Hello, everyone, and good morning, and welcome to the Everfuel quarterly presentation of Q1 2024. The presenters of today are myself, Jacob Krogsgaard, co-founder and CEO of Everfuel, and Jesper Ejlersen. So we will give you a short tour in what's going on in Everfuel. I will start with the highlights of where we are in Everfuel, and then Jesper will join us when we go into the financial numbers a little bit later. Thank you. So summarizing, where are we in Everfuel? We are in the category of what we call an independent hydrogen producer. We are producing green hydrogen in shortly large scales to deliver this to mobility and industry customers, where this is used to decarbonize. We have in-house functions, like in-house development of our projects, our own EPCM function, our own technology center, our own operations of electrolyzers, and then we will supply hydrogen via pipeline, either local pipeline or the upcoming hydrogen backbone throughout Europe, and also supply hydrogen through our hydrogen trailers to, mobility and industrial customers. We are focusing on green hydrogen. We believe that green hydrogen is, of course, the key, the key to the, the green transition, but using, renewable electricity and generating RFNBO, so certified green hydrogen, will also give us the advantage of generating certificates, et cetera. We have a 20-megawatt electrolyzer, HySynergy. We'll talk more about that later, shortly in operation. And then we have a contract for the next 100 megawatts offtake from electrolyzer, and we have grants for 130 megawatts of electrolyzer. We are, of course, following the initiatives on the hydrogen backbone, the pipeline between Denmark and Germany, very carefully, and we have now signed our first LOI with the German industrial offtaker that can now take offtake capacity in the ballpark of a 100-megawatt electrolyzer size. We are executing on our joint venture we have done with Hy24. And together with Hy24, one of the world's largest hydrogen funds, we have a joint venture that will own and operate electrolyzers in the Scandinavian market, focusing on Denmark. And of course, we look forward to continuing to grow that. We have a, seen from our point of view, very unique position with our experiences that we have and that we're continuing to gain on our electrolyzers. It's fundamental to not just stand with ambitions, but with real-life experience when the hydrogen backbone market starts and the true large-scale electrolyzers will start to come into play. The key events from Q1. We have unfortunately delayed our startup of HySynergy electrolyzer again due to other events. Now, we have some of the subsystems that have unfortunately failed during commissioning tests, which is now delaying not just that, but also some of the following activities. We'll zoom more in about that a little bit later in the presentation. We have signed LOI with an industrial offtaker for the hydrogen backbone supply to Germany. Linked with that, there's a political agreement across the parliament in Denmark that state will take a significant risk in the investment in the hydrogen backbone, but that industry should also participate. We have five of our Everhaulers, our hydrogen trailers, in operation. Seven remains in various states of being completed rebuilt. Our EBITDA in Q1, minus EUR 2.6 million, a significant improvement compared to last quarter, last year, and also showing that the strategic realignment that we have done are now starting to really have effect. Our cash position EUR 25 million at the end of Q1. We've also experienced a significant cost reduction in our downstream business activities also following our realignment. We have a segment reporting a bit later, where we'll zoom more into this. The current liquidity position that we have carries us well into 2025. We have also updated our long-term ambition, which we'll zoom in on in a little bit later, and also talk about how we actually see the hydrogen market as evolving now. That's the next step I will zoom into. The market outlook, and then afterwards, what is it then that our strategy is in Everfuel? Last time, I also talked a bit about this paradigm where we're in, and I actually see the dialogue in the media regarding hydrogen Power-to-X are, to a great extent, supporting what it is that we have been communicating in Everfuel for some time. So if we try to look at hydrogen in the year 2020, and then afterwards, hydrogen today. In 2020, on the market side, capital markets were ready to truly invest in hydrogen. Hydrogen was anticipated, mainly on mobility side, to really have a significant effect, less on industry, because it would really take some time before green hydrogen could compete with gray and black hydrogen. On the technology side, there was a belief technology is ready. Off we go, let's just scale up. On the political side, there was still some uncertainty if hydrogen would truly have the position going forward. Some made investment decisions in the year 2020 on electrolyzers, so did we in Everfuel. But what have then the market experienced in the period until today? Well, a significant cost increase compared to the original estimates. We have seen that in Everfuel. The market have seen the same. Numbers on the right-hand side here are from, from Hydrogen Europe analysis. Sorry, Hydrogen Council analysis. What you see on the right-hand side are also, average electrolyzer prices of, two point three, thousand euros per kilowatt. This is, roughly in the ballpark of where we are on HySynergy. That also creates an increase in the cost of, of the hydrogen molecules, which of course, is a concern, but that is very well, supported or, even