Hi, and welcome to Hexagon Purus' Q1 2021 presentation. My name is Hiva Ghiri and I am the VP Investor Relations in Hexagon, and I will be moderating today. I'm joined by company CEO, Morten Holum from the studio in Oslo, and by Dilip Warrier, company CFO from his office in California. Today's presentation will include highlights of the quarter, the financials, and outlook, followed by a Q&A session at the end. The Q&A option on your screen is open, so please feel free to enter your questions there, or you can also send your questions to ir@hexagonpurus.com. Without further ado, I'll hand over the word to you, Morten. Thank you very much, Hiva, and good morning, everyone. The highlights for the first quarter are centered around three main themes. The first, the overall momentum for zero- emission mobility solutions continued to strengthen across the world. Number two, we've reached several important commercial milestones in the quarter. Three, we are accelerating our internal efforts to scale up the business. The events over the past 12 months have really been remarkable. We've seen a tremendous acceleration of activities across the hydrogen value chain globally. A significant number of countries representing more than 70% of global GDP have announced hydrogen strategies and roadmaps. A significant number of hydrogen projects have been initiated both on the production side and on the consumption side, and many more are in the making. It's encouraging to see the growing consensus that hydrogen can play an important role in the race towards a net- zero society, and it increases our comfort on the future market projections. Things are now really starting to happen on a larger scale also for us. A few weeks ago, we were selected by Nikola to supply hydrogen storage cylinders for the Nikola Tre, which is planned to go into serial production in 2023 in North America. This is a sizable contract for us. The estimated sales value exceeds 200 million EUR, and it's the first large serial production contract that has been awarded in the heavy- duty space. We're of course, very happy to partner with Nikola and help get these hydrogen- powered trucks out on the road. Another important commercial milestone was the agreement on the joint venture with CIMC Enric for China and Southeast Asia. China is expected to become the largest market in the world for hydrogen and zero- emission mobility by the end of this decade. We have formed a great industrial partnership with CIMC Enric. With our combined and complementary strengths, we will be a competitive force, and we aim for no less than to become the largest provider of hydrogen storage systems for fuel cell electric vehicles and distribution solutions in China and Southeast Asia. We're now in the process of preparing the joint venture formation and the production footprint. In our last quarterly presentation, we highlighted the distribution segment as one of the expected revenue drivers for this year. We saw clear signs of higher activity in that segment this quarter. We announced three new contracts, one with Certarus in the U.S., one with Wystrach for France and Germany, and a third one with leading European gas distributors also for the European market. These modules, some of them which are capable of carrying more than a ton of hydrogen, are ideal to transport hydrogen from the source of production to the point of consumption. We expect that the demand for distribution modules will continue to grow in the coming years as the demand for hydrogen increases, both for mobility purposes and for industrial purposes. We are now gearing up our internal efforts to accelerate the scale-up of the organization, and we expect to add approximately 100 new team members in 2021. The increase is mainly within functions like engineering, program management, and production support, but we're also strengthening some sales and administrative functions. We need to prepare the organization to handle a significant increase in volume that we expect in the coming years. One of the areas that we have high focus on right now, of course, is to build up the organization in China, along with the supporting engineering functions on the European side. Like many others, we notice the effects of the pandemic. We've had six team members that have been infected this year, all of them which have thankfully recovered. All of our facilities remained open during the quarter, and we have so far not seen much of a negative impact on output. We do see that the global supply chains have become more unstable. Lead times have increased for many key components, battery cells being one example, and we also see rising cost for certain input factors. Although this has had only a limited direct impact on us so far, the situation is becoming somewhat more unpredictable, which of course is a concern. We'll continue to follow the developments closely and take appropriate measures where needed. With that, I will hand the word over to Dilip to take us through the financials. Thank you, Morten. Revenue for Q1 2021 came in at NOK 57 million. That was a healthy 19% growth year-over-year. More importantly, up 75% sequentially. The year-over-year increase in revenue was driven by stronger contribution from hydrogen distribution and transit bus customers. If you look at EBITDA, as I've stated before, we are in the investment phase of Purus. With a relatively lower revenue base, this impacts EBITDA. EBITDA loss during the quarter was NOK 62 million and was in part driven by increased corporate expenses associated with being a publicly traded company with increased overhead. That was an impact of NOK 25 million year-over-year in the quarter. Next slide, please, Morten. Thank you. This shows a