Hello, and good morning, all, and welcome to Everfuel's earnings presentation for Q2 2023. As you see here in the background, this is the HySynergy facility that is basically to mechanical completion. We will zoom much more into that a bit later. It makes me proud to show some real hardware, to show that things are progressing and progressing a lot. Of course, not to the extent we wanted it originally, but things are progressing. Here you have the disclaimer. The center of today, myself, Jacob Krogsgaard, founder and CEO of Everfuel. And you see here, this is the picture from the outside in on the HySynergy facility in Fredericia, Denmark. So, where are we in the world of Everfuel? Those of you that have had a chance to look at our Q2 report and the release, you can also see that we are now refocusing our activities in Everfuel to make sure that we succeed, and we succeed with a high success rate. So, on the right-hand side, you see the markets that we're working in in Everfuel. We have the initial target markets, where we have now zoomed into Denmark and Germany. We have our medium-term markets, which is Scandinavia, Germany, Benelux, and then finally, when hydrogen is proven successful, it's basically the other long-term markets moving ahead. We are at a point where green hydrogen is basically being talked about everywhere. Power-to-X, converting the additional renewable electricity that we cannot harvest, convert it to hydrogen, and use it. That's on the lips of everybody, as in the talk everywhere. It's the fuel that can replace both diesel and heavy duty natural gas in industry, and also coal in many places in industry. However, we also had a situation where even though we all anticipated, and us in Everfuel included, that the hydrogen value chain and the technologies through that value chain were more mature, we also need to realize that that has not yet been the case. We are adapting to make sure that we will be successful, and I'll come back to that later. But in order to, to make this value chain efficient, we are very certain that if we do not have one dedicated hydrogen energy and fuel company that optimizes the entire value chain, and consistently and will optimize on both hardware and commercials, then we will not make it. That's what we're about in Everfuel. Of course, of course, to do that, with a high degree of certainty that we will get a return on it, naturally. We are identifying ourselves as the developer, EPC, owner, and operator of upstream electrolyzers, as well as hydrogen distribution and hydrogen stations. It's without a doubt that the focus now is moving more and more on the upstream, on the hydrogen production, making sure that we are grabbing the opportunities there. I will show that in a second. We're listed on Euronext Growth in Oslo. Yes, the main and the key events of where we are in Everfuel. Firstly, we are realigning our strategy to focus on scaling green hydrogen production. This is the main activity, and the starting point of the success of what we're doing in Everfuel. That has always been along, has always been hydrogen production. But now we see we have been running ahead on the downstream business, being our hydrogen station network, and therefore, we are needing to adapt. In fact, looking at technology, development, maturity, or the lack of it, throughout basically both the dispensing of the hydrogen, now also the distribution of the hydrogen, and to some extent also on the electrolyzers to the production of the hydrogen, we need to refocus and restructure. So we are restructuring the hydrogen station network. We have not seen the momentum on the OEM side, with, on the car side, and for that reason, our conclusion are that that is not sustainable, and we will not be in a position where we are subsidizing hydrogen on our stations. We are reaffirming our focus on mobility for the heavy duty segment, meaning that the future stations that we will be building, owning, operating, will all be stations that will be compliant with AFIR, the Alternative Fuels Infrastructure Regulation, which has been approved in the EU. We will be decommissioning the unprofitable legacy smaller stations, which has a significant impact. We'll come back to that. Our revenue in the Q2 compared to Q2 previous years actually had an increase of 4.5%, which x 4.5%, which of course is extreme, and we're happy about that. Majority of that is due to hardware sales, installation of hydrogen stations in Germany, on the contracts there. We have, we've concluded that we needed to update our timeline on HySynergy. The last phases of the project being the commissioning, and the safe startup, and the initial operation, we have concluded that that has to be done in a completely different way, in a more structured way, which has required us to extend the timeline, where we're expecting the first hydrogen to be delivered to Crossbridge by Q1 2024, and a bit later, hydrogen delivered in our distribution center for mobility.... It's also key for us to say, and I'm shouting that out very loud, that prioritizing safe and a secure operation of our assets is fundamental. We have grounded our hydrogen trailers because we found a leakage on a valve, which could not be proven to be non-systematic. For that conclusion, we shut down the trailers, which quickly ended up that we're not able to deliver hydrogen to our hydrogen stations. That has evolved, and you will hear about that a bit later. We are progressing towards the closing of the JV with Hy24, and by the end of Q2, we have EUR 21 million as cash position, and that is sufficient with the activities that we have to fund us going into 2025. So strategy realignment. So I could use 50 pages on this, trying to really cut to the essence of where we are. The challenges, well, we have technology. Generally speaking, technology that are less mature than anticipated. I think that is a general recognition