covered by what is happening now here in 2024. So if we start from the political side, there's no longer any question here in Europe that hydrogen will be a significant part of making the green transition, and especially the last part of the green transition, for industry and also the heavy-duty mobility. On the technology side, on the other hand, we and others that did these early investments have done a lot of experiences and realized it's not as mature as anticipated. It's not fundamental. So there's not like the technology will not work, but it's all of the smaller pieces that will eventually make electrolyzer projects simpler, faster to install, and more robust. On the market side, the support schemes that come from political side are really pushing in the right direction, and there's no longer a discussion. If green hydrogen will happen, there's a discussion of how fast will happen and what markets will be able to produce the first large-scale green hydrogen capacities to be supplied into the main markets, which we'll come back to later. One of those are definitely Germany. In the upcoming decades, what types of organizations will then be the ones that will be able to execute on the large-scale hydrogen production projects? Well, we believe that it requires persistence and agility in an organization, experience, not just all positive experience, but also some hard-learned experiences, the know-how that is difficult to gain without really being into it. That's what we have in Everfuel, trustful partnerships, in-house IP and technology development, and then focused on green hydrogen. That's what we fundamentally believe in, and that's what we stand for in Everfuel. If we then look at the hydrogen market, so already today, there is a hydrogen market. In 2022, this was 8.2 million tons of hydrogen that was used in Europe. It's substantial. And now with the RFNBO target, where 42% of the hydrogen used in the industry should be green hydrogen, so RFNBO, there's already a significant market there. The main off-takers in that industry is, of course, refineries, ammonia, methanol production, but also other usages, off-taking. This is a market that we see growing very rapidly, not all across Europe, and some markets, it's growing faster than other, also because you have national incentive and support schemes and strategies. Germany is definitely the one leading the wave here in, in Europe. The, the REPowerEU European strategy says that 20 million tons of hydrogen are to be used in Europe in 2030, so six years from now, half produced in Europe, the other half imported. The half produced in Europe, this is actually 100, 100 megawatts, sorry, 100 gigawatts of electrolyzers. This is huge, and there might even be a challenge simply to be able to build that much. So there's also a pretty big likelihood that there will be a shortage on green hydrogen, which will be for the benefit for the ones that will be, the early movers and taking, taking this risk. A bunch of European initiatives are truly making Europe into an interesting market. So if you look on the on the right-hand side here, there are various subsidy programs where we also, Everfuel, have been extremely successful. So the IPCEI, the Danish Power-to-X tender also, which was the predecessor of of now the hydrogen backbone tender. RED II, RED III supports RFNBO use in mobility and refineries and industry. And finally, also will come carbon contracts for difference. These are all mechanisms that support the offtake and usage of the green hydrogen. Plus, green hydrogen has a higher price than anticipated just a few years ago, but it will pretty drastically go down the cost reduction curve as technology matures and as renewable power will continue to be cheaper and cheaper. Germany, as mentioned before, is the first market that really will be attractive for the green hydrogen usage. So the German demand in 2030 is expected to be a few million tons. And Germany has a clear strategy where it's impossible for them to produce that in Germany alone, domestically. They need to do imports, and it's that import that we in Everfuel see the high opportunity is in, because we can produce hydrogen in the region that is one of the very closest ones to Germany, with access to very competitive, renewable electricity and with even greater resources, natural resources to produce more renewable electricity. So this is why Germany, and this is why we're so happy about the first LOI we've signed with a German offtaker. We announced this last week. This is something we have worked on, not just for this specific customer, but with a number of other potential customers. Together, LOIs to show our interest. We need that to, of course, support our business plan going forward. But equally important, we need that support to put further pressure on the Danish authorities, and specifically Energinet in Denmark, which would be the state-owned authority that will build the hydrogen backbone in Denmark. Denmark. We have also replied for, and again, that's almost a call for tender here on May fifth on the capacities, and we have been, of course, using this LOI, but also other of our projects and expected customers with capacities that we have replied to, to Energinet. Already now, that LOI is equal to 5% of our long-term 2035 ambition of having more than two gigawatts of electrolyzer in operation. So where are we then on the hydrogen backbone? Well, as you see here from some of the news articles, there is a good constructive debate between industry and politicians, especially our minister. We are also participating clearly in that dialogue. Of course, we see this as being a state-owned infrastructure, and