Welcome to Kyoto Group's business update on April 2023. I am Håvard Haukdal, the Kyoto Group CFO, and I will take you through this introduction today. This morning, we launched and presented the annual report for 2022. It's a extensive report presenting the key developments as well as the key achievements last year. We encourage you to visit the report and probe for your details. That said, even more important is how we lay out the future. Today, we will give you a business update with very good topics that will be introduced to you today. I will give you the foundation for growth, a summary of last year, then I will introduce Camilla Nilsson, our CEO, to present to you Kyoto's why. She will also give you a strategic and operational update, position ourself for scale. I will not be surprised if she is talking about the heat is on, heat is half, and so on, these good topics that you should hear more about. Tim de Haas will give us a commercial update with the big growth in our commercial pipeline, and also show us how close we are now at the doorstep of market breakthrough. He, of course, also will introduce to you once again the important game-changing partnership that we recently have been showing to the market. At last, I will present to you the financial update with select perspectives on the financial side. We end the session today with a Q&A. Please prepare your questions, and we hope to be able to cover them. Let's move on to the foundation for growth. The last year was a year full of events and achievements. We constructed the first commercial Heatcube at Nordjyllandsværket in Denmark. We also built a significant commercial pipeline, increasing the MWh storage in the pipeline to 2,100. This pipeline is even further matured during this year. We have signed seven LOEs for Heatcubes. We have established a strong European supply chain. We launched the Heatcube 2.0 at our Capital Markets Day. We also, during the year, we did make the acquisition of Mercury in Spain and acquired world-class molten salt engineering expertise. We also have been extending the R&D collaboration with KTH in Stockholm and Sweden. We have further strengthened the organization to support our growth ambitions. With that, I leave the scene to you, Camilla, as our CEO. Thank you so much, Håvard, for this overview of the really solid foundation that has been put in place to really start scaling our technology in Europe and as a next step beyond. Before I go into the strategic and operational update and give you a snapshot of where we are today as a company, I would like to take a step back and just remind us about our why. It's many new people calling in today, and everything that you're gonna hear today is to support our purpose. Why are we doing this? Our purpose is really to bring the most solid and efficient solution possible to the crisis that we are facing, the climate crisis and the energy crisis. Decarbonization is impossible without energy storage. We know how the energy is going to flow in 2050 and in 2030. We know that it is solar and wind that is going to take us through this energy transition. We know that 70% of all new power capacity that is being installed in the period 2020 and 2030 is solar and wind. We know that of all electricity in 2050, 70% will be solar and wind. There are even agencies pointing to 90%. That is going to be impossible without storage. We need something that can capture that energy when it is there and supply it stable and reliable when we need it. There is another very important aspect in this equation, and that is heat. You have heard it many times, and you will hear it many times from us. Heat is half. Half of the energy demand in the world is heat. That is almost entirely produced by fossil fuels today, contributing to 40% of the CO₂ emission. If we can electrify heat, we will solve a large part of the challenge. The good news is that it is cheap to store energy in the form of heat compared to electricity. We are talking about a fraction of maybe 25% or so. If the demand is heat, it doesn't make sense to store that as anything else than heat. We are putting our solution on the demand side, and we are storing the energy as heat. Which is the most cost-effective way to balance the total energy system. In addition to the climate crisis, we have a year of a tragic war in Europe that has really demonstrated to all of us that fossil fuel doesn't bring stability and security, rather the opposite. It might be easier to control the energy with renewable energy and storage. All of this has really fueled the need to move away from natural gas. Many of our customers, and typically the large international global companies, come to our table because they have clear decarbonization targets. Many customer, typically smaller and mid-size company, comes to us because the energy situation is becoming too costly and too unreliable, and they need to disconnect and reduce reliability for natural gas. We are happy to support all. We will be happy to decarbonize your industrial process heat, and we will be happy to help you reduce the cost of that. It is radical actions ongoing as we speak to address and change the CO₂ trajectory in Europe. We are not on track at all. We know that we have already reached the 1.1 degree, and we will most likely reach the 1.5 in the next two decades. To avoid a catastrophic impact, we need to cut the CO₂ by half until 2030. That is 80 month from now. It is critical that we reach that target to even have a chance to reach the 2050 target. This is being understood, and critical legislation is being implemented in Europe and in Washington. 