Hello and good morning all, welcome to the Everfuel quarterly presentation, our earnings presentation from Q1 2023. Firstly, the disclaimer, the presenter of today is myself, Jacob Krogsgaard. I'm founder and CEO of Everfuel. Normally I would have my CFO joining me. Today, as you have noticed, we have our Deputy CEO, Martin Skov Hansen, that is taking the position as Interim CFO, and he's not in the office today, which is why I'm doing the presentation by myself. A quick reminder of what is it we are doing in Everfuel and what is the ambition that we're chasing. Well, we are a hydrogen developer, owner and operator, building large scale electrolyers and also the downstream business, distributing and dispensing hydrogen into both mobility and the industrial sector. We are at a point where hydrogen, and especially green hydrogen, are moving towards parity when it comes to both diesel mobility and natural gas within the industrial sector, industrial gas replacement. This is becoming more and more attractive as certificate values start to will start to come into play in the period now to come. In order to truly optimize and perfect this new hydrogen value chain, starting from renewable power, electrolyser, hydrogen distribution, and then dispensing using it in mobility and industry, it's required to have a dedicated energy company that builds, own, operate, and optimize this full value chain. Of course, it's not when we are in operation on these first assets that we do things perfectly. It takes time, but you can only optimize it while having control throughout the value chain, and that's what we're all about in Everfuel. We're listed as EFUEL on Euronext Growth in Oslo, and we have our activities and our target markets being Norway, Sweden, Denmark, Germany, Netherlands and Belgium. Good. Where are we with our Q1 key events? Well, firstly, we are extremely happy, pleased, honored and humble with the joint venture we have announced together with Hy24, the world's largest hydrogen fund. The ambition are to create a joint venture that will develop, own, operate, electrolysers throughout Scandinavia, so Denmark, Norway, Sweden, and also Finland. Jointly we'll bring EUR 200 million in equity that matched with grants and debt will actually bring us to a position to invest up to EUR 1 billion in electrolysers. More to come on that later. In addition, we have raised EUR 25 million in private equity here at the end of Q1 as well. On our HySynergy phase I project, we are progressing towards our mechanical and electrical conclusion, which will now be here late in this the second quarter. Unfortunately, this is now delayed compared to what we have expected earlier when looking at the commercial operation of the electrolyser. Once again, we will zoom more into that later. The, the conclusion are that being ready to safe, reliable, operation, in order to get to that point, we need the full documentation set. We need external authorities, a lot of things that needs to be in place, and that cannot be done so in serial while doing the final construction and commissioning. Some of those point parts have to be done in parallel, while we're still missing the as-built documentation from some of our suppliers. That is unfortunate, and I can give you the assurance that all available hands are on deck to come to operation as quick as possible. We have signed our first agreement on a customer for our Everfiller. This is a pilot customer, meaning that, it's a friendly customer that is not expecting the Everfiller to work in a perfect scenario. This is exactly key for us to have these first customers that will validate both the technology and the thinking behind the Everfiller product. We have received a follow-up order for the station that we are to be in construction of in the second half of this year in Wuppertal, Germany to fuel hydrogen buses with the follow-up order is to increase even more the capacity of the station that we are constructing. Cash transition at the end of Q1 is 20, sorry, EUR 38.1 million. Starting on the macro perspective of what's going on within hydrogen, and this is a lot, and I could use the entire presentation just to try to update all of you on this. I actually think that it's quite a few people around Europe that actually understands everything that is going on simultaneously. I have been quoted a few times to actually try to describe all of these initiatives that are happening in Europe. This is almost like a blanket of patchwork, meaning that it's a lot of patches that are being sewed together, and eventually it becomes a very robust blanket. Currently, it's a lot of initiatives that independently of each other are very good, but they're only strong when they are stitched together, and that is the process that is now starting in Europe. Philosophical, that's basically what is happening. A bit more into the reality. If you look for REPowerEU and the Fit for 55 packets. This is basically setting the scene for what Europe wants to do. In 2030, 20 million tons of green hydrogen are to be consumed in Europe, which is a lot. Half of it produced in Europe, 20 million tons by 2030. That is the ambition. How is that then being implemented in reality? Well, some of this is now coming in the RED III package, which is also setting the clear ambitions for green fuel. 5.5% of the fuel to be dispensed in 2030 in Europe should be advanced biofuel or RFNBO, renewable fuel of non-biological origin, hydrogen. Uh, the key thing are that there is a, a mandatory target of 1% being RFNBO, and that is really what we, what we're looking at. 