Good morning, everyone, and welcome to this first half report presentation for Kyoto Group. I hope you have had a wonderful summer and that you are recharged and energized for the second half of the year. We are. I'm gonna take you through this presentation today, together with Tim de Haas, our Chief Commercial Officer. If you have seen a presentation by us before, you have seen this slide. If you're gonna see a presentation by us in the future, you are gonna see this slide. We are gonna repeat this message until heat gets the attention it deserves and what is needed in the public debate on the energy transition. Half of the energy demand in the world today is for heat. It's not for electricity, it's not for the transport sector, it's for heat. It's almost entirely produced by fossil fuels today, contributing to 40% of the CO2 emission. If we are serious about the energy transition, we need to decarbonize heat. That is what we would like to talk about today. When we do that, when we electrify heat with renewable energy, we introduce a new problem. We introduce that volatility to the energy system, both in terms of supply and in terms of prices, which does not work particularly well for the industry who needs stable supply and stable prices of energy. That is the sweet spot for Kyoto. That is our technology. We want to address that new problem of price and supply volatility of thermal energy. We're gonna talk about that today. We're gonna talk about what is our solution to that problem. We'll give you a financial highlight. Where are we in the middle of the year? We'll also give you an operational highlight and we will give you a commercial update before we close the session with Q&A. We are in an extreme situation in the energy situation in Europe, and we're gonna address that today. We're gonna talk about how we experience that and how we meet that and how we prepare for meeting that from a commercial perspective. For those of you new to Kyoto, I wanted to recap a bit what is our solution and our technology. What you see on this slide is an illustration of the first Heatcube that is being installed at Nordjyllandsværket in Denmark as we speak. It is a thermal battery. Our solution and our perspective is that if you have a heat problem, you solve it with a heat solution. We have developed a thermal battery, so we are working with energy storage, and we are working with thermal energy storage. It's basically two products in one. You can think of it as an electric boiler producing the steam for the industry, but it's also storing the energy. What you see here is basically a thermal battery storing energy in the tanks that you see on this picture. We are storing the energy in molten salt that we purchase from Yara today. Here you see six tanks. This has a total of about 20 MWh of storage capacity. We are charging the battery, meaning heating up the salt through a resistive heater, and we are discharging the energy, as in this case, steam through a steam generator, generating system when the industry needs it. This is our solution to storing and discharging thermal energy and hence balancing out that price volatility and supply volatility for the industry. It's a modular application. First of all, you can think of it as three modules. You have the charge capacity, which you can decide then how big charge capacity, how strong charge capacity do you need. And then you have the storage capacity. How much storage capacity do you need? And you have the discharge capacity. How much do you need to discharge? What we are doing here is, instead of producing this each project as an EPC project, an important part for taking out cost of this solution is to make this serial production or at least batch production. We are producing these components, the charge capacity, storage capacity, and discharge capacity. Then the customer can decide each of those modules depending on the needs. How much do you need to load shift? Do you need to charge your battery, for example, five hours during the night and then discharge for 12 hours during the day? Or do you have a different pattern? This is gonna decide the configuration, but the modules are standardized and batched produced. That's one aspect of the modularity of the Heatc ube. There are also a lot of flexibility in this. We are starting with what I'm showing you here now, to charge the battery, the Heatcube, from energy, from renewable energy, so with electricity. It's important for us now to get a couple of Heatcubes out there and up and running. That's our focus for the first configuration that we are putting in the market. We are charging it with a heater, we are storing it in the tanks, and we are discharging it through a steam generator, which as often it is steam that the industry needs. There are much more flexibility into this. We can potentially add a turbine and convert it back to electricity. It's not the ideal case for a smaller modular Heatcube like the Heatcube, because when you go back to electricity, you lose a lot of efficiency. You are at about 40%, so then you need much bigger volumes to make a business out of that. If you have, for example, a plant who already have a steam turbine installed, for example, there is of course possibilities to make a decent business case out of that. We have that flexibility. We can also capture waste heat, which is significant problem also in