180 countries have committed to the net zero target and have acknowledged this urgency. The commission is telling us that the investments in clean tech needs to triple from today. From today, EUR 755 billion- EUR 2 trillion-EUR 4 trillion annually, and it needs to start now. How the commission is gonna support that is to implement critical legislation to fuel the implementation of clean technology, and that is happening as we speak. The first and maybe most important one is that there is a new electricity market design in process. It's on the table in Brussels as we speak. It's gonna be voted in parliament in September, and it will be put in force next year. The electricity only is over, meaning the era when the only trade in the electricity market was to sell and buy electricity. We see now in this proposal that is being processed in Brussels that it is renewable PPAs together with storage. It is peak shaving products that will help to take electricity from the grid when it's over supply. The member states in EU will be mandated to set targets for energy storage and demand response and to review them every second year. This is gonna have a significant impact on technologies such as Kyoto Group's Heatcube. In parallel to that, as a response to the Inflation Reduction Act in U.S., EU is implementing the Net-Zero Industry Act. The purpose with that is to make sure that we have the clean technologies that we need to be able to reach those targets produced in EU. EU has defined eight selected key technologies that's gonna take us through this transition, energy storage is one of them, and thermal energy storage is one of them. Those technologies are gonna get access to fast-track permissions, funding, et cetera, to accelerate the decarbonization in EU. There are many agencies around the commission who is defining what these targets of energy storage needs to be. As a first step, EU is gonna ask a member state to define their own targets and to revise them every second year. If we see that the sum of this doesn't meet the target, of what it needs to be, we can expect further actions from the EU. It's a significant support for clean technology coming our way. We already see now which impact the Inflation Reduction Act has had in U.S., and we can expect the same in Europe. That is our why to bring a really powerful solution to the climate and the energy crisis that we have. With that, we are both electrifying process heat for the industry. We are replacing the gas boilers, which you can find in every single plant in Europe. We are adding storage to that, so that on the demand side, you can add the flexibility that is needed to be able to cope with the renewable energies on the grid. That's the why. Let's go into the strategic and operational update. Where are we today? Of course, I need to start with the Nordjyllandsværket, the power station in Nordjylland, where we have our first full-scale installation of the Heatcube. We started groundbreaking in August last year, and we have completed the construction. We have had the process, which has run very smooth, without any significant obstacles. The salt is now in a melted form, and the battery management system is operational and currently controlling all aspects related to the energy storage. We are commissioning the additional systems day by day. We can control and monitor the battery management system remotely from Lysaker, and we are just waiting for the final connection to the grid with Nord Energi. Nord Energi is awaiting the final protective equipment for us to connect, and then ABB will connect us. That's expected to take one to three weeks, and that's gonna start in June. Let's just take a glimpse on what this installation has been. My name is Søren Gais Kjeldsen, I'm the CEO of Aalborg Forsyning. We are phasing out the use of coal, we plan to be happening in 2028, after that we will be absolutely fossil-free in 2050. To do that, we need to make some large investment in new green technologies, we are investing both in heating, cooling, and power generation. At the same time, Norbis Park is under transition to a test center where we are looking forward to work together with companies who want to make proof of technologies with us. We have been very excited to work with Kyoto on their first full-scale proof of technology. A technology that is very promising with and will be very useful for companies who need low cost heating in their production. Kyoto's Heatcube has a very special role, as it was the first activity in the test center. Of course, there's been a lot of learning in the process for all of us and we will take what we have learned with us in the future. We are looking forward to take over the Heatcube in the