'Cause, uh, at the end of the day, it's not the ambitions but the mandatory targets that have proven to move, uh, to move Europe. And the 1% there, well, that might be low, but still, 1% of the European fuel market is significant, and it's pushing us, and it's pushing our... The, the industry. Uh, we also have the, uh, the delegated act in place, meaning that the definition of, uh, of green hydrogen looks like it's now, like, final, final, and thereby we know exactly what is green hydrogen. The final step is then the national implementations, meaning that each member state in Europe will do implementation plans to move from where they are today up until 2030, where it's the minimum 1% of the fuel that needs to be RFNBO. Germany, Netherlands are ahead of this. Sweden, Denmark looks like they are now working on catching up to have a national implementation scheme. It's those national implementation schemes that when hydrogen are to be used all the way at the end, at the dispensers, that becomes critical. Europe have announced the AFIR, the Alternative Fuels Infrastructure Regulation. The AFIR sets the target of building hydrogen stations across the main corridors of Europe, with a distance of maximum 200 km in between. That actually gives a requirement to get built more than 650 stations throughout Europe. That is a lot. That's stations of a larger capacity. Meaning that it's actually only the one we have in Heinenoord and Prags Boulevard Copenhagen that would be capable of being compliant with this. So that's high-capacity stations that will be that needs to be built. Of course we are preparing our position towards this. We are operating or constructing electrolyser, of course, in HySynergy. We have 12 hydrogen trailers, high-capacity trailers in operation today. We have eight stations in operation and 11 in various stages of development. All of you naturally interested in HySynergy. Are we. Let's start with the focus of, or the status of where we are. Walking around the site, it's. Well, I can't wait to, to show it to you all, when we are, when we're ready. We are progressing well towards mechanical and electrical completion, by the end here of Q2. Meaning that we have all major parts. We have, the assembly is going according to, to that ambition. What follows after is the later stages of commissioning and then, of course, to be ready to do a reliable and safe operation. In order to get to the reliable and safe operation state, that's quite a lot of hurdles we need to go to. It has become more and more clear for us here lately that a lot of these hurdles are comprehensive. Comprehensive in a way where a lot of the documentation that we need cannot be completed before the construction is finally complete, and we have the as-built documentation from ourself as well as our suppliers. When that is set, the standards, the requirements from ourselves, our partner, in this case Crossbridge, and also authorities, they need to be jointly aligned, and it will be the basically the highest of those three that will define the the operation levels when we are to do this best practice. This is fair to say, it's a larger task than what we anticipated. It's a, it's a hurdle. It's key that we do this learning in-house, and we are doing it. As said before, we have all hands and available heads on deck to make sure that we do this as fast as possible but at the same time, as structured and as reliable as possible. This is a hurdle. The good thing are when we're on the other side of that hurdle, it's a learning, and it's a learning that we will use going ahead for the next electrolysers and the next one. That's also a hurdle that any of our competitors that are also working towards getting their first large-scale electrolysers operational will need to pass. I do believe that is the last hurdle we have before we are in commercial operation and can start the molecules to flow to both our own customers for the mobility side, as well as Crossbridge, our neighbor and partner. We have realized that this is, of course, of great interest, we cannot say, like, anything right now specific when we're expecting to be operational. We do expect to have much more clarity on that, we'll be able to give some guidance on that by the end of June, which is why we have said here that there will be an announcement on this. Moving towards HySynergy phase II. phase I is, of course, the initial state, and clearly we need to have some learnings from phase I before we start constructing phase II. When that is set, phase II is extremely important for us as well as Crossbridge, our partner. Phase II is a 300 MW electrolyser, divided into three sections of 100 MW each. We are still targeting FID here by the end of this year, or at least to be ready to do so. It has to be synchronized with the investment decisions that have to be done on Crossbridge refinery side in order to be able to receive and utilize our green hydrogen. Needs to be synchronized with approvals from authorities and also being sure that we have the infrastructure that we build here will be compliant with all regulations for critical infrastructure, 'cause that's where we will be. In these periods, being critical infrastructure is more key than ever to make sure that you do that robust and reliable. We have secured IPCEI funding, which is DKK 246 million equivalent of EUR 33 million in funding support to build the first 100 of these electrolysers in phase II. Moving ahead, the ambition of what we do in Everfuel are to use HySynergy in Fredericia as the initial