Hello and good morning, all. Mm-hmm Welcome to the Everfuel Q3 presentation. Thank you for dialing in this fall morning, at least here in Denmark. It's very gray and boring outside, but anyway, hopefully we have some good news and exciting presentation to go through the next following hour. The presentation of today is with myself, Jacob Krogsgaard, Founder and CEO of Everfuel. Anders Bertelsen, CFO, in Everfuel. Let's go through the presentation, starting with a summary of what we do in Everfuel. We are a fully dedicated hydrogen fuel and energy company. We are at a point that when hydrogen is produced the right way, distributed, dispensed the right way, we are capable of reaching decent parity, meaning that the cost per kilometer to drive a fuel cell vehicle, typically a fuel cell truck, is the same as driving with diesel. We also see clearly that we need dedicated hydrogen companies to truly move from this initial entrepreneurial stage that hydrogen have been in, and then to shift this into a rapidly growing hydrogen business and hydrogen economy. That's what we are about. We are a fully integrated hydrogen company focusing on completely green hydrogen. That's the only thing we do. With the near next growth as e-fuel. We're active in our target markets that you see on the right-hand side here, Norway, Sweden, Denmark, Germany, Netherlands, and Belgium. Here in the bottom you see the hydrogen value chain of our activities. Starting with power generation, we are looking more and more into strategic cooperation with developers. Where we will be co-developing renewables with the intent of locating electrolyzers right next to that renewable with the purpose of reducing the grid fees and tariffs of the electricity to be used in the electrolyzers. Electrolyzers, that's the core of what we do in Everfuel. We do the full development of such a project, the EPC part of such a project, and cooperate with electrolyzer technology suppliers. Hydrogen distribution, well, we do that a lot today. We have 10 assets, 10 trailers in operation and more on order. The industrial hydrogen offtake as well as hydrogen stations for mobility, that's the two customer and target segments. As if you have followed the previous presentations from us in Everfuel, we have moved from being dedicated on mobility and fueling to being pretty equal on mobility as well as for the industrial users. We are seeing the industrial users as being the users that will give the long-term base load offtake out of our electrolyzers, both being hydrogen coming out of the electrolyzers directly with a short pipeline, but also distributed with our hydrogen trailers, that being mixed with the more volatile, but also with the higher profit margin, hydrogen used for mobility. That's basically in a nutshell what we do in Everfuel. The key events of Q3 as we are so far. Well, we have for HySynergy phase II, so 100 of the 300 megawatts we've received IPCEI notification or IPCEI status, so important project of common European interest. I'll get back to that later. HySynergy phase I, the first 20 MW, we are in the final stages of the assembly and starting the commissioning of that plant. We're still aiming with the first hydrogen production, so the first molecules coming out of the facility here by the end of 2022. We are continuing to progress with development of further hydrogen hubs in Denmark, Norway, and Sweden. For the usage of stage of hydrogen, we have received multiple grants to build hydrogen stations. This is both in Sweden, Denmark, Sweden, Denmark, Germany, in the GREATER4H project, and also direct Sweden support to build stations in Sweden. We have opened our second station in the Greater Oslo area. This is in Alnabru in Oslo. Already that station has been received extremely well by customers to the point where more or less they're emptying the storage when the station is open. We have started a cooperation with DAT, a Danish airline company, as well as Universal Hydrogen with the purpose of us supplying hydrogen for DAT and Universal Hydrogen's domestic flights in Denmark starting in 2021. Cash position by the end of September is just north of EUR 40 million. Making hydrogen happen. Well, that's what we're all about in Everfuel. The need for that to happen, well, globally, but especially here in Europe, has not been more necessary than it is today. We're still in a situation where we have war in Europe with the, in the situation in Ukraine, and thereby the insecurity when it comes to energy. This is really where hydrogen is one of the opportunities where we can use the additional, the surplus renewable electricity, convert that into hydrogen, and use that both for industry and for mobility. We are in execution mode both to prove this on the HySynergy projects, but also to scale this up and duplicate this on the other hydrogen hubs that we are in development of. We have we're looking pretty intensively into the industrial off-takers of hydrogen. The interest of using hydrogen as replacement for natural gas for various industrial purposes are increasing significantly. The major challenge with that high volume and consumption of hydrogen basically comes down to the framework conditions. I will talk more about that later. The framework conditions here in Europe not really yet being set in stone, and thereby the value of using green hydrogen both for industry and mobility is still a question. Which is really a shame since we have European politicians that have all