then the state should take majority of the risk, which they have recognized. The discussion is then, how will industry cover the remaining part? That's an interesting and a constructive dialogue. It's synchronized with the initiatives that are happening on the German side of the border to make sure that when the Danish backbone is available, the German going to the Danish border will be the same. So understanding that market, what is it then we do in Everfuel to make sure that we can capture opportunities there? So here you see a zoom in on Denmark and the expected hydrogen backbone. That's the dark lines. The way you have the dots, this is where you have the potential interconnection points in between the electricity grid, the transformer stations, and the hydrogen backbone. We have our HySynergy project located on what's called the lower T, and we have Sif located close towards the vault, which would be on the second build-out of the hydrogen backbone, and we are developing more projects as we go along. Strategic focus, make sure that prior to the hydrogen backbone, that we nail it with our long-lasting partner in Crossbridge that will offtake hydrogen from HySynergy One, HySynergy two, potentially onwards as well. Getting the required learnings and experiences, so that when we need to make investment decisions for our next phase and for next phase and our standardized 100-megawatt blocks, that that will be done based upon way more experience than what we would see with competition. On our downstream business and mobility, as we communicated in our realigned strategy, this is now the smallest part of the activities we have in Everfuel. We have our Heinenoord bus station in operation, serving buses on a daily basis. Our Frankfurt bus station is in the last stage of commissioning. We're actually doing test fills every day now. Also, we are expecting quantities to come there shortly. The Wuppertal station will soon start in the construction phase. We have two, what we call capacity-ready stations in Denmark, that we're looking for the, so to say, the right opportunities to make that into a profitable business case by ourselves or with partners. What's key for us are that we will not make a cash burn in our downstream business. There will be an earning. And then definitely we're looking into partnerships where we will not be the ones, building and owning the hydrogen stations, but where we will be delivering hydrogen with our hydrogen trailers. We firmly believe in hydrogen for heavy-duty mobility. We have also realized we cannot move that market alone. We need others to follow us. When we combine this into our, our updated long-term ambition, then you can see the, the headlines of this here. Of course, we have a, a financial model that kind of defines, how we're expecting the, the growth to happen in Everfuel. We remain with the ambition to be among the first, green hydrogen producers, so independent hydrogen producers, to reach, EUR 1 billion revenue on, on green hydrogen sales. We expect that to happen prior to 2035, and with a pretty well EBITDA margin on 30%-35%. We will be preparing to build electrolyzer capacity in excess of two gigawatts. Clearly, may- the vast majority of that will happen when the Hydrogen Backbone is available to offtake that hydrogen. The investment of this, it's in the ballpark of EUR 2 billion. Of the equity we need from our Everfuel side, this is round about EUR 300 million, of which roughly 100 of these have already been raised up until today. So EUR 200 million remaining to support this plan. You can also see in the phases here in our plan that there's also been a timeline, time-wise delay. That is a broad mixture of the market delays. We want to be ready when the market is ready, but not before the market is ready. But then also the realization of the technology maturity or technology immaturity, and thereby also the further competences build-up we have needed to do in Everfuel. That's now reflected in this updated plan and long-term ambition. We're very pleased to say that this is now pretty firm. We can definitely see that this is a possibility to execute. Naturally, it's with an ambition, but that's how it, that's naturally how it has to be. HySynergy one update. So as we have communicated, we have extended the startup of HySynergy one to the second half of 2024. The reason not being more precise on the timing are that there are still elements out of our control, which needs to get in control before we can be really firm on a timing. When we start to be firm on a timing, that will also be something that we will be able to communicate. So, as I hope you have seen on the video that we released together with the press release, otherwise, I would recommend that you look into it. You can see that it's a site that's on many areas ready for operations. But we need a site where we are in full control, and most important, in full control of safety. As we have communicated earlier, we've had some issues with the Deoxo unit, which is the one removing the final parts of oxygen and water after the hydrogen compression. We communicated in the beginning of March that this caused a delay for us after a period where it was not possible for our sub-supplier to fix it. It looks like that is now fixed. We need the final validation and the PED report, but so far, so good. That just shows that one event takes three months in a given timeline. When we started commissioning and some software validation on our electrolyzer, we saw that the gas holder, which is a pretty standard part of the electrolyzer system, had some leakages. This is also a part of the electrolyzer supplier's scope of