Norway, where we stand today. I think it's about 10-11 TWh of heat just going out the chimney today. If we can capture that and put that back into the system, maybe, through a steam turbine and back to electricity, if that is already part of the infrastructure, there is a lot of flexibility and alternative business case to do around the Heatcube. We are starting with charging it from electricity and discharging it as steam so that we can get a number of Heatcubes out there and up and running. We are doing as steam, as I said, what you see here is also that you can go to other liquids, or you can go through a heat exchanger and deliver it as air. That is a short version of our solution, our technology. Maybe, Tim, you can give us the commercial perspective of that solution. Thank you, Camilla. What does it mean and how does the underlying business case looks for the Heatcube? As Camilla mentioned, we are looking at load shifting, which basically means that we are charging in the cheapest hours during the day, while we can discharge at any time the client, the industry needs it for heating up the industrial process. We are basically doing a load shift from whenever we get cheap electricity, charging the Heatcube, and then discharging it whenever it is needed. The big benefit of the Heatcube is that we can also charge and discharge at the same time. That means even if an hour during the day is where we can get very cheap electricity, we can charge it anytime without disrupting the delivery of steam for the industrial process. The load shift is a key component of the value creation that we have developed with the Heatcube. The other part is that it is also a lot of fuel switching happening. A lot of these processes today are using gas or diesel to basically generate the heat that the industry needs. Instead of using expensive and CO₂-emitting fossil resources, we can use the cheapest hours of the day to charge the Heatcube. The second part, which becomes more and more important when it comes to the electricity mix that we see today and moving forward, is to be able to activate the Heatcube as a asset in the reserve market. By that, we are helping the grid to balance the power on the grid, and basically, we can act within seconds our charging module of the Heatcube and thereby play an active part in the reserve market and get even lower prices to charge the Heatcube. When we are looking only at load shifting, to just give you some numbers around this, we have been looking at the typical case of an industry that operates between 6:00 A.M. and ten o'clock in the evening, and we looked at, okay, what price difference do we achieve in the key markets that we have selected today, when we use the five cheapest hours versus the normal operation time. Throughout the markets, we see a significant price benefit between EUR 40-EUR 65 per MWh within the first half of 2022. When we compare these numbers with 2018, we see that what everyone has predicted in the electricity market, that by introducing more and more renewable power on the grid, we're gonna see a much higher or an increased volatility in the prices. Today, the price volatility is three-four times as high as it used to be in 2018. When we are looking forward in how the plans are on how much renewable energy gonna be included in the grid, we're gonna see there are gonna be more price volatilities projected, and storage solutions need to be installed in order to mitigate and meet the increased flexibility on the supply side, also on the demand side. To give you a bit of an overview about the value creation of the Heatcube. We are talking first and foremost about the load shifting or the fuel switching. This is a vast majority of the value that we create to our industrial partners. The second part that I mentioned is a reserve market, which depending on the country has a smaller or bigger impact to the value creation. When we are looking at the industry, they are in desperate need to make improvements in terms of energy efficiency and to basically upgrade their infrastructure. There are alternative investments that are needed. As Camilla pointed out, with the Heatcube, the client gets two in one. They get the storage, plus the steam generator, plus the heat delivery unit in one. We are basically can skip the alternative investments for the industrial clients. This fourth part is the grid tariff exception. I mean, this is a topic that we're gonna need to work on with the government and regulator to basically see how these storage solutions, like the Heatcube, gonna fit into the regulation and being recognized as the asset that they built for the. That they are for the grid, to basically recognize that in the regulatory regime and the grid tariffs. The last topic is the CO2 tariffs that we know gonna increase over time, and they are depending on which region we are looking at. This curve gonna be steeper or not, but everyone expects a significant increase in the CO2 price moving forward. The total value creation of the Heatcube consists of these five components, which we are basically delivering to our partners. You can believe in our words, but it's sometimes important to see it a little bit from the outside. McKinsey & Company, with the Long Duration Energy Storage Council, have conducted a benchmark comparing different solutions that are out there to basically produce heat for industry. When