starting point for the growth of our electrolyser activities. We're building our Everfuel Tech, our technology center, right next to HySynergy, where we will have our development and engineering teams, technology teams as well located. From there, we will then do the learnings of the electrolysers. The first generation electrolysers that we call our 20 MW electrolysers that we are expecting to duplicate to Kristiansand, Norway, Karlstab in Sweden. Afterwards, the 100-MW electrolysers, starting with HySynergy 2, and then duplicating this one to Hundested, Karlstab, and, well, quite a few other locations that we are moving towards preparing hubs. The thinking of our Everfuel hubs remain the exact same. The core of a hub is green hydrogen production from electrolysers. If we can develop renewable renewable power, either by ourself or by partners, so solar and wind in direct connection with that hub, we will do so because that improve the business case. It's equally key for us to make sure that the electrolysers that we built here will eventually be capable to be connected to the European hydrogen backbone, so the infrastructure coming. Of course, it's key for us to make sure that we get in the dialogue with authorities that will eventually make decisions on the routing of this hydrogen backbone. The Hy24 joint venture, as said in the introduction, this is really important for us and it's key for us. What we are doing in Everfuel on the electrolyser side, we are a developer, we are an EPC, and we're an operator. Our target is to become an independent hydrogen producer while also having our downstream hydrogen leg as well within Everfuel. In order to execute according to our strategy and be able to have even more momentum, it's key for us that we have partners that can join us in the investments in our electrolysers. That's what we have achieved here with Hy24. What we will do in Everfuel, we will be a developer of projects as we are today, where we are developing projects, preparing these. Then we will, by the time of FID, the projects will be pushed into the joint venture between ourselves and Hy24. There will be a development fee for the developer, which helps us to cover our running costs. We will do the EPC work for our joint venture in-house, and that's also of course a revenue stream for us in Everfuel. At the end, we will also do the operation services on these electrolysers. That gives us in Everfuel multiple revenue streams along the construction period, and it still gives us control in the ownership. Bringing Hy24 on board is also a really good and professional way of making sure that they have all the requirements needed in order to document that our projects are sufficiently bankable. That will also help us jointly moving forward when having a third party in bankers to approve the projects and give us the necessary bankability on our projects. The structure, as in mentioned in the introduction, it's a 51-49 JV. 51 coming from Everfuel, 49 coming from Hy24. Jointly, we're investing EUR 200 million in equity. That is matched with the ambition of EUR 800 million coming from a mixture of various public grants and remaining coming from loans from banks. Of course, that is an activity that we're working significantly on, and actually activities that have already started even before we have reached financial close on the JV with Hy24. With the EUR 1 billion of total investment, that will bring us to an expected capacity of around about 1 GW of electrolysers in our joint venture. HySynergy phase I is the first project that will be pushed into this JV structure. We are working towards financial close of the transaction, of the deal, meaning that none of the transaction elements are included in the Q1 numbers with the acceptance of the Hy24 participating in our capital raise that we did. We are on the financial close of the JV. The foreign direct investment from Hy24 needs to be approved by authorities, and they have indicated that they need until end of May to review that. That is expected to be the timeline with the longest duration. Ambition are before the summer to get this concluded. Both parties are very eager to get this moving, and we're actually already working as if this was already closed. Moving on our hydrogen fueling network. As you see here, we have the area where we're active. We have stations in operation, 11 of these. Two of our very old generation station were reaching end of life in Denmark and were taken out of operation, one here in Q4, one in Q1. With no real no effect on the hydrogen revenue. It's very clear that what we need to do here with the public stations are to make sure that we are synchronized with our build-out of stations and also with the delivery of vehicles from the OEM, as well as the customers, pull and requirement on the vehicles. Naturally, we are in very close dialogue with truck OEMs. We are, we have a lot of insights and have a lot of actual experience also fueling the heavy-duty vehicles. We are definitely pushing along and trying to be this person in the middle that is connecting the vehicle, the truck OEMs, and the initial customers, and to try to put this into joint projects that will work. It's not our ambition to be exclusive with one OEM. We have a very firm belief that we need to cooperate with multiples of OEMs, and we are equally pushing and nudging and doing whatever is required to get them over the line to offer commercial fuel cell and ICE trucks. 