in the industry, also by our partners and suppliers, and this goes throughout the value chain, going both on the electrolyzers and trailers and stations. Hardware in general, components that are not sufficiently reliable. You just need one single component to make your asset impossible to operate. And we are working very close with our partners and, in some extents, and also their sub-suppliers, to make sure that we improve this maturity. We are in this for the long run, and we are in this in partnership with our suppliers to make sure that we get it as reliable as possible. On mobility, we hear a lot of interesting movement on truck OEMs. We haven't seen the movement yet. We are not seeing the movement on the car side, meaning that it's very difficult to maintain a network to support this. We also see that project complexities are far bigger than anticipated. This building, and especially talking electrolyzers, engineering, construction, and making sure that you have safe operation, is a big task. It's also a bigger task than what we anticipated, and it gives a lot of learnings, and also gives a lot of learnings of where will your CapEx and OpEx be on electrolyzer projects that have also led us to some of this strategic realignment. On the opportunity side, we have political tailwind like never before. EU is really moving in the right direction, even though the implementation is way too slow. It took more than two years to align on definition of green hydrogen, which is the fundament for everything else. For us, the first of the first movers, that is a challenge when we are dependent on the political decisions to make hydrogen sustainable and attractive. It's happening, and it's definitely happening in Germany. So Germany just shortly announced that they're doubling down on their hydrogen commitments with their hydrogen strategy, and it's without a doubt that Germany are the ones in the lead here, and they are the inspiration for the other European members to join. There's the first level of agreement between Denmark and Germany on a hydrogen pipeline, which will be connected to the hydrogen backbone in Europe. That will be coming in 2028. The RFNBO, Renewable Fuel of Non-Biological Origin, the certificates that can be generated with this, and that can be sold and thereby generate revenue, profit, and to help cover the cost of these immaturities in the value chain. That's fundamental to have a sustainable case. So our strategic realignment, it's prioritizing development of large-scale electrolyzers, large-scale hydrogen hubs production facilities, where we'll be able to grow demand rapidly as we can secure offtake. This will be, well, Germany, as I have said a few times, not just if there are other markets and the willingness to pay is sufficiently attractive, then definitely that as well. We are restructuring our fuel network, meaning that the mobility activities and Everfuel will be discontinued by quite a few stations. We will be continuing to develop sites or prepare sites where we have high capacity high-capacity fueling that will be AFIR compliant. We have a few stations and locations that are AFIR compliant, which of course we will keep and make definitely the best out of it. But it's very clear for us that it's no longer possible to subsidize hydrogen at the dispenser. Of course, we will continue to recognize where we have contracts, and we will go in dialogue with our partners to make sure that we get the best out of the situation. But we are where we are. We need green hydrogen certificates equal to what is available in Germany to make a sustainable case as a first move. By adapting our project portfolio, focusing our activities, et cetera, this is also enabling us to have a longer runway financially, so that we are covered well into 2025 with the activities we have in the plan as of today, which also includes closing the JV from Hy24, getting HySynergy operational, and delivering hydrogen out of HySynergy. On the political level, I already touched upon this before. Europe is moving too slow, but it's moving all in the right direction. Our strategy now will be less trying to run very far ahead. Now we will be running in the front, but we will be very closely synchronized with the implementation of the right regulations, the right, necessary, schemes in order to make green hydrogen happen, both on the upstream, hydrogen hubs production, as well as going to the downstream. So, a very interesting thing that I have been looking forward to talk about today. Looking ahead, we have hydrogen hubs announced at different locations. We are continuing to pursue those opportunities, but it's also very clear for us to say that with the experiences from HySynergy 1, the way we structured that contract has been pretty genius, because that also makes HySynergy 1 a good case, a good business case, even with the customer runs that we see currently. But going ahead, we are no longer in the belief that a 20 MW electrolyzer is large enough to make sustainable business case. The both CapEx as well as OpEx will be too expensive. We need to build larger electrolyzers. So what we'll be doing on all of our existing hubs are to review the opportunities, see what we can do, how can that be optimized, so that we can move those projects in the right direction. But it's also clear that our focus are large scale. When that is set, building very large scale in one go is also a very significant jump. We have the announcement of our Sif project here in Denmark. Sif, one of the Nordic gods, or more specifically, the wife of one of the Nordic gods. The project location is not announced yet. It's a project where we secured rights with electrolyzer, where we are strategically located to be able to deliver hydrogen in the upcoming hydrogen backbone in Denmark, that will then also be connected to Germany. On the zoom-in map on the right, you see HySynergy located in