Welcome to Hexagon Purus' Q2 2021 presentation. My name is Hiva Ghiri, and I am VP Investor Relations in Hexagon. I'm joined today from the studio in Oslo by our company CEO, Morten Holum, and via Teams from California by company CFO, Dilip Warrier. Please note that we will have a Q&A session at the end of this presentation. Please feel free to enter your questions via the chat function on your screen, or you can also send your question to ir@hexagonpurus.com. With that, I will pass over the word to you, Morten, who will take us through the highlights of the quarter. Thank you very much, Hiva, and good morning, everyone. Before going through the highlights, I thought I would start with this cool picture of a battery electric heavy-duty truck that we made for Hino earlier this year. We're experiencing unprecedented momentum for electrification and zero emission drivetrains in the commercial vehicle space, and our capabilities in this area are strong. Highlights for the quarter. First of all, we had a strong second quarter where we more than doubled revenue from the same quarter last year. Our year-to-date revenue is up more than 50% from last year. Second, we saw high commercial activity in the quarter, good traction with customers, reaching additional important commercial milestones. Finally, we're accelerating our efforts in the maritime segment by establishing Hexagon Purus Maritime as a separate business area. Starting with revenue, we saw a broad-based revenue uptick across several early adoption segments like distribution and transit bus. This is consistent with our expectation going into the quarter, and we're particularly pleased and encouraged to see the good traction in the distribution segment as this is a key segment to gauge the overall hydrogen adoption. The need for transporting hydrogen from point to point will obviously grow as hydrogen adoption increases, both to feed industrial users and to feed the refueling infrastructure that's being built out. The transit bus segment is another early mover segment, and we're also starting to see increased traction there. Transit bus represents the ideal testing grounds really for zero emission technologies because they have very predictable duty cycles with return to base operations and relatively low mileage routes. Looking backwards, transit bus has typically been an early adopter of clean alternative fuels. Now we see that demonstrated also for hydrogen. Many bus OEMs have already got their vehicle platform developed. We're expecting to see transit volumes growing in the years ahead. For distribution, we landed an important global supply agreement with Air Liquide in the quarter. Air Liquide is one of the largest industrial gas companies in the world. They have very ambitious carbon abatement plans. They're investing EUR 8 billion in hydrogen production. Plans to have around 3 gigawatts of electrolyzer capacity by 2030. For reference, the total capacity in the EU today is around 1 gigawatt. It's a sizable amount. The global supply agreement gives us a position as a preferred supplier for hydrogen Type 4 cylinders and makes it easy for Air Liquide to do business with us through normal call-offs. Under the same supply agreement, we have also signed the first exclusive supply agreement for hydrogen distribution applications in a country that has hydrogen as a key pillar in its energy transition strategy. We're very pleased to have landed this agreement, and very proud to partner with Air Liquide. On the commercial vehicle side, California is at the forefront of zero emission legislation and support, and a key future market for our commercial vehicle offering. As we mentioned in the Q1 quarterly presentation, California has mandated that all commercial trucks be zero emission by 2045. That almost 10% of trucks sold already from 2024 has to be zero emission. This is an important demand driver for zero emission commercial vehicles, driving the OEMs to accelerate the development of their zero emission vehicle platforms and stimulating customer demand. The Velocity Vehicle Group is one of the largest commercial vehicle dealers in California, and we have entered into a partnership with them to supply a battery electric Class 6 truck using a Freightliner M2 chassis, a similar vehicle as you see in this picture. Freightliner is Daimler's largest truck brand in North America, by the way, and this truck will be powered by Hexagon Purus. We will provide the entire vehicle integration, including our in-house battery pack. The total volume under this agreement is not fully certain, as it will depend on end customer orders, but the agreement foresees and covers up to 100 vehicles. The first vehicles are expected to be delivered in 2022, and the actual orders and ramp-up profile will of course depend on demand that VVG gets from their fleet customers. As we mentioned in our last quarterly presentation, we see a strong strategic rationale for hydrogen in the maritime sector like all other mobility segments, maritime sector will also need to decarbonize, and the International Maritime Organization has set targets to reduce greenhouse gas emissions by 40% in 2030. We believe that hydrogen can support these decarbonization efforts, so we established Hexagon Purus Maritime as a new business area in the second quarter. We're looking to accelerate our efforts in that segment. There are strong synergies between the maritime segment and our other businesses, with high overlap on both the product and the technology side. This has a strong logic for us, as it is simply a case of taking our existing technologies and adapting them to a new application. We consider this to be a sizable commercial opportunity. We did a market study earlier this year to estimate the total market size and the likely speed of adoption. We expect the number of hydrogen-powered vessels to start increasing significantly from around the middle of this decade, resulting in the total estimated addressable market of around NOK 6 billion cumulatively through 2030. With our existing capabilities and experience, we can provide both engineering and design services in addition to the hydrogen storage systems themselves. We've already taken an early position in the market, and the fact that we're involved in several development projects gives us a front-runner advantage. Again, we're taking existing technology and capabilities and applying them to a new application. There are solid synergies with the other business segments that we are serving with limited additional investments. Things are also moving forward in China. As we've talked about before, Chinese authorities have strong hydrogen ambitions and have put forward ambitious and specific decarbonization targets. We see solid regulatory