the right ambitions, but they have not yet moved to the final implementation. Zooming in on HySynergy, our flagship project that we are working tirelessly to build, construct. As said earlier, we're still aiming for the first hydrogen coming out of HySynergy here by the end of 2022. That is not without a risk in the timeline, but we do expect that to happen. We are working very intensively together with our partners and our suppliers and our dedicated team of Everfuelers to make that work, and I'm really impressed about what they're doing currently. It's a big task, and it's a task not done before, building such a facility. Equally important, making sure that that facility is not just a standalone 20-megawatt facility, but it's also ready to be scaled into the following phases. So far, so good. First hydrogen here by late 2022, and then the first commercial volumes coming towards the end of the first quarter next year. Looking at the budget for HySynergy, we've also seen an investment increase compared to the previous communicated number of EUR 24 million. We're now EUR 29 million as the expected target for the HySynergy 20-megawatt electrolyzer. Some of that cost increase is driven by the general inflation that has happened globally, the challenges in the supply chain due to still due to COVID, we are seeing and other elements. It's also driven by some additional scope increase that we have done in order to prepare for the following phases. Also to be ready to offer our electrolyzer suppliers, partners, an additional 10 megawatt of electrolyzer test facility. This is a new thing we have not communicated previously. Right next to the 20-megawatt electrolyzer, we've reserved a small plot of land where it's possible for electrolyzer suppliers, we'll talk about that in the phase II, where they can actually come with their electrolyzers, test that. We have the utilities available, and most importantly, once such an electrolyzer is operating, it's really key that someone can use the hydrogen, and that is exactly what we can do in Fredericia with the offtake from both ourselves and Everfuel, but also our close partner from the Crossbridge Refinery. The advantages of running such a project are that we are building very unique EPC experiences and skills within our Everfuel team. We are moving beyond just being a hydrogen developer. It's, it's truly a full EPC team that we are, that we're setting up. We're even preparing that EPC team to be capable of running multiple projects, so not just one electrolyzer project at a time. We're not there yet. That requires additional resources, which we are searching for as we speak. It's also key for us that that EPC competence to basically take electrolyzers out of a production line from an electrolyzer supplier and put that into an installed, operated facility, and also a facility where you add complex control systems to communicate with your customers to make sure that you use electricity when that is green and is competitive and available. That you add IT security layers on top to already now prepare such an installation to be protected as critical infrastructure. It's a lot of things that we add on top. Not trying to excuse anything, just trying to explain the commitment that we're doing to not just making such a project a one-off, but something that we can duplicate afterwards. Moving to HySynergy phase II, so the 300 megawatts in addition. As you see in the picture here on the right-hand side is the gray buildings in between the phase one and the Crossbridge Refinery. The 300 megawatts are expected to be built in 3x 100 megawatt. We are targeting, if I may, by end of 2023. So far that look promising. That's of course subject to various approvals and funding, and we're expecting it to be commissioned sometime during 2025. The upside support that we're getting, or that we are hopefully getting, because now we are notified with the upside funding, and we are awaiting the final grant decision by the Danish government. That will be the trigger to start that final development and move that project into FID end of next year. We're still targeting the budget for the total 300 megawatts to be EUR 255 million. That is still dependent on the final quotations that we receive from suppliers. We are not considering that to be impossible. We're actually considering it to be possible. We're running a tendering process as we speak, on the first 100 MW of those electrolyzers and also offering the shortlisted group of those electrolyzer suppliers to come with that technology and prove that at our facility. Multiple of the potential suppliers have already shown a very strong interest to do exactly that. It's too early to say when we will select or if, for that matter, we've announced when we are shortlisting on the suppliers. We see a quite a high interest, so that we are pleased about. Even though we do hear electrolyzer suppliers now stating in their announcements that their capacities are being booked, we do also hear that there's still available capacity. We don't see that as any urgent situation. HyCity being the initial hub is also key for us to continue to communicate and develop the following hubs. As we have communicated, we have Kristiansand in Norway, the ACTA project, where we already have received Norwegian and national funding to develop and construct that electrolyzer, move that into FID during the summer period of 2023. This is in close cooperation with Greenstat in Norway. We also have