Hello and good morning all, and welcome to the Everfuel Q2 presentation. As you can see, the setup is a little bit different than normally. That's due to the fact that COVID finally caught up with me, so I'm okay, but I need to stay at home and of course keep my quarantine for the next day or two. I'm standing here at home while Anders is in our headquarters in Herning. Anders, our CFO. We'll try to do our very best to get the technical things shifting from screens back and forth to work. In the event of technical hiccups, please accept our apologies up front. When that is said, we have some quite interesting, sorry, things to talk about today. I hope you'll be listening in. Here you got the disclaimer very first. The presenters of today, myself, Jacob Krogsgaard, Founder and CEO, and on the screen that currently you cannot see is Anders Bertelsen, our CFO. Just a very quick brush up of Everfuel, where we are and what are our ambitions. Everfuel, we are a dedicated hydrogen fuel company. It's the only thing we do. We are providing hydrogen for heavy duty mobility and intensive mobility where we can reach diesel parity. We are also providing hydrogen as a fuel for industry, and we see that as being very interesting in this situation that we're in here in Europe currently with the war in Ukraine, the shortage, the concern about energy supplies that are affecting us all here in Europe currently. We are also at a point where majority of the hydrogen technologies needed to make the full hydrogen value chain work are mature. They're not perfect. They'll get cheaper, and we're working intensively with our suppliers and partners to make that happen. It requires someone that is dedicated to put the full value chain from the green electricity all until the hydrogen is delivered into a vehicle or into an industrial process. One that takes the full responsibility, and that's what we do in Everfuel. When you look at the map on the top right side, our target markets are Norway, Sweden, Denmark, Germany, Netherlands and Belgium, and we are actually active in all of these markets today with either subsidiaries or offices. In the markets around, that's what we call the following markets. That's where we want to expand our business when we have proven business in our core markets first. Just repeating again, the hydrogen value chain that you see here in the bottom starts with renewable power, predominantly solar and wind. That's what we consider a strategic integration potential in Everfuel. We consider it critical that it's renewable electricity that is connected directly with our electrolyzers that we will be using. Electrolyzers, the hydrogen production, they will to a great extent be owned and operated by us in Everfuel. We do have some potential partners that can operate these. We'll offtake hydrogen instead, or we have some JVs in the making where we in Everfuel will be the 51% owner. Then we have hydrogen distribution. There we are. That's key to what our operations are. We are operating our Everhaulers. We are having a next generation hydrogen trailers. We call this the Everfiller. We'll talk about it later. Stations, we will operate and own these. Finally, we cooperate with customers and partners for the vehicles. That's key to make sure that we have the fuels and vehicles that we want. What has happened during the last quarter in Everfuel? Well, firstly, as you can see the top line growth has been supported by the additional sales of hydrogen by among others but coming from the hydrogen station in the Netherlands, Heinenoord, where we are fueling fleet of fuel cell buses. We are progressing our hydrogen hub concept in great detail with very strong industrial partners, customers and also secure public funding. We'll talk more about that. We are on track to have our first hydrogen being produced at the HySynergy electrolyzer here during 2022. We have agreed with Crossbridge Energy, so our customer and partner and neighbor at the HySynergy facility on the terms of the hydrogen supply from our phase II, the 300 MW electrolyzer, and especially the first 100 of those 300 MW. We have introduced our Everfiller, as I talked about before, with very positive feedback from our customers. They really want this, but we have to be a little bit patient. The prototype is this year and the release of a few products during 2023 before it's full ready in 2024. We have agreed with Volvo, where we will be supporting them with a mobile hydrogen station to support their winter and summer tests of their trucks the next two years. We think this is extremely interesting and also valuable not just for Volvo, but also for ourselves. We have secured further strategic locations for heavy duty hydrogen stations in Denmark, close to the TEN-T and high usage transport corridors in Denmark. We have received actually multiple grants for new hydrogen stations as well as technology development. We're standing with the cash position just north of EUR 20 million. Making hydrogen happen, that's what we're all about in Everfuel. We're walking the talk on a daily basis. On the power generation, as talked about before, that's what we see as some interesting integration potential, and especially co-location of electrolyzers with renewables. We see some very interesting opportunities that we are definitely exploring. We would like the RED II and the national implementations to be like finished, nailed perfectly because that would set the scene and the rules for how you can produce green hydrogen, generate a certificate. When you then dispense this green hydrogen at the other end of this value chain, you can actually generate a certificate that will be worth something that you can sell. It should already be in place here in 