'Cause that's actually an interesting movement that we have seen lately. It's not just hydrogen trucks, meaning electric hydrogen trucks with a fuel cell instead of a battery. We are actually also seeing an interesting move with internal combustion engines running on hydrogen. I think the advantage with that are that the truck OEMs can actually use a lot of the existing technology, a lot of the existing ICE technology, a lot of that coming from the CNG trucks. Very simplified put, replace the gas storage with a hydrogen storage instead. We have secured multiple and different levels of funding to build hydrogen stations. All of these will be built on the hydrogen corridors and thereby meeting the requirements of the AFIR that I talked about earlier. This is to build stations in Sweden, multiple locations. It's also to build stations on the corridor from Oslo in north to down on the west coast of Sweden to Denmark and down towards Hamburg. It's definitely interesting times, and for us, having that funding available and synchronizing the build-out of the stations, also making sure that it's the correct technology that we are building on those stations. As we've mentioned before, we have half seen and are continuing to see some hiccups on the existing generation of hydrogen stations. Lately we actually have seen some positive developments, which is a mixture of progress on our part, Nel, on their side, and as well also us being able to basically cope with it and react quicker and predict faster what we need to do. Looking at our organization, we're continuing to ramp up and expand our organization. We, at the end of Q1, had 86 employees in Everfuel. Still a broad mixture, male and female, and 11 different nationalities. Average age, 42. We have a additional Everfuellers that have joined us here already now in the beginning of Q2. Now we are a total of 90 that are functions across the organization. It's from sales and business development of hydrogen projects, development of renewables, and then definitely in construction of both electrolysers and hydrogen stations towards the technology improvement of that and also operations and the remaining supporting functions. It's more or less throughout the organization that we are opening up, being ready and being very eager to supply the first molecules and utilize our full organization. Moving towards the financial review of our activities. As you see here, the P&L on the right-hand side is still, to a very great extent, showing that we are in the initial stages of commercialization. Equally showing that we have higher costs than we have revenue on the hydrogen. We still do not have our hydrogen coming from neither HySynergy or the Astro electrolyser in Copenhagen. Astro electrolyser latest communication are that that should be able to supply hydrogen during June this year. We're keeping fingers crossed that that will happen. ‘Cause that will then have a significant effect on the hydrogen supply to, for the Copenhagen stations and actually the supply of hydrogen likely also going further north up to Norway. The electrolyser HySynergy talked about that before. As soon as that is on an operation, that will also have a very positive impact on the, of course, on the cost of hydrogen and as well very much on the revenue. Looking at the top line, the revenue, this has more or less been steady compared to the Hyden sales in Q4. I should say on the Hyden sales because the total income is different. In Q4, we had one-off with the revenue from the Hyden, the technology and the stations supplied for the Frankfurt project. Now, that is not a part of the... Or one-time event in Q1. It's more the revenue for Hyden sales, EUR 316. That is comparing to roughly EUR 400 in Q4. We see a little decrease there. It's basically the same, the same stations, the same customers. Looking into the numbers, it's less sales on the Hyden station, the taxi station in Copenhagen. Typically, on taxis, Q4 is the most intense period. We actually think that the Hyden consumption mirrors pretty well the typical usage of taxis there. That is, that's more or less it. Under the raw material and consumables, we also have a one-off cost of roughly EUR 400,000. Rebuilding in Frankfurt, we have needed to install a basically a battery to balance out the power consumption between what the grid can supply and what the Hyden stations require, which is an additional cost compared to what we expected. So that's EUR 400,000 on that line. On the operating costs, we have a few one-off costs. Also, some of the costs associated with the capital raise in Q1, but also on external consultants and IT systems, getting these ready, getting these... It's not just getting HySynergy operational It's equally having IT systems with communication on the ordering of hydrogen as well as invoicing and correctly measuring the cost of the hydrogen as a function of the power price and et cetera, et cetera. Being ready, once again, not just to do this one-off, but being ready to scale up. Yes, I think that's it. The EBITDA for the quarter, EUR -5. Looking at the investment activities and the cash flow overview. Cash flow from the operational activities, EUR -7. Cash flow from investment activities, which is mainly HySynergy, EUR 11.5 or 6. Cash flow from financing activities, close to EUR +25, which is equal to the capital raised. Some of the costs associated with the capital raise are actually on the P&L, just so that that is clarified for everybody. I think that's it. Looking at our balance sheet, as you see, we stand very strong and have converted cash into assets and are on the edge of starting to also collect revenue on those