you look at the picture, this was created before gas prices went through the roof, and we still see that the prices that are generated by a conventional solution with the gas boilers are lower than when you use the hydropower solutions or biomass boiler. By far, the cheapest solutions are thermal storage solutions. There you can basically differentiate between a solution like the Heatcube and heat pump technologies. Heat pump technologies are a good solution for low temperature ranges, and they have a very price competitive for these particular temperature ranges, particularly below 100 degrees Celsius. If you are targeting the vast majority of the industrial heat, which is between 150 and 450-500 degrees Celsius, you are looking at a solution like the Heatcube. The Heatcube basically represents one of the most cost-competitive solutions for this temperature range, and it is one of the most matured solution for meeting the heat demand for the industry. Next, we're gonna talk about the financial highlights, which Camilla Nilsson gonna talk you through. Thank you, Tim. Taking a look at the numbers, we are by the middle of the year where we expected to be. We have invested EUR 1.4 million into the Heatcube technology, and that is both in the Heatcube that is going into Nordjyllandsværket and it is into the next generation Heatcubes. We have used about EUR 3 million of cash from operational activities, which I will briefly talk what we have allocated those to, and our cash position by the end of June was EUR 6.9 million. The funds has been allocated, as I said, to the Heatcube that is being installed at Nordjyllandsværket and which will deliver energy as a service to them. The organization has tripled during the year. We have really put the foundation in place to prepare for the commercial scale-up that we have started, happening. You saw a sign of that already yesterday. We have expanded our footprint in line with the strategy, so we have established ourselves in Denmark to be close to our first and next coming customers. We have established ourselves in Spain with legal entities and teams in both those markets. We have acquired Mercury Energy in Spain from Andrés Barros Borrero, who has also then joined Kyoto, who is leading our team in Spain. We are very happy and grateful for that, seeing that a lot of molten salt engineering expertise coming into our organization. We are investing, of course, in the next generation Heatcube, which you will hear more about later this year. I mentioned Nordjyllandsværket, that project is well underway. The tanks have arrived in Denmark. The salt has arrived in Denmark. The filling system for the salt has arrived in Denmark. Equipment will continue to arrive over the next couple of month. We have a slight delay of equipment due to the geopolitical situation, but not significant, and we view this as manageable impact. We have previously communicated that we scheduled to do the commissioning before the end of the year. We see now that the more realistic plan for this is January. Commissioning is now scheduled for January and the project is moving forward, comfortably and, under good control, by the entire tech team, on our side. We have established a completely new, leadership team, so it's seven people who have come together, during the first half of the year and built their respective team, to really put the organization, in place. It has been a lot of focus on building a really solid industrial experience, in the leadership team and in the entire organization. But not only that, we're also being mindful about bringing scale-up and start-up expertise into the organization because it is two completely different worlds, to do a scale-up and to be running operation in a hundred-year-old, large established corporation. We need to live both those two worlds. We need to know where we are heading, but we also need to pull up the sleeves and be able to handle the dynamics, and the speed and the hands-on, that is required in a start-up and in a scale-up. We feel comfortable that we have that in place now with solid experience, both in the leadership team and throughout the organization. The organization has tripled from the beginning of the year. We are now 29 employees. We are spread over three countries. We are 11 nationalities with an average of 13 years of experience, and that is 36% females. We now have, I would say, world-leading molten salt engineering expertise with the tech team that we have established and especially in Spain, which we will also come back to and present in further detail in coming events this fall. The message with this is that we have now the organization in place, we are prepared for the scale-up, and we see the commercial activities stepping up dramatically in the energy situation that we have in Europe. As I mentioned, we established Kyoto Technology Spain. We started that establishment in the first half of the year. The acquisition of Mercury Energy was completed the tenth of August, so we now have our legal entity, Kyoto Technology Spain, registered in Spain. You see Andrés here on this picture leading that team. Andrés coming in with 15 years of experience and being one of the engineering pioneers in molten salt in Spain and also worldwide such as in U.S. That means that we are establishing a strong foothold both where the expertise is for our technology but also