Fredericia, and Fredericia is also appointed to be a part of the hydrogen backbone in Denmark. We have the PtX Holstebro project, which is also to be on the backbone in Denmark. But HySynergy and PtX Holstebro are to be started with local offtake prior to the pipeline being ready. Beyond that, we do believe the pipeline projects is the essential way to go. The potential is huge. The opportunities for renewable power installation in the North Sea in Denmark, and utilization of that is huge. It's getting close to 200 gigawatts of offshore wind potential that can be installed on the Danish part in the North Sea if it's truly optimized. That is 30-35 times larger than the power consumption of Denmark. No chance that can be used here. We need to utilize that, to harvest that, convert it to hydrogen, and use that hydrogen to do decarbonization. That is, that has become pretty clear, that is a significant part of the Danish strategy, and we are completely well located for this. On the Project Sif, that's with the capacity to build beyond 1 GW of electrolyzer, but that will not be built in one go. It will come in incremental steps, as we can see that the offtake will be ready. Good. On our hydrogen station network, we are restructuring with emphasis put on profitable sites. We can no longer subsidize hydrogen at the dispenser if others are not bringing something as well, and here I'm mainly talking politically. We need to see certificates, not just in Germany, but elsewhere. The slow vehicle deployment, especially on the car side and the delay on the heavy-duty side, has of course been a frustration. The technology on hydrogen stations, which has required way more maintenance, both hardware material-wise, but also labor cost-wise, has been and is a challenge. That is the reason why it's not profitable to operate smaller stations. We'll just continue our loss-making stations, first-generation stations. That will naturally have a negative impact for some of our... for some of our customers. For that, we're sorry. We cannot make this move alone and make hydrogen happen. We need this to be a move that comes from, from multiple, multiple parties. And we need the hydrogen business case to be sustainable. Otherwise, this is not going to work. We will, of course, continue to have our Heinenoord station operational and support the contract we have there. We will finalize and operate at the stations we have contract on for both Frankfurt and for Wuppertal in Germany.... The Prags Boulevard station in Denmark, the one supporting the taxi fleet, as well as the port of our Port of Aarhus. The last station is almost completed in construction. Those two are both put on pause. They have potential to increase capacity, and they are of newer generation, but we need to explore the opportunities with our customers and partners, that what is it actually that we can do? We will pursue mobility opportunities only when we have locations for the public stations that are AFIR compliant and where we have secured long-term contracts. We will have requirements on returns, and we will, to the best of our knowledge, it's very difficult to make this happen without the RFNBO certificates, THG quota and a similar to make this work. So what is then the conclusion of this and the effect of this when looking at our strategy in EFUEL? It's very important for me to say that the ambition, reaching EUR 1 billion in revenue on hydrogen sales, remains the same. The path to getting there will be different. So we are expecting a delay on the time, so we are no longer saying that this is going to happen on 2030. We realize that there are things out of our control, both on technology maturity, but definitely also politically, that are out of our control in order to say exactly when this will happen. Our best assumption are that we are a few years delayed on that. On the cost to achieve that ambition, that is also difficult to say. What we have seen are somewhere like 20%-40% cost increase compared to when we were listed on the, on the horizon. That's general cost increases, but also a cost increase in the, on hydrogen in general, where we have been anticipated a cost reduction. So that we need to look much more closely into. We will also be building more on the upstream and less on the downstream, so that will also change. We will be, in due time, when available, we will be updating, and sharing this with our, with our shareholders, when ready. We will continue to have our target of positive IRR on, on all of our projects, going forward. Safety first. This could just as well have been slide number one, because we are that serious about it. Safety within Everfuel, within our industry, that is a precondition for even working with hydrogen. And that is definitely something that we as industry and we as Everfuel will pay attention and pay even more attention to. So starting with our hydrogen trailer situation. So we operate or we own 12 high-capacity hydrogen trailers. We call these the Everhaulers to distribute hydrogen. We have some other smaller assets as well. On our Everhaulers, we identified a leakage on one of the valves, or more specifically, between the flange and a valvel on one of our hydrogen trailers. This caused a significant leakage when the trailer was parked at the Heinenoord station in Netherlands. The leak did not pose any risk for people or the environment, just to put that very clear, but it's an uncontrolled event that we take extremely serious. This is the reason why we grounded all of our other hydrogen trailers, because if we saw this issue on one trailer, we did not find proof among ourselves and in talks with our partner, the trailer supplier, as well as our welds, their weld supplier. No one could conclude that this would only be a one-off, and therefore, we had to shut down the fleet of Everhaulers, leading us to eventually shutting down our hydrogen stations because