Good morning, everyone, and welcome to this annual report 2021 for Kyoto Group. My name is Camilla Nilsson. I'm the CEO of Kyoto Group, and I've been with the company for about a year now, but this is my first presentation as the CEO. I would like to take the opportunity to thank the board for the trust to continue this exciting journey that we are on together with our eminent partners and the strong team that we now have on board, which I'm very much looking forward to. I'm gonna do the presentation today with our commercial officer, Tim de Haas, which we will hear more from a bit later. The agenda for today is that we will give a short introduction to Kyoto Group for new investors and stakeholders. We will share with you the key highlights of 2021 and what you will find in the annual report that we have released today. We will also go into the recent developments and Tim will give us a good commercial update before we end up with a Q&A, where every one of you have been invited to send questions for the session today. Our purpose is to decarbonize the industry. That's why we are here. By helping to do that and by enabling phasing in renewable energy, and more renewable energy on the grid, we are driving to make green energy available for everyone. That's what you will see in everything that we do from business cases to all activities. That's what we are building the company around addressing the current climate situation that we are facing. We are building on a history that started in 2016, and we did a step change in 2021. That's when we concluded that the technology was applicable to carry forward, and we decided to capitalize the company and build a strong structure around that technology. We had a new board established. We had a new management team established. We raised about NOK 180 million to finance that initial phase of the company. We went listed on Euronext Growth, and we're starting to build the pipeline for the further roll-out. That's where we are standing today. We had the first commercial order signed in 2021, which is now in production, and we are preparing for installation and commissioning, and we are rapidly building the further pipeline, which Tim will tell us much more about later in the presentation. We are today 18 employees. We are nine nationalities. It's more than 10 languages spoken in the office, so it's a quite inspiring place to be. Our main office is at Lysaker just outside Oslo. We have the pilot, which has now been converted into R&D test center at Hønefoss, and we have established a technology center in Sevilla, in Spain. We are now preparing for the scale-up, and we are targeting at least 10,000 MWh of thermal energy storage capacity installed by 2025. We are proud and strongly supported by our Board, led by Eivind Reiten, who is the Chairman of our Board, supported by Thorleif Enger, Arne- Erik Christiansen, Pål Selboe Walseth, Ivar Valstad, and Hans Olav Kvalvaag. We have a combination of very senior track record and industrial competence and renewable energy competence in our Board. The same has been the target with establishment of the management team to find a combined team that brings both solid industrial experience but also scale-up experience. Now we have completed the team, and we have the team in place for the phase that we are now doing. I'd like to use the opportunity to say a word or two about everyone on the leadership team as I find important for all of you to know who are driving what we are trying to achieve. We have Bjarke Buchbjerg from Denmark, came to us from Siemens Gamesa, from the wind energy, responsible for the technology in Kyoto. Tim de Haas is the Commercial Officer, came to us from Aker BioMarine earlier this year. The team has been through that life cycle that we are now starting on in Kyoto, building Aker BioMarine from more or less where we are today to the $ several hundred million revenue company. We have Peter Iversen, came to us from Ramboll, and he has been in the Chief Supply Chain Officer role. He's now moving over to focus more and more about the manufacturing and assembly to look into what part of the Heatcube we should produce or assemble ourselves. He is then supported by Susanne Vinje, who came to us from Hydro with extensive experience from supply chain and logistics. Susanne will take care of the sourcing part of the components, the key components for the Heatcube. Agnieszka Sledz joined us in January. She's responsible for the projects, and for the installation of the Heatcube at the site of the clients. Agnieszka has done the same before in Clean Marine, where she was part of a very rapid growth from zero projects to 100 projects in a quite short time of a similar type of complexity. Before that, Agnieszka worked in Bureau Veritas, so we feel that we have the strong support on the project installation, and the product certification. Finally, Henrik joined us from Schneider Electric and from more than 15 years career from organizational development in Schneider Electric. So we feel now that we have the team in place to take the company through the next phase. As I said, we are here because of the energy transition that we are all feeling and facing every day. We are not on track to reach that 1.5-degree target, and things really need to speed up if we shall have a chance to do that. We all know that electrification is gonna be a very big part of that solution. With the electrification, we bring a new problem. We bring the variability and the instability, and having the energy available when the sun is shining or the wind is blowing. That's exactly what we are addressing with our technology, the Heatcube. We want to stabilize that variability so that industrial clients can have green energy that is stable, and reliable. We would like to put focus on heat. We hear so much about electrifying the car fleet, we hear about hydrogen, we hear about green ammonia, which is