where we see significant demand for heat that the Heatcube can deliver in Spain. Just to mention a little bit on that molten salt engineering expertise. Energy has been stored in molten salt for decades in the concentrated solar power industry. That is by itself nothing new and our team in Spain comes in with that experience now. Our team have been involved in for example those projects that you see here. Today, there is 57 CSP plants operational in the world, and 28 of them have storage capacity. There is 21 announced and under construction for future use. That storage of energy in molten salt is a proven technology. The innovative thing what Kyoto is doing is that we are carving out the storage and we have made a battery, a modular battery out of that, so we can bring this to the industry, and we can make it smaller and modular, and we can charge it from various sources of energy. It is the application of an already proven technology that is the innovation that Kyoto is bringing forward. What we see here is one of the oldest solar power plants in the world, Gemasolar, outside of Seville in Spain. We also see here the biggest CSP plant in Morocco. Both of those plants, our engineers have been involved in building. We have also established ourselves in Denmark. Denmark is the country in the world with the highest proportion of wind energy on the grid, with all that offshore wind. If we remember the prices that Tim talked about, we see the delta between the four-five hours cheapest hours in Denmark and the base price during the day of EUR 59 in DK1 and EUR 65 in DK2 during the first half of the year. The intraday volatility is significant in Denmark, providing that base case for Heatcube to do that load shifting. This will also be our first revenue generating market. We expect to see revenue coming in early next year from Denmark. This is led by Peter Iversen, who has 20+ years of significant industrial experience. Peter has been with us for a while, so he knows Kyoto and the Heatcube inside out. Peter is also our Chief Manufacturing Manager, looking into how we are gonna manufacture this in the future. What is outsourced, what is insourced, what do we pre-assemble, where do we do that? All of that work is also led by Peter and then out of Denmark. We are also very proud and happy about our collaboration with the KTH Royal Institute of Technology in Stockholm. Perhaps one of the most prominent technology institute when it comes to energy and energy storage. We have teamed up, and we are financing a postdoc led by Silvia Trevisan, which you can see on this picture and which who is actually with us in the office here today. Silvia is then looking into future generations of the Heatcube, such as material optimization choices, design optimization. This is a collaboration that we are very proud of, having both Silvia and Rafael supervising Silvia on board, supporting us on the future development of the Heatcube. We also joined the Long Duration Energy Storage Council earlier this year, and that's mainly to have a stronger voice and to bring that message about heat out there. We realize, and we notice that that's easier when we are more companies doing that together. We are working closely with many of the companies that you see on the screen, here now and in various working groups. When we look into benchmarking, for example, the benchmarking that Tim showed you comes out of work that this group has done together, where we share our numbers, but in a confidential and anonymous way that is then handled professionally by McKinsey. Then we get professional technology benchmark. We are working on a report that is called Net Zero Heat, which we will launch at the COP in Egypt early in November. We are heavily involved in several working streams, and we noticed that we are able to convey this message in a completely different way when we do it together. It was also announced, was it earlier this week that Kyoto has been selected one of the top 50 impact companies in the Nordics, which we are also very proud and happy about, and view that as a recognition that the message is starting to be heard out there, and that the impact that the Heatcube can have on the energy transition to help speed up the energy transition, and not with the technology that is five years down the road, but with the technology that is available today. That is where we are operationally, and then it's a lot happening on the commercial side. I'll leave that to you, Tim. Thank you, Camilla. As mentioned before, we have basically conducted research during 2021, where we basically characterized the different markets in Europe to see, okay, how much heat is needed for the industry in the various markets to help us to prioritize our efforts and where we want to focus on in the first couple of years. No surprise, we basically see a significant demand in Great Britain, in Spain, Germany, where there is a demand for more than 100 TWh on an annual basis. As mentioned earlier, Denmark is a very attractive market because Denmark is advanced when it comes to including renewable energy, especially offshore wind. That basically gives us very good possibility to charge a Heatcube very cost-effectively. There we have the first installation on the way and further prospects lined up. Norway is a very interesting market for us because it's our home market and because there is a lot