Hello, and good morning, everyone, and welcome to the Everfuel earnings presentation for Q3 2023. So the presenters of today is myself, and I'm pleased to introduce and welcome you, Jesper Ejlersen, as our CFO. Jesper joined us a few months ago, and is replacing Martin Skov Hansen, that double jobbed on both being our interim CFO while also being our Deputy CEO. Martin will now focus on his function as being Deputy CEO and strengthening the organization and structure internal in Everfuel, making sure that we have an organization that is capable to grow with our visions in Everfuel. But Jesper, would you like to give a short introduction to yourself? Yes. Thank you, Jacob. So, I have been a CFO for many years. I bring more than 25 years of experience, been working in several international companies. I bring experience with debt management, financial management, and the setup and use of business systems. I have previously worked in a listed company, so I have experience in this field as well. And then I'm very much interested in the green transition, the agenda of making the green transition happen. In my last job, I was in a company that was producing bioenergy, so for me it was a great opportunity to come to Everfuel and continue on this path. So thank you, Jacob. Well, thank you for joining, Jesper. I will go through the first part of the presentation, then I will invite you back in when we go to the financial review. It's fall here in Denmark, so apologies if I have a bit of a sore throat. Hopefully I'll manage to get through it. Good. Everfuel at a glance. Zooming in on what it is that we do in Everfuel. So we are answering to the European ambition of making a full green transition of Europe, and as hydrogen being a key element of making this happen. Specifically, green hydrogen produced from renewables, and that green hydrogen being used both in the industrial sector, where hydrogen can be a replacement of both natural gas, but also coal and other fossil fuels in various types of industry, and as well for mobility, where hydrogen will be used as a heavy-duty fuel, replacing diesel in both bus and later truck fleets when they become available. In order to make this happen, a dedicated hydrogen fuel and energy company is needed, and that's what we do in Everfuel. We are working throughout the full hydrogen value chain, from renewable power production, hydrogen production, this is the key of what we do, and then delivering these hydrogen molecules to the three different distribution channels, as you see here on the bottom. So, firstly, having pipeline to our, our neighboring industrial offtaker, like, the plot next to us, like we do in HySynergy, preparing for the, the hydrogen backbone and supplying hydrogen to this pipeline through, other countries, in, in Europe, and then finally distributing hydrogen by our hydrogen trailers for our own hydrogen stations, but also to partners that would be in, in need of this hydrogen. We have our headquarters here in Herning, Denmark, listed on Euronext Growth as EFUEL. And as you see, we have our activities in Norway, Sweden, Denmark, Germany, Netherlands. While now we are focusing for a period with our strategic realignment, where it's really about large-scale hydrogen production, mainly in Denmark, and then this hydrogen being delivered to the countries where the value of the green hydrogen is the highest, and that is currently in Germany. So the key events of what we have done in Everfuel here in Q3, the picture you see here in the background, this is from HySynergy, and actually the buildings you see in the front of HySynergy is what we call Everfuel Tech. That's our technology center, that within the first half of next year is expected to be ready. We will move our technology, our operation, and our surveillance teams into this facility. It's going to be truly exciting to move from temporary facilities into this permanent building. So, key events. We have signed or concluded completed our joint venture with Hy24. Hy24 being the administrator of the world's largest hydrogen fund. It's truly a pleasure to join forces with our joint ambition of making large-scale green hydrogen production and this infrastructure, the required infrastructure for this, ready in the Nordics. The JV has acquired HySynergy One as the first asset, and we are jointly with the ambition of investing EUR 200 million into this journey. This comes 49% from Hy24, and 51% from us in Everfuel. Then on our downstream business, for mobility, we have implemented our realigned strategy. It has not been progressing as we wanted to. That's why we announced this at our Q2 presentation. We have implemented this aligned strategy, focusing clearly on large-scale hydrogen production, less on the downstream business for mobility, until that is truly proven, being more matured and also being financially self-sustaining. We are focusing on heavy duty, meaning especially fleets of hydrogen buses, serving these, and later on hydrogen trucks as well, having stations that can be FCEV ready. Our HySynergy One project are progressing towards the expected delivery of first hydrogen molecules to Crossbridge during Q1 of 2024. We have an operations organization that is now in place, ready to take over the asset, and has already taken over small parts of the asset, being ready to operate this and maintain it in a safe and controlled manner. Now it's implementing the last phases of the commissioning. I will zoom