately. Hydrogen stand with a good momentum, and we are pushing the OEMs like crazy to make sure that we get vehicles supplied and available in due time. Our three-step approach remain the same, where we, the vehicle OEMs, together with the local key operators, we will go together and create these small projects, typically around a hub, which then creates the necessary business case for us to do the investment. In Denmark, we have secured these three locations for highway stations or high-capacity stations. First in Taulov, which is very close to Fredericia, where we're building the HySynergy electrolyzer a few kilometers away. This is the location with the highway in Denmark where we have the highest traffic of heavy-duty goods. It's a perfect location. We're very pleased with the cooperation with Taulov Dry Port. It gives us even more opportunities that we would hope to talk about when ready. The Port of Aarhus, this is the port with most containers arriving in Denmark, and they will pass, the trucks driving with those containers will drive right past our station to be built there. So we also have very great expectations of that. Finally, on Zealand, Vordingborg. This is right next to the highway, goes from Zealand, but also from Scandinavia, going downwards into Europe. When the Fehmarn Belt connection will be completed, this will be the main transport corridor from Scandinavia going down to Germany, and Vordingborg is a spot-on location for that. We have not yet announced when we have stations operational at these sites. That's pending funding. It's pending the permits. It's key for us to secure the sites and then start the processes of getting stations built, where we are also reserving space for capacity increase. In Germany, we're growing our market position. We're very pleased and humble with the customers and partners that have decided to go with us. This goes both in Wuppertal as well as in Frankfurt. We have secured the award for the hydrogen station for Wuppertal, which will fuel a fleet of 20 fuel cell buses. We also have the contract in the Frankfurt area, which will also fuel 20 fuel cell buses. The stations that we will install will, to a great extent, be a duplicate of what we have already done in Heinenoord, naturally including the learnings and the cost reductions that we'll be doing. We have yet again great expectations of, and we actually see that we have a number of additional opportunities, especially within the bus segment in Germany. In Sweden and Norway. In Sweden, we have secured funding to build two high-capacity stations in the region just north of Vänern. This will be some very interesting locations with focus on heavy-duty vehicles yet again. Our cooperation with OKQ8 is continuing, and we are focusing on site selection with the first site in Trelleborg running according to schedule. We are expecting the startup happen hopefully already by the end of 2020. In Norway, we have our one station operational. We expect to have the next station in Oslo operational here during 2022. The Åsane station in Bergen remains still, unfortunately. I know there's quite a few of you that are impatiently waiting for this. It's yet again out of our control. It remains the challenge of the seller to make the station in an operational state, and currently we are all waiting for the municipality to approve the extension of the operation. You have to bear with us, unfortunately. Our ever-growing team of H2 fuellers, at the end of this quarter, we had 64 employees on our payroll, and we are expecting or sorry, now we have that, and we're expecting before the summer to be at 68. That also mean that it's becoming more and more a challenge for us to actually be here all of us at the Everfuel farm. That's why we have prepared locations and are ready to extend with even more office spaces for the Everfuelers at the Everfuel Tech Center. Just looking a bit ahead and our plan for growth and value creation in Everfuel. We continue to have our ambition of EUR 1 billion revenue by 2030, with that having a 30%-35% EBITDA. That is a hydrogen sales equivalent to 600 tons of hydrogen per day, which can be exemplified by 10,000 buses, trucks, taxis fueling through our stations or through our Everfuel. The investment need is EUR 1.5 billion. Of that, we expect 80% to come from external non-equity funding, and the remaining EUR 300 million to come from equity in Everfuel. We're going through these four phases of our business plan. We're currently in phase two, the proof of business. We remain in this phase until the end of this year, before we will start to move into the ramp-up phase. With that in mind, let's talk a bit about financials. Anders? Thank you, Jacob. Yes, a quick review of the financial numbers here. Top line in Q1 2022 is developing as Jacob just highlighted in his operational review with a significant increase in sales of hydrogen. That's primarily a result of the increased activities in the Copenhagen area on the Prags Boulevard station, and as well as the initial offtake of hydrogen in the Netherlands on the Heinenoord station. Still, we saw in the beginning of Q1 a slower ramp-up than uexpected due to the continuous impact of COVID-19, which is now, hopefully, fingers crossed, gone from the markets. The cost of sales of hydrogen is still on a relatively high level. This is in line with expectations, and it's still not reflecting the optimization process that we have initiated and are continuously working on to decrease the cost of the hydrogen. Also, Jacob just explained in his operational review and all the activities that we have ongoing. All the other cost lines are in line with what we have expected, and it's reflecting the increased and the ever-growing organization of Everfuel and also the increased activity levels that we have. All in all, in line with expectations. In Q1 2022, we're realizing a negative EBITDA of EUR 2.4 million for the quarter, which again, is in line with what we expected. A view on the cash flow activities, or the cash flow, sorry. We still have a robust cash position going out of Q1. The effects here in Q1 that we see is positively impacted by a change in working capital on the operational activities. We see the investment side developing as forecasted, as we have expected. We still continue to put cash into investment activities on property, plants, and all the equipment that we need for the HySynergy phase one. On the financing