of excess heat that we can capture, but also very interesting industries that want to play at the forefront in the energy transition and moving completely to renewable energy to produce heat for their processes. We have announced it earlier that we are offering our Heatcube in two different ways. We are offering it as a product where we basically sell the Heatcube to a client who wants to install it on their own premises, in their own energy mix and manage it either themselves or supported by us. The alternative way for our clients is to choose Heat as a Service where we install the Heatcube on their premises, but we operate the Heatcube ourselves, and we sell the steam to the client based on their demands. For them, it's a cost that as it is basically for them in the best way. Heat as a Service, they buy what they need while we can utilize all the intelligence behind our technology to charge the Heatcube in the most effective way. and we are building up the organization and the process around it to make these processes as efficient as possible to basically supply, serve the client in the most reasonable timeframe. We follow the typical sales process where we promote and market the Heatcube, our solution. This is a very important aspect for us right now because a lot of industries have been looking for a solution like the Heatcube, but it has not been commercially available. We are now here to explain and to shout out the possibilities and the benefits of the Heatcube for the industrial use, and we get a lot of positive feedback from our prospects and clients. The next step is that there is a deeper evaluation of the particular load size. Is everything in place in order to operate it? Do we have the right setup? These evaluations lead into signing of a letter of intent, from where basically a final negotiation of the supply agreement gonna happen. In that phase, all nitty-gritty details need to be captured that have been discussed and evaluated in the first phase. We are working, well, the result of this is a supply agreement, which basically leads into an installation and supply phase. We have written a white paper to help us to promote and market the benefits of the Heatcube and spread the message out. We have built up marketing competence that helps us to find the right messaging in the different markets. We are basically scaling up the commercial team to basically have the discussions, the commercial discussions with the interested partners. We are working hard now on finalizing the first supply agreements. These agreements gonna happen with partners that we have signed LOIs with. The first LOI that we have announced earlier this year was with Hydro REIN. Hydro REIN has been established to deliver green energy to industrial players. They have a vast portfolio of wind power and solar power and also storage for electricity. What has been missing in their portfolio was a storage for heat. In that circumstances, we basically partnered up and identified industrial partners that we want to approach together to basically have the Heatcube as part of Hydro REIN's solution towards the industry. It's a very professional and very constructive collaboration with Hydro REIN, which basically helps them to complete their portfolio for the energy mix, and it helps us to get access into certain areas where we have not been operating and promoting the Heatcube as of today. We are planning to have three-five pilot and commercial projects over the next two years. We are looking forward to expanding that collaboration with Hydro REIN. The second LOI that we have communicated is with a company called Glomma Papp in Norway, based in Sarpsborg, a little bit south of Oslo. It's a corrugated cardboard factory, which basically is operating since 1931. It has a very long history and has been always on the forefront when it comes to development, innovative solutions in the corrugated cardboard industry and have a commitment to drive the green energy shift in this industry that requires a lot of heat in the temperature ranges that meets or that can be supplied by the Heatcube between 170 and 450 degrees. It's an ideal partner for us to basically have the Heatcube installed in Norway to demonstrate the commercial benefits and to basically help Glomma Papp to reach their goals of decarbonizing all their energy needs. We are now entering a final discussion on the supply agreement, and we have the big aim to have their installation ready in the summer next year, and then switching to renewable energy for the heat production for Glomma Papp. Glomma Papp is a very important partner for us because they are very transparent and very open and basically also gonna help us demonstrating the benefits of the Heatcube in a way that basically can be a showcase for future discussions. The pulp and paper, including the corrugated cardboard industry, is a very important industry for us. It has a lot of factories around Europe, and today, most of them are using gas as a fuel to basically produce their heat demand. We have identified five other industries that we are working on and have contacts and good discussion with various clients at the moment. We have seen in the Aurora report that the demand is significant throughout all these industries in which we have established the contacts. You can download the full report through this QR code, or if you go on our website, you