supply. It's a unit that more or less is as old and should be reliable as the electrolyzer technology itself. There's been some upgrades to that, and in the process of making those upgrades, apparently some features that had some disadvantages were implemented. Everfuel and our electrolyzer supplier have worked very closely and intensively to identify solutions, and a preferred solution is identified and has already been initiated in the implementation. So we're hoping that will resolve the issue. We remain very positive on that. When the gas holder is then intact and thereby can hold gas without any safety concerns, we will then go back to the commissioning step of validating, of course, software from our sub-suppliers, but also from ourself, and then being able to do the commissioning of basically the last part, which is the hydrogen compressor. We will be communicating when we have relevant news to share. But for now, with the uncertainties, it's a little bit difficult to come with something exact, and we don't want to be in a position where we'll come with a date that we then have to change. We apologize for that inconvenience, of course, also for our customer, but also for our shareholders that have anticipated a short start-up. Believe us, so had we. We need to be in control. We need to do it safe. Goes above anything else. After HySynergy One comes HySynergy Two. HySynergy Two is planned to have the first FID sometime in 2025. We need to incorporate the experiences from HySynergy One before then. HySynergy Two is anticipated to be three building blocks of 100 megawatts each. The FID is, of course, conditional upon we getting all of the final approvals, et cetera. Land secured, offtake agreement with the client, which is secured with certain conditions on the price point of the electrolyzer. We have, we're remaining with an investment budget of, as mentioned here, EUR 255 million. That is ambitious, but when looking at the replies on the tenders we have done on our 100-megawatt block, the replies does not show that this is impossible, and that also gives us a lot of optimism going ahead. Naturally, there will be learnings, and naturally, we will use the experiences from HySynergy One to make sure that we will not disappoint, no matter either customers or investors in such a process. We have secured funding for our HySynergy Two, so the 100-megawatt electrolyzer, EUR 33 million. In addition, we have secured funding for a 30-megawatt electrolyzer, which is likely to be built as part of the first or the second, or maybe even earlier than the first to get some early learnings. We have EUR 28 million there to support this in OpEx support. Talking about our hydrogen trailers, we own 12 hydrogen trailers. We have five of these in operation after the repair of those first trailers. Seven trailers remain in various stages of repair. Keep in mind, we identified three independent failure modes on these trailers, which all led to different hydrogen leakages. So really zooming into this, I think what we are contributing with here is not just a learning that would be of benefit for us and our trailer supplier and their component suppliers, but this is also something that would benefit the entire industry, and we're pretty, pretty open about this knowledge share because we believe that knowledge share regarding safety is fundamental for our industry. So now we believe we have identified how the fixes should be done, and now it's a matter of getting those implemented in a, in a good, good, timely manner under control. Dialogue ongoing. Of course, we will report as we get more and more trailers in operation to support our activities on HySynergy. Good. Let's move into the numbers, Jesper. Financial review. Yes, thank you for that, and let's just deep dive into the numbers. So, reporting for the first quarter of 2024, what we see now is in line with the previous quarters, that the revenues from the sale of oxygen has stabilized around EUR 0.2 million per quarter. This is obviously lower than what we saw a year ago when we still had our legacy stations running. But it is stable now, the revenue that we see from Heinenoord at this point in time. What is, of course, notable here is that we report quite significant other operational income. I'll come back to that in the following slides. But included here are some sale of legacy assets and things relating to the downstream business. Most importantly, at this point of time, is that our EBITDA is very much better than it was at this, in the same period last year. We are reporting EUR -2.6 compared to EUR -5.0 a year ago. We significantly increased our gross profit compared to last year. It's slightly down compared to Q4, but Q4 of 2023 had some readjustment of some raw materials. So looking at the balance, we significantly improved our gross profits, and this improvement is driven by the changes we made last year, where we high-graded our downstream portfolio and optimized our downstream operations and by group cost, as we will see in the following slides. Important is our cash, our cash flow, so let's look at that. We end up with a cash position, as Jacob mentioned earlier, of EUR 25.4 million. You'll notice that our cash from operation, the cash flowing from our, our operations, has improved significantly compared to the same quarter last year. You'll also note that the cash from our investment activities is a plus. That includes that we are still investing, we're still investing in HySynergy One, but the level has decreased. The speed of investment has decreased. As Jacob mentioned earlier, the plant looks pretty finished in terms of the, the sort of equipment. So we'll be