Morning everyone, and welcome to the Everfuel Q4 presentation from 2023. So, the presentation of today will, of course, be a presentation of the Q4 from 2023, but also the annual reports from 2023 and the latest subsequent events that have been going on in the world of Everfuel. Disclaimer: oh. Here we have the presenters of today: myself, founder and CEO Jacob Krogsgaard, and Jesper Ejlersen, our CFO, will join us when we go to the financial review. In the question session at the end of the presentation, we will be asking you to come with, of course, questions. In the new Teams, the normal questions section is currently not working, so we are asking you to send them in an email to mm@everfuel.com. This is mm@everfuel.com, and then we'll be passing these on at the end of the presentation. You can also see the mail in the meeting chat. Very good. So, zooming in on Everfuel: what are we? In the essence, we are one of the very first hydrogen companies in the category that will eventually be independent hydrogen producers. So we are a dedicated hydrogen company that develop green hydrogen projects or electrolysers. We have our own EPCM function in-house to execute electrolyser projects. We have a technology center, and we have operations of our electrolysers. So, the full package with the purpose of being able to supply hydrogen to customers either by our hydrogen trailers or by pipeline, that being short pipeline to neighboring facilities or the upcoming hydrogen backbone. What we're all about are green hydrogen, and we are expecting to be RFNBO certified, which is the European definition of green hydrogen, here by the summer of 2024, as soon as that is finally implemented. That goes both for the 20 MW HySynergy One electrolyser, but also for the subsequent 100 MW and additional 30 MW in HySynergy 2A and first part of HySynergy 2B. Activities going beyond those 130 MW will be capacities that will be connected to the hydrogen backbone. So the hydrogen pipeline coming from Denmark to Germany, so we're very pleased about this attention this backbone has been getting lately. There are again commitments from Danish governments to support such a backbone, and now currently there are discussions ongoing how the financing of this will happen. There, of course, we in Everfuel together with Hydrogen Denmark, etc., are very active in making sure that we get reasonable conditions to make sure that we don't get first mover disadvantages but first mover advantages. We have our joint venture with Hy24, where we have committed a EUR 200 million investment from both Hy24 and Everfuel each to build electrolyzers both for neighboring facilities and hydrogen distribution, but also later for the hydrogen backbone. We have a portfolio of hydrogen projects in excess of two gigawatts that will be ready by time and will be matured and brought into the JV asset ready. In Everfuel, we are among the first of the first movers, meaning that we are really learning on a lot of experiences. We're also getting a lot of the beating from an immature market and immature technology. When that is said, that's also giving us unique experiences, which we firmly believe will be helping, will be helping when we, when we go forward because, eventually all independent hydrogen producers will have to go through the same learning curve. We're listed on Euronext Growth in Oslo. So, zooming in on the Q4 events: we are, well, we are firstly, together with Hy24, signed agreement on EUR 28.3 million in IPCEI support for hydrogen production from the PtX tender. This is a Danish version of the hydrogen bank, which is, of course, very positive, and we're getting a support slightly above EUR 1 per kilogram of hydrogen produced, meaning that we need to establish a minimum of a 30 MW electrolyser in HySynergy 2B, so in excess of the next 100 MW. In Q4, we also entered into strategic collaboration with ITOCHU and Osaka Gas, two Japanese companies, both with experience within hydrogen. Our EBITDA was -EUR 43.4 million, and we had a write-down of our hydrogen station assets or legacy assets, in the totality of EUR 6.8 million. This is in line with the realignment strategy that we announced in August 2023. Our cash position by the end of 2023 is EUR 28.6 million, and that is more than putting us into 2025, meaning that we are well capable to support the activities going forward. Our key events happening here in 2024: no question that it's the final stages of completing HySynergy and getting hydrogen production to our customers and partners. We, last week, concluded that we needed to extend the startup date of the electrolyser into mid-Q2, and we're now also communicating that we're looking at the budget, which is now more looking to be EUR 51 million-EUR 52 million compared to earlier numbers, which were EUR 45 million. Completing the facility is a significant larger amount of work than initially anticipated. So, when that is said, you do see an electrolyser here, and the core of the electrolyser, the low-pressure part, is operational and can produce hydrogen and have been producing