Hello and good morning, everyone, and welcome to Everfuel's Q4 release. It has truly been an exciting quarter, and now we are ready to give the highlights and the update of what has happened so far and also subsequent events happening from the end of the quarter until today. Firstly, in our presentation that both the presentation, our annual report, in combination with the quarterly report came out this morning. Presenters today, as you see, this is myself, Jacob Krogsgaard, Founder and CEO, and hydrogen veteran. I have normally our CFO, Anders Bertelsen, joining me. He's unfortunately absent today. I should give his regards. I will do my very best to make sure also to follow up on his normal slides when it comes to finance. Here in the background, you see the Everfuel, sorry, the HySynergy phase I facility. Construction commissioning is going very well. It takes a long time. We need a lot of resources to get it all done. We are progressing, and it's truly a pleasure every time I meet it, I see that it's getting more and more completed. Without a doubt, this is an interesting and a challenging project. It's also a project that moves us all the way to the front of being a hydrogen developer and also executing these projects into real life. We are progressing very rapidly also in cooperation with our strong partner, Crossbridge. I would also like to welcome you new shareholders in Everfuel that joined us in the last capital raise. Thank you for joining and for the trust. We will do our absolute best to execute according to our plans. Our plans, what is it we do in Everfuel? Well, summarizing this, unlocking hydrogen at scale is really what we're all about in Everfuel. We are a hydrogen developer with a mobility offsite, meaning that we develop upstream hydrogen projects, renewable energy combined with electrolysers. That is what we call our upstream business. We are owning, operating, and also developing the downstream part of our business. The distribution of hydrogen and the usage of that hydrogen in both industrial customers and into the mobility segment, where we today operate hydrogen stations and build more hydrogen stations. This is also where the strength in the Everfuel business case are building high-capacity electrolysers in what we call our hydrogen hubs, offtaking that hydrogen for neighboring facilities where we are replacing typically a fossil fuel or that hydrogen being used directly in the refinery, having other value streams like oxygen coming out of our electrolyser, the heat coming out of the electrolyzer, those all generating revenues for us. That matched with our downstream business, where we have a higher willingness to pay of the hydrogen, but where the offtake currently is still low compared to where we want it to be or where we are anticipating it to be. In order to make this work and make this efficient and optimize this, we need a full integration vertically in this value chain, and that's what we're doing in Everfuel. We are a developer. We also do the EPC, and we are operator of this complete hydrogen value chain. We are active in Nordic countries, Germany, Sweden, Norway, Sweden, Denmark, and also Germany and Benelux, Belgium, Netherlands. That's our initial target markets. Key events of what has happened in Q4. Most importantly, we have produced first hydrogen on our HySynergy facility in Fredericia. We did that in December, and then we actually had a big batch that we produced as part of the commissioning in January. We are not allowed to sell that commercially, so it doesn't make sense to just continue to operate that before the complete construction of the site is complete. We're expecting commercial deliveries in Q2 out of HySynergy. In HySynergy phase II, so this is the extension of the project with a 3 x 100 MW electrolysers. We have finally received the final confirmation on the IPCEI funding, which is EUR 33.1 million in subsidies to build the first 100 of those 300 MW of electrolysers. We are also a large participant in the Green Fuels for Denmark project that also received IPCEI funding. Two out of the two Danish projects have us, Everfuel, as a participant. We have progressed with our other hydrogen hubs, both here around Scandinavia and at the end of Q4. Our cash position is just short of EUR 32 million. Subsequent events. Most importantly, we have launched our joint venture with Hy24, which operates or runs the world's largest hydrogen fund, where we jointly with Hy24 are investing EUR 200 million, which is matched with the debt, et cetera, giving us the capability to build up to 1 gigawatt of electrolysers in this JV structure with a lot of upsides. I will come more back into that. I'm not really sure that all shareholders have appreciated the value for us in this. I will zoom in on this a bit. As a part of this, we also had a capital raise of EUR 25 million, where also Hy24 participated with EUR 10 million, making them our third-largest shareholder in Everfuel, which we are of course extremely pleased about. We have signed the first contract for our pilot