the hub in Karlstad in Sweden, in close cooperation with Karlstads Energi. Where in Kristiansand, the main hydrogen oil usage will be for the maritime sector. While in Karlstad, it will be a mixture of industrial offtake, mobility offtake, and also the additional value streams coming out of the electrolyzer, heat and oxygen, and that being used in the power plant that Karlstads Energi have right next to the plot of land where the electrolyzers are to be installed. Østerild, Denmark, the main activity there will be to use CO2 out of bio gas facilities, Everfuel providing the hydrogen, and then production of either e-methane or other e-fuels up there. We have other hubs in various stages in the pipeline, and we will be communicating about these as they become sufficiently mature. Moving into the other part of our business, our hydrogen fueling network. We currently operate 10 hydrogen stations and have 11 locations secured or 11 locations where we are in different stages of development and/or have received grants to build those sites. As you see here, it's in Norway, and it's especially now growing in Sweden, and then we also have already have a network that is growing here in Denmark. We have Wuppertal and Frankfurt bus stations in construction, expected to be operational during next year. The Heinenoord station in the Netherlands has already been operational. Where we're actually seeing a small increase in the differences in the types of vehicle that come. It's not just the bus fleet that is filling there. It's also a few trucks, a few refuse trucks that will be using that station as well. Of course, it's important for us to get the opportunity to build additional stations, but also with the situation of the current reliability of the stations that we're getting from Nel, it's also key that a high percentage of the investment costs are covered by funding schemes. I think that's why it's essential for us that we've managed to secure that in our target markets to help reduce the CapEx risk that we have to build those stations. We've also been asked about the situation and the challenge about the availability or reliability on the hydrogen stations that we operate that we are not satisfied with. All the stations are provided by Nel, various types of stations. Some of these are also older generation stations, where we will eventually be considering the appropriate lifetime of those. On the newer stations, we're still seeing an availability that is not acceptable and that we are using too much on them cost to keep the stations with a good uptime. We're working very closely with Nel to improve of this. We are seeing some progress that are giving us some good hope. We're continually expecting to get that even lower. It's also, key to say that we are looking into various, solutions to make sure that we have, a right offering to our customers. The EverFiller that is, still in development and prototype, expected to make some first fills within a few months, will be one of the additional offerings we'll be able to bring to our customers for these initial small fleets where the business case is challenged to set up a dedicated station. In addition, we're looking into various other options to make sure that we can bring our customers the needed availability when we move from demo fleets into full commercial fleets. The team of Everfuelers, well, we're continuing to grow our team, not just here at the headquarters, the Everfuel farm, but also at the Everfuel Tech, which is the technology center we're building right next to the HySynergy electrolyzer. We have 72 employees in October, we have signed with seven more that will be joining us here during Q4. Looking ahead and looking at the growth and the value ambition that we have in Everfuel. We have our business plan going through these four phases of proof of technology, proof of business, ramp up, and finally the full takeoff. We are now getting towards the end of the proof of business. This is also where we really need to prove that we have something that is scalable and also why we're putting more pressure on our partners and suppliers to really prove that they have the capability to grow and grow rapidly enough with us. We would have a doubt that the full takeoff is happening from 2025 onwards. This is where you have multiple of the European truck OEMs that have said they are ready and they are supplying trucks. This both goes with fuel cell trucks, but also trucks with internal combustion engines running on hydrogen. We will be ready for that. The same goes with industrial customers where we're expecting or seeing the penalties of using fossil fuels that are increasing. We're still aiming at the same EUR 1 billion revenue before 2030. I'll come back to the EBITDA in a second. In order to get that, we need to invest EUR 1.5 billion, of which 80% of that is going to come from public grants and then from other debt mechanisms and the remaining 20%, EUR 300 million. That is what will come from equity, either from ourselves or from equity partners, because we do actually see quite a strong interest from various funds, et cetera, that have an interest to join our asset levels, which is, of course, something we're looking at. We're targeting project IRR on 8%-12% on these projects when it comes after this initial period of these investments proving the business. Coming back to the EBITDA by 2023. We are at a point and we have made the necessary investments and basically stand ready