support, and we see activities picking up. The number of hydrogen projects initiated is increasing rapidly. As for us, we're progressing well with our own preparations. We're ramping up our local organization with several key leadership appointments made during the past few months, and we've also had a European team on the ground in China during the summer that have met with customers, met with suppliers, and authorities. The messages and the signals that we have picked up from these meetings are encouraging indeed. We're progressing well with the preparations for the local production footprint. Moving across the Pacific to North America, we have now broken ground on our new manufacturing facility in Kelowna, Canada. Kelowna is our technical center of excellence for heavy-duty electric and hydrogen mobility systems. We're now putting up a highly automated manufacturing facility for the production of battery packs and hydrogen storage systems there. This facility will support the growth that we see for battery electric and hydrogen electric commercial vehicles in North America going forward. We expect that it will be ready to move in there in the second half of next year. We are preparing our future manufacturing footprint to support much higher volumes in the future. This one is one key step in our overall scale-up plan. We are working on similar expansion projects in other geographies as well, in Europe, in China, and North America, which we of course, will be announcing as we go. Moving to the topic of COVID-19. We have se en nine team members infected so far this year, all of who have recovered or are recovering. The production has so far been undisturbed. We've been able to keep our manufacturing facilities open for the entire year. However, like most other industries, we are impacted by the supply chain disturbances that were triggered by the pandemic, and that has widened and strengthened in force through the course of the pandemic. For us, the most notable impact has been that lead times for key components and materials have increased significantly. In general, what used to take us a month to get in-house now often takes six months or more. This is, of course, a cause for concern. We are working actively across the supply chain to mitigate these risks and to minimize the impact on customer deliveries. With that, I will hand the word over to Dilip, who will take us through the financials. Thank you, Morten. Taking a look at the financials, we are really pleased with how the quarter shaped up. At NOK 94 million revenue more than doubled year-over-year and grew by more than 80% sequentially. As we mentioned on previous calls, the distribution business and the transit bus business are driving the majority of this growth. Q2 EBITDA was a NOK 69 million loss, which was in line with our expectations given the investments we are making in this business ahead of the revenue growth. On a year-over-year basis, corporate and strategic costs associated with being a public company were a NOK 34 million increase in the quarter. Next slide, please. This slide shows a breakdown of revenue by market segment in the current quarter and the year-to-date period, and how that has evolved from last year. Similar to how Morten has covered it previously, distribution and transit bus have really led the way. Today, in fact, this year, those two segments account for about 60% or more of revenue. While contribution from the heavy-duty business is down for the year-to-date period from last year, keep in mind that the prior year period included revenue from an OEM battery electric truck demonstration program that wound down at the en d of Q1 2020 as expected. Next slide, please. The balance sheet continues to remain strong. We ended the quarter with just under 900 million NOK of cash. The scale on these charts is not quite representative, but it's fair to say that we have seen an uptick in working capital over the course of the year. Partially driven by the step change in revenue and activity levels, but also some of the supply chain impacts that Morten has talked about. Next slide. Thank you. On cash flow then, the majority of cash was used to fund operations. Working capital was a use of cash of about NOK 126 million year to date. We have seen now a slight uptick in CapEx from the prior quarter and continue to expect that CapEx will increase towards the end of the year. The discontinued CNG, LDV business represented a use of cash of about NOK 25 million year to date. With that, I'll hand it back to you, Morten. Thank you very much, Dilip. The decarbonization momentum continues to accelerate globally, and the regulatory backdrop is increasingly supportive for our business. We see new government targets, programs, and projects being launched almost every week. There has been news coming out on both sides of the Atlantic this summer. The transportation sector is being targeted both by the new Biden administration and in EU's newly proposed Fit for 55 legislation. These announcements do not go unnoticed. The OEMs are increasingly taking the cues from the regulators and the politicians and are intensifying their efforts to prepare the transition of their vehicle platforms to zero-emission drivetrains. We've seen several OEMs announcing strong electromobility targets, shifting development resources away from the internal combustion engine and fossil fuels, and onto zero-emission battery electric and hydrogen electric vehicle platforms. It's becoming more and more clear to us that both battery electric vehicles and fuel cell electric vehicles will play a key role in decarbonizing the global transportation sector going forward. The outlook for us remains strong for the rest of the year and beyond. The overall demand for zero-emission mobility solutions continues to be robust, supported by favorable regulatory backdrop, OEM announcements on zero-emission vehicle developments, and customer decarbonization efforts. We expect the demand to grow significantly going forward, but we should also recognize that mass adoption is still some years out. Although we're experiencing strong interest and growing momentum in our customer dialogues, many of the programs we're involved in have a long incubation period. Developing a new vehicle platform typically takes several years. The very active opportunity pipeline does give us additional comfort that accelerating our scale-up efforts is the right thing to do. We are rigging the company for a future with much higher volume, investing into product development, manufacturing capacity, and organizational capabilities. All of these investments are taken up front, of course, expanding the cost base before we see the revenue, and this will continue to impact profitability in the next few