customer for our Everfiller, which is still in development, and we have secured a follow-up order for additional capacity for the hydrogen station project in Wuppertal in Germany. Moving to the macro world of hydrogen. Just within the last year and two years, hydrogen has been globally recognized as a significant part of the green transition, the solution. The current European situation with the war in Ukraine have all of the sudden moved this on top of the agenda throughout Europe. We see a lot of really good political initiatives that are all helping to move hydrogen forward and to make hydrogen into a sustainable business case. In Europe, there's a number of initiatives. We have the Fit for 55 package. We have REPowerEU. We have the RED II, the Delegated Act of the RED II, which now finally looks like it defines the RFNBO, meaning the renewable fuel of non-biological origin. When I say it looks like, it's because it still needs to be finally approved by the European Parliament, which is still ongoing. All of those European initiatives, and the very last one being the launch of the Hydrogen Bank, all of these are important and relevant. This is like patches that you put together in a blanket, like a patchwork blanket. They are not stronger than the stitches behind that pull all of these together. Currently, that's not done yet. That is that is happening, and we are, well, patient we're not, but we are of course waiting to see that finally materialize. Europe is really trying to respond to the Inflation Reduction Act from U.S. by its simple and simplicity and the support scheme there. This is definitely progressing hydrogen practice in U.S. We have no immediate plans to move activities there. We are of course paying attention to what is going on and what opportunities there are there. Zooming in on HySynergy phase I, the update for that. First, we have produced our first hydrogen on the 20 MW electrolyzer, major milestone as I said before. The commercial operation for hydrogen supply starting into Crossbridge Energy happening during Q2 2023. HySynergy one and the associated activities that goes around it will all be pushed into the JV structure together with Hy24. The cost of the electrolyzer, the 200 bar compression and the storage, which is required to build and operate a full electrolyzer and to supply to industrial customer, the total budget for that is now EUR 31.3 million. That combined with the additional activities that goes around making this into an even more advanced, more usable site, but also increasing the budget and the cost. Firstly, this is the heat recovery system, a heat pump that allows us to recover more of the heat coming out of the electrolyzer. That is matched with the hydrogen sales contract, sorry, the heat sales contract we have done with TVIS that is offtaking the hydrogen when we are operational. Preparing for phase II so that we can actually keep phase I live and operational while we are constructing phase II. Building distribution center which is prepared for further scale-up. Distribution meaning that we can put hydrogen on our Everholos and Everfillers and all the third-party distributors and distribute hydrogen to wherever that is needed for industry or mobility. Finally, we have also prepared so that we can set up a up to 10 MW test facility for, let's say, next generation or more immature electrolyzer technologies that would have an interesting forward view that we would like to test. We are in dialogue with multiple electrolyzer suppliers, it's very clear that from electrolyzer suppliers' point of view, having that opportunity is very interesting. From our point of view, getting that firsthand knowledge, not needing to pay for the electrolyzer, but actually having the value of the hydrogen coming out is also an opportunity for us. We have used and will continue to use HySynergy as the first project that have enabled or built up these competencies that we have within Everfuel. That's also a key value of what we're doing. So of the of the cash burn we have in Everfuel, this is building up competencies both in our electrolyzer development function, so where we're now developing electrolysers across Scandinavia and more countries to come. The construction phase, so the EPC phase, which is a significant competence that we are now preparing to duplicate, making it capable for us to run parallel electrolyzer construction projects. Moving into the next phase being the operations of this, actually just having the ability to operate our electrolysers according to the hydrogen request from the two different customers, being Crossbridge on the refinery side and Everfuel distribution on the distributed side. That matched with power prices and power price inputs from the grid, and optimizing the operation of the electrolyzer, taking our hydrogen storage into consideration. a work that we do in-house, and that's a key part of being able to optimize such a facility. And that's, we look forward to getting that operational, let's put it that way. We do think that there's a lot of