near future. That was Søren Gais, the CEO at Aalborg Forsyning. Thank you so much. Søren has become a very close partner, and we have had a great process together, and we are looking forward to handing over the Heatcube in your hands very soon. Having said that was our first full scale. During this year, we have also spent a lot of time together with industrial clients to really understand the demand profile. What kind of temperatures do they need? What pressure do they need? What kind of electricity market are they in? Are they connected to grid? Is it gonna be off grid renewables that is gonna fuel the Heatcube? We learned that the industry needs a bigger Heatcube. The Heatcube 2.0 that we launched in October last year, looks a little bit different. The concept is the same, the circulation of the salt, the pumps, the valves, the BMS, but the tanks are bigger, the tanks are vertical, the flexibility has increased. What you see here is three different examples to give you an idea of what the Heatcube will look like depending on the size that you need. Depending on how much storage that is needed, that can be anything from 16 MWh- 96 MWh. We assemble this and each step by 8 MWh. Depending on how quickly the industry needs to charge this, do you have a grid connection and you have a cheap electricity available every now and then, so you would want to have a more aggressive heater and fill your battery faster? Do you typically have 10 hours of sun in Spain and then can reduce a little bit on CapEx and do a little bit lower capacity on the heater? What you see here is a small, medium, and large Heatcube. On the right side, you see a 88 MWh storage with 20 MW heater available. Just a short comment on the IP. We have, since we met last time, we have filed or are in filing with three IPs related to the storage system, the melting of the ternary salt that we are using, or, and the circulation of the molten salt. The purpose, of course, with our patents are to prevent other actors to make use of our technology, but also to delay competition by forcing them to develop technologies around the core components of us. We have also now established the supply chain that is ready to scale together with us. We have established a competitive European supply chain capable of scaling. All key equipment for the next Heatcube has been secured. Our contracts are in place or in process. We see that our CapEx targets for the next 10 is within reach with this supply chain and what we call the Order to Remittance, which is our delivery time from the day we sign the contract to the day we hand over the Heatcube to you. In the current situation, when a lot of the energy equipment goes to Ukraine, we have an Order to Remittance time of about eight to 10 months, working our way down to six. At the moment, in the current situation, this is what we are prepared to commit to. A quick question on the competitive landscape or the partnership landscape, because we are really partners in building this industry together. We often get this question. This is developed by the Royal Institute of Technology in Sweden, so any questions related to this can be channeled to them. It's made on officially public numbers. What you see on the horizontal axle is the temperature that each technology is addressing. And in that box on the bottom, you see the solid state technologies, which is typically cement or volcanic rock where you store heat. Then you see the molten salt box, which you see then Kyoto, and you see Hyme coming into the molten salt. Hyme is using a little bit different salt, aiming for a bit higher temperatures, facing then a different corrosions problem, which they have a patented technology to address. This is all about which space in the business you are targeting. What our message is with this is that molten salt is really a technology that has been around for a decade or two, and it is a proven technology. We experience a first mover advantage, and we are ready to scale and to commercialize this technology. We are announcing these days that we have joined the United Nations Global Compact, and it's not difficult for us to commit to this. This is our reasons for existence. We have officially committed to target number seven, the affordable and clean energy, and the target number nine, which is industry, innovation, and infrastructure. We look forward to help business achieve their sustainability goals and contribute to the UN Global Compact efforts in this. My grand finale before I'll hand over to Tim is, of course, the news that we issued on Thursday last week, which it goes without saying that it is a game changer for Kyoto. We have teamed up with one of the largest electricity companies in the world to bring the Heatcube to the market. The structure is that they're gonna then buy Heatcubes from us and deploy that to deliver Heat-as-a-Service to their customers. Tim is gonna tell you more about in what shape and form and what this is gonna mean for us. Please, the stage is yours, Tim. Thank you. Thank you, Camilla. Before we get into the details of the MOU, I would like to utilize the opportunity to recap a little bit what are the benefits of