more into that a little bit later. On our hydrogen trailers, we have 12 of these Everhaulers. Three of those have not been affected by the issue with leaking hydrogen wells, which I'm sure that you have been following on. We remain with nine trailers that are in the rebuild campaign, and we are in very close dialogue with both our trailer supplier and the well supplier to fix this. And then, Everfuel and our Hy24, Everfuel and Hy24, our joint venture, have been notified as one of the winners of the Danish Power-to-X tender for production and supply of green hydrogen. We believe this is already proving that our strategy here is working. We have a strong liquidity position, and with the strategic realignment, we are capitalized well into 2025, with a cash position of EUR 34 million at the end of the quarter. So an update on our strategic initiatives. Firstly, zooming in on the JV with Hy24. So, as I said before, this is really combining the really strong experiences from the Hy24 team in financing and developing hydrogen projects, and from us in Everfuel in developing, constructing, and soon operating large-scale electrolyzers. The JV has already been initially funded from ourselves and Hy24, and we have also pushed in the HySynergy one asset into the JV at a value of EUR 26.9 million, which actually is a debt-free asset value of almost EUR 45 million. In addition, we have repaid the loan to the EIB and have now converted this into a loan with Hy24. We have been noticed as one of the winners of the P2X tender here in Denmark. In Denmark, there has been a tender very similar to what has now been announced with the Hydrogen Bank. This tender has basically been who can build electrolyzer capacity and supply green hydrogen before the end of 2027? And then how much support are you needed, and the lower you bid, basically, you get awarded. We're very pleased to see that the bid we have provided, where we are what is called the marginal bidder, meaning that we're the one that accepted our bid with the highest value, but still within the range, that now some of the bidders that have been bidding low, maybe too low, are now falling out, and that thereby our pot has been increased. So this is EUR 211 million, which will co-finance at least 30 MW electrolyzer of what we're expecting to be HySynergy Phase IIB. We're actually the second-largest winner within this program. Then we're executing our realigned strategy. Again, focusing, meaning that majority of our activities and the fueling are now focused on our upstream activity, developing, engineering, constructing, and operating electrolyzers. Preparing both for hydrogen supply through neighboring pipelines, as well as the coming hydrogen backbone that will be available throughout Europe in the last part of this decade and the beginning of the next. Then we have restructured our fueling network and also restructured some of our organization to support this. Basically, the loss-making assets, loss-making stations, we have either paused or stopped these and are looking at two ways how this can be capitalized in the best way possible. Focus going ahead are heavy-duty mobility. This goes for buses as well as trucks. Equally important, it's specifically in the markets where there is the willingness to pay for hydrogen is greater. This is where you have green hydrogen certificates, like it's the case in Germany, and will be the case in Netherlands as well. We have also extended our financial runway, as mentioned before, well into 2025. Pardon me. We have implemented the organizational changes already. We have commissioned and are decommissioning some of our legacy stations. We are also in very good dialogue with partners that can take over some assets as well, then thereby keep these operational, and then we can focus on being a hydrogen supplier for these assets. We will announce more when there's more to be talked about. Looking at our upstream business. So, prior to announcing large-scale hydrogen production and basically having two types of hydrogen customers. Firstly, it's the neighboring customers. This is what we have at HySynergy, Crossbridge Refinery offtaking hydrogen, P2X asset as well. There is a neighboring offtake facility. This is still in the early development phases, but it's truly interesting. And those two projects where we can build a few hundred MW in the break of hundred, hundred and hundred. That gives us the necessary experiences to build projects ahead of the hydrogen backbone being available. As you see on the map here on the right-hand side, this is a zoom in on Denmark, and what Energinet, the Danish TSO on both electricity and the TSO on hydrogen as well, what they are expecting to make both of hydrogen backbone, which will be closely linked with where we see the transformers of the power grid today in Denmark. In Q2, we announced our Project Sif. Now we can also talk about the location, which is in Idomlund close to Aalborg, and that's very very close to the transformer, where all of the next offshore wind parks will be connected. So it's a strategically very very important location. We're looking to develop similar projects as well, not just in Denmark, but in Nordic in general. But starting in Denmark, because this is where we are very well experienced, and this is also where there will be a significant build-out of even more renewables, mainly being offshore wind, but also where we have opportunities to develop neighboring