additional value there, and that's our own internal knowledge in Everfuel. So this is not just building and developing a first project. It's also building blueprints that we can duplicate, and it's also building competencies that we will harvest as we move on. We will harvest that in HySynergy phase II and the other hydrogen hubs that comes on the next slide. HySynergy phase II, as you see on the drawing here on the right-hand side, HySynergy phase I is what you see here in the forefront. HySynergy phase II is what you see in the back. HySynergy phase II is planned to be 3 x 100 MW of electrolysers, where we have received the IPCEI funding, EUR 33.1 million for the first 100 of those 300. Naturally, we're looking for other sources of funding for the next parts as well. This is a really, really strong location to do this once again because now we have a distribution center which is prepared to scale up, and we have an industrial customer partner and already signed contract with Crossbridge Energy that you see here in the background. They are they are preparing to be able to off-take that hydrogen in different quantities depending on how fast they want to do this green transition of their refinery, which is it's simply just a pleasure to be a partner with them. You also see here in the very forefront of what we're building here, of the five buildings here, the first three buildings is actually not the HySynergy electrolyzer. This is what we call Everfuel Tech, our technology center with some laboratories that will soon be operational. All in the forefront, we have a four floors administration building. This is where our technology team, our construction teams, and our operations team will be located, where already today many of our Everfuelers are already working from in temporary facilities. They definitely look forward to getting this completed. Using the HySynergy project and the location in Fredericia as the proving grounds where we're then developing what we call our blueprints that we're duplicating to other hydrogen hubs, we see that as being completely essential for our success. With a cost overrun on HySynergy phase I, we need to learn a lot from that. I think this actually shows the current maturity of the electrolyzer technology unfortunately. There's still a lot of manual work that needs to be done in order to assemble such a facility. Some of that manual work can be done more efficient when you do it second time, when you actually know how you can optimize on that. That we're expecting to duplicate and harvest for both the Kristiansand project, the Aker hydrogen project in Kristiansand in Norway, and hopefully also for the Karlstad hub in Sweden. This is why we're duplicating our 20 MW electrolyzer, maybe one or two additional locations, and from there on, it would be duplicating the 100 MW electrolyzer, the second-generation electrolyzer, that we will do the first in HySynergy phase II, and then duplicating that to Holstebro, to Karlstad in Sweden as well. We are all about standardizing this. Keeping in mind when having multiple gigawatts of electrolysers in operation in eight-10 years' time, it's essential for us that to a great extent as possible that they are identical. We are setting up an operational team that will be running 24/7 right next to high 30. If they need to operate a lot of different sites with the different technologies and the different parameters of how they perform and are the opposite, this would be extremely challenging. So that's why it's so key for us that we make these identical, that we both get the CapEx down, that we get our performance up. And moving into the next phase, we have used a lot of time to prepare the deal with Hy24. As we talked about all the way back in our admission document when we listed here in the next growth, we said that we would be looking for partners that could do asset investment on asset levels together with us. We have been through a pretty long process, narrowing down the field of potential candidates and down to one. Now we managed to conclude with the signing of a contract to set up our JV with Hy24. Hy24 is a very competent operator of a hydrogen fund or administrator of a hydrogen fund, largest in the world. Pierre-Etienne Franc, that is CEO of the fund, I know him for quite some time. I think it's something like 13 years ago, we did our first hydrogen business together. The key here are setting up a JV that has one purpose, to get electrolysers constructed and to manage this minefield of being early mover and having technology that is getting more and more matured and matching this with customers that are ready to be the first to off-take hydrogen. What we are doing, we are jointly investing EUR 200 million, EUR 100 million from each, into a JV matched with a debt as well as hopefully a lot of public grants. That will bring us to a total of EUR 1 billion, which will then bring us to an installation of 1 gigawatt of electrolyzer or potentially even more. Everfuel own 51%, Hy24 owning 49%. We will put all of our activities on upstream in