good. All of those solutions are needed and important, but there is one topic that is bigger and much bigger than that. If you look on the energy demand at a global level today, half of that goes to heat, and we very seldom hear about that. Almost all of that heat is produced by fossil fuels today, 89%, and that contributes to 40% of the CO2 emissions. If we are able to electrify heat, we will be able to solve a large part of that problem, and that is what we would like to put much more focus, and attention on the renewable heat, on net zero heat, which is also a term that is starting to establish itself. That's what I said, that's what we do with the Heatcube, stabilize that energy for the industry. By doing that, we are helping to phase out today's fossil fuels so that we can enable more, and more green energy on the grid. It's a modular technology, and it's basically three parts. You have the charge capacity of the Heatcube, how quickly do you need to charge your storage capacity? We have the storage capacity, how much storage capacity do you need? Then is the discharge. What is the discharge capacity that you need, and how do you need it? Do you need steam, water, or air? All of those are possible for the customer to customize. We are focusing to start with on charging the Heatcube from electricity and discharge it as steam. That is basically because in the initial part for our company, it's important to get proof of concept, and get some Heatcubes out and in operation. We are focusing on that. It could also be that we are capturing waste heat, which is also a significant part of the problem. It's 2,500 terawatt-hours of waste heat going out the chimney today. If we can capture that and recirculate that either as heat or moving it into a turbine and back to electricity. We will be able to look at different discharge medium. We are starting with the steam because that is what we see the most applications of today. This is an illustration of the first Heatcube that is under construction for Nordjyllandsværket in Denmark. You see the container with a resistive heater, which is where the heat is warmed up to the temperature that is needed by the customer from 100 degrees, ideally, to up to 500 degrees. It's our ideal temperature range. You see the molten salt vessels, which is where we store the molten salt and where we store the energy, and currently the salt that we are buying from Yara. There is a circulation system that circulates the liquid and the molten salt in this system. When the customer needs the energy, it's pushed out through the steam generation system as steam. Looking into the key highlights of 2021, we concluded the first phase of the pilot, and based on that, we decided to move to the next phase, which is the first full-scale installation at Nordjyllandsværket. We have then converted the site at Hønefoss to a R&D center, where we test new technology and new equipment for potential use in future generations of the Heatcube. As I mentioned, we established the new leadership from the board and the leadership team for the company, and we started to scale up the organization, adding 14 new employees, starting to add the competence required to take the company through this industrialization that we are facing. We have the first full-scale Heatcube order now in production, and we are now rapidly maturing the pipeline for the further rollout. We raised NOK 179 million equity. We've used net NOK 34 million for operating activities, which is in line with our expectations presented at the half-year report in August. We have not of that, but we have also invested NOK 27 million in technology, and that goes both into the battery that's gonna be installed at Nordjyllandsværket, and which will be a battery as a service model. It's also starting to invest in the future generation, which we call Heatcube 1.1 and also Heatcube 2.0. The cash position at the end of the year was 117 million NOK. Looking a bit into the recent developments of the company. Nordjyllandsværket is, of course, our first and most important priority to get that project up, and running and to really demonstrate this technology for industrial use. All main equipment is now ordered and in production. And we actually have a team in Spain this week, as I am presenting here, doing the FAT, the factory acceptance test of the tanks. So they sent me some pictures last night, which I will share. And we have had the building permits for the Heatcube construction at Nordjyllandsværket. The next step now in that is to start the construction, and installation at site and to start the shipments to Denmark. Those are the pictures I received last night. We see our team here being at the site of CyD, our supplier delivering the tanks and doing the final factory acceptance test for the tanks. We did two tanks a couple of weeks ago, and we did the four final tests doing this week, concluding by Friday. Everything is looking good so far, and those are soon ready for shipment. We have announced earlier that we are establishing a footprint now in Spain, and we are establishing Kyoto Spain or Kyoto Technology Spain, as the legal entity name will be. We are doing that by acquiring a company called Mercury Energy, which is sister company of our partner, RPow. We acquired that from AndrésBarros Borrero, which you can see on the slide here. He is handing over the leadership for his company, RPow, to another person, and he's joining Kyoto full-time to be both our representative in Spain and also be a technology director for Kyoto globally. Andres has more than 15 years of engineering experience from molten salt, and is one of the most experienced engineers in this area. We are very pleased to have Andres join our team, and we are now building a team around Andres, or Andres is building a team himself. We will have a small tech center, significantly contributing to the building of the future generation of the