we couldn't supply hydrogen to them. The root cause was identified and communicated on the 28th of June. Those of you that have had special interest for this have been able to follow this on the everfuel.com/update. This is also where you can see the communication of the progression on the situation. Conclusion: loose bolts on the flange leading the O-ring to eventually break at a hot summer. This was not detected by the trailer supplier or their valve suppliers' quality control, which of course is a frustration. Mitigation actions have been implemented at both the trailer supplier as well as the valve supplier, and in Everfuel, we have implemented procedures to make sure that we are frequently monitoring to make sure that this cannot happen again. There's also implemented a tightness proof that can be inspected frequently, and that will prove that this remains safe throughout the lifetime of the trailer and the valve. When then starting up again from this first event, we identified a second issue. We found particles inside the system of the hydrogen trailers. Investigations are still ongoing of where the exact nature of those particles are, but the result are that those particles have led the updated valves inside the trailer to leak, which have been unsafe, and this is the reason why we have remained the hydrogen trailers are grounded. There are several actions ongoing to fix this. We are working very hard together with our trailer supplier and valve supplier to fix this. They are fully aware of how serious the situation is, both safety-wise, but also for us in [audio distortion]. We are prioritizing the redeployment of our hydrogen trailers. We have a few of these trailers that are using manual valves in a different version of the valve, which is not affected by failure mode number two, so the particles, and therefore, they can be used. Two trailers, and very shortly, three trailers that we're using to support the Heinenoord station in the Netherlands. We have not been able to keep that in full operation throughout this period, but in partial operation, and we are in close dialogue with the customer of course. We've been very transparent, and we want to continue to be transparent on the communication of this issue in the industry, for the benefit of the industry, to make sure that the learnings here are not just kept between us and our close partners, but we want to offer this as a learning in industry forums, relevant industry forums, because we actually think this is completely key for everybody. Moving to HySynergy update, and as you can see on the pictures throughout the presentation and the report, it's starting to get really real. Unfortunately, later than anticipated, and more above budget. So for that, we are naturally frustrated. We are paving very new ground here, and we are paying some of that learning. The good thing are that the learnings we get here will truly be beneficial for us and for our partners, going forward. So the mechanical completion on HySynergy 1 is done. The distribution center is the last part that we do the mechanical completion on. That will get into operation a few months after the electrolyzer and the supply into the Crossbridge. We are now working on the completion of the electrical system, as well as then the control systems, and then having commissioning and all of that start-up sequence happening in a safe and structured way. Of course, it's also, and that's what we communicated in June, it's also very clear for us now that, starting up and taking that asset in full control, you cannot just do that, by learning on the job. That has to be a fully controlled process, which we of course want to do, and we have been staffed to do so. We have an operation team that is ready to take up on that task, but it's a lot of work. It's a lot of work, getting that documentation, getting those procedures, having those pre-start-up safety reviews done thoroughly and safely, and while doing so, of course, having close coordination with various authorities. Therefore, we see the budget increased slightly with EUR 2 million - EUR 45 million, which is mainly external consultants and our own additional work. Crossbridge, supply to them, are expected to happen Q1 2024. We have a plan to work on that. We are with a high certainty that we do believe that that will happen. Again, we need to mention, I'm trying not to give false expectations one way or the other here. We need to realize we are the first of the first movers, and we're doing everything we can to identify issues and implement procedures, et cetera, to handle them upfront. We'll continue to do so, and you have my word that we are using all the hours available to make this work. It will work, and it will be cool. Moving to HySynergy 2 update, and in the background you have the valve area for the HySynergy 1. So on HySynergy 2, that comes after HySynergy 1, meaning we need to have learnings and experiences from HySynergy 1. We need to be able to do much more re-engineering, FEED study, et c, ahead of an FID, which is why the FID is pushed into 2024. The important point for us are not the exact date and timing of when we do FID on HySynergy 2, but that we do FID right. We need to do FID when this is also synchronized with the offtake from Crossbridge. We need to do FID when engineering is right, when technology selection is right, when the stars are sufficiently aligned, and we can stand up straight and say, "Now things are ready." So, that promise you have, that when we are sufficiently ready, we will be pushing that button. The total of HySynergy 2 is 300 MW, which will be built in three phases of 100 each. The first is funded by the IPCEI project, where we've received roughly EUR 33 million in support to build that electrolyzer. And of course, looking into opportunities to also finance the next phases as well, and doing this synchronized with our partner, Crossbridge. The