hydrogen, but we cannot sell hydrogen out of the facility, meaning that then it doesn't make too much sense to operate it. We need the high-pressure part and storage part and the totality to be ready before that is doable, and that's what we're working on. Trying to put some perspective of where we are in the hydrogen market currently. When we listed in 2020, it's interesting to look back about where hydrogen were at that point in time. There were consensus that the hydrogen technology was sufficiently mature to scale up. The capital markets were equally ready with hydrogen. However, the political framework was not there in order to really support the necessary growth about hydrogen. That was not in place, and that took time. Now, in 2024, we are in a different location. Us and others that took FID and went through the initial phases of getting projects in operation have experienced that the technology is not as mature as expected. It goes throughout the total value chain. So, on Everfuel's side, that's hydrogen stations, hydrogen distribution, and also, on the electrolysers. There's a lot of learning happening, and that goes on our side, and that goes on our partners' side as well. Project complexities have also been increased, and it's also clear to see that the learnings that are happening are happening all throughout the value chain, all the way down to component suppliers as well. However, the unique situation is that we have a political tailwind like crazy. There's no longer anyone asking if hydrogen will be a significant part of the green transition in Europe. It's the question of how fast and how much will hydrogen be able to do. So now it's getting the political tailwind momentum, getting that all into place. However, the key thing is then also who will then be the hydrogen companies, the independent hydrogen producers that will come out successfully on the other side. We firmly believe that it's companies that have characteristics of being persistent and having agility, having a proven safety-first culture, daring to push the stop button when necessary. Then there's also someone that dares to adapt strategy because everything is not set in stone yet. Real-life experiences, in-house IP and technology know-how, deep commercial insights in the various hydrogen markets, strong management and long-term shareholders to support the growth, trustful partnerships and partners, and then finally that it's all based on certified green hydrogen. We actually believe that is what is required, those are experiences and characteristics of what are required, and we firmly believe that is what we stand for in Everfuel. The market that we're chasing, and the European ambition is 20 million tons of hydrogen consumed in 2030. So what is that? 50% of that produced domestically in the EU, the other 50%, being imported. The 50% produced in the EU is equal to roughly 100 GW of electrolysers or EUR 50 billion of market size. It's a huge market. We stand strong to gain a position there, and in Denmark in particular, we stand very strong because a lot of this green hydrogen usage and offtake will happen in Germany. Germany is the market ahead in supporting this, and Denmark stands as the strongest neighboring country with high possibility to expand our renewable power, which is the ingredient to produce green hydrogen. This is why we are located with our largest projects in Denmark, and this is where we are focusing all of our activities. We have our HySynergy project in Fredericia in Denmark, and we have the Sif project close to Holstebro in Denmark, where we are developing activities, and we have Portugal. The hydrogen backbone is expected to be operational by 2028. That's the line you see here on the right side with the dots being interconnection points, meaning the intersections where we have transformers and the hydrogen backbone. Germany is committed for offtake and are also putting support schemes in place to make it attractive to offtake hydrogen. So that is definitely what we're chasing. With our strategic focus in Everfuel, this also helps us to really narrow this down and focus on the important activities. When that is said, the final political decision on the hydrogen backbone between Denmark and Germany is not done yet, and also the financing of it. This is also why we think that our strategy of starting with hydrogen production at HySynergy, where we have a neighboring offtaker, is totally fundamental for the successes of our business. First, building a 20 MW, making the next 100 MW with blueprint for the remaining 100 MW of electrolysers that we would do. We are for the first 100 MW independent of the investment decision on the hydrogen backbone. So this is where we are. Shortly on the mobility segment, as we communicated in our strategic realignment, we have wound down our car fueling stations, which were unprofitable and of a nature that we call legacy. We've actually managed to divest some of those assets and are in discussions with divestment of further assets. So making sure that it's not just going for waste but actually