revenue breakdown in the quarter. As you can see, in the prior period, revenue was driven quite heavily by heavy-duty truck activity, and that was related to an OEM battery electric program that we completed in Q1 2020. In comparison, in 2021, we've seen a nice pickup in distribution and transit bus. Next slide. Going over to the balance sheet, remains strong. We have NOK 1.1 billion of cash, a very small amount of debt. Receivables and inventory are up slightly from December, driven by higher revenue as well as expectations for a pickup in activity here in Q2. Next slide. On the cash flow, not a whole lot here to highlight. Operating cash flow included roughly NOK 44 million of increase in working capital. We only had a modest amount of CapEx in this quarter. I'd expect that CapEx number to increase over the course of the year. The discontinued CNG LDV business was a use of cash to the tune of 24 million NOK. With that, why don't I turn it back to you, Morten? Thank you, Dilip. Now let's spend a few moments on the outlook. With the continued strong momentum in the clean mobility space, we keep adding new projects into the pipeline. We have now a project portfolio of around 80 live projects across different geographies and different mobility applications. We see a strong and united global commitment to confront climate change. We now also see the willingness from the leaders of the world to act, to put the necessary strategies, programs, and policy changes in motion to properly address the challenge. Transitioning the mobility sector away from carbon-based fuels and into zero-emission vehicles is part of the solution, and it represents an incredible market opportunity. We expect the market for hydrogen storage onboard vehicles will grow to $7 billion or NOK 60 billion by 2030. As one of the leading companies in this space, we are positioning ourselves to capture a meaningful share of that market. We're investing to expand product development, to increase production capacity, and to scale up the overall organization to meet the higher demand from the market in the future. This will expand our cost base, and it comes ahead of the revenue curve and will thus result in higher negative earnings in the early stages. It will also enable us to capture the higher volumes when the market demand increases towards the middle of the decade. Our financial targets remain unchanged. For this year, we are targeting to increase revenue year-over-year by more than 50%, and we target to have revenue of NOK 4 to 5 billion in 2025. This concludes our presentation this morning. We are happy with the developments that we have seen. We are exactly where we expected to be and look forward to also an exciting future. Let's hand it back to Hiva for Q&A. Thank you, Morten. We do have some questions from the audience. I'll start with the first one from Anders Rosenlund. The JV with ENRIC, how much CapEx is he asking for? If we could give a number, and when Hexagon Purus' equity contribution, order backlog in the JV at all, and when do we expect revenues? A bunch of China-related questions. What we are doing right now is, of course, working to set up the JV companies formally, which has taken some time in China, as people know. We are detailing out all of the investment plans and preparing the overall production footprint. I think it's going to be a little while until we can be specific. What we have said so far, that we expect the investments towards the middle of the decade to be in the roughly around $100 million. I think that's right, Dilip. Yes. Yeah. $100 million. Precisely when things get started, that's also a bit difficult to say at the moment. With starting the plant construction as we plan to do this year. We should probably expect revenues to start coming in 2023. There is a potential also to then get some revenue from Type 3 products already in six to nine months time. Did I capture all of those? I believe you did. All right. Thanks, Morten. We have a question from Mikkel from Carnegie, related to Nikola. If you could elaborate on the counterparty risk that we've considered before signing with Nikola? There has been a lot of discussions around Nikola. We have had, as I've said several times before when being asked by journalists, we spend a lot of time evaluating, of course, Nikola. It is one of the disruptors of the industry, one of the early companies that targets to have hydrogen vehicles out on the road. They raised quite a bit of money. There was some uncertainties around what their focus area really should be. We believe that all the actions that Nikola has taken for the past six months makes a lot of sense to us. They're focusing, zooming in on those core parts of their business. We see a very professional counterparty, and we both hope and expect that Nikola will succeed. We have, of course, evaluated this. Thank you, Morten. Back to China, just a question on the relationship with CIMC Enric and the development, if there's anything you could comment on there? I think that we are now working ourselves even closer. We spent a lot of time with CIMC Enric as part of the negotiation period. Now we're down into the real practicalities, working ourselves together. The discussions and the planning is going great. We have now starting to put our own team also in place in China and recruiting people, and so far things are looking promising. Great. Thanks. Is there any geographical area beyond China that you see as most interesting? Now what we have focused on so far is the areas where we are present, and the area which we are now establishing ourselves. China, I think, it is going to be one of the largest clean mobility markets in the world, and it's a really exciting geography, so that's