investment budget, the estimate remains the same. However, that need to be revisited when we have done the final technology selection. Our JV with a Hy24. Well, we're working very close with Hy24, and basically already as partners. There's one outstanding closing condition, which is not checked off yet. That is expected to happen very shortly. We do have the FID approval, which is essential. The JV, just to remind everybody again, the JV is a EUR 200 million JV invested Hy24 together with Everfuel. Hy24 is a [audio distortion] That's they are the world's largest hydrogen fund. Those EUR 200 million will be matched with various public funding, including debt financing, so we have a total of EUR 1 billion to invest, jointly together, to build electrolyzers in the Nordics and to utilize hydrogen from there to supply to customers and partners. We need to have strong business cases on those investments, and we believe that what we're doing here in Everfuel, in our development part, and bringing projects to FID is exactly what is needed, and that's the reason why Hy24 is joining us. The JV is 51% Everfuel, 49% Hy24, and, of course, the HySynergy 1 will already be a part of this JV, as well as HySynergy 2, etc. Looking at the financials of Q2, here in the background, you have one of the hydrogen compressors at the hydrogen facility. So we are, well, continuing to be a growth company in the initial stages of commercializing green hydrogen. So when you look at the top lines, our revenue for hydrogen sale has been roughly the same. The shutdown of our hydrogen trailer fleet, and thereby not being able to supply hydrogen through majority of our hydrogen stations, has not affected Q2. It will affect significantly in Q3, where we have basically only been able to have the Heinenoord station in partial operation. Other operating income, most of that is hardware sales for the stations we're constructing in Germany, for Wuppertal and Frankfurt. Materials and consumables, higher than anticipated. We do expect additional costs on the construction of the project in Frankfurt, which is the reason why this is more expensive. When we then go through it, clearly, it's the first lines that are the most relevant. As we said before, what is key for us are to also make sure that we have a long financial runway in Everfuel. We need to be able to do all of the right decisions. We need to get HySynergy operational. That's the key, and that's the main priority in Everfuel. That, in connection with securing hydrogen offtake in Germany for the right hydrogen price, including hydrogen certificates. We also are looking at a reduction of other projects that we have been doing in Everfuel, put on either pause or stop, which would also have a positive effect on the operations costs, to some extent, staff expenses as well. We are laying off a few of our Everfuelers, since we are now adapting activities to be more upstream-focused and less downstream-focused. We are of course investing heavily to make hydrogen happen. Here you see the cash flows from both operating, investing, and financing activities. So, the cash position at the end of Q2 was EUR 27.1 million. We raised EUR 25 million in Q1, and when we are closing the JV with Hy24, depending on the exact timing, that will give a net positive effect on roughly EUR 12 million. We have a solid balance sheet that is truly supporting our growth plans, and that is improving, and we're doing exactly what we've said all along that we, we'll be doing, converting cash into assets. And then shortly, we will be able to also start to generate revenue out of those assets. Again, starting with HySynergy, HySynergy 1, and utilizing our hydrogen trailers, which we already have and will be fixed, and thereby tight, and then the hydrogen stations starting in Germany and Heinenoord. Next steps ahead for us in Everfuel. Well, our backlog, our backlog is roughly EUR 40 million at the time of reporting, so we are using a bit of that, mainly on the hardware delivery for Germany, and this is excluding hydrogen sales for HySynergy 2, even though we do have a firm agreement with Crossbridge. That is still conditional on our own FID, which is why that is not included. We are continuing to pursue customer commitments. We're continuing to work closely with vehicle OEMs to make sure that the right hydrogen technology, the station technology is available at the right time, at the right location, and at the right price. A lot of things that needs to be synchronized. Naturally, we will be progressing with both HySynergy 1 and HySynergy 2, and we will be concluding the JV with Hy24, and then transferring our HySynergy assets into that structure. We are optimizing our organization with regards to both competences and making sure that we can execute according to the strategy realignment that presented today. Then we have a focus of joint market development with the OEMs, as I just mentioned before.... Summary, we are a leading European green hydrogen energy company. We are—we continue to be positioned for a market that now looks to be even bigger, but where the initial starts has been a training challenge, not just for us, but for the industry. But this market will be opening, and we are standing in a very strong position. We have proven that we can do this, before. We have proven that we are doing it, and, that's experiences that we have, and that will, help us work with reduced risk and costs moving ahead. The business model to secure revenues, long-term recurring revenues, also for the mobility side, making us an independent hydrogen producer with the mobility upside. That is, exactly how, we envision Hy24 going forward. So thank you so much for, for listening, and now we will move to the Q&A session. So, so far, so good. How do you intend to use, the learnings from, HySynergy 1? Well, when HySynergy 1 is in operation, we have been through all of