Heatcube in Sevilla, in Spain. That also brings us closer to one of our key markets. Spain both have a lot of renewable energy on the grid already and will phase in much more. There is a demand of about 100 terawatt-hours a year from the industry in Spain for thermal energy at the temperatures that we can deliver with the Heatcube. It's a very strategic market for us to be in. I talk about the generation plan for Heatcube. We are installing Heatcube generation 1.0 at Nordjyllandsværket. The shipments are starting now, but some components have a longer lead time, so shipments will happen throughout the summer and the commissioning will probably conclude in Q4. We are preparing for Heatcube generation 1.1 and the target is to have that ready for sales and marketing by mid of this year. With Heatcube generation 1.1, it's mainly cost optimization and some design optimization to take out cost from the production of Heatcube, but it's not yet major design changes to the Heatcube. We will hear more about this most likely in our half-year report this year. We are also thinking and starting to work on the Heatcube 2.0, which will be more significant design changes, if needed, for the further optimization and the cost out roadmap that we are on with the Heatcube. Finally, we also joined the Long Duration Energy Storage Council this year, which is a council that has been established to really accelerate the energy transition, and by bringing technology providers and anchor members, which is large international corporations who will need those new technologies for the energy transition. We are meeting each other in the Long Duration Energy Storage Council, and we are collaborating actively to be an ambassador, and in our case, for net zero heat. That's the working group we are on. This is a very prominent and powerful network to be in, which we are very happy about. That's the key corporate developments. Tim will join me and give a good update on the commercial side. Please join me, Tim. Hello. Good morning, everyone. We are basically in a situation where we are able to ramp up the commercialization of our Heatcube, and we are doing this in a very structured way. We have been looking at qualifying the demand and the potential for the Heatcube in the European market. We are looking into defining and illustrating the benefits, the commercial benefits of the Heatcube for our partners and clients, and offering very attractive pricing models so that we can basically get started with the partnering and ramping up the Heatcube supply. The third step that we are doing is that we have organized ourselves to increase the awareness of Heatcube. So far, we are facing a lot of question marks when we start to present, but more and more people are recognizing the benefits of a thermal battery and the Heatcube solution. Fourth step is to basically look very clearly at industry-specific value propositions so that we are addressing the pain points of various industries. Let me look into this a little bit further. We have been doing work with our partner and mapping of the European market and the demand for industry to decarbonize the industrial productions. Camilla mentioned earlier that Spain is a very potentially very big market for us and with a strong demand due to the relatively high share of renewable energies already in the grid. We have seen also other demands in the U.K., for example, where close to 100 terawatt-hours of industrial heat needs to be decarbonized, and the Heatcube will be an enabler for this process. Obviously, also Norway is a market for us. I mean, Norway used to be, you know, benefiting from relatively low energy prices. This has changed, and the volatility also in Norway has increased over the last six to 12 months. We have a new also the second topic in Norway is the excess heat that we see in various industrial productions that can be captured and utilized for industrial heat processes. Denmark is a very special market, since the gas prices are relatively high and the players in Denmark are quite innovative and forward-leaning when it comes to new technologies, like the Heatcube, to see potential to expand, and decarbonize their processes. The largest market in Europe is Germany, where we are starting to put our foot on the ground and where we basically see a significant demand in moving forward. What do we address? I mean, Camilla mentioned it earlier on, but it is very important to understand that with the Heatcube, we are addressing two aspects. We are addressing the high price volatilities during a day. We see in many markets that there are periods during the day where energy prices are relatively low or where you can actually get paid for taking electricity from the grid. There are parts of the day where the demand is very high and prices increase significantly. With the Heatcube, we can do this load shifting, meaning we can charge the battery, the Heatcube, during the cheap hours and utilize the heat during the times when the industry needs it for the industrial processes. The second aspect is that there is a lot of excess heat produced by industries that are today wasted. With our technology, we are able to capture this wasted heat and utilize it, so that less energy is needed from other sources and basically get a recycling of the wasted heat that is out there. This results, first of all, in decarbonization of the industry, but also in significant cost reduction for our clients. We have a win-win situation, which we want to gain and do our part of reducing the CO2 emissions that are out there in the world today. We have two pricing models to collaborate with our clients. The first one is a traditional product sale, what we call Heat as a Product. That's a direct sale where the client buys the Heatcube, installs it with our help, but runs it by themselves. It results in a one-time payment for Kyoto Group, with the option of additional supply, and