Nordics into this JV, so activities in Denmark, Norway, Sweden, and Finland into this into this JV. This is enabling us in Everfuel to continue to do exactly what we have set up competencies to do. To be dedicated on hydrogen development and thereafter for the EPC when the projects have passed FID, and also to be operator. We will do that for the JV, and we will get a reward and a fee for that from the JV that helps our cash flow quite a bit. It helps us to professionalize the activities, both moving the projects to FID and also, so final investment decision, and also from the investment decision to the EPC phase. This will be matched with other projects that Everfuel will be able to do outside of this geography. However, doing this in this structure professionalizes what we do. It also gives us in Everfuel a much more efficient usage of our of the equity that we're investing ourself, and we still have an opportunity to buy back the 49% under given conditions and at a certain point in time, which will of course give Hy24 a decent IRR. It will also give us the opportunity to take that control back again if desired. We think this is really good, and we're really proud and humbled to have Hy24 joining us. We look forward to getting to the close of this agreement and then moving this project into the next phase. Moving to the downstream business of what we do in Everfuel, our hydrogen fueling network. It's clear to say that when you look at hydrogen fueling, this is a segment that is currently challenged in quite a few ways. When I did the very first sentence saying we are a hydrogen developer with mobility upside, well, the mobility upside requires that we are earning on every kilogram that we dispense. We don't do that yet. We have a plan how to get there. I think that is of course very important. We need to be, somehow a little patient until the true value of hydrogen certificates start to kick in, because then this is truly a mobility upside. We are in the process of focusing our hydrogen station activities with the current first generation of hydrogen stations. They will be more and more concentrated around three hubs in Scandinavia. This is around Oslo, around Copenhagen and around Aarhus, where we will be supporting growing taxi fleets with multiple of the existing hydrogen stations. In addition, we are building dedicated hydrogen stations and operate dedicated hydrogen stations for for bus fleets. We operate the Heinen station for bus fleets in Netherlands. Now we start to see initial truck customers that also want to use that same station because of the location next to the highway that drives from Rotterdam to Antwerp in Belgium. Then we're building further bus stations for the dedicated bus customers in Germany, where we have contracts in Frankfurt and in Wuppertal. Now with Vestische, where we have signed the first Everfuel pilot contract. That will be matched with our preparations for building high-capacity stations for truck fueling. The hydrogen station technology to make that 700 bar high capacity and fast fueling of trucks is not available at the market yet. Meaning that what we are doing are to install at a few locations existing technology and preparing for the scale-up. It's all about securing the locations so that we have locations ready when those station technology is ready and as well as the vehicles are ready from the vehicle names. We're not scaling up before we see the market offtake. However, when we see the market offtake, it's essential for us that we have hydrogen capacity from our electrolysers ready, because otherwise that takes too long time. The development time of electrolysers is simply longer than the downstream business on hydrogen stations. Our Everfuel team, we are 84 dedicated Everfuelers by the end of February month. That is 27 employees increase compared to the same period last year. Roughly 25 female, 75 male, and 12 different nationalities with a very broad band of age. I actually think we have a not actually, I think we have a very strong and competent team of Everfuelers that is working tirelessly to execute our plan and ambition. I'm extremely humbled to stand in front of such a dedicated team. We're truly looking forward to prove that the ambitions will become reality in the coming quarters. Moving into financials. We you see the Q4 numbers here on the right-hand side. Firstly, the revenue from hydrogen sales. Before you get all too excited, keep in mind that that also includes revenue of hardware sales, so hydrogen station sales as part of the contract we have in Germany. You will start to see this revenue line that is not just hydrogen sales in the quarter, but also hardware sales, which you then of course also see on the cost as well. That is a one-to-one currently. We're still without the profits included. That would be included when the project is reaching commercial operation date. It's roughly EUR 1.6 million, which is the sales of the hydrogen equipment on this first contract and more to come. We see a stable growth in the hydrogen sales from our