finding the next life, which is really good. On the map on the right-hand side, you see we have our bus fueling station in Heinenoord close to Rotterdam in operation, and actually improving performance, we have to say, which is very pleased. We're pleased to see that. Then we have the two stations in development, on construction, sorry, in Frankfurt and in Wuppertal, different stages. Frankfurt is now in the final stages of construction, will hopefully soon be on a daily operation. We have the two stations in Copenhagen and Aarhus, which are on pause and ready for demand, when and if that will be available. However, with a small commitment and small offtake, it's not feasible to keep such stations operational, and we are also waiting to see if we got the Danish move with support schemes and certificates equal to Germany and very soon Netherlands as well. I think it's hugely important for us that we have such important strategic partners that have joined us in Everfuel. Firstly, Hy24 with our joint venture, where we are developing electrolyzers and pushing electrolyzer projects into SPVs, and then we are financing this 51% from Everfuel, 49% from Hy24. We in Everfuel are providing all of the required services, so development, EPCM, technology, operations, administration, to make this into an investable project, and, for all of those services that we're providing, we're getting a reasonable fee for that, which helps the business case in Everfuel and helped us reinvest back into projects. Then we have our Japanese friends from ITOCHU and Osaka Gas. As you see here on the picture, we have had visits, quite a few times from our Japanese friends, and we firmly believe that they can bring competences and experiences to help us grow our business. So, they have ownerships and knowledge about basically all fields of market where hydrogen can be used, so we are expecting that they can help us to increase offtake and increase the likelihood of hitting both budget and timeline on our following projects. So, welcome again. In Everfuel, we stand with the same ambitions, aspiration, as we have done all along. However, the main difference now is that we are not saying exactly when we're reaching our ambition of being among the first to reach EUR 1 billion in revenue on green hydrogen sales. You see our four-phase strategy that we have here on the bottom: first proof of technology and then proof of business, ramp up and take off. The proof of business phase has been extended because the foundation of the proof of technology prior to Everfuel getting started, that foundation has not been as strong as we all anticipated. So there has been some learning loops. When that is said, when we have HySynergy operational, when we have our hydrogen trailers working, leakage tight here during the course of 2024, we stand in a very strong position. We stand ready, we stand knowledgeable, and we stand with the experiences that eventually others will need to go through as well. All of the projects going forward are expecting to have a positive IRR somewhere between 8%-12%. So we start to hopefully get to ready for or preparing for the next phase. As you see on the right side, our target market: Denmark, Germany, hydrogen production, Denmark, the main offtake in Germany, of course, continuing to support our existing activities in Netherlands and monitoring when other activities will be ready. So zooming in on HySynergy One, you see the dawn of HySynergy One on the picture here. So first guy on HySynergy One, we have 11 milestones remaining before we are opening the hydrogen pipeline and can supply hydrogen into Crossbridge and go through the first startup phase. We don't have an exact number, but it's hundreds of milestones that we have achieved before today. Of those 11 milestones, one of these is the PED approval, the Pressure Equipment Directive, which was targeted two weeks ago, where we had issue as we announced late last week on our Deoxo, meaning that we were not able to get our PED certification. We firmly believe, of course, we'll get it, but it takes time, and there's been work ongoing on the Deoxo. There's discussions ongoing with our electrolyser supplier and their subsupplier to identify if that is sufficient or if we need to do further rebuilds in order to get, get us to a state where we have, of course, some equipment that can be certified, but also equipment that will have the required reliability when going into operation. It's going to be really, really exciting to get HySynergy operational. Of course, the site will not just be open for public, but we, when we're ready, we will make some video shots and to really show you the facility. It's a site that we are extremely proud of. It's a site that we're frustrated off that it takes so much time before we'll be operational. Safety and quality first. The conclusion has also been that we can now see the total budget before we are in full operation. HySynergy has been extended to somewhere between EUR 51 million-EUR 52 million compared to EUR 45 million, which were the estimate last summer. The