assets. Yes, I think that's basically it. Moving up towards looking or moving up and looking towards the the ambition of what we're chasing in Evolution. We are on this path of moving from through four different phases, where the the phase II proof of business, I think the HySynergy getting that like in two operations, probably the very last step of doing that. Just to be completely transparent and honest on that. Moving towards the ramp-up phase, which is then duplicating what we have done in at HySynergy, both the 20 MW and later the 100 MW. Before we reach Phase IV, the take-off phase, which is really where we need to have already projects secured and starting to go into execution mode of those projects being ready for 2030. Definitely 2030 is is where everybody is trying to measure where would one be. That's also what we do. We have the ambition of EUR 1 billion revenue, 2030. We need to invest EUR 1.5 billion getting there. Of course, a lot of that will come from non-equity. Roughly 1.2 of that will be coming from hopefully various funds or subsidies, as well as bank loans on SPV levels. Remaining EUR 300 million will be investments, where part of that will now be taken in the JV that we're doing with Hy24. We're targeting IRRs on new projects between 8%-12% after this initial period of these first projects that we are conducting as we speak. Next step and looking ahead, we have our order backlog of roughly EUR 43 million, which is excluding any HySynergy 2 sales, even though we have funding and also agreement with Crossbridge in place. Quantities are still dependent on a number of factors, which is why it's not included. Otherwise, it's continued focus to secure our customer commitment for multiple of our Hyden hubs and justifying us to build Hyden stations, further stations. The stations, all of those that we built needs to be a bankable and a sustainable business case going forward. We are also very cautious of what technology that we're building to make sure that that is robust technology and also technology that will continue to support the business case going forward. Of course, continue progressing on HySynergy phase I and phase II. Getting the financial close on the Hy24 JV, and then transferring our HySynergy 1 asset into that JV, and then preparing, of course, for the coming investment decisions on our further Hyden hubs. To elaborate a little bit on that, when we're talking FID, the key thing for us are to have all conditions in place rather than have a certain timing. Condition in place on our side, we need to be as progressed as possible on the development of a project, meaning that we have the basic permits, we have the site, we have the customer secured, we have the customer commitment secured. All of that takes time, and it needs to be synchronized. If one of those elements are delayed, they're all delayed. That's just how it is being a developer. Of course, we have target FID dates, and that's why we want to be ready, and we are chasing to do that. We'll not do the FID before we have all of the elements synchronized. We're continuing to strengthen our organization to scale up our competences, project development, execution skills as well, as a lot of competences that we're building in-house in Everfuel. Fundamentally believe that that is the right thing to do to keep the competences and to not just share that with a lot of external consultants where there would then be a spillover effect on our competitors as well. Lastly, making sure that we are continuing joint market development with our customers and vehicle OEMs to make sure that we get these initial fleets off the ground. As we see it today, the bus sector, especially in Germany, is really where the business is starting to be ready to me, and that's why we're seeing progress with building stations already now and hopefully more to come. Then we see the truck business catching up, catching up within the next few years. Summary and moving towards the Q&A. Well, we are one of the leading European hydrogen, or green hydrogen energy companies. Being ahead of the pack here requires a lot of work. We're doing that, and we're also doing the learning. Of course, on our side, it's flipping that learning into future business as well. We're of course positioned to capitalize on this multi-billion EUR hydrogen market that is now opening in Europe. We have our very firm growth plan that we are continuing on and executing on. We firmly believe that being an independent hydrogen developer, producer, owner, operator, is key. With the mobility, the downstream business as the leverage of our business plan. That is the unique business model of what we do in Everfuel. With that, let's move to the Q&A part of our presentation. Let me see if I can find them. Yes. There we are. By how much do you expect costs to decrease once you receive the new hydrogen supply in June? Substantially. Our cost will know the number exactly. Compared to where we are today, where we need to import majority of the hydrogen, and thereby have a long logistics and distribution cost. It will be significant. I'm not going to give any exact number on it, but significant. We have two hydrogen sources coming up. We have the H2S project together with Ørsted, while latest schedule says June, and we have our own HySynergy project where I have not mentioned the exact date, because we are still looking at the operational readiness and what we need to do to get there. Can you please explain in detail the current status of HySynergy? Do you expect delays in commercial deliveries