2022. However, the rules of how to operate is not yet fully implemented. Hydrogen production, we are in production of one of the largest electrolyzers in Europe, the HySynergy. We are expanding, preparing to expand that one as well as multiple other hubs. We operate eight hydrogen trailers today, the Everhaulers, and we actually have more in order. Operate eight hydrogen stations, and we've secured locations for eight more, and quite a few more in that pipeline as well. Finally, when we look at the fuels and vehicles, well, we are in pretty close dialogue with a number of vehicle OEMs, broadly speaking, both within the truck, van, bus segment. I would say especially within the truck segment that has increased just over the last month. We definitely see some momentum there. Progressing our hydrogen hub concept. I think this is probably one of the most important things about the movement in the business of Everfuel right now. A hydrogen hub, the center of a hydrogen hub is an electrolyzer. The electrolyzer is splitting water by electricity into hydrogen, oxygen, and heat. It's all about utilizing these value streams coming out of the electrolyzer as we are proving it in Fredericia, and now we're duplicating it to a number of hydrogen hubs. Each country, each region, each city, each hub will be different. However, it should always consist of the same core elements. From our point of view, a core element is a 20 MW electrolyzer, identical to the one we are building in Fredericia as we speak. We'll then duplicate that one to a number of sites. That's our gen-1 electrolyzer. Our gen-2 electrolyzer will be a 100 MW building block. Again, we'll build the first one of those in Fredericia, Denmark, HySynergy phase IIa. Then we will duplicate that one, more of them at HySynergy, and we'll be building these at the other hubs as things expand. The heat will typically be used for district heating to heat up cities and households in cities. The oxygen can be used if we have some neighboring industrial processes or other potential good uses of that oxygen. Then the hydrogen, of course, will be used for the mobility. It will be used for maritime, like it's the case in the picture you see here. That's in Kristiansand. Hydrogen will also be used for industrial customers, either where they use hydrogen directly in their industrial processes today, or where you use the hydrogen as a supplement or direct replacement for natural gas when you need to have your high-temperature heating processes. Our hubs that we have announced prior to this presentation, Fredericia and Kristiansand. In Kristiansand, we have been very successful in securing an Enova funding, or Enova grant of NOK 148 million. That will be for the initial 20 MW electrolyzer as well as distribution center to be commissioned during 2024. This will be located at the harbor in Kristiansand, where it makes it possible for us also to prepare the site for further expansion for a 60 MW electrolyzer or maybe even larger than that, sometime during 2027, potentially. We have secured letters of intent from a number of hydrogen offtakers in the area. I think the local support and the local community there has been extremely well. I would also say the cooperation that we have had and will continue to have for a long time with Bringstad is really good. The ownership of the electrolyzer will be in the JYSK JV, where it's 51-49 favor of Everfuel. We also have the Glencore Nikkelverk as the closely neighboring facility that can offtake the excess oxygen coming from the electrolyzer that they already will use in their processes. The Kristiansand is set to be the second hydrogen hub after the HySynergy one in Fredericia, Denmark. Adding two more hydrogen hubs to the portfolio, starting in Holstebro in Denmark. This is a collaboration with a number of local companies, the municipality, local energy company, et cetera. The purpose here is to build electrolyzer connected directly with some renewable power, solar and/or wind. We are operating the project in three phases, and the purpose is basically to make as many of the processes within the city green as possible. That both goes for transportation as well as industrial processes. The first phase will be a test phase already during the course of next year, where this is both for testing of mobility, and that's also testing of the industrial processes. Next phase is a 100 MW electrolyzer, and final third phase is a 250 MW electrolyzer. There's a correction compared to the presentation that came out this morning. An update on the timeline. Sorry, there was a copy-paste mistake. The hundred megawatts electrolyzer is expected to be operational during 2025-2026. This has to come after the electrolyzer, the HySynergy phase IIa, because we want to make sure that we are duplicating these in the right order. Of the partners of importance, I think, to mention Arla, the dairy company of Denmark and actually the Nordics. They will be looking into replacing or supplementing natural gas in their industry processes. That's truly interesting and one of the things we want to prove also with partners that supplies burners for mixture of natural gas and hydrogen. We are also starting up with mobility partners in Aalborg and the potential to use the excess heat for district heating. One of the key off-takers, when we have the 100 MW electrolyzer in operation, is also two biogas facilities that are very close by. When you produce biogas, you have roughly 40% CO2 coming out. That CO2 you can mix with hydrogen and produce even more methane. That is green methane that can directly be injected in the methane grid or the natural gas grid of Europe to help replace Russian gas. We have made an MoU with Karlstads Energi in Sweden. We