these activities once. So we have been through the development phase, exploring the opportunities, and getting to contracts with customers and partners. We have moved from almost a non-existing EPC function to a very strong and experienced, at that point, EPC function that can do the engineering procurement, as well as the construction of electrolyzers. And we also have the operations part that knows how to operate electrolyzers safe and efficiently. So regardless of what electrolyzers we're building afterwards, that gives us so much experiences that will bring us in a position where we can use that to hit more precise next time. What is the revenue impact from the delayed HySynergy? Well, firstly, it means that we're not making HySynergy revenue in Q2, Q3, and Q4 here in 2023. We are expecting revenues to start to come from HySynergy during Q1. We are not expecting that we just turn on the electrolyzer, and then it's full capacity. We're expecting a ramp-up phase. We are also expecting that we need to do learnings. We need to verify that operating the electrolyzer on renewables, so meaning starting it and stopping it, of course, doing it in a way where we are taking care of the lifetime of the asset. That is key, and that is learnings we need to do in order to optimize. So assuming full revenue in Q1 would be wrong. Increasing revenue from when we are operational sometime in Q1, that's what we expect. We're expecting hydrogen to be delivered to Crossbridge and to mobility. How much Crossbridge is off-taking is also politically depending on how attractive the use of green hydrogen is. Sounds like it's very attractive, meaning that they will definitely be taking their part. For mobility, the refocus here will also make that we will be looking for further contracts in Germany to be able to deliver hydrogen to our own stations, but also if there are partners that we can supply to. How would the realigned strategy impact the financial ambitions? Well, the top line and the ambition of being among the first to reach EUR 1 billion revenue by heightened sales in Europe remains the same. That we were framed on. Exactly when that happens, if everything was just within our control, I could very quickly give you a very precise answer. When everything is not within our control, we need to adapt, and we instead need to be able to execute fast when conditions are aligned. But if we are executing on FID on larger projects before customers, pipelines, funding, certificates, et cetera, are ready, we are also putting ourselves on a huge risk, which we don't want to do. So ambition remains the same. The path there will be a bit different, and we will be taking the steps, getting there very responsibly. When will you update the financials, and when can you expect details? Yeah, we will be working on this. Naturally, we already have a very detailed plan internally. We will be working to make that external. There are a few external conditions that we would like to get clarified because they have a significant impact on such a plan. So as I said before, we will be doing investment decisions when all the stars are aligned. We will not be doing anything earlier than when that is the case. I cannot promise you if that's within one month, two months, three months, or whenever it is. As soon as it is available, of course, we will share. I think we all have the same interest. You have pushed FID on HySynergy Phase II to 2024. Why and what about Agder and Kristiansand? So, yes, we have pushed HySynergy FID, HySynergy 2 for 2024. It's the only responsible thing to do. We need to make sure that we have learnings from HySynergy 1, and there will very likely be learnings we can use to optimize also in the engineering phase of HySynergy 2. So that's the, that's the short reason. What about the Agder project and Kristiansand? That's the same. I think maybe the, maybe the question is regarding the other hubs that we have announced. We are continuing to explore the opportunities with our partners to see how they can be developed into something that will become a sustainable commercial case. It has to be sustainable. We do not believe that the 20 MW electrolyzers will be able to generate a sustainable business case. They need to be of a larger capacity. Is hydrogen for land-based mobility still realistic? Yes, it is. It's very realistic. There are different segments within land-based mobility. You have the light-duty vehicles like cars, et cetera. The battery electric will be the predominant solution, and to a great extent, that can serve the purpose. When moving into the heavy-duty segment, battery electric will have much more difficulties. But that's not the greatest challenge. The greatest challenge is actually the ability to supply the electricity for when the charging is needed, when you're looking at heavy-duty and intensive usage of your vehicles. It's not necessarily that you have solar or wind power available when you need to charge your truck, and you need to make a delivery for the supermarket before next morning. If that is the case, then you need to have alternative supplies of electricity to the electrical grid, or you need to be able to use hydrogen produced yesterday, like yesterday's wind, today's fuel, or two weeks, three weeks, four weeks, one month, two months before, stored in hydrogen and then used when needed. Clearly, we need to run synchronized with vehicle OEMs. We have many, and I do mean many, truck operators that really want to test hydrogen trucks. You have the opportunities for hydrogen trucks, both with internal combustion engines and with fuel cells. I think both technologies are interesting, and offer different opportunities. But hydrogen mobility will definitely happen. We will be running synchronized with OEMs, with customers, and with politicians to make sure that that is also a sustainable business, and with the hydrogen station suppliers. What