amount of especially external resources that have been used to complete the last stages and also to get the necessary external support have been significant and are the main reason for the budget increase. HySynergy Two. HySynergy Two comes after HySynergy One, and it's important for us that the learnings we get from HySynergy One will come into the initial stages of HySynergy Two. We don't want to do a repetition. It has to be a second-generation electrolyzer system from our point of view, meaning that all of the learnings, all of the experiences need to be included all already from day one, also in the tendering exercises on all of the subsystems that needs in order to get the electrolyzer operation. HySynergy Two is 3 times 100 MW of electrolyzers. First 100 is supported by IPCEI. The next 100 MW electrolyzer, they are the first 30 MW is supported by the Danish PtX fund. We're still estimating the total budget to be EUR 255 million, and we will progress on the project by expecting to have FID somewhere in 2025. Zooming in on our hydrogen trailers, you see here one of our haulers doing some test runs next to our distribution center at HySynergy. So, on our hydrogen trailers, we have had a total of three independent issues with the trailers relating to leakages. Those leakages are all related to our suppliers, subsupplier, and more specifically the quality and the material capability of their components, which the system has been built off. It's a process where we now see we're getting towards the end, which is good. There's also been frustration to have only three out of our 12 trailers operational. The three trailers have been operational throughout this period and have kept our Heinenoord bus station operational. Then we have 4 trailers, which will now get into operation here in March and April, and following the remaining 5 trailers before we take the 3 trailers of old specification and bring those up all to the same level. So we are getting there. We truly look forward to getting the trailers operational, ahead of the start of our Frankfurt bus station. Moving into financial review and the numbers, and Jesper, will you join me? I will. Thank you, Jacob. Please remember that since we are missing the Q&A section of Teams today, if you have any questions, send us an email at mm@everfuel.com. That was mm@everfuel.com, and then we will bring them into the meeting. So presenting the numbers, this time we will be providing you with a little more detail as it is reflected in our annual report, where we now have a note where we give more details. And on this slide, what we are presenting is the breakdown of the revenue into the revenue from hydrogen versus the revenue from our construction contracts. Later on in this presentation, I'll give you some details on the breakdown on our business activities. Looking at the numbers, what we see is that year-over-year, our hydrogen sales is obviously down. So if we compare the fiscal 2023 with the fiscal 2022, that's due to the closing of the stations and the issues we talked about, the trailers. If we look at the latest quarter, Q3 and Q4, what we see is that our sales of hydrogen out of the bus filling station in Heinenoord is actually stable and growing, which is quite promising, as Jacob also said earlier. The result of the quarter is a minus of minus EUR 3.4 million compared to minus EUR 3.2 million in the same quarter last year. You should notice that we have actually significantly increased our gross profit. Presented here in the quarter, we have actually an income from the raw materials. That's because in the two previous quarters, we were quite conservative in terms of evaluating the raw material usage. So in Q4, we have a positive effect of around EUR 500,000 that is coming back from those two quarters, but still a nice improvement in gross profit both compared to last year and compared to the previous quarters. You will, by the way, find an overview of the previous quarters in the appendix to this presentation if you want to deep dive into that. Looking at the profit, the loss, we are obviously presenting a big loss in Q4, which is mainly driven by the large non-cash write-down on the legacy hydrogen stations and equipment as we have presented in the annual account and as Jacob mentioned earlier. I'll come back to that shortly. Cash is important. We continue to be investing in making hydrogen happen. If we look at the breakdown of our cash flow, you'll see that cash flow from the operations was very low in 2022. The number that we are presenting for 2023 is representative of the operations of the operational loss. You'll also see that we continue to have in the fiscal year of 2023 a high level of investments into especially HySynergy One. So we have spent EUR 28.6 million in investments here. And then just stepping back, we talked a lot about the capital we raised in the earlier quarters, EUR 44 million raised through from the market, through from debt, and also from the investments made by Hy24 in our JV. I think we've been quite successful in a difficult market raising