activities, we have seen a positive impact due to the first disbursement of the EIB loan facility in January 2022. That leaves us with a cash position of just above EUR 64 million end of Q1 2022. Again, that is a robust cash position to support the organizational growth that we are seeing in the coming quarters, and also the project development and execution, as well as the commercialization of our green hydrogen value chain. Balance sheet. This continues to be a bit boring slide, but nevertheless, it's reflecting what we would like it to reflect. We are taking the cash and converting that into assets. Again, more and more in line with what we expected and what we are planning to do here, and that is converting the cash available into revenue generating assets in the quarters to come. Jacob, will you give a Yes, definitely, Anders. Summary on the total outlook. We are with an order backlog of approximately EUR 42 million, and we are continuing to see an interest, and we're continuing to also see some demand from customers where we don't have long-term contracts will also contributing to the revenue. We are expecting a ramp-up of the sales for the hydrogen station in Heinenoord following the startup that we had here in March. HySynergy phase one and as well as for the phase two preparations are continuing to be ongoing. As we said before, fingers crossed for some positive IPCEI conclusions. However, we don't know exactly when that would happen. Strengthening our organization, scaling our competencies to be ready to grow and accelerate, and not just be ready to accelerate with a single execution team, but be ready to accelerate with parallel execution teams. We have that on hydrogen station sites, and we're planning to do that as well on our electrolyzers. It's continuing the focus together with the vehicle OEMs and fleet customers to get to a point where we can have a joint offering and have truly an offering that has become compelling for the customers. I think that moves us into the summary slide and the Q&As as well. Let's see if we have some questions that have popped in. The first question, any news around the IPCEI funding for HySynergy Phase 2? I think we elaborated on that as much as we can. We have the running shoes ready. We are standing in the starting block, and we have been standing there for some time. We remain positive, but the exact timeline, and as well if it's a positive outcome, remains out of our control, unfortunately. Can you say anything about realized prices for hydrogen at your current stations? Yes. The sales price of hydrogen at the dispenser is public, so everyone can go out and see that price. That is, if we're just calculating that in EUR, somewhere I think EUR 10, EUR 12, EUR 13 per kilogram, depending on what market we're in. Naturally if we have customers with large fleets and with long commitments, the hydrogen prices will also be different. I guess your next cost question would be the cost of the hydrogen, and that we will not be talking too much about. Next question again, can you say anything whether it's realistic to stick to the budget for HySynergy Phase 2? Yes. That's the very short reply. The bit more in-depth reply to that question, let's go a little bit in history. When you look at the cost production curves you have seen on solar panel as well as on wind turbines, and you zoom out a bit on that curve, then you have seen a constant cost reduction curve. When we zoom out on electrolyzers, we will see the same thing. What we see currently is a bump on that curve, but the volumes of electrolyzer production will accelerate significantly, and we have multiple European and non-European manufacturers that are scaling up those production capacities. We will continue to see those cost reductions, and we are expecting the short-term cost increases in the construction industry to also be, to a great extent, disappeared when we are at the FID button on the electrolyzer. Yes, we have very firm beliefs that we can be within that budget. Anonymous, why work on the Everfiller in-house? I actually think we have mentioned this quite a few times in our investor presentations, that when we have the hydrogen value chain going from renewable energy, hydrogen production, hydrogen distribution, hydrogen stations, what eventually is important for us and our customers are, it's green hydrogen, it's the availability of the fueling solution, and then it's the cost of that hydrogen. All of the inventions that enable improvements of low points, those points, coming to availability as well as the price of the hydrogen molecule, that's something we'll look a lot into. When we at the same time can add some unique features from our technology team that gives us a competitive advantage, which we firmly believe the Everfiller will do, then that's something we do. We will not be the ones making the actual hydrogen cylinders for the hydrogen trailer. We'll have a partner for that. We'll be the ones providing the assembly part for the rear panel of the trailer, so that we have control of that, and then we'll put these two things together. We have an anonymous question here. Do you have the required skills and funding to build the hubs? I would almost say it the other way around. Can you find anyone with more skills than us to do it? In order to develop hydrogen hubs, you need broad mixtures of engineering and business development and fundraising skills to get a hub started. That we already have significant skills of in-house in Everfuel. The execution of a hydrogen hub, which consists of an electrolyzer, multiple distributions of hydrogen by pipeline, hydrogen by trailer, oxygen by pipeline, waste heat by pipeline, and building hydrogen stations for the fleets of vehicles around the hub, those skills we already have in-house, and those skills we are continuing to extend in-house so that we are at a point where we can not just build one hub at a time, but we can build multiples at a time because that's what we need to execute our plan, and that's what Europe need in order to go on the right path to execute the REPowerEU ambitions. I think that concludes the questions, so no further questions. All good. Well, if we have any questions remaining, now is the final chance. Otherwise, we are all good, and we will get back into the running shoes and see what happens. Thank you so much for listening in, and we will see you in a quarter's time. Thank you very much.