hydrogen stations, which is good. We of course would like to see that increase a lot, and we will see these numbers change when we have HySynergy in full operation. Good. Oh, sorry. Touching on the EBITDA. The EBITDA at the quarter is minus EUR 3.2 million, which of course reflects a continuous growing organization. Also as I mentioned before, that we are truly investing a lot also in our organization, which we are naturally expecting to harvest significantly from. Moving to the cash flow. Majority of our cash that we use is invested in HySynergy plant phase I. By the end of Q1, just short of EUR 32 million at account. In addition, subsequent event, we have raised EUR 25 million and signed the agreement with Hy24 as well, which also, they will be our third-largest shareholder. When we are closing the JV agreement, that also increases our cash flow even further because they are taking 50% of the ownership to the HySynergy being pushed into the JV. When you look at our balance sheet, this remains strong, and you continue to see that we are converting cash into assets. That has been the plan all along, and that's what we continue to do. Here you see the balance sheet at the end of Q4 as well. We now have our non-current assets of EUR 55.5 million, and cash just short of EUR 32 million. Summarizing, where are we in Everfuel, and what is the path that we are that we're running? We see a significant hydrogen market in Europe materializing. In order to move ahead and do this step by step so that we get learnings, improvements, before the really big projects, this has been the plan all along, moving in two, four phases in our business plan. We are now concluding the proof-of-business phase and moving this into ramp-up. It's also fair to say that we are, the proof of business will be truly done when we have HySynergy fully operational. But nevertheless, preparing for the ramp-up and the scale-up of our business. Ambition, reaching EUR 1 billion revenue before 2030. That will give us, somewhere between 1.5 and 2 gigawatts of electrolysers that needs to be installed. Investing EUR 1.5 billion in getting there, of where the expected 20% will come from equity, meaning EUR 300 million, euros. We have raised, a little more than EUR 100 million from shareholders today. With the JV cooperation with Hy24, they are bringing EUR 100 million in addition, to support this. We are targeting our the projected IRR of 8%- 12% on the projects after these first group of projects when we are now starting to make these projects more and more mature. You see markets on the right-hand side. We remain focused on our target markets. This is also where we have the renewable energy being green and available and most competitive. We believe that this is exactly what is right to do. Next steps in Everfuel. Our order backlog is of roughly EUR 43 million at the end of Q4. This is not including hydrogen sales from HySynergy phase II. Our methodology will be not to include it before we've done FID. When that is done, that will fundamentally change our order backlog naturally. We are continuing to focus on our customer commitments and our customer offering, both through our hydrogen hubs and through development on new sites for hydrogen fueling stations. HySynergy One and HySynergy Two progression naturally with the ambition of having FID for HySynergy phase II all towards the end of 2023. That needed to be synchronized with the investment decisions that will be done on the Crossbridge side as well. We will be executing the Hy24 joint venture and transfer our HySynergy assets in that and preparing for the next FIDs. The first to come will be the ACTA project, or is scheduled to be the ACTA project in Kristiansand in Norway during summer of this year. It's of course continue to grow and strengthen our organization, making it a capable force not just to develop, construct, and operate one large electrolyzer, but to do multiples of these. We are continuing to have a very strong market development focus with vehicle volumes. This is in particular on the trucking side. We do see some very interesting progress there. We wanna see actions of 1,000 trucks getting on the market. We see concrete actions of tens of trucks coming. We would like to see that of hundreds and further of that. It's progressing. We do believe that from 2025, that is a synchronized timing from multiple of the truck OEMs, and of course we have the ambition to stand ready when they are when they're coming. Summary, and moving into the Q&A session. Please, if you have any questions, feel free to post these in the Q&A part of this Teams meeting. We are a leading green hydrogen developer and energy company. We are positioned to capitalize on this very large billion-euro hydrogen market that is evolving in Europe. We have a very firm growth plan, and we have proven that we can do this and have done this before. Then we have a business model of being a hydrogen developer, and continuing operating the fuel, the full value chain, all the way through mobility. Having a mobility upside is a