to be EBITDA positive all the way at the end of 2023. That's positive. The great challenge are that this is truly challenged because of elements out of our control. This requires the funding, not the funding, but the green hydrogen certificates to be in place, RED II, RED III in Brussels, the delegated act to actually define that. When that are not in place, it's pretty difficult for us to determine. What would the revenue be, not just for the hydrogen fuel, but also for these green hydrogen certificates or green tickets that we are expecting? Moving to this final slide before the financial review. We have a long-term plan and so does the European Union, the European politicians. Honestly, it is quite of a challenge. When the RED II with the delegated act should really have been in place by the beginning of this year, 2022, and it's still open and unclear. That makes it challenging for companies such as us and Everfuel that have made necessary investments to stand ready with the expectations of the European politicians actually doing their job and getting the framework conditions in place. Let's look across the pond to US for a second. There, they have implemented the Inflation Reduction Act, which all of a sudden has made it very, very stable and robust and made framework conditions where as a hydrogen developer and operator, you know exactly what framework conditions, what support schemes you have for 10 years of operation. That is exactly what we need here in Europe. We're not necessarily asking for astronomical funding schemes. We're asking for stability within the framework conditions. As politicians are hesitating to do this due to various reasons, the strategy is right, but the implementation is delayed and wrong. We are engaging heavily in both national and on a European level to make sure that this urgency is addressed and fixed. If addressed and when fixed, this also is a game changer, not just for Everfuel, but for the industry. We do see some European member states running ahead of the European Union. This is especially the case in Germany. We're naturally looking into using the HySynergy electrolyzer and actually supplying our green hydrogen to the market in Germany where that is appreciated and where we are expecting a ticket system or certificate systems to be in place even ahead of the European. That we're looking into. When that is said, we will not be making any further guidance on what we're expecting on EBITDA during 2023, simply because that is to a great extent affected on the politicians finally implementing rather than our execution. Good. With that said, let's go to the financial review. Thank you, Jacob. First of all, have a look at the on the P&L, and first a short view on the revenue coming from hydrogen. We see a stable development quarter-over-quarter on a continuous good level. We see a slow ramp up of the bus filling out of the Heinenoord station and a stable taxi fleet in Copenhagen, which is reflected in this number. Looking back on 2021, there's a very, very positive development from last year and into the third quarter of 2022. On the cost side, we see a. It still reflects the ongoing development on the organization, so there's a continuous ramp up of the personal expenses and salary costs. The remaining items on the cost side remains within the expected level. It is reflecting that we see increases on the project and activity level in the future. We realized an EBITA loss of EUR 3 million for the quarter, which again is in line with what we expected. On the cash flow side, it reflects that we are still investing a lot of funds into the HySynergy and into other assets, but mainly the HySynergy plant. It leaves us with a cash position of just south of EUR 41 million, which is again supporting the future growth of Everfuel in the periods to come. Again, looking into the balance sheet here, it reflects the solid cash position and also the fact that we are converting cash to asset and not just burning them on an ongoing basis. All in all, a solid position for the future for Everfuel. Jacob, will you take us through the next steps? Yes, definitely. All in all, next steps, we are following our plan. We have an order backlog of approximately EUR 43 million at the time of this report. We have a constant focus on securing customer commitments. This goes both for the offtake from our hydrogen hubs, but also from mobility customers, which can then justify the setup of new hydrogen fueling stations. We are of course progressing or will be progressing with the HySynergy phase I, making first hydrogen and also phase II, securing the final IPCEI funding and thereby moving the phase II into FID by end of 2023. We are also continuing to strengthen our organization. We are preparing to execute multiple projects in parallel. It's key for us that the ambitions for Everfuel and the ambitions for Europe remain the same. Even though politicians are stumbling a bit to get the framework conditions firmed up, the target will be the same. The result will basically be a squeezed period where hydrogen really needs to move from being high potential to being fully implemented. That requires us being capable of executing in origination development of hydrogen projects, the EPC part, the construction of those, operating the projects. All of that needs to happen, needs to be competencies that we have in-house. We have them, and we are strengthening this. Getting over the initial hump when we talk mainly about