solar, potentially wind projects as well. On our hydrogen stations, we have completed the close down of stations and as well, divestment of some of the assets. In total, we have actually identified 40 different assets, small and large, that we are trying to find new owners for. Assets that are not fitting in our realigned strategy of efficient, high-capacity hydrogen distribution and high-capacity hydrogen fueling for buses and later trucks. Also recognizing that the maturity of the hydrogen stations for car fueling have not been at a point where this was expected. The key focus now are to continue to operate and do this in a safe and efficient way for our hydrogen station in Heinenoord, Netherlands, and continuing the construction and startup of the hydrogen stations in Frankfurt, which will come online first, and then afterwards, Wuppertal in Germany. Both of those two stations are sold to the bus operator, where we are then supplying the hydrogen for Frankfurt and hoping to do the same for Wuppertal. This is moving us into a position where it gives us the longest runway within mobility, where we are investing cleverly. With the assets that we have now already invested in and the hydrogen trailers, we are at a point where we do believe we will be not burning cash on our downstream business, and then we will see some organic growth as the technology and market matures, as the vehicles become available, then we will start to see this business slowly growing. But for now, all focus is to prove the case, prove the business, and from there on, scale it upwards. Our ambition remains the exact same as mentioned last time as well. We are in the fundamental belief that we want to be among the very first hydrogen suppliers in Europe to reach EUR 1 billion in revenue. When that exact timing is depends on a number of elements that are not just within our control. So what is key for us are to be ready to execute this plan. To have sites where it's possible for us to build large-scale electrolyzers in phases, and to have access to the necessary infrastructure, both on electricity as well as on delivering of hydrogen. And then having projects that we can bring to FID one by one as they matures. But it's also important for us to say that we will do sustainable growth. If the technology proves to be not as mature, if the support conditions, market conditions, et cetera, are not where they want to be, we want to be the front runner, but we don't want to run that much in the front that it will end up killing us, just to make that loud and clear. Zooming in on our trailer-free fleet and the update of this. We are naturally working very close with our hydrogen trailer supplier, as well as the valve supplier that is in question on these hydrogen trailers. You have 10 of these hydrogen valves on our hydrogen trailers, and these hydrogen trailers actually are air holders. They have a lot of different functions and different valves, et cetera. The important point here are that these 10, valves are the very first ones connecting to the hydrogen cylinders, which is why this is critical and why they have a critical safety function. We have three trailers of an older generation, older configuration, where the, the valves are fully tight and fully functional, and those trailers have been servicing the hydrogen storage station, keeping this operational all throughout, Q3 as well. For the, the startup of the Frankfurt, as well as the Wuppertal station, we are expecting to use our trailers that we rebuilt. However, we are also considering other alternatives to be, to be ready in the event that our, trailer supplier cannot, make this work, and then this moves into a quality case. We have nine trailers that are now affected. One trailer, actually, there have been multiple attempts by the valve supplier to fix this. We had the latest a trailer that was rebuilt, where we tested these valves now with hydrogen on the actual trailer in real-life conditions, and our quality control disqualified this, and then, and thereby the valve supplier now need to review yet again.... There are other options that are being explored as well. We are in good, in close cooperation. It's a delicate situation, both for us and definitely for our trailer supplier. We're sure we'll make it work, and we remain positive with the- and we're not expecting that these trailers will have an issue on the other, will have an issue on the start-up of the Frankfurt and later Wuppertal station. Good. Zooming in on HySynergy. The picture you see here is from the gas part or the low-pressure storage part of HySynergy. We remain on track to get HySynergy operational and supply molecules to Crossbridge during Q1 2024. Thereafter, there will be a controlled ramp-up, and then the further utilization of the capacity as we are getting to know the asset. It's 21 different subsystems that are all needed to be interconnected, controlled, optimized, and be run in a safe way. So we fundamentally believe that the decision we did, no matter how tough it was, during Q2, to change the start-up procedure, go through lengthy and detailed pre-start-up safety reviews, PSSRs. We believe this is correct. We have learned a lot. This has been done with third-party support and consultancy, and there have also been a list of elements that have been needed to be modified, both on Everfuel side, but also on our suppliers, including the electrolyzer supplier that have been doing some modifications on the