of hydrogen to the refinery? I think I tried to actually to explain about HySynergy phase I. On the mechanical and electrical completion, we're expecting that to be done by the end of Q2, meaning that from the outside, majority will look finished, might have the distribution center that is still in construction, but the entire electrolyser and the high-pressure storage should be done at that point in time. There will be the last part of commissioning, and then it's really making sure that we have the operational procedures in place and that we have approvals from ourselves, partners, and authorities to get there. It's that phase, having the as-built documentation, you cannot do that before you're done building, and using that as-built documentation to set up your operation procedures, your best practices, which is what unfortunately takes time. Meaning that, yes, I also do expect delays in the hydrogen supply both to the Crossbridge refinery as well as to our own hydrogen stations. How much I am... It's difficult to say at this point in time. As said before, all available resources are on this to fix this or to basically move as fast as possible. What do you expect the mobility market to experience, when do you expect the mobility market to experience the uptake? We are still waiting. So am I. Well, the customer contracts that we do have in hand, that we, that we know for sure, meaning that we have the two bus customers we're building stations, Frankfurt and Wuppertal. Frankfurt by, I think in the summer, that will have quantities on hydrogen, which will change the revenue from mobility. We see quite a lot of tenders for hydrogen buses in Germany happening now. Hydrogen buses being like a true and now also reliable alternative to the better electric buses, with a different infrastructure, which is interesting for the other some of the bus operators. Within just the next few years we're expecting to see the bus market picking up pretty significantly. That's a good thing that a lot of that is happening in the German market, and the German market is really where we have also the initial certificates in place. Let me just see if I missed some. It's the next one. That's a long one. Could you please provide an update of hydrogen costs seen at the pump now versus previous commentary of around EUR 10, EUR 10- EUR 12 at the pump? Fueling stations, what is the utilization rates that you are typically seeing today? When do you expect that to be at the end of the year? Okay. Well let's start there. The pump price, as I remember it, has increased a little throughout the last like two quarters. Price and cost is of course two different things. The price is what customers are willing and capable to pay while still having a sustainable business case running with their hydrogen bus, truck, or taxi. That remains the same. On the utilization rate, we still see a pretty low utilization rate. If I remember correctly in at the taxi station in Copenhagen, we're roughly at something like 200 kg of hydrogen per day. The station is capable of doing well, basically up to five times as much. That is under design. We would like to see the robustness of the technology being better before we will go to that level. When we start to see that off-take, we will of course, we will of course be ready. The green hydrogen certification with regards to the economics of timing and implementation. The certificates. RFNBO definition is now in place, meaning the renewable fuel of non-biological origin being hydrogen, the definition of that is in place. Our clear ambition, both for ourselves and the joint venture with Hy24, are to only produce RFNBO compliant hydrogen. When we then generate that hydrogen, we generate a certificate. That hydrogen certificate has a value for someone that needs to buy it. Those someone are the ones dispensing traditional fuel. At least that's the mechanism. That is the how it's working in Germany and in the Netherlands as it is currently with the HBE in Netherlands and THG quota in Germany, that the one dispensing traditional fuel needs to prove that they are greener and greener and greener. By doing so, that's difficult because it's fossil fuel. Therefore they get a penalty. The alternative are that they can buy a certificate that prove that they are dispensing RFNBO. Thereby the value of that certificate is equal to the penalty of them when they are dispensing traditional fuel. To my understanding, THG quota is now being updated in Germany as we speak, because the RFNBO is now in place. The valuation of the penalty and thereby the valuation of the RFNBO is of course the interesting parameter. We would like to see that being firm for a long period. I think realistically it will be something that will be variable, which is of course true, a frustration. We are looking at models on how the certification will either hit us directly, or it will be something that is also helped to make the hydrogen price even more competitive at the customer side. As soon as we have more firm detail on that, we will come with some examples. This is yet another of these patches in the patchwork that are in the process of being sewed together. On the Everfiller, how much could this reduce the fueling by, the cost? It's still a little too early to prove in reality, but what we are targeting are a significant cost reduction in the dispensing cost out of the Everfiller compared to building a large scale station. That is a reply that needs some granularity, because when you're building a hydrogen station, you need to build the station. You