hydrogen trucks. Have a joint markets approach where vehicle OEMs together with us and Everfuel coming with a total offering is something that we are constantly looking into and are now starting to do even more actively. I think it's really interesting to see the move that we currently see in Sweden and the interest we're currently seeing in Sweden on this specific segment. Summary, we are continuing to position ourself as a leading European green hydrogen energy company. We are very well positioned to capitalize on this very large multi-billion EUR hydrogen market. That is not a question anymore if that market comes. The market comes. The question is the initiation of that market to really get it started, when will that be set in stone? We have projects and other hydrogen companies in Europe have projects more or less ready to push the button when the framework conditions are in place. We have a very firm growth plan that is backed by what we, by our execution experiences. We've done it before. We see quite a lot of PowerPoint presentations of people that want to build hydrogen projects. We see far less actually building hydrogen projects and getting the experiences which is needed in order to get banks and finance institutions and partners to actually realize that this is doable, and there's a competent organization behind. The business model of being fully integrated in the value chain, having both the upstream business of hydrogen production as well as the downstream business of hydrogen for both mobility and industry. We have a very firm belief that that is what makes us unique enable to you, and that is also what will secure us recurring stable revenues in the period. Good. I think with that in mind, we will be moving into the Q&A session. Of course, we are always curious to see if we have some questions from you guys listening. Can we see them? Yeah. There we are. What does Everfuel do to ensure a better station reliability? Well, as I touched upon before, we have an O&M organization that is running our hydrogen stations. We have local people in Norway, Denmark, Germany. We will be getting the same in Sweden as stations get online. We've been close to the hardware in order to support it. The greatest challenge are that stations are not just needing plant maintenance, they're needing unplanned maintenance. The events leading to that unplanned maintenance is really what we are working very closely with now to identify, understand, mitigate. We have our Helios system ready to receive all data from the hydrogen stations. That brings some challenges with now being able to supply that, hopefully then solve very shortly so that we have a chance to see what happens with the stations and how they are failing, hopefully before that happens. It's not a satisfactory situation. We are working with it, and we're looking at all necessary alternatives to make sure that we can provide our customers, with a good and reliable service. Very good. There's a question more here, Jacob. Just a second. Mm-hmm. How would you ensure adequate and timely support or supply of hydrogen hardware for HySynergy and other hubs, when OEM say that production and supply of hardware can be limited in the coming years? I.e., how can you ensure time to market for the announced projects? Well, that is of course a big question. What we are seeing are announced high capacities from electrolyzer suppliers. Various suppliers, also a little concerned if those announced capacities would actually be sufficiently available. When that is set, the suppliers that we have invited to tender for the HySynergy phase II electrolyzer, they have capacities available, and they're very eager to cooperate with us in everything, because we are approving that we are building and we are constructing electrolyzers. I actually don't see that as an issue yet. Of course, we are making sure that, when we have selected, our 100 megawatt partner, because we do expect the HySynergy to be consistent of three identical 100 megawatts, and multiple of the other hubs to come will be the 100 megawatts that we'll duplicate. Of course, we will, go into close relation with that supplier, or those suppliers to make sure that, they also have the capacity for us. Good. Another question here. Mm-hmm. Are stations commercial today with the relative high running OpEx cost? I guess that's a yes or no. If you, if you look at the smaller stations, the older generation stations with less capacity, that is getting to a struggle to make that into a good case. We do, we do use more time to make sure that we will move into a good position and make them commercially attractive for us. Looking, and we're not there yet. Looking at the larger stations, like the taxi station in Copenhagen, the Heinenoord station as well, in all fairness, we are actually seeing an improvement in reliability, and we are, we're on the edge of that being a good case. I think the real key when talking about Copenhagen and the taxi station there, that is really the green hydrogen supply from the H2RES project very close by in Copenhagen. Our partner there have been quite delayed on having green hydrogen available, so we have trucked the hydrogen in. As soon as that is available, that will also improve the cost of hydrogen to a point where that should be a commercial case. Another question here. You say that you are now focusing on supplying green hydrogen for energy industry and mobility. Does this change your public targets, and