electrolyzer after the PSSR. This is all good. There is learnings for us and for the industry. The fundamental and key thing for us are to make sure that we start up HySynergy in a controlled and safe manner, and we are very well on the path to do so. We have implemented a number of procedures and control systems, and as well as the master control that is now getting into shape, being ready to start up the Electrolyzer. Yeah, as I said before, we are operational-wise, we stand ready to take over the asset. I am very pleased about the part of the organization that we're setting up there. So HySynergy 2. So zooming in on the next phase of HySynergy. So this is a total of 300 MW that we are expecting to build. We need to incorporate the learnings from both the commissioning and as well as the operation of the HySynergy 1 before we conclude the engineering part and the EPC part of HySynergy 2, so we can prepare this for FID, either in 2024 or during 2025. The actual timing of the FID decision is of course affected by engineering, but equally, making sure that we have necessary permits and that we have a realignment of the offtake on the other side of the fence within the Crossbridge refinery, and there we remain in a very good and constructive dialogue on this. We're expecting HySynergy 2 to be built in three phases of 100 MW each, where the first 100 MW is supported by IPCEI funding, where we have already secured funding for this EUR 33 million, roughly. And for the first part of the phase IIB, 30 MW of electrolyzer, we have the Danish PTX funding, which is I think EUR 28.4 million as well. So that's actually a very decent support for this part of the electrolyzer as well. Progressing, we are truly excited. Focus is getting HySynergy 1 operational, and then immediately thereafter, the focus is shifting to HySynergy 2, et cetera. Organization to execute this is, to a great extent in place, but we will be increasing, especially our engineering and project execution capabilities for HySynergy Phase II. I think that was on the operations, and now we'll move into the financial review. Jesper, will you join me as well here? Well. Thank you. Thank you again. Let's go to the numbers section. So, this is a subset of the profit and loss that we have included in our quarterly report. What we are reporting as our revenue here in the top is, in fact, the revenue from the hydrogen sales, and this is negatively impacted by the closure and the pause of the refueling stations that we have mentioned previously. What we see now, reported in Q3, is in fact, more or less the revenues that we have from the Heinenoord Station. And since Heinenoord was approximately half of the revenues in Q2, what we see is that the volumes and the revenues from Heinenoord remain stable quarter-over-quarter. In fact, the profits that we're making from the Heinenoord stations have improved marginally in this last quarter. What we are reporting as other operating income is then the revenues from our station projects, as Jacob has mentioned, and these revenues, they are in line with our expectations. In total, we are reporting an improved gross profit. If we compare it to second quarter, our gross profit has improved by EUR 2 million, quarter-over-quarter. Looking at the expense side of the business, this quarter includes a high cost for the JV transaction. These are, in nature, non-recurring costs. There are EUR 1.7 million included in the quarterly results. And looking at the other major items, the staff expenses. Staff expenses in Q3 is in line with our expectations. The reported staff expenses are higher than Q2, but that's actually because the capitalization of cost is lower than in the previous quarter. So the base cost for staff is in line with our expectations and in line with the previous quarters as well. All in all, we are now reporting a loss of -EUR 5.7 billion at the EBITDA level, which is a bigger loss than last quarter. But again, this is then the combination of an increase of EUR 2 million in our gross profit, extraordinary one-off items of EUR 1.7 million, and then a smaller amount that has been capitalized in the quarter of additional EUR 1.5 million. So all in all, our earnings is in line with what we had expected, and in fact, in the core operations, it is actually better, slightly better than the previous quarter. Going to the next slide, what we have here is the cash flow overview. What is notable here is obviously the cash flow from the financing activities. We have previously reported that we raised EUR 24.2 million in gross proceeds from private placements in March month. This was then followed up with the joint venture transaction conducted in September, that net contributed with additional EUR 18 million, bringing the total cash flow from financing activities up to EUR 42.2 million year to date. Bringing us in a strong position and giving us a cash position at the end of the quarter of EUR 34 million, which is an improvement compared to last quarter. That then brings us to the balance sheet. We are continuing our strategy of converting cash into assets as we are building our stations and building the HySynergy, as of course, the most primary activity. What we see and what Jacob mentioned is that there are some assets that are related to the legacy fueling stations. We have identified, as mentioned, 40 of these assets that will need to be sold off or written down during the coming period. The amount that we are