unique position. It's not necessarily the easiest one, but it's a unique position that will give us a very storage profitability on both the higher valuation on hydrogen in the mobility side, as well when hydrogen certificates truly start to emerge. We'll have the details of the financial review. You can review them at your own time, in the presentation and in the quarterly report that we made public. Very good. Moving into the Q&A session. Let me see. The first one: What is your expectation from the European Parliament to support the European hydrogen industry? What impact will it have on Everfuel's business case, both up and downstream? Well, as I said during the macro speech, I think there's a lot of good momentum, a lot of good initiatives. We need to see all of these initiatives, like, truly being stitched together and making it sufficiently strong and tight. Hydrogen Bank is good. The Fit for 55 is important. The REPowerEU is important. Renewable Energy Directive II and the supporting Delegated Act, which hopefully defines the RFNBO, the green hydrogen certificates. However, we're still missing the mechanism that creates a valuation of those RFNBO. It's not done yet. Those of you listening in from Brussels, get back to work quickly, please. I know you are working on it, but let's get it all done. Compared to U.S., there's still some work to get done. Next one: How does the RFNBO certificate scheme affect your mobility business? Is it included in the Everfuel business case? RFNBO, renewable fuel of non-biological origin, is the definition of green hydrogen, and it looks like it will be around about 1.5% of the fuel dispensed in Europe in 2030 that will mandatory, with a binding target, have to be RFNBO. When that is the case, there will be both European and likely national implementation programs to move from basically a non-existing level today up to that 1.5 measured on a European level, which is significant and huge. Getting there will be support schemes, there will be valuation, there will be penalty schemes that will be put on top of the traditional retailers selling traditional fuel. It's basically the penalties of those not selling the green fuel that creates the value of the RFNBO. In Germany currently, you have that value being somewhere between EUR 400-600 per ton CO2 emission. That is equivalent to EUR 7- EUR 11 per kilogram of certificate level. That is huge. When that's finally done and you put the wrapping around the packets and no more changes will be done, that has a significant impact. That is the main reason why we are continuing to stay in mobility, because that creates this uplift, this upside that we are all waiting for. Can we benefit from the European Hydrogen Bank? We will sincerely hope so. We will definitely not just be looking at it. We'll be looking very carefully at it. I think the value depends on the details and the implementation. If this is a loan, then you need to pay back, or if this is simply just a support program, which is also relevant. We are very experienced in securing various levels of public grants, so of course we'll be looking into the hydrogen bank as well. Can you please explain why you have seen so significant budget overruns on the HySynergy project? Well, yes. I think when in the presentation we did now, you need to distinguish between the core electrolyzer and the 200 bar compression and storage. Then the additional activities around. Building a 20-megawatt electrolyzer, in order for that to be functional at HySynergy, that is the EUR 31 million roughly, compared to a budget of I think in 20 in the beginning. That is at a significant cost overrun. Majority of that cost overrun is not on the main components because they were already on binding contractions once supplied. It's actually everything in between. Getting a building in place that supports the requirements to set it up to hold an electrolyzer, and then it's the interconnecting piping and cabling of such a facility. The atmospheric electrolyzer is volumetrically big, and the pipes that you have associated to it are volumetrically big to a point where they are welded and assembled at site, and cost you carry at site compared to cost you carry at a factory is just higher. The totality of all of that, including a lot of learnings and including that quite a few of these things are first time, meaning that you need to set up a complete control system, a complete qualitative risk assessment, a lot of that we can then duplicate for following projects. Some of those one-off items have also been a part of this cost overrun. I hope that explains. What benefits do we in Everfuel get from the JV? I assume that is the Hy24 JV. I think we get multiple values out of this JV with Hy24. Firstly, we are getting a very committed and very competent partner to support us. We are getting a partner that is verifying that what we have done and are doing in Everfuel is exactly right, and that we are capable of executing on our plans. When getting a JV partner as well, they are also taking a significant portion, 100 