service agreements as a follow-up. The second option is that Kyoto Group owns the Heatcube that is installed on the client's premises, and we manage and operate the system on behalf of our client, which is a typical Heat-as-a-Service offering where we benefit from recurring revenue streams. We are very open for addressing with these two models the need for different type of clients and different needs. We are thereby kind of reducing the hurdles of installing new technologies like the Heatcube. In order to promote the benefit and explaining our ambitions and our mission, we are... have engaged ourselves in various industry associations in a European accelerator program, and as mentioned by Camilla, the LDES. That networking that allows us to meet new customers, and basically explain the benefits of the Heatcube to various audiences. This accelerator program is DeepTech Alliance program that we also mentioned in the public that generated a lot of new interest and new leads for us as a company. The main industries, I mean, you basically see with the current situation out in the world, we see a tremendous change in behavior in certain industries. Industry players are coming to us when they learn about the solution, as they are very eager to find a replacement for their current gas boilers in particular and to see okay what kind of alternatives are out there. I would like to mention particularly pulp and paper, chemical, and iron and aluminum industries as a forefront in this development, where we basically see strong interest from industrial players to install solutions like the Heatcube on their premises. We have a good range of prospects and clients that we are in dialogue with. We are expanding our portfolio in the pipeline in terms of industries and in terms of geographical reach. This will enable us to reach the targets set out by Camilla and the board earlier. One way for us to shed light on the challenge regarding heat demand in the industry is the report that we have established together with Aurora. This report is freely available on our website. You can download it following the QR code that you see right here. We basically have a significant opportunity to support industrial players to decarbonize their processes. With this, there will now be a short break, and then we're gonna go into the Q&A session, and we are very much looking forward to your questions. Hello again, and thank you for joining us today. We have received a couple of questions from everyone listening today, so we'll address those. The first question is the following: At the Capital Markets Day November 25 last year, Camilla said regarding projects in the pipeline that Kyoto would sign several in 2022, and hopefully several in the first half of the year. Do you still expect to sign several projects now in Q2 2022? I think this is a good question for you, Tim. Yes. Thank you for the question. Yes, we are planning to sign projects in the second quarter of 2022. We are typically starting with signing an MOU and then the final commercial agreements follow afterwards. We're gonna keep you updated on the timelines and on every progression as we achieve them. The second question is, can you give some more details into what we can expect for 2022? Is it fair to assume that Kyoto will have one operational Heatcube by end of 2022 at Nordjyllandsværket, or could there be more projects reaching operations during the year? I think, yes, it's fair to assume that we will have one Heatcube in operation. The lead times is the key challenge now for all of us. We are targeting to have a OTR, order to remittance, of six months. At the moment, that is tight, but that is where we are, what we are trying to achieve. To assume that we will have commissioning of projects still within this year, that is probably too optimistic. The third question, can you comment on the cost estimate for Heatcube 1.1? Has there been any increases due to the inflationary environment we see today? We're not in the position to tell you a number today. We are working tirelessly to take the cost out of Heatcube, and we feel we are on a good progression towards that. Our target is EUR 20 per megawatt hour levelized cost of storage by 2025, and we feel that we are on a good track record to that. 2025 is not far away. It's a lot that has to be taken out year by year. Of course, the situation today is challenging, but it has not changed our estimate on where we'll be able to reach with the CapEx. Perhaps we'll be able to share numbers with you. We have a target to have the design frozen for Heatcube 1.1 by the mid of this year, and then we'll also be able to confirm more about the cost. The last question is, do you have a target for when you will reach EBITDA breakeven? Yeah, we have. Of course, it's challenging to do those forecasts in a startup and in the situation we are, but we are on a clear target, and we have said that at least by 2025, and hopefully approaching that comfortably by 2024. That is still our target. Yeah, that's what we shared at Capital Markets Day and what we are also, I think, included or maybe as an appendix in the presentation that will be shared here. We are sticking to the same target. Of course, the cash flow here depends very much on which commercial models we choose. It's a big difference on the cash situation if we sell the Heatcube as a product or if we sell the energy, and have the Heatcube on our assets when we will have a completely different financial structure behind that. But for now, we have assumed 50/50 in our five-year projections, and by that, we will reach EBITDA breakeven at least by 2025. That was the last question. We thank you all for joining today. We will share presentations and the link to the recording, and do not hesitate to reach out to us if you have further questions or want to get in touch with us. Thank you so much and have a good day. Thank you very much. Bye-bye.