the Heatcube that we bring to the table, and to whom we bring it to the table, and what is the business case around the Heatcube and why does it, why is it so effective and interesting for our partners. We are basically serving with the Heatcube three different stakeholders in the energy transition. First and foremost, it's the industry where the Heatcube support the industry to decarbonize their industrial heat demand while reducing the energy costs. The second player that we serve with the Heatcube are the utilities. The utilities need balancing assets for the increasing portion of renewable energy and for also particular off-grid solution, which are required in certain markets and very price interesting for the industry. The third player that we are serving with our Heatcube are the grid providers and the TSOs and the DSOs in the world. There is limitations on how quickly we can build up our grid and how the grid can basically complete or compete with the increasing share of renewable energies and with the increasing demand of electricity. The Heatcube can help to balancing the grid and help the DSOs to postpone investments in the future. On the other hand, the business case, the value, the key drivers for the Heatcube can be described as the load shifting and to participate in the reserve market. When we are looking at the load shifting, we basically have two different cases. The traditional way of load shifting is that the Heatcube is charged during the cheap hours and with renewable energy being available. Discharging then happens during hours when the electricity is particularly expensive. To make this very concrete, in our targeted market, we basically see 30%-50% lower prices during the five cheapest hours compared to the base price. The Heatcube also allows us to load shift from day to night, to utilize solar energy during the day and charge the Heatcube, often from off-grid insulation, while providing a 24-hour heat to the industry. The load shifting enables the industry to reduce the thermal energy costs with while electrifying with renewable energy. Since we can charge and discharge at the same time, we are able to benefit from cheap electricity without interrupting the delivery of steam. A big advantage of the Heatcube, besides charging and discharging at the same time, is that it can react in a very quick way. That allows us to participate in the reserve market. The reserve market is basically giving us additional revenues and access to very low electricity prices. In the targeted market that we have, we see that the grid operators pay EUR 20-EUR 40 per MW. When you look at the standard configuration of the Heatcube, you get paid EUR 200- EUR 400 every hour you are connected to the grid and placed in the reserve market. These possibilities give us and our clients a very good business case, and on top of that, we are saving a lot of tons of CO₂ emissions. Håvard will come back to us later on in the presentation and show more details on the unit economics, and, well, we are looking forward to that. Since most industrial players are not very familiar with the energy market and are basically focusing on their core businesses, we need partners to realize our goals and to support the industry in decarbonizing the industrial heat demand. Our technology and business case have now been tested and verified by these various partners. These partners are, among others, utility providers, process heat experts, and that is happening both on the equipment side as well as on the consulting side, and then infrastructure financing partners. It is very powerful for us to have these partners on our side to speed up the processes and to bring us additional new projects and opportunities to us. Over the last 12 months, we basically have built up intensively to have a partner ecosystem in our prioritized markets. We have received confirmation through these partners on our technology as well as on the business case, which led to an increase of the industrial pipeline, which I will come back to in a few minutes. First, let's talk about the game-changing MOU that happened last week. We have recently announced a collaboration with one of the world-leading renewable energy company. This is a game-changing partnership for us. We have been working together with them for over the last six months with their industrial decarbonization team. They have intensively challenged our technology by utilizing more than 15 engineers on their side and scrutinizing our business plans and business offerings. Based on this solid understanding of the value drivers of the Heatcube, we entered into an MOU which names six industrial companies who we jointly gonna offer the Heatcube as a service to. Some of these industrial players, we have signed an LOI already with. They are very familiar with the Heatcube and the benefits that the Heatcube provides to them in their daily operation and their ambitions to decarbonize their industrial heat demand. We are now, we have together with this renewable energy partner, we have been visiting the different sites. We have been submitting our first Heat-as-a-Service offering to the sites, to the various companies. Now