expecting to write down is in the range between EUR 5 million-EUR 9.5 million. This will obviously affect our equity. As reported here, we have equity of EUR 80.2 million, so we are very well suited to absorb this. This is not going to be a problem, and if anything, the cash effect of these assets transaction will actually be positive in the coming period. With that, I will conclude the walkthrough of the financial numbers. Cool. Thank you so much, Jesper, and welcome again. So zooming in on the next steps. So in Everfuel, we have our order backlog of roughly 39 million EUR at the time of reporting, which is excluding sales from HySynergy Phase II. So this is mainly HySynergy Phase I, and various deliveries from there. Then it's continuing focus on securing customer commitments for hydrogen delivery, and this goes both for our soon existing and also coming hydrogen electrolyzers. And then looking at further developments within the heavy-duty segment when we talk e-mobility. Naturally progressing HySynergy Phase I, remaining our highest priority, as well as preparing HySynergy Phase II, which are both to be part of the Everfuel Hy24 JV. Then it's optimizing our organization, adapting it—we have already done this—to the realigned strategy. And then also preparing the organization for the necessary continued growth to be able to execute these larger hydrogen production projects. So each of the hydrogen hubs simply requires quite a significant amount of resources to get these implemented. And then we are continuing our market development efforts. This goes both together with vehicle OEMs on mobility side, but definitely also with industry players... to make hydrogen attractive, to make sure that the necessary support schemes are in place to make hydrogen an attractive alternative for the diesel fuel, that is, the diesel or the fossil fuel that is used today. So, summary, and now moving into the Q&A session. So if any of you have some questions for us, please feel free to write these in the, in this, in the section. That should hopefully be possible, and then these will be published one by one. So in Everfuel, we are a leading hydrogen fuel and energy company. We are positioned very well to capitalize on this multi-billion EUR hydrogen market that is now opening in Europe. Just to remind ourselves that the European ambition is to consume 20 million tons of hydrogen in the year 2030, which is extremely ambitious and requires more than 100 MW of electrolyzers to be available. It's a very firm growth plan that we are showing, and we have showed that we are capable of executing this, even though it's challenging, and hydrogen is just an easy walk in the park. I do believe that what we are showing with our organization are that we know how to get through this. We also believe that our business model of not just building an asset, and that's it, but also being a participant in the development part, as well as the engineering and even some elements technology. We find this crucial, and this is where we are adding some additional value. Making projects with recurring revenues is completely fundamental, otherwise, we'll not be in a position to bring projects to FID. That gives us, when operational, a solid profitability on our projects. Very good! With that in mind, now we have concluded the presentation, and we're now ready to move into the question section. So let us just get set up here to see if we can get the questions available. We get these in here. Pardon me. So the first question: What effect will the decision of the German court regarding the misuse of financials amount, financials for other amounts in the transition projects, et cetera, have on your endeavor, that is, the cooperation with Germany as a current partner? Maybe some of you are aware that in Germany, there's been a significant financing on various green transition activities. This includes hydrogen and the High Court, the Supreme Court in Germany has ruled that the way of financing this has not been correct, and thereby a German government needs to find other means of financing this. This is German policy, so we don't have any say in this. We can, however, see that the German political ambition remains the exact same. Now they need to find other ways of financing it. So, question two: What does the PTX tender win mean for Everfuel? What projects will the funding go to? Well, I think, firstly, it's a very good success by our team in cooperation with Hy24. So this is funding that goes to one of our subsidiaries that is a part of the joint venture with Hy24. DKK 211 million, roughly EUR 28.4 million, if I remember correctly. This is support basically per kilogram of hydrogen produced. It's in DKK per gigajoule. So converted, this is roughly, so 1.09 euro per kg hydrogen produced. That is an easy math to do. And this is support that is given for hydrogen produced from the electrolyzer started, and then in the next ten years ahead, it's CPI indexed. So this helps us a lot when bringing the next phase of HySynergy2, so not the first 100, but the first 30 of the next 100, bringing that into FID. Then naturally, we are continuing to explore options to finance the remaining parts of HySynergy2. The ambition remains the same of having 300 MW in operation of HySynergy2, prior to a hydrogen backbone being available. Next one: Have the German certificates opened for import of green hydrogen? How do you expect pricing of certificates to change? Well, we