have a lot of installation costs, you have a lot of hardware costs, and you have that cost no matter if you're dispensing 200 kg or 1,000 kg out of that same station. When you are into significant quantities, moving towards the 1,000 kg or much before that, it will always be a requirement to build a dedicated station, either dedicated behind the fence by customer or a public station that can then serve as the customer can serve as the main base load off-taker from that station. For the initial customers, where they are starting with five, 10 buses or trucks, and then maybe they don't have a station in the neighborhood, the Everfiller is a very good start case. This interesting thing are that the dispensing cost out of the Everfiller because we have very, very limited site installation costs on the Everfiller, close to nothing. It's very interesting. The Everfiller doesn't have compression, doesn't have cooling of the hydrogen. It fills 350 bar to either buses or trucks. For buses, it's a perfect fit because that's 350 bar. For some trucks, they're also 350 bar. It's a perfect fit. Even for the 700 bar trucks, the EverFiller can give you almost 60% state of charge on your truck when you're filling it at home at your depot. That can be slow fill during the nighttime, meaning that actually you have no loss of operation time on your bus or on your truck. Of course, we are very pleased about the first customer in Fredericia, and we are looking forward to have multiple pilot customers before we come with the full release of the EverFiller. There are some key features of the Everfiller making it unique to what you have, maybe seen on other mobile hydrogen stations that have been announced. We'll keep that a little to ourselves until we are closer towards not just pilot, but full commercial operation to not just give competitors the hint right away. I hope you can appreciate that. Good. That was a long one. Are we expecting significant challenges coming with HySynergy phase I prior? I think we already touched on that. What is your key learnings from HySynergy 1, and what is the expected learning curve for Everfuel planned hydrogen H2 hubs? Well, I think the key learnings, if you, if you go and look at our quarterly presentations the last three, four quarters, I think the sum of that is probably the learnings that we have done. This has been a total learning curve that has been much more steep than anticipated. That both goes in the construction phase, realizing that we needed to do basically much most of this and now all of the EPC work in-house to control this and also to now control and document the quality. Moving towards the commissioning that we're now standing, we're basically standing and soon ready to do so, and into the operation phase, realizing that actually the requirements of operation of an electrolyser is very blurry, meaning that we need to set best practice together with our partners and then approach authorities and say, "This is actually what we believe in this. Is this also your view?" Learnings and learnings. This is organizational learnings, meaning that this is done by us in Everfuel and not by multiples of consultants. This is a learning that is tough when you, when you have it first time, but it will prove to be a significant value for us moving forward. Key for us are to get all of these learnings also on costs, et cetera, in-house because that's what gives us the foundation to move for the next one, make it cheaper, better. Next one, make it cheaper and better. If we outsourced all of that, next time would also be first of a kind, and next time would again be first of a kind. We would not be this learning organization that would move down the cost curve as well. Yes, it's a significant part of learning that we are getting there. What is your expectation from the European Parliament to support the hydrogen industry? Well, the both the European Parliament and the Commission, they of course work hand in hand, and typically, which is not always the case, they think synchronized when it comes to hydrogen. I think the European ambition of 20 million tons of green hydrogen used in 2030 in Europe is a really, really good ambition. When you look at the initiatives that have been done now with the RED III, that hopefully the Parliament will approve, then 1% of fuel will need by 2030 to be RFNBO, not just target, but mandatory. That's a good step. The interesting thing are that all of the mandatory steps, if I understand the analysis done from Hydrogen Europe, that move towards 4.3 tons of hydrogen in Europe in 2030. The, the totality of Parliament, Commission, et cetera, only needs to do five times as much initiatives as what they have, as what they've done currently to actually reach their own target. There will be more to come for those that are patient. Are we patient? Yeah, not really. At least for those that are ready, and that we are. When do you experience the mobility market to experience this? No, that we had that one as well. As well, on the mobility market, can you tell about Everfuel's involvement in Volvo's winter testing of hydrogen trucks? Yes. We shared that on SoMe, I think yesterday or the day before. Volvo actually made a pretty cool video of their winter test, which was great. We salute them, and we encourage, nudge, push, go ahead as fast as possible. As we've announced, we have supplied hydrogen and installed station far up north to support the winter testing. Pleased to say everything went extremely well. Limited we are, we can say. So far so good. We can also fuel