million EUR, of the investment risk of the equity that alternatively we from Everfuel would need to bring to the table. When doing it this way, we in Everfuel will be able to and secure a development fee while developing projects, which will be paid out some at FID and some later in the phases. We will also get EPC fees when we do the EPC work of these electrolysers, and we will get operational fees when operating the electrolysers, meaning that we get in Everfuel, we get revenues earlier compared to if we were to do this ourself, and that significantly helps on the cash flow of the business of Everfuel. Thereby we need less equity to execute according to our plans. Hy24 and their LPs have basically connections everywhere. That will hopefully enable us to develop further projects with more partners and more participants due to that relation and that network. I think all in all, that brings huge value to us. Do keep in mind that, in the event that we at a defined point in time would like to take back that ownership, that is an opportunity for us. Of course, then, giving Hy24, the agreed and a very reasonable IR. Very good. Let me see if there are any further. There were any further. I just needed to scroll. Can you explain the mechanics of how future projects will be developed under the JV? Yes. It's pretty straightforward. We in Everfuel will continue to do project development just as we have done before. When the projects reach a certain maturity level, and they're ready to be pushed into a FID, when they pass FID, they are pushed into the JV structure under our Everfuel Hy24 JV. They will continue to be operated there during the construction and as well as the operations phase. The JV will not have any significant number of employees. That will be services that is provided from the Everfuel organization. Will you have to repay the EU loans once HySynergy phase I is placed into the JV? Yes, that is the plan. We have a loan from the European Investment Bank to support HySynergy phase I. This loan is replaced by a bridge loan from Hy24. Due to, well, various complications, this is the right thing for us to do. When HySynergy phase I is in fully commercial operation, we will also be in a position to get a lower cost continued loan for that activity. Again, we are very pleased, and we think that Hy24 is showing willingness to support and to develop the right structures to bridge until commercial operation. That is appreciated. What was the value of the assets that you put into the JV with Hy24? This number is dedicated from your share of EUR 100 million that you put into the JV. Is this correctly understood? Yeah. The number that we communicated of the value of HySynergy and associated activities in Fredericia that we put into the JV, we of course need to announce what is the expected value at that point in time. That is not a project that is under completion. When project is completed, the total value before debt and before subsidies is these a little more than EUR 40 million, and that will be subtracted from the EUR 100 million of pool that we get from Hy24. Keep in mind that both the debt as well as the public grants we have secured reduces the equity from both Hy24 and Everfuel. Is it correct that your next project to reach FID is the ACTA project Norway, and do your partner have money to follow that up? Yes, that's correct that the next project we anticipate to push through FID is the ACTA hydrogen hub project in Kristiansand, Norway. This is a JV we have done with Greenstat, where Everfuel has 51, Greenstat will bring 49% of the required cash and equity. Our Everfuel part will be pushed into our JV with Hy24. We continue to be supportive of our partner Greenstat. We know they have announced publicly that they are raising capital to support this project, we are cheering them along, expecting that to be concluded in due time. In the event that that is not happening and there are alternative plans in place, that will not jeopardize the project. Will you need to raise additional equity capital before HySynergy phase II FID? As we communicated in the use of proceeds from the capital raise we did two weeks ago, those proceeds will be used to cover both our investment in the ACTA project as well as HySynergy, the first 100 MW of the HySynergy phase II. No, that is not a requirement at all. Does break-even regarding hydrogen sales require considerably more revenue through sales, or do you consider that breaking even is achieved at this stage but requires more technology maturing? I'm assuming this goes towards our hydrogen stations. There's a number of activities that's happening in parallel, moving us from a negative business case to a positive business case. Let's zoom in on Copenhagen as an example. There we have our high-capacity station that powers Solaris and we have the second station at the H.C. Ørsted Power Plant as well. Those are supporting the taxi fleets running in Copenhagen. That business case is including hydrogen supply from a local developed Ørsted electrolyzer in Copenhagen, which unfortunately, due to challenges from the technology supplier, is still not operational. This is more than a year delayed now. When that is operational, there is a sustainable case there. We don't need further technology maturity there. When that is set, we are working with Nel, our supplier of hydrogen stations, to progress the technology maturity of the hydrogen stations that we operate currently. 