where do you expect the majority of the revenue to come from? It doesn't change our expected targets as it is. Being fair, it's a bit complicated to be very firm on those targets when those targets are so highly dependent on the implementation of European framework conditions. It doesn't change our targets. They remain the same. What quantity will come from where is also a bit challenging since we don't know those framework conditions. We are expecting that majority of quantity will come from what we call base load off takers out of our hydrogen hubs. Neighboring off take. We will be distributing hydrogen power by our way almost to other off-takers that also be in industry or mobility. Because you add more work to that hydrogen, it's also hydrogen molecule at a different price at mobility. We are, we're expecting the industrial hydrogen to have with a smaller margin but higher quantity, and the mobility hydrogen to have a smaller quantity, but a larger margin. That's probably as close as we can do right now, isn't it? I think so. Do you expect access to renewable to become a bottleneck for your hubs, or for your hub strategy, seeing Everfuel is 100% green hydrogen focused? Well, I would think that depends on what specific country or market we're looking at. If we look here in the Nordic region, Norway, Sweden, Denmark, I'm not expecting the limitation on renewables to be a challenge. Norway, Sweden, there's a lot of renewables already with hydropower, and there's potential to get more wind installed, even though I'm fully aware that is right now challenged in Norway. However, you do have the available space to do so. In Denmark, there's quite a lot of land-based renewables in development, mainly solar, but also some wind. The offshore is developing, like, very, very rapidly, meaning that there will be significant portions of renewable electricity available. Our sourcing strategy for power to our electrolyzers will be a mixture of having secured green supply from land-based projects, potentially offshore-based projects, and then using electricity from the electrical grid working in the power balancing markets with the ambition of using renewables when they are in the grid and when they are surplus. Again, in Denmark, I think you have seen multiple of those videos. Otherwise, we'll make sure to post them again. When the wind is blowing in Denmark, we turn off parts of our wind turbines because we cannot use it. That is stupid in a situation where we are lacking energy in Europe, and that is really what we're all about harvesting. Not just only that, but definitely harvesting it. Let's see. Next. Hmm? Yeah, I think we. Maybe you need to scroll and then... Yes, there's one more. There's one more. Will the refinery offtake any hydrogen at the moment with the high electricity prices? It must result in higher H2 prices. Sure. Sure, it does. That's the, that's the math of operating an electrolyzer. Of course, we cannot talk specifically on behalf of Crossbridge. That's a very close dialog where and there will be set up a trading scheme in between the refinery and Crossbridge, where we're looking into what are the thresholds where it becomes attractive for Crossbridge to offtake hydrogen. They will basically set some boundary levels on our prices and then offtake that. We'll look into that when that's operational. For Crossbridge, that attractiveness level of the power price and thereby the green hydrogen also depends on the offset, the alternatives that they have. As the alternatives are also fluctuating, up and down, it's not just an easy reply to say that as soon as power prices are above this level, they will either buy or not buy. The key thing for us are, the way the contract is structured. There is a capacity payment and an energy payment. The capacity payment from Crossbridge to the production facility and also from our fuel distribution to the production facility is a fixed payment no matter what you offtake. Then you have the energy payment, which is dependent on how much hydrogen you actually offtake. Of course, it has an influence on the revenue of the of the high energy electrolyzer, but it has a limited effect on the on the final profit of the electrolyzer if they are offtaking high volumes or low volumes. another question here. phase II. Mm-hmm. When, how much, and how important for FID? I assume that relates to the public funding. IPCEI? Yeah. Public. Probably, yeah. IPCEI funding, we think that's critical and crucial. The exact funding level, we have a good idea. Before that is documented and that we have secured a final grant agreement, that is not to be communicated, and that still remains risk until we have such a grant agreement in hand. It's key for us. We have a very firm belief that it will happen. As said before, there remains a risk. When that is in place, basically we have an unconditional agreement to offtake hydrogen from the Crossbridge Refinery, only conditional on our FID and being within some budget thresholds. Yes, that's definitely key for us. We are believing so much in it that we are doing preparatory work on phase I electrolyzer to make sure that the interconnection to phase II, is as good as it can get. Very good. Good. That's good. I think that was it. No more questions. No more questions so far. Well, thank you all for listening in. We will be in touch if we have any news to say. Otherwise, we will see you in one quarter's time. Thank you very much. Thank you very much. Have a great day.