seeing. We have seen, and we will be seeing a reduction in our spend on, on equipment. The reason why it's a plus, the cash flow from our investment activities, is that we actually received, in line with our expectations, EUR 4.1 million in grants related to the HySynergy projects, and they were received in the first quarter of this year. Then we have a smaller item, which is EUR 0.7 Million that were proceeds. So that is this is cash received from the sale of legacy assets that we were referencing that in the last two quarters of last year, that we would be depreciating on our legacy assets, and we would try to sell them off. And we did expect some gain from that, and this is what we're seeing now. The 7.07 million, that's the cash effect on that. This leaves us with 25, 25.4 million. Included in that is 6.3 million that are related to projects in our legacy business of the downstream operation, so they're reserved for these projects, but it still leaves us with plenty of cash and headroom well into 2025. We see this in our balance sheet. That is still solid. We have a solid equity ratio of 62.7%. And I've given you here the split between the owners of Everfuel A/S and the non-controlling interest. As those of you who remember our Q4 report will know that we are now consolidating a non-controlling party into our balance sheet. One new thing that we implemented in our annual report for 2023, the Q4 report, was business activity reporting. We did that to provide transparency into our operation, and we segmented our activities into the upstream and the downstream business. The upstream is where we develop our renewable energy projects, our hydrogen projects. It is where we do the production and the operation, and this is also where we are including the activities that are co-owned with minority investors. In this business line, and I'll show you a little more details in the following slide, we are still investing in future projects, and we are still awaiting the first revenues from HySynergy. Then we have the downstream segment. This is where we have our distribution of hydrogen. This is where we have the operation of our mobility solutions. This is where we have the supply of hydrogen to non-pipeline industry customers, and this is also where we have our construction contracts for refueling stations. And this is obviously there, where we now see that we have stable revenues from the sale of hydrogen coming from Heinenoord, and where we are awaiting start of the operations in Frankfurt. So, Deep diving into the upstream, it's a very simple PNL that we can present. Basically, what we see here is that the investments that we are making into future project, projects are at the same level as they were last year, approximately EUR 1 million spent each quarter. In the downstream business, there's a lot of changes that has happened year-over-year. This is where we have been doing the high grading of the portfolio. This is where we closed down the loss-making legacy stations. This is where we have the stable quarterly revenue from, from, now from Heinenoord. This is where we also have included in the revenue, the construction contracts of our German refueling stations. And this is where we have projects that run in Denmark. So if we look at the total reported revenue of EUR 645,000, approximately EUR 500,000 of that comes from projects in Denmark and Germany. And then we have what is here classified as other operating income, EUR 0.4 million. This is where we have the sale of our legacy assets. Remember, the cash effect of this is EUR 0.7 million. The result effect is only EUR 0.4 million, as some of it still had a carrying value in the balance sheet. What is really notable here is that following the strategic alignment that we made last year, the EBITDA of our downstream business has improved quite significantly, now reporting a loss of EUR 0.2 million, versus a loss in the same period last year of EUR 1.4 million. This is the effect of the actions taken last year that is seen here. Same effects seen here at the group level, where we have reduced our group spend from the level of EUR 2.6 million in the first quarter of last year to a level of EUR 1.4 million in the first quarter of this year. Summarizing, upstream, our activity is stable. Downstream, huge improvement year-over-year following our activities, and in the group section, we see some savings following the, changes that we made. I think that summarizes the financial numbers. Yes. Thank you, Jesper. And great to see that the realignment also shows effect now in the numbers. Summary in the Q&A. Well, just summarizing of how we see ourselves, we are a leading green hydrogen energy company, an independent hydrogen producer. We are well-positioned to capitalize on this multi-billion-EUR hydrogen market that is now upcoming in Europe, and I think the market slides we went through verifies that the market is there. We have our firm growth plan, starting with neighboring off-takers before we go into the large-scale off-take in the hydrogen backbone. And finally, our unique business model, which also includes our what we call mobility upside in our downstream business, gives us a unique flavor going forward. So I think with that in mind, we now would move to the Q&A part of the presentation. Let us see if we have any questions that are published. Yes, so we do. How are you divesting old assets? Can you bring some context to this? Who are the buyers of the assets, et cetera? Yeah, so following the strategic realignment, we came to the inconvenient conclusion that hydrogen for car fueling mobility will very likely not happen. The vehicles are not there. They're too