capital, and it brings us to a cash position at the end of the year of any EUR 28.6 million. As the investment in HySynergy is coming to an end, what we see is that this cash position gives us headroom to finance whatever we have left of approved investments and the operations well into 2025 before we require additional equity. A good cash position leaving the fiscal of 2023. Presented here is the balance sheet, how it's composed, the different components at the end of the year. We have here now the non-current assets of EUR 72 million, and this is after the write-down of the legacy assets. In our Q3 report, we estimated that the write-down would be in the range between EUR 5 million and EUR 9.5 million. We ended up at a write-down of EUR 6.8 million after carefully going through all the assets, identifying which one can be sold off and which one had to be written down fully or in part. So we now have that cleanup behind us, and it's included in the numbers here. And again, what we are seeing in this quarter, in this fiscal, is that we are investing. We are converting cash into assets and knowledge. As Jacob has talked about, we are building a lot of knowledge in this organization. You might not see it in the balance sheet, but it's there. It is providing us with a super strong foundation for our future growth. And then new in this report, new in this reporting cycle, we have our business activity reporting. We are presenting this here now to provide some transparency into the operations of Everfuel. It's been something we have discussed with the analysts. How can we help provide insights to our operations? And now, following the strategic alignment, following the new organization, we have created the foundation, and we are now able to provide you with this business activity breakdown. Mind that the business activity breakdown is something we implemented within the fiscal of 2023, so especially the first two quarters, the first half, is something that we did on the back end. We will have this as a basis, and going forward, we will be able to provide you with quarterly reports on the different business segments in these presentations. Then if we look into the numbers, what it is that we are reporting, well, we have the two business areas upstream. Upstream, this is where we develop our renewable and hydrogen projects. This is where we operate and produce the hydrogen, and this includes the activities that are co-owned with our minority shareholders. It's all included in the upstreams. What you'll see is in this section, in this business area, we are obviously still awaiting the first revenue to come in from HySynergy One while we are still investing heavily in the future projects, in the projects to come to provide us with future revenue in Everfuel. In downstream, we have revenues. We have revenues from the sale of hydrogen. We have revenues from the distribution of hydrogen. We have revenues from the operation of the refueling stations, whether they are owned by us or by others. We will also see revenues from selling hydrogen to non-pipeline industrial customers. We have a big loss in the downstream business this year. It's quite impacted by the construction projects in the refueling stations. We have a total of -EUR 2.4 million in loss in station projects in 2023. These are not losses that we'll be seeing going forward since we're discontinuing those projects and the way they've been executed. We are also seeing now, as I reported earlier, a more stable supply situation of hydrogen, especially now in Heinenoord, but also looking forward to the two German projects starting up in 2024. Having closed the unprofitable activities in Denmark and Norway, we find that the downstream business is in a good, let's call it a good starting position for 2024 and going forward. With that being said, Jacob, I believe we've come to the summary. Thank you, Jacob. And yes, that's correct. Now we will go fully analog on the questions for today. Just summarizing where we are in Everfuel, we are a leading green hydrogen company or an independent hydrogen producer. We firmly believe that we are positioned to capitalize on this multibillion euro hydrogen market opening in Europe, EUR 50 million before 2030. We have a firm growth plan, even though we have realigned our strategy now being much less focused on mobility and more on industrial offtake. We do have a very firm growth plan, and that gives us the ability to unlock hydrogen at scale and do that with a business model with recurring revenues, giving us eventually solid profitability when we go to the next phases of projects, so beyond HySynergy One. Good. That's the summary slide. I will stop sharing this, and then we'll go in full screen and then go for the questions. So first question, can you deep dive a bit more on HySynergy timeline extension? What do we need to get done, and what do suppliers need to finish? So the HySynergy timeline extension, as mentioned in the presentation, we had a lot of activities that all needed to come together here at the basically at the end of Q1, so here