Hello, and good morning all, and welcome to the Everfuel Q2 Earnings Presentation. So we'll go through the presentation describing what's going on in the world of Everfuel here in Q2. The presenters of today is myself, Jacob Krogsgaard, Founder and CEO, and Jesper Ejlersen, CFO. Thank you. We'll start with the general update and then go into the finance a bit later, Jesper. So as we normally do, just a quick reminder for all of you shareholders, what is it that we are all about in Everfuel? We have progressed or developed over time since we got listed four years ago. In Everfuel, we are very firm that our position today are an independent hydrogen producer, large-scale hydrogen production, supplying green hydrogen, RFNBO, and to do that to industrial neighbors, like the Crossbridge Refinery next to HySynergy, doing this with hydrogen distribution, so our trailers, and eventually with the hydrogen backbone, as this becomes established throughout Europe. We have an in-house organization, EPCM, technology center, operation of electrolyzers, all the supporting functions to bring our electrolyzers and our downstream business into work and operation. We have our 20-MW HySynergy 1 facility getting up in operation shortly here in the second half of 2024, and we have a supply contract for 100-MW electrolyzer. So offtake from that 100-MW electrolyzer, and we have a grant, two grant schemes supporting 130 MWs of expansion. We are also very happy to see and have been heavily engaged in the hydrogen backbone activities between Denmark and Germany, where we are very well positioned, not just with one, but multiple projects to be able to supply hydrogen. We signed our first LOI here during Q2 with a customer in Germany that has the intention to offtake hydrogen equal to an electrolyzer of 100 MWs of capacity. We are continuing to execute on our joint venture together with Hy24, where it's our intention to invest EUR 200 million from both parties, jointly from both parties, to develop and build on the 2-gigawatt project portfolio that we have in Everfuel. We have also released information regarding the attractiveness of having electrolyzer projects located in DK1, so on the western part of Denmark, where all of our three projects are located. This is clearly becoming one of the most attractive locations in Europe to produce green hydrogen. We are one of the first movers with all of the opportunities and challenges that bring, being a first mover, headquartered here in Denmark, listed on Euronext Growth in Norway. The key events from Q2. We are continuing our commissioning, progressing with the latest revised plan towards start-up during the second half here of 2024. Multiple delays we've experienced in the HySynergy project due to various reasons, which we have tried to be very transparent about and communicating. We'll talk more later in this presentation on the latest stage. We have submitted our proposal for the Municipality of Vejen for a 2-gigawatt electrolyzer facility, which will be built in steps, totally uniquely positioned next to a transformer station, large-scale transformer station in Denmark, and next to the upcoming hydrogen backbone from Germany to Denmark. We have opened our first hydrogen bus station, hydrogen fueling station for buses in Germany, in Frankfurt. We have now seven trailers back in operation and have sufficient trailers to serve all of our existing customers. Three will come online before or in November, giving it a possibility for us to look for even further customers in our downstream business. We have, due to the revised strategy in 2023, we have been continuing to work on divest some of our old, car stations to a few, smaller fleets of cars, and we've been yet again successful with that in Q2, continuing to generate a sunk asset to some value at least. Our EBITDA, - 2.7 compared to 4.4 in Q2 2023. Cash position, EUR 13.1 million at the end of Q2. With our forecast, that leaves us with a liquidity of short 12 months, which is also the reason why a lot of work have been ongoing to prepare us for funding going ahead. And that's also what have been announced this morning. There is an opportunity for existing shareholders, which, well, we definitely think shareholders should pay attention to and consider what to do. So as information came out this morning, there is a voluntary offer out by a by BidCo, which is a consortium of the largest shareholders in Everfuel, consisting of Swiss Life Asset Management, Hy24, Itochu, Osaka Gas, and EF Holding, as the founding company of Everfuel. The rationale are that we need to deliver on our strategy. We need to have a good sight far ahead of where to go and how to finance that. We have a strategy which we are following. Has also been clearly communicated that we need further equity to execute on that strategy. And it has proven to be very difficult to raise equity in the current capital markets with the current market conditions. That's the reason why the larger shareholders of Everfuel have joined forces in a BidCo. BidCo is backed by 75.05% of all the outstanding shares in Everfuel, and within roughly a week's time or so, there will be launched an official offer of all of the outstanding shares in Everfuel. There's also a commitment from the long-term shareholders of Everfuel to continue to support the growth of Everfuel, and this is totally key, as mentioned before, in order