remain very positive on the TSG quote and the German certificate scheme, which is the German implementation of RED II, making it attractive to produce green hydrogen, defined as RFNBO, and delivering this into Germany. The update of the TSG is not public and not done yet. The question from before, the financing from the German state, is very likely one of the elements of why this is not, this is not released yet. It's our clear belief that the only logical and also legal way would be to set import of green hydrogen at the exact same level as domestically produced hydrogen. Germany is in a position where Germany simply doesn't have enough renewables to produce all of the required green hydrogen in Germany. While in Denmark, where we have, especially the western part of Denmark, where we have our larger projects, this is where we have surplus of renewables and will have much more surplus of renewable power. As this is built out, both onshore and definitely offshore. Good. Next one: It appears that Plug, I think this is a referential reference to, to Plug Power, comply with the authorities condition on the tender, will Plug MW capacity funding go directly to Everfuel with same expectation of MW capacity expansion? So for the Danish PTX tender, I assume this is the question. There was an announcement by the energy authorities in Denmark two days ago, where they stated that one participant, Plug Power, could not provide the required bank guarantees, and therefore have been discontinued in the tender. And then the funding reserved for them have now been passed on to the marginal bidder, which is us. This does not give us a requirement to build what another participant has been bidding with. It gives us more funding to bid to build what we have been bidding with. Meaning that it extends the pot of the EUR 1.09 per kg that we can deliver, and therefore finance electrolyzers to build. Otherwise, we will reference the press release from the Danish energy authorities on the details of this tender. Naturally, we're re-reviewing the contract conditions. We were doing that already. When, if and when concluded and signed, we will of course announce this. Will the JV go for more funding schemes like Hydrogen Bank in the coming month? Will you apply for funding for new projects like Sif? I don't think it's reasonable to go into details of what we will apply funding for and not. We will announce if we are successful in a bid or in a tender. We know what's going on, and we also do believe that we, together with our partners, will be making bids whenever it's relevant. When will we see revenue from HySynergy? So the revenue from HySynergy will happen in the JV structure together with Hy24. Revenues, you should not expect any significant revenues from HySynergy in Q1, as this is where we're expecting to start first deliveries, and then we'll see a ramp up of this revenue, starting from Q2 and onwards. We're also expecting the distribution centers, so where we can fill hydrogen or hydrogen trailers, to be started up a little bit later than the delivery into Crossbridge. So we will see this as a gradual ramp up. Well, it'll ramp up by Q2, depending on how quickly we get it operational. When will you share more on the financial expectations following updated strategy? When we are ready to show more on the and basically share a financial model, we will do so. We also do think it's fair to use the required necessary time to implement our strategy, and also to make sure that we have an accurate model that we can share when ready. So, until then, what we can say are that the realigned strategy has basically shifted our focus. We will have two functions in Everfuel. One is the downstream business, delivering hydrogen for any usage, including mobility. But the largest and the primary focus is on the hydrogen production, developing electrolyzers and the usage of this in what we call our hydrogen hubs, and preparing for the hydrogen backbone connection of these electrolyzers. Are there some considerations to restart some of the closed hydrogen stations? Well, as we mentioned in Q2, we have some stations on close and some on pause. The one on pause, we're looking into mechanism, partners, how that can be done in a sustainable way. So, we have been quoted for not wanting hydrogen mobility to happen. That is very wrong. We do want hydrogen mobility to happen. I personally have used a little more than 20 years to do so. I've also used a little more than 20 years to wait on vehicle OEMs to come with a significant number of vehicles. So we also at a point that if we were just to continue with the old strategy, that would have continued to be too expensive cash burn, and it would reduce our financial runway. We don't believe that that was in the favor of the organization as well as all our shareholders, which is the reason why we decided to shut down all HRS stations. We're looking into options, as Jesper said before, to divest assets. We are in good dialogue with actually multiple participants to take over assets so that they can either get back in operation or be relocated and serve a purpose. Of course, that is our highest priority to see if we can make that happen. When that will happen, and we don't know exactly. The dialogues are good, and we are trying to progress these as fast as possible so that we can focus on our realigned strategy. If we manage to divest assets, we'll of course do our best to convert this into a hydrogen