during the course of March. And as you see, some of those elements trip that has a further consequence on the next one. So I think in general, we have been really good. We have been cooperating well with our suppliers. If it's and eventually then it's one specific event that caused a delay that caused a further delay and then a small snowball. We are very firmly believing that what we see now are the final extension of our project. We also believe that's the final budget we have. We will get there, and it's going to be a truly exciting site. Yes. Next question, seems you got strong backing from Hy24, ITOCHU, and Osaka Gas. What advantages do you think Everfuel will be able to leverage from those two partnerships, respectively? Well, if we start with Hy24, it's a very competent partner, not just in the field of investing into hydrogen, but knowledge and background knowledge and support when it comes to hydrogen. So also their political understanding and political commitment is truly valuable. Then they also truly understand that bringing hydrogen projects into bankability is not that easy, and they are helping us to navigate projects like HySynergy Two so that we will come to a project where we can hopefully reach FID and bankability as quick as possible. Of course, the capital and the JV we have with Hy24 and where they are recognizing the services that we are providing from Everfuel to our joint venture is key. ITOCHU and Osaka Gas, the two Japanese companies which are extremely experienced within a vast amount of industry, definitely also within gases, can help us on technical levels, but they can definitely also help us on market commitments. Eventually, there are also some potential partnerships that can also help provide some debt financing from Japan as well that we will be looking into together with these. Yes. So all of those partnerships, we are truly looking forward to start to see some of the to be able to harvest from some of the seeds we've put in the ground. Yeah, if I may supplement here, we actually also, as described in our annual report, we have ambitious ambitions to develop our ESG reporting, and Hy24 being an Article 9 foundation is obviously going to be able to support us in that and help us build what we need to build here. So I'm looking forward to support here as well. That's absolutely correct, Jesper. The next question, it seems hydrogen will happen at scale. You mentioned some key characteristics which you think future hydrogen windows need to have. Can you give some context to Everfuel's situation? Without making too many parallels, so in the interesting IT days when everything was hyped, went down, and then it went back up again, what were the characteristics of the ones that were going back up again? The characteristics are companies with knowledge, with levels of patience, with a lot of persistence, with a lot of the characteristics that I showed in one of the earlier slides. We firmly believe that that is what we are representing in Everfuel, all of our Everfuelers, and what our shareholders will eventually benefit from. No question said that it's frustrating to be an early mover with all of those challenges that are ahead. However, we're finding some comfort knowing that the challenges we do see technology-wise, our colleagues in the industry will need to go through the same. Next one, do you believe hydromobility for cars have a future? More and more H2 stations are being closed. I think that's a delicate question. Technology-wise, does the car work? Yes. Have I been pleased for my personal passenger car since 2015? Yes. However, the amount of vehicles that are offered are not enough, and the consequence and the reason why we shut down our car stations were due to the unprofitable business case of running car stations, which is a consequence of multiple things: lack of vehicles, but then also more expensive operation of the station than anticipated. And one of those consequences is due to the complexity and thereby lack of reliability on the H2 stations. Will hydrogen cars not happen? So broadly, potentially in quite some years, if you are to make car projects happen, it has to be dense taxi-like projects, which is also the reason why we still have our station in Aarhus and Copenhagen on a pause. So this can be reignited either with heavy duty or with taxis. Seeing the technology is immature on H2 car fueling, when do you then expect heavy duty fueling to be commercially available? You have mentioned earlier that Everfuel will not take the technology risk. What do I mean by that? Well, looking at our numbers, looking at our presentation, I think you are realizing that we are taking a lot of the first mover risks here. We do not believe we should continue to take the first mover risk also on hydrogen stations, on new technology. So we are looking into solutions where we are partnering with where we're partnering on the hydrogen station technology risk. We see ourselves as a hydrogen producer, a hydrogen supplier to wherever green hydrogen will be used and where there will be an attractive