we need to keep in mind that the 700 bar heavy-duty fueling is actually not a product that you can buy off the shelf today. What will you say to the customers who bought a hydrogen car based on your communication strategy? Well, for that we are, of course, we're sorry. That is a frustration for you as well as it is for us. It goes for myself. My hydrogen car has also been parked for a few months. That is unfortunately how it is. It's not our responsibility to make hydrogen happen all alone. We have been shouting, politically here in the Nordics quite a lot, that we need the green hydrogen certificates to not make it as a first mover disadvantage. That dialogue we'll continue to have with an even greater force with politicians throughout the Nordic countries to make sure that they are paying attention. It's it simply doesn't make sense that we're producing green hydrogen out of HySynergy in Denmark, and everything that we put on trailers, we will drive south to Germany and to Netherlands. But until that is changed, I think it's it's difficult. Will the two Norwegian hydrogen stations be closed for good, or will both or one of them be reopened? The Everfuel stations in Norway will not be reopened. The business case is not feasible, unfortunately. That is a mixture of all of the elements I went through in this presentation. You announced Project Sif today. How long to FID, and how long from FID to COD? Are you looking at other similar opportunities? So we are aware about the competitive landscape of developing hydrogen hubs in Denmark. So we have announced the Sif project. Details of it, we will need to pause for a second. The key for the Sif project and others, if we can get those developed, the key are to produce hydrogen and be connected to the hydrogen pipeline. Many other things I'll not get into here, but hydrogen pipeline needs to be available. In Denmark, expecting that to be available in 2028. There's still some uncertainty if that will exactly be 28 or 29. So you will not see COD out of those projects before then. Our participation are to be, of course, building HySynergy in the different phases, to A to B to C, Power-to-X Holstebro as well. And then being ready with Sif, maybe other locations as well. We'll be intensifying our work on developing renewables in neighboring regions of the Sif project by ourselves or by partners, to make sure that we also have the green electricity available. So more details will come later. The key thing are, we will be ready when pipeline is announced, and when capacities on hydrogen pipelines are to be booked, we will be ready. What is required to ensure you have capacity on the pipeline? I assume that you mean the hydrogen pipeline or the hydrogen backbone. So one can assume, because this is not firm yet, but one can assume that hydrogen pipelines will work similar to natural gas pipelines. The TSOs in Europe that operate the natural gas pipelines looks like they will be the ones also operating the hydrogen pipelines. And then you can look into the ways of where you are booking capacities on natural gas pipelines. From the announcement from Energinet in Denmark, it also becomes pretty clear that the first movers that want to reserve capacity on the pipeline will also be awarded capacity, and they're trying to come up with a cost formula so that it's not the very first ones, again, first mover disadvantage, that will be paying a higher cost to use the pipeline and distribute hydrogen compared to the alternative. So where basically there's a to some extent a fixed rate that would be the same no matter if you are one of the first customers when the pipeline is underutilized or when you are the last customer to fill in the pipeline. The details of our capacity reservation, that's not public yet, so we cannot comment on that. Naturally, we are in good dialogue to make sure that we are as well-prepared as possible. Everfuel company revenue surged by a factor of 4.5 compared to the same quarter last year. A notable achievement, yet you mentioned that reaching the ambition of EUR 1 billion revenue target from green hydrogen sales will require more time and investment. How is Everfuel balancing growth opportunities with fiscal responsibilities to ensure long-term viability, particularly when navigating an industry fraught with technical and supply chain challenges? That's a long one. So, yes, firstly, it's good to see that our top line has increased. Keep in mind, that is not top line on hydrogen sales, it's hardware sales that will then generate further hydrogen sales. So, so that's one thing. We're still in the early days of the hydrogen industry as well as us in Everfuel. I think what I've tried to present through this presentation, what is key for us are to make sure that we have this first period where we need to build hydrogen hubs with neighboring off-takers, HySynergy being the greatest example of that. Those hydrogen hubs will also have different capacity. That hydrogen will be used for mobility, sold mainly in the focus country now, Germany, generate hydrogen certificates that can help cover some of the cost of this immaturity we have on the hardware side and the hydrogen value chain. From there on, we'll continue to develop further on hydrogen hubs, preparing these for FID, making sure that we have all the conditions in place, and then when customers on the other side of the hydrogen pipeline in Germany and Netherlands, elsewhere, maybe Denmark or Nordics, but they're ready to sign up for capacity, and that is at a price that is attractive for us, then we can make the investment decisions on further building, and then thereafter, capacity increases on Sif and maybe other projects to come as well. We will also have the pipeline supply opportunity out of HySynergy, or we are expecting it, 'cause the actual direction of the hydrogen backbone in Denmark is not firm yet. I hope that was okay. As