delivery contract, because delivering hydrogen, green hydrogen from our HyCity electrolyzer will be key for us, for not just the home stations, but for anyone that would like to off-take green hydrogen. So that was not a clear reply. We will not, as Everfuel, restart stations, and we will not be subsidizing hydrogen fuel. We have done our efforts to keep this, to get this started. Now our focus is to do this in a sustainable way, focusing on heavy duty, where we will create an earning per kilogram we're delivering. Good. I think that was the questions published so far. If there are no further questions, then I think that concludes for now. No... One more? There's one more. Let's just see. There's actually not one, there is three more. Good. How does the DKK 211 million in the PTX tender impact the business case for your Danish hydrogen assets? So, when developing electrolyzer projects, you need to put this into a given project, a given box, and then you need to bring that project to investment decision, where you need to have your land, your permits, and your technology, financing, and your off-take of hydrogen, everything in place and aligned. And when that happens, you can do your investment decision, and then you can execute your project. The 211 million Danish is a support for the build of 30 MW of electrolyzer, and then for each kilogram we deliver out of that electrolyzer, until a certain capacity, each kilogram we deliver over a period of 10 years, we get a support from the authorities in Denmark. So those 211 helps us to do, or moves us further ahead to do investment decision on 30, or as a start of the next 100, where 30 will then be a part of that financing. So it's one of the elements that goes into what will eventually be an FID decision, final investment decision. What cash will be raised from selling the 40 different assets? We don't know. We don't have an accurate estimate for that number. We have an expectation that there will be a positive cash inflow. If we compare it to the current cash balance, it's not something that's going to make a major difference. I think the most important item here is that it's not going to be something that is going to drain cash from the operations. It's best case going to be something, it's expected case going to be something that will support us for a little while going forward, but it's not going to be a major contribution, per se, that it sort of substitutes for, say, funding, and such. Yes. When relevant, we'll of course inform. Then could you provide some future color on the economics at HySynergy? Total invested capital, amounts of buses and services, revenue, OpEx, and future return on capital requirements. So do we have those in the top of our mind? I don't think all of it. I think revenue, that we showed, we can just go back to this to this slide here, which is basically the the hydrogen revenue- Mm. of the EUR 136,000 for Q3. The agreement, if I remember correctly, is hydrogen for 24 buses. I do not believe that they have the full fleet in operation yet. There have been some issues on the bus side, meaning that we're expecting actually more hydrogen sales to come. Then, OpEx and the business case of it, I think it's wrong to just come with assumptions right here. We have went together with our station supplier to actually reduce some of the operational costs of the asset. There have been some updates on the hardware, which has improved the availability and durability of the station. It's still not at a point where we want it and the station supplier want it to be, but it's progressing, and that also has an effect on the numbers, as you mentioned, Jesper... I don't think we are able to zoom much more in, into this. Maybe we can say that obviously it will affect the business case once we start producing our own hydrogen and can substitute with... That will obviously help the numbers of the- Mm-hmm Everfuel Group. So, but that is to come in the new year. Yeah. In Netherlands, there's also certificates for green hydrogen fuel, which it's expected to include also import of green hydrogen. This is expected to be ready from Q1 in 2025. This is called HBE quota, or not quota, HBE in Netherlands. Mm. Last one, is Everfuel focusing on the stock price that have been decreasing significantly over the past year, or is it its main focus on the daily operation? Well, and naturally, we're following the share price development. When that is set, our focus is very clearly to execute according to our plan, and try to do this in a humble way, realizing that things are not as completely as expected. When that is said, we are learning and we are adapting. This is. And that's basically where we are. I think when that is said, the hydrogen shares in general have been affected. Renewable shares in general have been affected. I think that's just. That's just how it is. I do believe that we have a lot of new shareholders that have joined us, and welcome to you. I would expect that when we get HySynergy into operational, we will get some trust back from shareholders. So we are just focusing, executing, and then hopefully we'll be rewarded by shareholders. Yeah, it's a long-term game. That's how it is. We need to save the planet, and hydrogen is a part of that, a significant part of that, but it takes time. Good. I think with that said, that concludes the Q&A session of today. Thank you all for listening in, and we'll talk in a quarter from now. Yeah. Thank you. Thank you.