to be able to execute on our ambitions, where it becomes more and more obvious that large-scale investment in electrolyzers are considered infrastructure investments, and that requires a more steady investment environment, which a private setting will support. In addition, it will also free up management and other resources when not being listed on Euronext Growth. The board of Everfuel have announced their recommendation of the voluntary offer, where further information can be found on everfuel.com. Under Investor, you have a page on the voluntary offer, and as well, there's a link to the Nordea deal website, and they will be the ones that are handling this process. So all questions relating to this specific deal from shareholders cannot be addressed to us in management, 'cause we don't have any opinion about it. The questions can be addressed to Nordea. The overall details of the offer are that there's a cash offer of 13 NOK per share. That is a premium compared to the closing price of yesterday, and also compared to last week, last month, so, and three months as well. So it gives some upside to existing shareholders, which are then also asked to sell their shares to the BidCo. The board of Everfuel have used quite some time to make sure that this process has been handled well with various advisors, including external fairness opinion. This fairness opinion states that this is a fair offer for the minority shareholders of Everfuel. In order for the offer to be executed or to be accepted, there's a requirement for 90% to accept the offer. So, we're asking all shareholders to pay attention in your inbox and pay attention from information from your banks and do your own investigations and come to a conclusion if this is an offer you would like to accept or not. It's the intention after reaching more than 90% to delist Everfuel from Euronext Growth and have a subsequent compulsory redemption. The offer period is expected to commence within one week and then run for a period of five weeks. The entity providing this bid is Faro BidCo, which is just a working title of the company that is bidding. This is an indirect subsidiary of the infrastructure investment fund Swiss Life Asset Management. Swiss Life are joining forces with EF Holding founders and with Hy24, which consists of Itochu and Osaka Gas, and the Clean H2 Infra Fund, which is Hy24. Totally, these existing shareholders have 75.05% of the Everfuel shares and have agreed to accept the offer, and have therefore rolled over their shares into the BidCo. What is important for the continued journey of Everfuel are that this new ownership consortium has, of course, subject to the offer, materializing, then they have committed to finance the activities of Everfuel going forward. Of course, on conditional on Everfuel performing, but the key thing here are that we have a long path and long trajectory so that we can execute on our ambitions. That's the quick status on the detail of the voluntary offer. Feel free to ask questions in the Q&A session. However, opinions regarding the offer, it's very difficult for us to have an opinion about this. They are to be addressed to the banks handling the deal with Nordea. Good. Moving back to the normal quarterly presentation. Strategic developments in Everfuel. We have, we're continuing to execute on, on our strategy, and we announced our third large-scale project in Denmark. This is Project Frigg. It's located at the expected energy park just north of Vejen in Denmark. We have applied for this project and are in close cooperation with the Municipality of Vejen to get the Frigg project executed. It's the third project in Denmark, and when you look at the map on the right-hand side, you see the Frigg is located very close to the expected hydrogen backbone coming from the Danish-German border and going off. The hydrogen backbone activities are done in Denmark. Of course, as mentioned earlier, we are monitoring and participating in this a lot, and basically consists of a repurposed natural gas pipeline, which goes from the border and to the region where Frigg is located, and from there, it will be new hydrogen backbone, which are expected to go to Fredericia vicinity, to the west part of Denmark, and up to Holstebro, where we have Project Sif located. If everything is built in one go or in sections or et cetera, is still up for discussion with the Danish TSO, Energinet, whom we have, of course, are in close dialogue with. Project Frigg, as shown here on the map, this is the land that we have secured for the project. It's within the Vejen or expected Vejen Energy Park. There's potential to develop renewables in this region. Air Liquide have some potential to develop that as well, but mainly we are looking into partnership with renewable developers, which are also active in the area. On the DK1 Danish power zone, so Denmark, even though we are a small country, are divided into two power zones, the west part and the eastern part. On the west part, DK1, we asked Aurora to do a study on the predictions of what would the cost of hydrogen be. So comparing specifically DK1, so the western part of Denmark, with hydrogen produced directly in Germany, with the anticipated main off-taker of the green hydrogen being German industry and mobility. The conclusion is very straightforward, that the cheapest LCOH, so levelized cost of hydrogen, comes from Denmark, DK1. In