think this is a very interesting partner and location. The purpose here is setting up a first phase, a 20MW electrolyzer, potential next phase, an additional 100 MW electrolyzer. Hydrogen being used for a mobility customer. There are a number of interesting opportunities there, and Karlstad is also on the highway between Stockholm and Oslo. In addition, we have some potential industrial customers to offtake the hydrogen, and Karlstads Energi is also the company providing district heating to the city. There's an obvious opportunity to offtake the heat out of the electrolyzer. We are working on further and additional hubs, and we will provide information when that is appropriate. Zooming in on real life and HySynergy update. The reason why we're very pleased about this picture are actually that now we have windows in our building. They were sourced through Ukraine, so that took some time, but now they are finally there. HySynergy phase I, we are on track with first hydrogen, meaning hydrogen produced out of the electrolyzer here, during the course of 2022. It's progressing well. It's not without challenges, both because this is virgin ground. This has not been done before or at this scale in many years, or not by us and not by our partners. There's a lot of learnings. Also a lot of interesting and good learnings. While we are constructing the site, we are also identifying obvious potential quick wins of cost reduction and improvements that we'll be implementing both here but also for the next 20 MW sites that we're building. You see in the background, that's the Crossbridge refinery. The hydrogen coming out of this electrolyzer will both be used for to supply into the refinery, where Crossbridge have a clear strategy to make their fuels that they supply greener and greener. And also through our distribution center that you see on the left side of the square, of the picture here, where we have the trailer distribution, where we're distributing hydrogen for our hydrogen stations as well as industry customers. HySynergy phase II. Keep in mind, HySynergy project consists of three phases. First phase is 20 MW. phase II is 300 additional MW. phase III is additional 700 MW, totaling 1 GW. For phase II, we have progressed with an agreement, a firm agreement with Crossbridge Energy for the entire phase II and specifically for the phase IIa, the next 100 MW. This is a project that is now basically just depending on the FID to be done by Everfuel. Everything is dependent on the hopefully soon to be announced IPCEI grant for this project. We are still in very good progress. We are getting all the right signals, but it's a bit unfortunate that I have to use quarter by quarter to apologize for the lengthy processes. I cannot promise anything. We are doing our very best, and we are with a good belief that we can be successful. We are targeting FID on phase II-A electrolyzer. This is now in 2023, not in 2022, as was in the presentation that came out this morning. With the delay in the expected funding, it's no longer realistic or it would not be fair to assume an FID already during the end of 2022. That would be during the course of 2023. We need to be sure that we do a thorough job with ourselves, our partners, suppliers, as well as Crossbridge. The expected budget remains the same, EUR 255 million for the entire phase II project. We are also expecting some cost reductions and some learnings there. Moving to our hydrogen fueling network. On the map here, you see the hydrogen stations that we either have in operation or are in construction with. In addition to these sites, we have secured further sites, eight as we speak, with more in the pipeline where we will be building stations as well. We are expanding our station network pretty rapidly. I think it's important for us to say that whenever we are building stations, we have some station of the previous generation station, which also includes the station that will now hopefully open during the course of this year because we got the city permit in Åsane, Bergen. Besides that, the next generation of stations that we're building are stations with significantly more capacity, and we are also insisting that we need to have a credible business case with customers and partners to make this work. We also in close dialogue with the large truck operators, with truck OEMs to look into how we can actually make a more network approach where we are risk-sharing to really get some momentum here. As mentioned in the highlights, we have made an agreement with Volvo, where we are supplying hydrogen for their summer and winter tests. This is, of course, extreme tests for Volvo to verify how their trucks work, and we are very pleased to be selected by Volvo here. We have secured SEK 79 million for three stations to be built in Sweden. Our Everfiller pilot is expected during 2023, prototyping already during 2022. We'll be able during next year to have some small fuel fleet test and verification before we go in full operation during 2024. We have been awarded a grant for developing what we call a movable hydrogen station. This will be taking existing station supplier parts, putting these on a skid, making this compact and easy to move around. This is not hardcore technology development. A zoom in on the ramp-up phase of Everfuel. We have today 71 employees in Everfuel, counting 69 internal and two externals. We continue to have a broad mixture of male, female, 11 different nationalities employed in Everfuel. We're very proud about that. We think that's essential for us. Average age is now 40 years old as we speak, going from both directions, I would say. We have signed with additional Everfuelers that will continue to join us. Zooming in on the overall business