'Cause it's not at a point, as I mentioned this before, it's not at a point where we are sufficiently happy and neither are they. I think we are in a good constructive dialogue to move that down the right path. Naturally, we need to see that progressing before we are accelerating on further investments in further hydrogen stations, when we move beyond the dedicated stations for bus fleets because there we are, that's in a more controlled environment. That is a purely repeat business. Good. We have a lot of questions. Good. massive ramp-up in revenue from Q3 to Q4. Will you expect this to continue? When will the refinery revenue hit the books? As said before, the revenue in Q4, the hydrogen sales, or that revenue, not other operating revenue, EUR 1.6 million of that comes from hardware sales on one of the bus projects in Germany. Where we are purchasing and paying for equipment and then pushing that to this project. When you subtract that, you have roughly EUR 500,000, which is the profit on hydrogen sales out of our dispensers. We have seen a steady increase, and we are expecting to see a steady increase on the sales out of dispensers. When we reach the commercial operation date on the HySynergy electrolyzer, the month following after there we will start to see revenue from the HySynergy electrolyzer, which of course will be highly appreciated and also expected to be quite somehow larger than what we have currently of the normal sales out of our stations. Industry versus mobility revenue stream. What are your expectations? I think it's robust that we're standing on those two legs, and I will I'll recommend that we continue to do so, both having mobility and industry. When that is set, the industrial off-takers, which gives us long-term steady offtake, is key to reach bankability on electrolysers. We will see majority of hydrogen offtake coming from these baseload off-takers, industrial customers, and then the smaller quantities coming from mobility. Exactly where that number will be is a good question. If that's going to be a 20-80 split or a 30-70 or whatever, I don't know. To a great extent, that also depends on how the markets and the willingness to pay and green hydrogen certificates for mobility and industry, how that evolves, 'cause that will eventually also have an effect on the growth rates in those markets. We are expecting a deficit of green hydrogen in the years to come here across Europe. Honestly speaking, we wanna sell our hydrogen to the markets that are willing to pay the highest. Is the Everfiller a competitor to Nel's hydrogen station filling solutions? I would say no. The Everfiller is a mobile hydrogen fueling unit. Typically a hydrogen station consists of a dispenser, hydrogen compression, and hydrogen cooling in order to do a fast fill into a vehicle. The Everfiller has high pressure onboard storage, have no compressor, have no cooling, but has a few hydrogen hoses, so you can say that it has parallel hydrogen dispensers. It's developed specifically for small to medium-sized bus fleets to enable customers to get started, also for these initial truck fleets. When enabling customers to get started with a small fleet of buses and trucks, and when they then have the ability to grow their fleet, then the Everfiller is a very competitive product when finally released into the market. What we've done now is sign a first pilot contract, and we're looking for other customers that would be pilot customers, meaning that they also recognize that it's first customers. We think it's a very valuable product, and we think that our dispensing cost coming out of the Everfiller was, will be very competitive, but it's not a one-to-one replacement for hydrogen stations. That we'll continue to be building as well. Okay. Do you expect to move activities to US due to the IRA? The short reply is no. The longer reply, we are naturally monitoring the market conditions. If the European politicians are not getting their acts together sufficiently fast and making it sufficiently strong, it would be irresponsible of us not considering this, looking into it. No concrete plans at all. We have joined a delegation in U.S. to look into this. That's still a long way to go. Good. I think that was the last question. Then, you can find the annual report on our website, in case anyone would of course want to zoom in and look more carefully into that. You have the link for those of you that were on the news coming out this morning, there you can find it as well. Very good. With I think with that, we are concluding today's session. Thank you all for listening in and hope to see you next quarter again. Thank you so much. Have a good day.