different scenarios, you see that the Danish hydrogen is the cheapest, and if you compare that with the load factors that you can see here in the bottom, either if you are running directly on renewables or you are running on a mix of renewable and top off from the grid, you have a much higher load factor compared to an electrolyzer installed in Germany, and thereby, the product amount of hydrogen you produce is subsequently larger, so it has been very relevant for us to be able to share this information publicly, and we have seen response from German potential customers. We have signed an LOI with, sorry, with one potential customer, and we are in discussions with other potential customers that see our project portfolio in Denmark, and mainly Project Frigg, as being very interesting for supply of green hydrogen via the hydrogen backbone to Germany. So we believe this validates our strategy. Also makes it very clear that we need financing of that strategy in order to execute it. On our downstream business in mobility, we executed our realignment of strategy last year. Now we are gradually growing again in the downstream business. However, it's completely focused on heavy duty for heavy duty mobility and bus fueling as starters. So we have erected and opened the bus station in Frankfurt, where ICB have a fleet of 23 fuel cell buses that they operate on a daily basis, and that we are now supplying from our station in Frankfurt. We're very pleased to get to this point. We are also pleased that we have sufficient hydrogen trailers in operation to be able to serve both our customer in Frankfurt, as well as the existing station in Heinenoord, Netherlands. Our long-term ambition in e-fuel remains the exact same, as mentioned before. We have our strategy in four phases, where we're in the proof of business phase. Where we are currently has been delayed compared to our original plans due to the market not being as mature, but definitely also the technology being less mature, and thereby, we enable you needing to take a larger scope and responsibility in order to get projects executed. In order to execute on this plan, we will need roughly EUR 2 billion of investment, where EUR 300 million of that will come from equity investment from Everfuel. Roughly one-third of that have been raised already, but we still have two-thirds outstanding, which is, of course, the dialogue we have had with various potential investors. How could that structure be? Zooming in on HySynergy 1 and the update there. So firstly, the main electrolyzer facility is ready to start up. The technical challenges we have experienced during the first part of twenty twenty-four looks like they're resolved. So we have the deoxo, which is the unit, 200 MW unit after the compressor, removing any remaining moisture and oxygen. This one has been rebuilt by our electrolyzer supplier. It has been tested, and now we are awaiting the final documentation from our electrolyzer supplier so that we can have the CE approval. The gas holder, which is almost also supplied from our electrolyzer supplier, the gas holder have been rebuilt. It was rebuilt once and concluded that that was not successful. Then it was rebuilt second time, which what we announced in the spring. Good collaboration between Everfuel and our supplier, and conclusion are that a redesign made by Everfuel was the best design that have been integrated and have been successfully validated, and the tests have been completed. So, so far, so good. Remaining outstanding points are our high-pressure system and compressor needs to be validated, and that is done in parallel with our automation system and software being becoming finalized, that have been delayed because we've not been able to validate and run the electrolyzer while we have had the gas holder out of operation. That's now back on track. We are expected to be operational, and deliver hydrogen into the Crossbridge Refinery here in the later stage of second half of 2024. HySynergy 2, we are continuing to prepare and work on the development of our HySynergy 2. We are expecting the FID to be earliest in 2025. HySynergy 2 consists of 3x 100 MWs of electrolyzers, with the opportunity that the first of those might even be built in stages to cater for the grants that we have secured. So we have two independent grants, one on EUR 28.43 million, which is an OpEx support, and the other is a EUR 33 million IPCEI grant, which is a CapEx support. Those two cannot be supporting the exact same equipment. They can support equipment being standing right next to each other, but there has to be two different installations. The investment budget of EUR 255 million for the 300-MW facility, we still keep that ambition. We firmly believe that we will see an improvement and cost reduction in the later parts of that journey. However, in the beginning, as we have also seen on HySynergy 1, the costs are higher than what we expect later. The FID on HySynergy 2 is, of course, subject to regulatory approval, funding, and then it has to be synchronized with the demand on the Crossbridge site. So that demand will, to a great extent, be the function of the implementation of RED II, RED III, and the requirements to make fuels greener and greener, which is implemented or decided in Europe and are being implemented by all the member states, country by country, and has to be enforced absolutely latest