plan of Everfuel. The ambition of reaching EUR 1 billion revenue before 2030 and going with a positive EBITDA during 2023. Reaching that revenue, we need to sell fuel for the equivalent of 10,000 buses, trucks and taxis or less mobility, more industry. The market will show as it grows. We need to invest EUR 1.5 billion in getting there. Of those, 80% is expected to come from non-equity, meaning that this would be grants that we have been successful in proving that we can attract these, and debt that we've also proven that we have been, to my knowledge, the first and only one that have actually made a bankable hydrogen project in Europe where a bank has said, "Tech, we will also give you debt for it." Each project or each activity will be put in SPVs, and we are targeting a project IRR of 8%-12% of these after we are through this initial period of really getting up to speed. We are running our business into these four different phases. We're now in the proof of business phase that will end at the end of 2022 before we move into the ramp-up phase. That's where we want to repeat business. Do the same, build the 20 MW electrolyzer and proof of business, and then start that to repeat that in the ramp-up phase. Same concept on the distribution as well as the trailers. Finally, we hit take-off from 2025 onwards. This is really where we see a significant increase, especially on the trucking side in Europe, because this is where the OEMs cannot hit the European regulations without having zero-emission trucks as part of their fleet, and battery-electric can do some job, but definitely not everything when it comes to trucking. Good. Now we will see if we can make the shift. Now we're moving into the financial review. Hopefully we will now be shifting so that you can see and hear Anders as well. Are you here with us, Anders? Yes. Thank you, Jacob. Yes, let's have a view on the financials, so if we could share the slides. Thank you. Yes, thank you very much. Our revenue in Q2 is continuing, or the revenue from sales of hydrogen is continuing to grow. That is a reflection of the first full quarter of operation of our new station in the Netherlands, refueling for buses. On the other hand, our cost of sales for hydrogen is still not reflecting the ongoing optimization that we're putting into the value chain. That remains on a high level still. As mentioned by Jacob, we're continuously working on reducing the cost level on the sold hydrogen. On the other cost items, we still continue to increase the cost levels, which again is reflecting that we're growing the organization, we're growing the activity levels within Everfuel to be ready to ramp up the activities that has just been presented by Jacob. We realized an EBITDA of - EUR 3 million for the quarter, which is in line with our expectations and our profit before tax is affected by the development in the Norwegian FX rate towards the euro and the Danish krone. That has stabilized since. Looking into the cash position and the cash flow, we continue to have a very high investment level, which is primarily focused on the HySynergy phase I and the property and plant and equipment for that site, as well as the other investments that we are currently doing. Our cash position at the end of the quarter is just above EUR 50 million, which leaves us with a robust position for the growing and the growth to come, both supporting the investment activities and the organizational growth. This shows that we have a solid balance sheet where we are converting cash into assets continuously. That's the development that we'll continue to see also when realizing the projects that Jacob has just presented. Thank you, Jacob, and back to you. Thank you. Thank you, Anders. The next steps in Everfuel. Well, we have an order backlog of approximately EUR 46 million, and this is of basically secured revenue. That's not conditional upon anything other than us actually executing. We have a continued focus to secure more customers and to get the commitments when building both new fueling stations as well as hydrogen hubs. On the activity phase I as well as phase II, we are progressing, and we are holding our breath. Hopefully, there will be an IPCEI conclusion as mentioned before. We are moving towards the FID for phase II A electrolyzer during 2020. We are continuing to strengthen our organization, not just in Denmark, but also actually throughout all of our markets. This goes both within technology, project development, execution, sales, business development, so more or less through the entire organization. Then again, it's very important for us to say that we cannot do this alone. We need to have joint market development approach with vehicle OEMs, with customers, and that happening within mobility and industry. When we combine that, this is what gives us some robustness in the business cases, giving us the possibility to offer competitive hydrogen to all of our customers. The summary and as well the Q&A session. Whenever you have questions for us, please feel free to present these or to send these to us through the system. We are a green hydrogen fuel company positioned to capitalize on this multi-billion EUR hydrogen heavy-duty fuel market that is opening across Europe. We would even say that now is increasing even further with the hydrogen necessary to bite into the natural gas market as well. We have a very firm growth plan, and it's backed by what we have proven before and what we are doing on a daily basis. We are much beyond just plans. We are in operation. Our business model is, we think, quite unique since we are securing both a rapid growth, and it's the recurring revenues that will eventually lead us to a solid profitability. With the summary and Q&A, I