years. As for this year, we're expecting a busy second half of the year, and we are well on track to deliver on our revenue targets for 2021. This concludes our presentation this morning, and we will now open up for Q&A. Thank you, Morten. We have actually received some questions from our audience, so I'll start with the first. A question from the audience regarding Hyzon Motors, which has unveiled an all-new hydrogen storage system that has the potential to reduce the overall weight of the system by 43%, the storage system cost by 52%, and the required manufacturing component count by 75%. It's also expected that they can license the new systems to other commercial vehicle companies. The question is to us, how has our development program been developing so far, and do we expect that we will still maintain a leading position as a manufacturer? I think, Morten, to you. Without going into the specifics of the system, which I am not deeply familiar with yet, there are a number of activities going on in the industry. We have activities, competitors and others have. Some of them are based on compressed hydrogen storage, some on liquid hydrogen storage, there are definite pros and cons of those two technologies. We think that there is going to be a place for both technologies. For each of these technologies, compressed hydrogen storage is a little bit more developed at this point, whereas the liquid technologies are still some further years out before it is commercialized. When it comes to the overall technology leadership, we of course also have a cost roadmap that we are following with our own systems and expect that the cost of our technologies are going to fall significantly through the course of this decade. Thank you. We have a question from Thomas Ness, who's wondering if we could talk a little bit about the competitive landscape and if we've seen any new players enter the market. Maybe that's for you as well, Morten. Yeah. Thomas, I think that we don't see any significant new developments. It's reasonably stable to the extent that you can call it stable because there are lots of developments going on in the industry. We haven't seen any significant new players or new developments that is materially different from our expectations or from what we're seeing today. Of course, everybody here is trying to develop and moving forward, and we're going to need, as an industry actually, to deliver on the technology development in order for us to be able to transit or transfer over to zero emission solutions. It's not something that Hexagon Purus can do alone. It's something that require a whole industry and ecosystem to be able to do. We believe, of course, that with the leading position we have technologically today, that we will be able to retain that also going forward. Dilip, I think I have a question for you. There seems like there's been significant segment shift this year compared to the same period last year. Can you talk a little bit about what this means for the near-term outlook? Yeah, great question. Look, I think it's fair to say that distribution and transit bus sort of represent the great use cases for hydrogen today. There is a business case for it. It makes sense on the distribution side. There are plenty of industrial customers that need hydrogen transported to their facilities to support industrial processes. Customers of ours, like Air Liquide, for example, are using our distribution modules to transport gas from point A to point B. That's an established business now, and you can see the growth. Transit, as Morten said earlier on the call, has always been an early adopter of clean technologies, partly because they have a very predictable duty cycle. They have return to base operations, short range applications, and also interested in cleaning their tailpipe emissions. We do expect that distribution and transit bus will continue to drive revenue growth here in the near term. That said, we are quite excited about the future revenue growth that we see in heavy duty, in light duty. We are expecting to ramp up production of the light duty North East Asian OEM customer program we've disclosed previously. The Nikola program is also very exciting for us as they launch into production in 2023. There's lots of good stuff happening. I think it's fair to say that on the automotive side, the sales cycle tends to be a little longer. The start of production is a little bit further out. In the near term, it's fair to say distribution, transit, aerospace, et cetera, all of these things will contribute significantly to the revenue mix. Thank you, Dilip. I have another CFO question from the audience. The gross margin has decreased to some 41.3% in Q2 2021 compared to some 51.8% for the full year 2020. Should we expect the gross margin to rebound from the current levels, or is it fair to anticipate continued pressure on the gross margin? Yeah, look, I think in these very early phases of development, I don't think gross margin is frankly a very useful indicator because there are lots of things that can affect gross margin, including non-recurring engineering, et cetera. I think it's just a function of the drivers of revenue. We're not seeing any significant mix shift or competitive pressures to reduce prices or anything like that. It just happens to be the mix during the quarter. I wouldn't make a trend line out of it. Thank you. Anything you wanted to add? No. No. We have another question from Thomas, related to the new facility in Canada. Could you give us a rough estimate on the revenue capacity? Yeah, why don't I take that? The Kelowna facility, so we've been in Kelowna actually for several years through the Agility Fuel Systems predecessor companies. Kelowna has served as a hotbed for engineering and technical development of our systems business, battery packs, drivetrains, et cetera. This investment really is about taking what is a relatively manual and labor-intensive operation to a next level, higher volume, automated operation. Once we are fully settle d in Kelowna, we expect annualized revenue capacity between battery packs and hydrogen storage systems of about in excess of $150 million US dollars. Thank you. Another question from our audience. Are you still expecting revenues in 2021 to be back-end loaded? Yeah, I think we are keeping our expectations for 2021 revenue unchanged. What we said was that we expect revenue to grow at least 50%. Clearly, we stand at about NOK 146 million here in the first half. I think I'm prepared to say that our Q3 revenue leve ls will not be significantly different from what we posted in Q2. Great. This actually concludes the Q&A session for this morning. We thank our participants for joining us, and we wish you all a good rest of the day. Thank you from Oslo.