by May 2025. Bringing our hydrogen trailers back into operation. As mentioned earlier, seven trailers are now back in operation. We have three trailers that will be ready expected in November, and then we will have ten of our twelve trailers in operation. Then we'll have a continued improvement and replacement of those trailers. As we have reported, we have throughout this period of now one year, we have identified three independent systematic failures on these trailers. Through a good collaboration with our supplier and their sub-supplier, we have now come to a root cause conclusion on all of these, and we feel very comfortable that the implementations of the improved technical solution will work very well for our trailer fleet. So we are progressing with great joy now. That moves us into the financial review. Jesper, will you join me? I will. Thank you, Jacob. And let's have a look at the numbers, the Q2 numbers. Yes, as it says here, we are still reporting numbers that are sort of reflecting the execution of our realigned strategy. Those of you who have been following us will remember that this is about the time of year where we last year realigned the strategy. So going forward, comparing the quarters year over year will be more like for like. So revenue from sales of hydrogen is now slightly lower than the same quarter last year, but is in line with the Q1, so it has stabilized around EUR 0.2 million. And this is now the level from where it will grow as the new station comes, becomes, has become operational, in fact. But again, compared year over year, we still see a slight decrease due to the close down of the legacy stations and the grounding of the trailer fleet. EBITDA has improved a lot for the same reason. We see that, comparing year over year, we report Q2 a negative of EUR 2.7 million, compared to EUR 4.4 million in the same quarter last year. Again, this is due to the realignment of the strategy. This is driven by our high grading of our downstream project portfolio and the optimization of the organization. The results for Q2 is in line with the result for Q1. So looking at the cash flow, the cash position. So, we are reporting that we have a cash position of EUR 13.1 million at the end of the second quarter. We are still investing in our technology, but at a slower pace than we were in the same period last year. But if we take it from the top, note that if we look at the cash from the operating activities, it has significantly improved year over year. And if we look at the cash from the investment activities, and here I need to make a disclaimer and an apology that this morning we released a version of this presentation that had a simple typo in it. So, where it says EUR 6.4 million, it said EUR 6.4 million, it should say EUR 8.7 million. I actually believe we're looking at the old version here. So the first number, the investment, the full year investment in properties is EUR 8.7 million, as you'll also see in our quarterly report, and that's five point two in Q2 and three point five in Q1. I consider that to sort of be quarters in line, especially compared to the level last year. But please, if you downloaded the presentation earlier this morning, please go in and check the correction that we updated. We have a net we are reporting for the year a negative EUR 1 million from grants. That sort of covers that we, in Q1, received EUR 4.1 million in grants related to HySynergy, and in Q2, we repaid EUR 5.2 million that were related to projects in Sweden that are now outside of the revised strategy. That amount has been reserved all along, as we also mentioned in our last presentation, so no surprise here in the paying back. And when we look at our current cash position, we have approximately additional EUR 4 million that are reserved, some for a customer contract and some for guarantees as for grant authorities. So of the EUR 13.1 million, approximately EUR 4 million are reserved or restricted in cash. The balance sheet, not much to say here. It looks as it is, has done for many quarters in a row. We are building up our non-current assets and continuing to do so, and reporting total equity of EUR 64.6 million on equity ratio of almost 64%. Then, a couple of quarters back, in fact, at the end of twenty twenty-three, we included the business activity reporting in our full year and our quarterly reports. This is something we do to provide some transparency into our operations. We have our upstream business. This is where we have the development of our renewable energy and our hydrogen projects. We have our downstream. This is where we distribute the hydrogen, this is where the trailers come in play, and this is where we supply hydrogen to non-pipeline industry customers using trailers again. In the upstream business, from a profit loss perspective, we are still awaiting the first revenues from HySynergy 1, and we are still investing into future projects. In the downstream business, this is where we see revenue from sale of hydrogen that, as I explained previously, has now stabilized and where we are awaiting the effects from start of operations in Frankfurt as the next station. We are awaiting that startup to appear in the numbers. Deep diving into the downstream, or sorry, deep diving into the upstream, what we see here is that the investment, that is the spend, is in line with the previous quarter. So we are investing