naturally a focus area. We have a good presence in North America. We have a good presence in Europe. I think with all of the investments and all of the programs that are being put in place in Europe, that's going to be a large and exciting market. With the change in administration in the U.S., we also see a change in tempo and a change in mindset around climate change, which we think is positive. For now, these are our core three areas which we will continue to focus on. Now, in the future, there might be other geographies as well that we might target. Thank you. I have a question for you, Dilip. What's the source of the NOK, the NOK 36 million in financial cost you had in Q1? L ook, these are primarily related to intercompany positions between the operating subsidiaries and the parent company. You've got intercompany positions denominated in US dollars or EUR. Essentially, they eliminate out at the group level, but because they are denominated in foreign currency and we are a company that reports in NOK, you do have to bring the FX-related changes to those positions through the P&L. They're non-cash. Thank you, Dilip. We have another question from Mikkel from Carnegie. With the new BEVs claiming 10-mile range on 10-minute charging, do you still believe that FCV make a mark in the LDV passenger car segment? W e think that on the light- duty side of things, the majority of vehicles will likely be battery electric. The technology today is already at the stage where it fits a large majority of the use cases. We do see certain other rationales for fuel cell electric passenger vehicles as well, particularly the heavier side of the light duty, so SUVs, pickup trucks, or those that have continuous use cases where taxi fleets and others that might not have an opportunity to charge. Yeah, the majority will likely be battery electric, I think, but we also think that a certain segment will be fuel cell electric. Remember, it's a humongous market, so even a small% of that market will result, of course, in a big chunk of revenue opportunity for us. Thank you, Morten. Back again to ENRIC, and just to follow up, the $100 million you mentioned in the gross investment, is that your share? What does that translate into in terms of equity investment by Hexagon Purus? When we say $100 million, that is the totality of the investment. It's not our share. We have a 51% ownership in this cylinder-producing joint venture. Roughly half of that then is what we will need to invest. Thank you. A question from Anne Surasa, "Could you comment on the current competitive landscape? On the cylinder side, we have two types of players being competitors. One are specialist cylinder companies, and the other one are Tier 1 players to the automotive industry. We see competitors that we know well in both of those classes. It's of course, a very large market opportunity here, and it's natural that there are several companies that are targeting to enter this market. From our side of things, we are not concerned by the competition. We will need competitors. We want competitors, and we want good competitors. We think with the size that this market is taking on, it's going to need everybody in order for this industry to succeed. On that note, you say that the addressable market is NOK 60 billion for hydrogen cylinders and cylinder systems. What share of this market do you forecast, and who is your greatest competitor in that space? Could you elaborate? It's hard to be very specific on where we think we will end up. Just to give some idea, we have a couple of competitors that have been very specific on where they want to be. The couple of tier 1 players, Faurecia, Plastic Omnium, which have targeted to have a 20% market share, which of course is a sizable share of this market. As leaders in this business, we don't think that we should be materially worse off in terms of competitiveness than these newcomers. We do believe that we say a meaningful share of the market, which for us translates to above the 20% mark. Thank you, Morten. We have a question from Thomas Dowling Næss from SpareBank. Do you have a rough estimate of how much CapEx is required to reach the NOK 4 billion-NOK 5 billion revenue target that you've set? Maybe Dilip, this is something that you could address. L et me take that. Thomas Dowling Næss, I think what we have said in the past is our plan is to invest roughly NOK 500 million of CapEx over the next two years. That would generate revenue capacity of about a billion and a half to NOK 2 billion. That did not include any plans for China. Separately, you've heard about our total CapEx plans in China, roughly $100 million in totality, along with our JV partner, over the course of the next four to five years. I think that should give you a good sense of the kinds of capital expenditures that we're going to need to undertake over the next few years to get to that NOK 4 billion-NOK 5 billion aspiration by the middle of the decade. Thank you, Dilip. Finally, a question on CIMC Enric. "How much revenue do you expect from the CIMC Enric JV at completion?" Morten? I am not sure how to interpret completion. Again, referring back to what we have discussed earlier, what we say is roughly $100 million investments towards the middle of the decade. At that point, these sort of investments will give us a revenue capacity on the cylinder side between NOK 2 billion-NOK 2.5 billion. Yeah. Thank you, Morten. That basically covers all the questions. If you have any further questions later, you can always send your questions to ir@hexagonpurus.com, and we will answer you via email. We thank you for spending time with us this morning, and we wish you a rest of a very nice day. Thank you. Thanks for listening. Bye-bye.