will find the report that gives you a third-party opinion about the total size of the heat demand in the world. For us, in order to give you a bit of a guidance on how we are proceeding throughout this year, we basically have a quite robust commercial pipeline, which we are now in an evaluation process with. We can tell you that the big plan for us is to sign five-10 LOIs during 2022, which then gonna lead into supply agreements, which gonna give us a strong pipeline of installations during 2023. Through this, we gonna support the industry to meet their demands for decarbonizing their industrial heat, for having a cost-competitive solution, and for ensuring their supply security, which is very important, particularly in these turbulent times. We are looking forward to the second half of 2022 and making big steps forward on the commercialization of the Heatcube in Europe. Before we move into the Q&A session, we just wanted to save the date. We are planning to do our Capital Markets Day, the twenty-seventh of October at Klimahuset here in Oslo. I'm confident that we will share commercial update with you by then. It's a lot happening, and we are also looking forward to share some exciting news on the technology side. Save that date. We have received a couple of questions, so we will take just five minutes now, break and consolidate the questions we have received, and then we'll meet here again for a 10 to 15 minutes Q&A session. Thank you so much for joining and for listening so far today. Okay. Thank you so much for questions that has come in. We are gonna read those and answer those, starting with, "Can you talk more on any patent processes for the Heatcube technology?" Currently, we have three patents. We have two patents granted in Spain, and we have one global patent pending, which are related to the storage of the salt storage of the energy, and related to the innovative solution on how to circulate the salt. We are continuously working on protecting the future generations of the Heatcube. Heatcube is a patent business. We are protecting this technology with patents. For you then, Tim, "Can you provide more information on scaling up the Heatcube adoption? As I mentioned earlier, we have been receiving very good feedback from the industry. When we reach out to potential clients, we are basically having open doors to present our Heatcube. We are having very good dialogue. The aspect for us is to even do a bigger effort of creating awareness in the core markets and the prioritized markets that we have mentioned earlier to make the industry aware that there is a solution for the challenges that they are facing. With upcoming winter, how do you think the industries still using gas burners can survive given the current price of gas?" In the short-term picture, this is a political question. We need to help industries through this extreme situation. In the midterm horizons, we are here. Technology is available to electrify process heat, but it's not gonna be installed for the upcoming winter. It's gonna be very important that business and politicians work together to facilitate this energy transition. We are here with technology, not in the very, very short term, which is this winter, then we need politicians to support industry, and we need politicians to incentivize electrification in the midterm, meaning six-12 months from now. From a commercial perspective, what do you foresee as the biggest hurdles in the next six months?" We are in a scale-up phase, so there is always a natural hurdle of basically keeping supply and demand in a balance, meaning we need to be operationally excellent and with the project execution that we need to do. That's basically a hurdle for us to keep the commercial demand in line with the operational execution that we do. The second aspect, which is probably often asked and talked about, is how is the supply situation. The benefit with Heatcube is that we are relying on resources that are not scarce. So we're basically looking at salt, which is available, and we are looking at steel, which is available. We might see slightly longer lead times, but we are not dependent on any resources that are, in principle, difficult to get our hands on. It all depends on our succeeding of operational excellence and execution power. How will the company incorporate diverse thinking and perspectives into the organization?" I would say that's an easy one. Diversity is already a significant part of the DNA of Kyoto. You could see that we are 29 employees, 11 nationalities. I was the only female here a year and a half ago, and we are today 34 females, of which three in the leadership team. It's a very natural part, and we talk a lot about how we utilize this diversity in the best way possible because we have very different perspectives, both with all the nationalities but also the backgrounds coming from different industries. This is a part of Kyoto's DNA already, and we are looking forward to share these stories. A shout-out to Henrik, who is facilitating this, but also to everyone who is enjoying and really supporting and bringing a lot of positive things to this diversity in the company. I think that was all the questions we have from now. Yeah. We just ask you stay tuned. You will hear a lot from us this fall, and hope to see you at the Capital Markets Day in October. Thank you so much for joining today. Thank you.