payment for it. Then we're looking into options also on the partnership for mobility. On the heavy duty, fuel cell buses are here. They are existing, and you've got tenders on hydrogen for buses, which is interesting. On trucks, announcements have been from OEMs that some will come within the next few years. We are monitoring. We are paying close attention. We are in close dialogue, and we will, of course, make sure that we get our position here but being careful on technology risk. We also believe that fueling heavy duty can either happen at the depot, bus or truck depot, or it can happen at large public stations where we are looking into a niche for Everfuel where this at the depots is where we will have our strength. Yes. Seems Everfuel will rely quite a bit on the hydrogen pipeline being built. Can you give your latest perspective on the pipeline situation? I guess we can use the remaining of the Q&A session for this. The hydrogen backbone in general is required throughout Europe to make hydrogen this energy vector that can balance renewables. You need to move the energy from the renewables from the areas in Europe where we have a lot of available renewables into the markets where we have less. Denmark is one of the markets in Europe where we can produce way more energy than what we are consuming ourselves. So we have potential to build what is it? Up to 200 GW of offshore wind power in the North Sea in Denmark, which is comparable to a peak power consumption in Denmark of around about six MW. So this is more than 30 times our own consumption that we can produce. That has to be converted to hydrogen. And in order to be transported into our neighboring countries in Europe, that has to be to the backbone. So we are very comfortable that the hydrogen backbone, the Danish hydrogen backbone, will be built. The investment will happen. We are cautious on the conditions of utilizing the assets and what levels of commitment that are expected early on from us in industry because we need to make sure that we're not killing bankability. That message has also been conveyed to Danish politicians and lately the Danish energy minister that joined us at a meeting with Crossbridge just two weeks ago. We are building in HySynergy One 2A and the 30 MW of 2B, a total of 150 MW. It's key for us to say that that's happening without the hydrogen backbone being built. With those projects in operation, we are able to have a self-sustaining business, meaning that we have a positive cash flow and can keep all of our development, EPCM, etc., activities ongoing, meaning that if there is a delay on the pipe, that will have a limited consequence on us. Yes. When will we see revenue from HySynergy? How do you think the ramp-up will be? Well, revenue from HySynergy will happen when we start to deliver molecule. I think that's as basic as it is. And from there on, then ramp-up will start to happen. That will be a process that will take some months. The agreement with Crossbridge is also that there's a capacity payment regardless of the offtake. And then there's an energy payment, which to a large extent, of course, is a function of power. It's also a clear message from Crossbridge that RFNBO, green hydrogen, needs to be in place and the Danish implementation, meaning that when they're using RFNBO in the refinery processes, the certificates need to work. That's an ongoing discussion, not the actual discussion. It just needs to be proven that this also works in Denmark. So that's what we will do with Crossbridge very shortly. Good. Let's see. Moving on. And now we are hang on. There we are. Have all problems with trailers been solved now that they start to be redeployed? We firmly believe, yes. Meaning that we firmly believe that we together with our trailer supplier and a number of subsuppliers have identified what is required. So what was required? That was a long process, long learning, back to quality of components, material incapability of components, tolerances. Hydrogen is a very small molecule, and hydrogen either at low temperatures or high pressures is very difficult to keep tight. I do believe the learnings have happened now throughout the value chain, and that needs to be implemented. Moving on. What was the original CapEx expectation for HySynergy One? The EUR 45 million was from June 2023. I do believe the original first estimate was EUR 28 million, if I remember correctly. Yeah. Unfortunately, that's it. Period. If HySynergy Two develops like HySynergy One with significant budget overruns, it will be a financial nightmare, and you will likely be bankrupt. Won't you need more partners and financial backing before taking such a risk? So I think you cannot find any hydrogen project that has not seen significant budget overruns and delays. Keep in mind that some of the earlier smaller projects where we in Everfuel should offtake hydrogen and put that into the mobility market have been so delayed and so failed that they have not managed to supply hydrogen. Three smaller Danish projects should have delivered hydrogen for us, which basically we