think we'll try to leave this screen on, and then maybe, Anders, can you see the questions, and then- Yes I guess the pending. We have received a range of questions already, Jacob. The first one coming from Thomas: Have you signed any long-term power agreements for HySynergy phase I? No, we have not. We were assuming that power would be one of the most delicate and important questions for this session. No, we have not signed any long-term PPAs, because if we have done that, we need to be sure that we have an equal back-to-back on the hydrogen supply as well. The way we have set up the HySynergy projects is that the costs seen from both our own point of view as well as Crossbridge is a mixture of all the fixed costs, which the depreciation of the asset and the fixed operation costs. That's one cost. Then the other cost is the variable cost, which to the greatest extent is power. There's not been made an agreement to secure that through PPAs, et cetera. What we are looking very closely into and what we have signed an agreement on are with respect to using the electrolyzer as an active balancing tool, balancing in the power market, meaning that the resulting power price that we will be seeing from the cost of electricity supplied into the electrolyzer will not just be the spot price. Naturally, we are all a bit frustrated as private individuals about the power price and the power market as they are currently. So are we. I think it's important to say that the business model of Everfuel are that the price of the hydrogen is a function of the power price. If we have customers that are ready and willing to fix their hydrogen offtake in an HPA, then we can mirror that back into a PPA on the power. This is also one of the reasons why we are looking very carefully into integration of some renewables, preferably co-located next to electrolyzers, because this is really what can also give us some competitive edge and give some advantages to us and our customers. Good. Next question coming from Thomas again. How have you been able to maintain the CapEx level for HySynergy phase II in the high inflation environment? We are seeing both some negatives and some positives on the electrolyzers. We are seeing some positives because we see a number of suppliers getting ready to market, meaning that we actually do see some competition ongoing. We also see some suppliers that say that they have a lot of capacity available. Others say that some of that capacity is already sold. We see a continued tendency towards a cost reduction. If we will see a bump on that curve, and a bump on that curve being a part of also a high inflation, we will see if that will have any effect or not. We have seen other cost reduction potential for other elements than the electrolyzer part of the total built that continue to keep us optimistic of the total budget. Which is why we are continuing to keep that target. Next question from Lars. What is the status of the reopening of the fueling station in Åsane, Bergen? Is there any signals to more H2 capacity for Oslo as well? Yes, thank you for that question, Lars. Patience, definitely. On the Åsane station that we signed agreement almost two years ago to take over that station, the seller has been in charge to provide us with the station in a fully approved and safe state, and has been a long process with the local municipalities to get an extension of the permit to operate. Now that has been granted, I think a few months ago. The seller is now in the process of finalizing the site so that the station can be handed over to Everfuel. The exact timeline I don't have in my mind, but as I recall it, our objective is to have it operational during the end or before the end of this year. More station capacity in Oslo. Yes. We are very close to opening a station in Alna that can fuel cars, taxis, et cetera, and that will then be supplementing the station in Hvam, where we have actually experienced quite some challenges on the hydrogen compressor inside that hydrogen station, which is one of the reasons for the downtime that some of you in Oslo have been seeing. In addition, we are expecting to significantly increase the capacity at the Alna site, when we'll then do an FID on a high-capacity truck station to be located there to support trucks driving from there and on the highways or the main transport corridors in Norway. Good. Next question from an anonymous listener, viewer. Is positive EBITDA in 2023 realistic? We actually still think that is realistic. Of course, with a more rapid growth of our organization and some of the general challenges that we see, one could definitely argue that can be at risk, I would say. The reason why we are not changing that target as we speak because we actually see a pretty high value in these green hydrogen certificates. We have been talking quite a lot about these, and that's because I actually think that it's a very important political tool that has actually been implemented in order to get green hydrogen off the ground. The frustration are that when the rules are not completely set out how to actually document that you're generating these certificates and thereafter that you can sell your green certificates to the operators or sellers of traditional fuels, thereby it's difficult to know what the value is. We are expecting that value and those procedures to be fully implemented during 2023, and we are hoping that these will also support, which is why an EBITDA positive is still realistic. Next question from Thomas. What grant funding is to your knowledge available for the Holstebro and Karlstad hubs? Well, when you're asking about grant funding, I assume you're referring to what kind of funding schemes are available that we can apply for, and