expensive, and the lack of the fuel credit scheme outside of Germany has made that very difficult. So we basically put our old hydrogen stations for sale. Maybe, if you look way back, that's something that was one of the first initiatives that we took over these assets at a pretty low cost at the beginning of the year of our business journey. We're happy to say that some of these old stations are now being reused. Some of them have now been actually shipped to Pau and Tours, and are now in the process of being started up there. More will probably come. Some of the hydrogen distribution assets, so not full-scale trailers, but smaller, that had a certification that made them better to use or almost only to be used in Norway, have also been divested as well. So, some of these, we have still a few more of our old generation assets, stations up for sale, that potentially can continue to contribute a little bit. Of course, in our sales function, the main focus is looking ahead, sales of hydrogen that will eventually now come out of HySynergy. What exactly are the assets? Which I guess is more or less what I mentioned as well. Your outlook data shows CapEx of electrolyzer equipment has significantly increased. How does Everfuel expect CapEx per megawatt fit the financial and business ambition? How do you expect CapEx to change in the strategy period? Well, we think that CapEx per megawatt hasn't gone up significantly now due to quite a few elements. The core of the electrolyzer that we have acquired, or purchased has not changed. That was a fixed contract. So that's, if I remember, a little more than EUR 8 million. But everything else around to make it work have been significantly more complex, more expensive. And as you add the layers of integrity, reliability, safety, automation on top of that, and then realizing that not all suppliers can actually cope with what they have, what they have promised, then it ends up being very complicated. So going ahead, we have learnings that will definitely be reflected in our technical due diligence of our upcoming suppliers for next projects. Suppliers and the industry have learnings as well. But one of the key things are definitely to consider next type of electrolyzers to have to be more prefabbed when coming from the suppliers. Having an assembly with this amount of labor, I actually don't have the number of hours used to assemble HySynergy One, but it's in many, many thousands of hours, and there will be significant improvements. Looking at the tender exercise on HySynergy Two and the replies from those suppliers, we remain optimistic also to hit good and interesting numbers on HySynergy Two and onwards. Let me see. I'm just seeing which one came first. Assets. Assets. Okay, sorry, there. You maintain the ambition of EUR 1 billion in hydrogen sales. Does it include, exclude, hydrogen certificates? So, yes, we remain with the exact same ambition. We have to reach EUR 1 billion in revenue. However, when we do that, we need to grow sustainably. Mm. Green hydrogen, but with an organization that can cope with it and with positive returns on the projects that we will invest along the way. Otherwise, we will not be an attractive partner, and we want to be that. Yes, but in our business model, we have included some parts of certificates. That's true. I mean, in the business model, we're trying to predict what is going to be the selling price of hydrogen in the future, and part of that we expect to be backed by the certificates. I think we made a rather conservative addition to the selling price, based on the current discussions of what- Yeah ..could be the value of the, of the certificates, and also trying to predict sort of the curve of when will they be there and when will they then fade off. So it's... But we do have, to some extent, included part of the value of certificates in our selling prices. Yeah. If any of the short-term expectations that could very likely supersede our expectations, but then we will take that as a positive and pay if it happens. That would be an upside. Yes. The next question: The LOI represents 5% of the two gigawatt capacity ambition. How many more large LOI agreements do you need to fill the capacity? Well, the simple math, if it's LOIs in the same size, we need 20. We would actually expect that some of the offtake contracts would be for more capacity than this. So it's also important for investors to try to understand how would the hydrogen backbone and the eventual hydrogen market work like? Mm. It would be very similar to natural gas. So where you have a pipeline with a certain capacity, and the supplier or the producers or distributors would bid in for the certain capacity in those pipelines. Like it's the case with gas or with electricity, you have some part of the energy that are on fixed price. You will have some parts that are acquired by aggregators that are then aggregating capacities and selling that to customers, and thereby reducing the risk and hedging. And then there'll be a market price. So it will be a broad mixture, so at a spot, spot price on hydrogen. And I guess that has to be, or that will be, because you will have hydrogen being produced out of renewables. So the reply, number of LOIs to be, of course, the LOIs that will eventually become conditional contracts that will then become firm contracts. How many we need there? To be defined. I think next is follow-up on the same. The LOI states initial supply of 10 kilotons of hydrogen, then an upside potential. How much? From when? Well, if we, if we would, could, were allowed to quantify that upside, we would, we, we would mention that. So for the time being, I think, and what is most