didn't end up getting. So we are getting HySynergy operational, and we're learning a lot. We believe that we as an organization and many others will need to have their first learning case. We are shortly through that on HySynergy One, meaning that we should be able and our shareholders should expect from us and partners should expect for us that we will be able to hit much more precisely on HySynergy Two going forward. Clearly, we need to be way more precise with the engineering study, with the feed study, etc., before we go for FID on HySynergy Two because otherwise, we will never be able to bring these to FID-proof bankability and get them started. This is among other things why we are saying in the financial presentation that we are investing in both assets and knowledge because there's significant learnings from HySynergy One that we'll be able to utilize going forward in terms of documentation so forth that we now have ready for our next projects. And you won't find them in the balance sheet, but you will find them within the organization of Everfuel. So that's one of the reasons why we're saying we're well positioned for the future projects by now. Correct. I think that's a follow-up question to the first one. Shouldn't you wait with HySynergy Two until the technology is more mature? Yes. That's also why we're not just pushing HySynergy Two for a quick FID. We need to include learnings through both the EPC, so the construction phase, but also from the very early operation phase of HySynergy One. There is a starting to become a pretty thick book of what to do and most importantly, what not to do. I think it actually will talk for itself. We will not be able to bring project two FID if we cannot prove bankability. Proving bankability with electrolyzer suppliers is a task that requires some very detailed, very close cooperation with your supplier because they also need to take certain parts of this risk. What does the higher CapEx of building a green hydrogen plant do to the economics? Price per kilogram of green hydrogen, and is the technology economical with the new knowledge? Firstly, CapEx and OpEx-wise, when you're building an electrolyzer. Very rough and with a lot of assumptions. If you're building a 20 MW electrolyzer and had the original targets, you will be on the CapEx part of your electrolyzer roughly at EUR 1 per kilogram. Then you need your operations of it on top. If the electrolyzer CapEx is almost double, well, then you are at above EUR 2 per kilogram of your fixed cost, assuming a higher utilization. Then you have your power price on top, which is the same regardless of the CapEx and has a greater effect by the power price and the power market developments. If you have a EUR 40 per MWh and you use 50 kWh per kilogram, it's EUR 2 per kilogram for electricity. If your power is 80, it's EUR 4 per kilogram for the electricity. So even with CapEx overruns, which naturally we're not pleased on, you still see the OpEx being your most significant part there, the electricity price being the most interesting one here. Is the technology economical with the new knowledge? Yes, because when we started HySynergy One, no OpEx supports were available anywhere. You cannot match OpEx support from the Danish PtX Fund or the Hydrogen Bank with CapEx support, but it can be mixed with potential contracts for difference, which some of the potential German customers we are in dialogue with are looking into. So yes, the valuation of green hydrogen when RFNBO is truly implemented will supersede the additional CapEx and still make the technology economical. The EUR 1 billion revenue, when do you reach that? How delayed are you? We want to do that as soon as possible, but with a sustainable growth. So just running and hoping that the technology matures is not going to work. We need to do that in a sustainable way. Naturally, we want to be ambitious. That's within our core DNA, but doing it responsibly. The original target of 2030 will not happen. It will be later. How many years we need to add to that is unclear. We need to see the political decisions on both hydrogen backbone and the true valuation of RFNBO. When that's the case, then it's more a matter of getting our projects built fast enough. Good. The last question that came in on the mail, IRR of 8%-12%. Until now, IRR must have been negative on your investments, or isn't it fair to assume the Fredericia 20 MW plant will be way below 8%-12%? Correct. So the HySynergy One facility has been a joint initiative together with Crossbridge where we have been sharing the risk now together with Hy24 because HySynergy One is a part of our JV with Hy24. As we communicated many times and earlier, the 8%-12% is after a period of initial investments, and HySynergy One is a part of initial and significant investments. Going ahead, we need to get projects in a good IRR state. Yes. We think that's it. And thank you for getting the questions through, even though it was a little more complicated than normally. So with that note, thank you so much for listening in and have a great day. Thank you.