then let's see if it's possible to win or not. There are a mixture of European funding schemes and national funding schemes. There are a funding scheme in Sweden where Karlstad could be a potential target. I believe that's within the next coming month that there's an application deadline. For Holstebro, there is a mixture of Danish funding scheme opening during next year, if I remember correctly, and then definitely also some European funding schemes. There are pros and cons with the national versus the European funding schemes with the complexity and the lengthy processes. I think with the IPCEI we can pretty clearly see that takes quite some time. It's our belief that funding schemes will be available, will be necessary, and especially in the situation that Europe is in currently. I have a hard time to see that the supply chain of funding would all of a sudden stop. We have a question from an anonymous viewer again. Can you speak more on your strategy internationally, specifically in the context of your partnership approach? As we've mentioned before, we have our European focus in Everfuel. We have our target markets, Scandinavia, Germany, Benelux. This is really where we want to focus our activities currently, and then thereafter expand throughout Europe. Afterwards, let's see if we have a concept that can be duplicated elsewhere. For the time being, we are European-focused because that's what we are set up to do. Partnership approach. Well, that can be done on, I think, in multiples of levels. The important are that we actually try to focus a bit in Everfuel and do what we do very best. Get projects, hydrogen hubs off the ground, get hydrogen stations off the ground, and do that with a solid business case behind each of these is key. With that, thereby we need partners. We need partners that can either be on the offtake side or on the power supply side or on supplying of land. That is, of course, essential. We are doing that already in our target markets and preparing to do that in the following markets. Question from Nils. CapEx was EUR 14.6 million in H1 2022. What will CapEx be for H2 2022 and for fiscal year 2023? Of course I know that would be appreciated to put in your model, but we have not disclosed exactly where we are expecting those numbers to be. If we will do so, we will of course do that and announce it. For the time being, we are not doing that. A question from Hans. You announced that you hired a consultant to look at how to improve liquidity of the Everfuel share. How is this going, and what could be the new initiatives? I think we're referring to the market maker agreement here. Yeah. Yeah, that's correct. We've made a market maker agreement with SpareBank 1 Markets, and this is simply to give some less volatility on the Everfuel share here. That is, that's already in operation. I think that's. That's basically how it is. I think that's supporting with less volatility on the Everfuel share. I think generally we have some very good and supporting and also patient shareholders. When that is said, it's also a difficult time on the stock markets in general, and I think especially on energy stocks, what's up, what's down, and I think that's also reflecting in the, to some extent, nervousness of the investors we have or investors that potentially would like to join us. We don't have any other initiatives communicated. I don't actually think that's on the short-term, any other initiatives are needed on that path. a question again from an anonymous viewer. Do you have the capacity to build the many hubs? With the Everfuelers employed as we speak, no. That's why we're expanding. What we are doing, and I think what we are doing very well, are that we are using our HySynergy phase I and phase II as the guinea pig or the creating the blueprints of how to both develop and build a hub as well as operate it afterwards. We now have what we call our team one in the development construction of HySynergy phase I, and now we're in the process of employing teams to execute. That's team two and team three to be able to execute further hydrogen hubs. Keep in mind that a hydrogen hub goes through some processes, where we, when we start in the origination or the early development phase, the number of labor needed to develop such a project is more on the sales and business development side. When you then move into the real development phase like that we've just entered with Kristian Sand or the Arctic hydrogen hub project, there we need to staff up to have a local project manager. We'll also staff up with the back office team at the Everfuel Tech here in Denmark so that we can be supporting the number of hubs with dedicated competencies from here as well. Finally, when you go into construction phase, the labor number of people that you need are increasing even further. However, it takes some time. Before you go to your FID, the headcount needed on a hub is not that great. From FID, during the construction phase, your headcount increases, and when you go into the operation, it's a new team again that you need to have in place. We believe we have a model. It's not perfect. We are developing it and improving it as we go along. We think we have a model of how to also scale the organization while developing these number of hubs that are all in different maturation phases. I think that was the last question. Yes, it was. Very good. There was not too many about finance there, Anders. No. Okay. Well, if that was the end of the questions for today, then thank you for listening in, and then I will promise that Anders and I will be standing next to you till the next time again to give you the Q3 reporting when we get that final review. Thank you, and have a great day. Thank you. Goodbye.