approximately the same amount per quarter in our upstream business. Keep diving into the downstream, there's a little more to report. This is where we see the major improvement in our numbers. Again, this is from high-grading the portfolio of refueling stations, of closing down the legacy loss-making stations, some of these stations that Jacob just reported that we sold and have come to new life. The revenue from the actual sale of hydrogen is stable by now. In the revenue numbers that we report for the quarter is included approximately EUR 0.2 million for sale of hydrogen, and then we have some project revenue. This is, and this quarter is primarily related to projects here in Denmark, actually, including supporting the setup of the legacy stations abroad, the stations that were sold off. We have not reported any revenue from the German station projects in Q2, and that's because we are sort of awaiting the final handover of the Frankfurt station. We sold a bit more of our legacy assets, and are reporting a EUR 0.4 million cash effect from selling these stations. But overall, what we see is a huge improvement in the EBITDA from our downstream business, going from EUR -3.2 million last year to EUR -0.25 million this year, and this is in line with us fine-tuning the downstream, hitting break-even, and bringing downstream to being profitable in future periods. Looking at the group level, we see that the EBITDA is negative, so this is us spending money on our corporate functions, EUR 1.4 million in this quarter versus... Yeah, actually, the actual spend in Q2 2023 was roughly in the same magnitude. It was EUR 1.3 million in the same quarter last year. The reason why we here show and why we reported a result of zero this quarter last year, Q2 2023, was that there was a lot of cleanup that included capitalization of cost that comes in as an income at group level, thus sort of eliminating the actual cost that was borne in the period. But baseline is underlying these numbers. Our actual staff cost, the actual spend of the quarter, is in line with the same quarter as last year, meaning that we are investing the same amount year over year in the future operations of the group. Yes. Thank you, Jesper. Then moving to the summary of Everfuel. So we are an experienced and leading independent hydrogen producer in the business category we will call IHP. We are uniquely positioned to capitalize on this multi-billion-euro hydrogen market, which is emerging in Europe and has its starting point in Germany. However, additional financing is required to realize our growth strategy and to meet the upcoming capital commitments. Equity raised has shown to be very difficult under the current market conditions, which is also the reason why, yeah, our board has recommended to look at the voluntary offer, which was announced earlier today as well. So that concludes the presentation from today, and then we will move into the Q&A session. Just to, for the avoidance of doubt, it's not possible for us to reply specifically on questions on what you should do as a shareholder when it comes to the voluntary offer. We can ask, we'll reply questions when it comes to the quarterly presentation. Good. I see that questions have been popping in already. So, how is the Frankfurt station doing after start-up? Well, I think it's performing reasonably well. We are still, together with the station supplier, doing some tweaks to improve the performance, but generally, it works. It has increased our the sales volume of hydrogen from when the start-up was. Keep in mind, it's not a station that we own and fuel. It's a station that we have bought from the supplier and are passing on to our customer, and where we have a mixture of station delivery contract, hydrogen molecules, and service contract. Exactly, and this is also why we, from a revenue perspective, haven't been able to close down the project and take the last bits of revenue, related to that station into the books yet. That will come as we complete that project. Yes. In the report, it's mentioned that the Danish state has approved the use of green hydrogen in refinery processes. Can you elaborate on that, on what that means for Everfuel and Crossbridge? Yes, this is absolutely correct. We're very pleased to see that the Danish government and the Danish authorities have actually moved faster. When using hydrogen in a refinery, you can either use green hydrogen, or you can use traditional gray hydrogen made from natural gas, or you can have a blue hydrogen used made from natural gas, but where you do CCS. It's more expensive to make green hydrogen based on renewable electricity for the time being, so therefore, it's essential that green hydrogen can be properly certified as RFNBO, Renewable Fuel of Non-Biological Origin. And when RFNBO is used in a refinery process, that accounts positively towards the refinery hitting the continued improved targets of being more and more sustainable. So Danish state moving ahead there, this is key. It was, of course, expected, and without that, it would be very difficult to justify the business case of a refinery using green hydrogen. Next, how can the announcement of FLIC impact dialogue with potential customers in Germany? Well, I think the quick reply are that it has already done so. One thing, due to the LOI we signed with the first potential customer in Germany. Secondly, that the