north of the polar circle. FID on HySynergy phase II, late 2023. Is that realistic? It's realistic for us to be capable of executing the FID. As we also say in both the report and the presentation, there are a number of conditions that needs to be in place. I think most importantly, of course, either we get approval from authorities being aligned. Building 100 MWs or multiples of 100 MW, we are critical infrastructure, meaning that this becomes increased awareness from authorities. Equally important, it has to be synchronized with the growth and the ambitions on Crossbridge's side. The required investments that they need to do in assets there, we need to synchronize those FIDs. If that comes later, our FID comes later. As said before, FID will be synchronized with all of the proofs that need to be in place before you do the decision. On Aker, the targeted FID was here during or prior to the summer. Now, Enova has actually provided extension of that date for all the hubs in Knudepunkt in Norway. We would probably prefer to stick with the FID realizing that it's a project with multiple participants, partners, customers. We need to respect that and find a good way forward. What does the JV mean in terms of moving with speed? How quickly can you move next projects to FID? I think the main advantage of the Hy24 JV are that we have a structure in place where we have equity available. The equity we need to bring is then reduced. Secondly, as a, it's of course a very well-known, reliable partner that also brings some leverage when talking with banks and getting good conditions on the financing part of that. When we have projects, again, we need the locations, we need the partners, we need the power, we need the permits. All of that we need to have in place, and when that is in place, having the JV, we can move quicker both towards FID and beyond. When do you expect to have solved the issues with your hydrogen stations? Do you experience improvements? As I said before, we have experienced some improvements. Not trying to over exaggerate this 'cause the hydrogen stations from that we are operating from Leir are still not at the operation point where they or we want to be. Not at all. We have seen some improvement lately. We should also recognize that. We are expecting that to continue to get better and better, meaning that the mean time between failure will be reduced and thereby, the required maintenance time from us will be reduced. We also hoping and expecting that the unexpected events will be reduced while we remain with a high activity level or alert level so that we can respond if issues happen. A little positive effect. We... Those of you that have used our hydrogen stations or fueling with the H2 Fuel App, you can see that when you're done with the fill, you can actually do a rating when the fill is done. That's for all types of vehicles on all of our stations. You can give it from one to five stars depending on how successful, reliable, basically your experience of the fill. Here in April month, that's the all-time high of what was it? 4.27, I think, of the response from our customer, which is basically a kind of a customer rating. At least we are also seeing that our customers are experience an improvement, which of course we're happy on. We're not done, far from done, but we're seeing an improvement. Next one. It took Aker more than a year to get public paper work done and permissions, that if they start the production in June 2023. Europe has simply start the permitting process in June 2023. Do you have insight that your permission process should be faster than Aker's? Well, that's pretty specific. I'm not into the details of Aker's permitting process, and if I were, I would probably be not fair to disclose too much detail on that. We are in very close dialogue with authorities, and we have already been that for quite a long time. I think the, what has come to our realization are that the latest part of that documentation, including the operational readiness and the procedures to be ready, it has been difficult to really prepare that and do that prior to having the final documentation of what is built, and that is what we are now, that's what we're now doing. We are not expecting to have a period of a year before we are in operation or That is, that's my clear expectation. Have you guaranteed Crossbridge delivery of hydrogen and have to buy it elsewhere until HySynergy 1 can deliver? Well, we have not guaranteed supply from HySynergy 1 to Crossbridge before the asset is operational. I think that's one of the strength of our cooperation are that we have taken the joint risk, realizing that it's it is an immature technology in an immature market, but nevertheless, both of us need green hydrogen. There are no LDs on this. Of course, Crossbridge is impatient. They are standing on their side of the fence, looking at the pipe and knocking on it and waiting for hydrogen to flow to it. They are, they're not buying hydrogen elsewhere. They can use the gray hydrogen that they can produce themselves on site. Naturally, they want that to be replaced with green hydrogen as soon as possible. Thank you for the interest and all of the questions today. I'm eager to see the interest and look forward to be able to share more and especially more on the details of how we move to the last phase on HySynergy. Thank you. Thank you all for listening in. As mentioned before, we will come out with a status on HySynergy by the end of June. Otherwise, see you at the next quarter presentation. Thank you, and have a great day.