important right now is that we, together with this first particular customer and with the dialogues with the many others we have, it is to justify and create the true likelihood that a hydrogen backbone will be used and the capacity in such a backbone will be used, so that we get the investment decisions from Energinet in Denmark and Gasunie in Germany as quick as possible. And there the LOIs helps us there. At the same time, LOIs also helps us to qualify and quantify the expected offtakes, and also help us to align expectation when it comes to capacities and also pricing mechanisms for the green hydrogen. I guess they validate the market in the end, as we have a customer here who is also in a market that is maturing, but this is validating that this market exists at a significant level. Yes. significant quantities that will be offtake. Absolutely. I think you see the next, following those lines, the 150- megawatt in operation in 2028 seems small. Does this conservative capacity reflects that you are waiting for the pipeline before the scaling? I think the quick reply is yes. So we have these two time eras. First time era before the hydrogen backbone, and then you need to produce hydrogen and deliver hydrogen to your nearby customer. In our HySynergy case, this is definitely our close cooperation with HySynergy, sorry, with Crossbridge. With Crossbridge, we have the 20-megawatt contract as of now, and then we have contract for capacity, which is roughly a 100- megawatt of electrolyzer, and this is what we have, what we're anticipating until 2028. That capacity can be increased if the demand for RFNBO in Crossbridge could increase earlier, and we could come to a commercial agreement on that. Land is reserved, power is reserved, so the framework conditions are in place to be able to increase that capacity even further, but it's not yet forcing. From 2028, in the Energinet in Denmark are communicating that they would be ready with the first part of the hydrogen backbone, which they call the lower T in Denmark. Potentially some of those, some of that startup will not be all in one go, but could be smaller parts. We see in our model, we need to validate and make bankable and prove to ourselves and our investors and banks that we have a solid way of building electrolyzers. 'Cause we think that when we then hit the 2028, 2029, 2030, and the backbone starts to be readily available, it will be the ones that can actually document bankability- Mm ... that will eventually get projects through FID. And bankability also requires experience, and that you can actually invite investors and bankers to have a look at the projects. Any news on hydrogen certificates? How is this developing? Progressing, but way too slow. I think you would never have us to commit that it goes fast enough. So we want the hydrogen certificate market to be in play, as it was originally the intention by the European Union and by the member states a few years back. We are where we are. The definition of RFNBO is firm, it is as it is. Now it's the national implementation of the RED II and RED III, which defines gradual increase of the offtake of RFNBO in mobility, industry, refineries, as we go from now up until 2030. Before we can then generate certificates, a certification body and mechanism should be in place. That is also now delayed. Anticipated that the certification bodies can be aggregated and qualified by the end of 2024, so this year, and then we want to be among the very first that would be qualified for production of RFNBO. Last thing are then the market mechanism of that RFNBO, and the market mechanisms are a national implementation in Germany and Denmark and other markets, and there Germany is ahead, because they already have clear definitions of the need of RFNBO. We are pushing, definitely also here in Denmark. It's our home country. We might as well push to make sure that the offtake of RFNBO is- Mm ... is there. Let's see, then we have, on your HySynergy, update, in the feed, the electrolyzer supplier mentioned supporting every other technical alternatives which are not part of their scope of supply. Can you please, expand on the technical alternatives that the supplier is referring to, i.e., those outside of their scope? Yes, that's correct. That's mentioned in their scope. We actually don't know exactly what it is that they're referring to. We have seen that our scope of the project has gradually, increased along the way, and we have taken more and more responsibility on our side to execute. We do that in, in good cooperation with our electrolyzer supplier. We all have the joint interest in getting HySynergy, in safe operation as quickly as, as possible. We think it's good, it's relevant that our partner also takes that part of the responsibility, and that we are joining forces to make sure that the outstanding elements are handled. If I may add, I think it's important- Mm ... that we don't, people don't sit back and think, is there something that is out of everybody's scope, with this, with this statement? Obviously not. I, I think it's fair to say that we have a pretty clear picture of what needs to be done, and we have a pretty good dialogue with, all the, with all the vendors, including this one- Mm ... and the action that it takes to resolve them. So, if the question is sort of implying that something could fall between scopes, that is not going to be the case. Correct. Correct. So let's see. We have no more questions in the queue, so this hereby ends the Q&A session. So, we would like to thank you all for listening in, and stay tuned. We will get reconnected by the end of August for our Q2 presentation. Thank you. Thank you.