Aurora report that we showed the highlights of also during this presentation clearly states that Danish RFNBO can outcompete German-produced RFNBO, even when you take the costs of transporting the molecule through the coming hydrogen backbone into consideration. Many of those dialogues are in early stage, but it shows very clear that the interest is high, and it's even further validated by the national German hydrogen import strategy, where they conclude that Denmark is likely to be the first country that can export hydrogen into Germany. What's the status of securing contracts for additional bus depots? Are you in discussion on specific projects, contracts, and what are your long-term objectives for this side of the business in terms of building critical mass? We cannot go into any specific dialogues, if there were any, on other contracts. We are in construction on the hydrogen bus station in Wuppertal. That is fully announced and public information. We are also considering what would be the right strategy going forward when looking at mobility for heavy-duty. Our key objective are to make sure that we have a downstream business where we will earn money and where we are in control. We do see station technology remaining somehow immature. We need to see that improve. On the station in Heinenoord, Frankfurt, and Wuppertal, they consist of the same hardware, which is starting to give us critical mass. To build further, we need to make sure, and we need to see that the station technology is performing to a level where it's possible to duplicate and where we can make a credible business case that we and our shareholders will support. Can you talk about the remaining steps for HySynergy 1 or HySyn 1? I assume that you mean HySynergy. Yes. As we stated on one of the earlier slides, the... When you look at the site, it looks from a hardware perspective completely finished. I think it looks good. Yeah. And now the remaining part are the commissioning of high pressure system and compressor, and then the automation system. Automation is a software control system, which might sound simple, but trust me, it's not. We have so many kilometers of cables in the HySynergy facility, and the end of each of those cables, you either have a sensor that gives some signal, or you have something that you can turn on and off. All of that has to work in the right way, in the right sequence, has to be tested. It cannot be fully tested and validated before the hardware have been done, and the delays we've seen on multiple levels, but some of those on the deoxygenator or the gas holder have delayed us from validating this. So now they should be handled, and we are in the validation steps of the automation system, and we will shortly start on the validation on the high-pressure system. It's PED- wise approved, meaning from the gas integrity, it's tight and validated by third party. Now, it's the automation part of it. That is the last outstanding point. So that takes some month. We are expecting this to be towards the end of this second half of 2024. What should the shareholders do now? Can you please repeat? Yes. So, as a shareholder, you joining Everfuel and participating have been highly appreciated. What you need to do now are to pay attention to your inbox, and where you get your information from the bank holding your shares. The offer document are expected to come out within roughly one week's time. This is handled by investment banks, with Nordea as lead. We advise you to follow the Everfuel.com investor page, and under investor, you have the recommended voluntary offer. The information will be available, or is available, and the offer document will be available when it's published. And there's a link to the Nordea deal site, where there will be even further information, and there will be specific instruction on what you should do as shareholder. Our recommendation, as shareholder, you need to search for information where you find that relevant. Make up your mind if this is an offer you find attractive or not, and then, of course, make a decision. But if you're missing information, you can always start at our website and go to the shareholder information, and then you follow the links from there. Very good. I see that was the- Yeah. That was the last question, if I... Or is there one more? Did I miss one? Sorry, I missed one. Thank you Jesper. Is EF Holding still a part of Everfuel, of Everfuel going forward? I have two hats on. On a daily basis, I'm CEO, and if the board of Everfuel, at any point in time, would ask me to stay, I would say. So I hope that will be for a long time. As founder and a shareholder in EF Holding, we are fully committed and are staying on board for a long period ahead. This is not, in any way, an exit. On the opposite side, we are. It's very important for us that there's a long path forward. We don't have an opinion if such a deal here is good or bad. We have seen the recommendation from the board of directors, and we advise shareholders to make up your own decision. That's how the official communication has to be handled. So again, thank you so much for listening in. Did we see any last question, or did I just miss someone? We are done. Think we got everything covered. Very good. Well, thank you for your questions, and thank you for listening in. Please, as shareholders, stay tuned for further information. Thank you. Thank you.