European green hydrogen landscape undergoes rapid change, competitors are not standing still. What technological innovations or business model is Everfuel adopting to differentiate itself and maintain a competitive edge, especially given your renewed focus on the heavy-duty vehicle market? The easiest way to describe what we do in Everfuel, we are an independent hydrogen producer. Those of you knowing about independent power producers in the power market will probably recognize what an independent hydrogen producer is. Develop renewables, develop electrolyzer, produce hydrogen, and supply hydrogen through as many supply channels as possible. European pipeline, local pipeline, hydrogen trailers, our own stations, so all different ways. Then we have the mobility upside, because the willingness to pay in mobility is far higher than when hydrogen is replacing natural gas in industry. There will be different mechanisms throughout Europe, mixture of the carrot and the stick, that will be implemented, that will change the willingness to pay for the green hydrogen molecule, regardless if that is industry or mobility. The mobility upside is a way for us to, to harvest some of that value and reinvest that back in our supply chain. So the key for what we do in Everfuel, we are, the justification of us are the, the electrolyzer experience, that we can operate this entire value chain. We can develop renewables, we can build electrolyzers competitively, we can, operate electrolyzers safe and competitively with a big span of supply opportunities, and then with the mobility upside. Simply, the experiences and actually having a team that are doing it, and then shortly after, have done it before, is essential and will give us a competitive edge. How should we think about the economics around one of your future hydrogen hubs now? For example, should we assume that nearly all of the produced hydrogen goes to industry? It's fair to assume that the capacity reservation, and the sign-up of firm contracts that will lead us to FID on electrolyzers, majority of that will come from industry. That will be the baseline for the business case for electrolyzer investments. We need to have long-term offtake agreements that can cover the depreciation time of the asset. That can be industry, that can even be some potentials in maritime. But for mobility, it's rare that you can get those long contracts. Some markets, like on buses, that is doable, but for trucks, it's not doable. Then we're building electrolyzers intelligently, where we have some spare capacity, and it's that spare capacity that we're using to serve the mobility market. And then as we can start to stack up the consumption in the mobility market, then that can be used to increase capacity for the next capacity expansion on our electrolyzers. I hope that explains as well. What are the conditions for Hy24 JV actually happening? Well, the detailed conditions for closing are not public. As I mentioned before, there's one outstanding small technical item that we're looking into. We do believe that is resolved rather quickly. Let me just say again, we're very pleased to have both Hy24 as a shareholder and equally as a partner in our JV. We fundamentally think this is the very strong way forward, and that is one of the necessary steps for us in Everfuel to be able to also execute our ambitions. How does the change strategy impact the long-term EBITDA margin ambitions? In previous presentations, you have a margin of 30%-35%, but I not see you mentioning in the today's presentation. We will still have the ambition of a decent good EBITDA margin with the changes we see around us on hardware price on market, but also on what will be a higher willingness to pay on the hydrogen price. There are too many moving parts to be very firm on this. When we are updating our model, we will also be sharing some new targets on this. You note that your cash should cover all the investment for projects from now until 2025. Can you give further color on what projects with hubs these will be? Yes, this will not include FID on further hydrogen hubs. So we're not preparing for further hubs within this timeline. All the smaller electrolyzer hubs that we've looked at will be reconsidered, how they can fit into the current strategy of building larger and making sure that we're within a decent business case. If we come to a situation where stars align quicker on elements, then that's a positive thing. Right now, our expectation are that the next project we'll bring to FID is HySynergy 2, and that is pushed into 2024. So that we are at least ready to do FID, and then again, it depends on when the stars are aligned, when the offtake is ready, when the support schemes, when the permits, everything are aligned. I see that we are getting short on time. How dependent are your strategy with hubs in Denmark on the announced pipeline to Germany becoming operational in 2028? Is it financially feasible to have hubs in Denmark supply customers in Germany without a pipeline? It's feasible to supply customers in Germany with hydrogen trailers for mobility. If you're supplying hydrogen for industrial customers, you will have a mobile pipeline, which will likely not be competitive, at least as soon as the real pipeline is available. So for the large hubs, like Sif and what might come, they need to have the pipeline secured. That is one of the key elements, the key stars, that needs to be aligned before such an FID can happen. When that is set, a significant part of European strategy to move ahead will be on producing hydrogen, where you have renewables available and in surplus. And Denmark, with what we have on land, but definitely what we will start to have more and more offshore, it's the place to be. I think that's the time is up. Thank you for all the long questions, and thank you for listening in. We will stay in touch. Thank you, and have a great day.