these industrial partners are reviewing the offers. This will take shorter or longer, depending on the decision-making processes in the various companies. The initial feedbacks that we received were extremely positive. The benefit of this collaboration for the energy partner is that they can utilize their renewable energy assets, and they can provide more off-grid solution to companies who need steam on a 24-hour base. They are also getting, through the customers that we bring to the table, they're getting new customers on the electricity side, which basically broaden their customer portfolio as well. We are very proud to have started this collaboration, and we are together now working very hard on converting these opportunities into tangible commercial commitments. Looking at the bigger picture, we are not only offering the Heat-as-a-Service through our, with our energy partner, we are also offering Heat-as-a-Service directly to the industry with the support of our infrastructure financing partner, Kyotherm. This gives us a possibility to go into markets where we don't have a dedicated energy partner yet or where we see a particularly strong benefit from participating in the reserve markets. The third type of customer relationship that we have are to sell the Heatcube as a heat, as a product directly to the industry. This is interesting for industries that have their own energy management system and that want to control and operate the Heatcube on their premises by themself. We have been putting a lot of effort in the commercialization of the Heatcube, and that has led to a 40% increase in the total storage in our pipeline, which is now consisting of unrated 2,600 MWh spread over 40 projects. Since the benefits of the Heatcube are now much better understood, the numbers of inquiries is increasing on a continuous base. We have established a process to prioritize the projects so that we are not gonna be able to supply everyone at the same time, so we need to prioritize our projects. We are doing this by looking at the availability of electricity through grid connections or off-grid solutions. We are looking at the time of decision-making process in the various partners, and at potential cross-selling opportunities within their organization. That gives us a very good way to prioritize the project and have the focus on the projects that gonna give us short-term success, but also the long-term growth that we want to establish with Kyoto. On this map, you see a selection of the projects that we have in our pipeline. With the green circle, the projects are indicated where the utility partner, one of our utility partners, has already or will soon submit an offer to the industrial site client. The orange circles indicate the ones where Kyoto has made an offer to the industry, and the white circles indicate the projects that are currently in assessment phase. What does it mean commercially? When we take the top four industries in our commercial pipeline, we and assuming that all of these projects will be executed as a heat, as a product, the unweighted potential accounts for more than EUR 185 million. The largest industry in this pipeline, in our pipeline, is the food processing industry, which represents today an opportunity of more than EUR 65 million. This industry typically uses a saturated steam at around 10 bar for pasteurization, sterilization, and for cleaning. Typical annual demands on one of these sites can vary between 20 GWh and a couple of hundred GWh in size. In the pulp and paper industry, the stream is used to dry the glue of the paper, and the typical pressure is between 10 and 13 bar. The projects within our pipeline account for more than EUR 50 million in this industry. The application in the chemical industry and the combined heat and power industry varies quite a bit from site to site. Here, our modularity of our Heatcube come into play. Based on the system that we have established and the possibility to change the heater size and change the storage size, we can basically meet the demand of various projects and demands from various industries, which makes the Heatcube very attractive for these industries. The total size is around EUR 185 million in total. To give you a bit of a snapshot of one of our prospects before I hand over to Håvard, who gives us a financial update, I let Kaura give an update on the situation on their project. Hola. Mi nombre es Juan Caboto. Soy responsable de comunicación en Kaura. En Kaura estamos muy comprometidos con la sostenibilidad. Tal es así que nuestro lema es "Sostenibles por naturaleza". Esto quiere decir que buscamos garantizar el equilibrio entre el crecimiento de la economía, el respeto al medio ambiente y el bienestar social. Por eso para nosotros es muy importante ser autosuficientes en anergia térmica, siendo esta la principal consumida en nuestro sector. La idea es que esta energía provenga de fuentes renovables, tal como ocurre en el caso de la electrificación del calor. El futuro energético para nuestra industria está en las tecnologías de electrificación y almacenamiento, como es el caso de Heatcube. Por esta razón nos hemos involucrado y estamos embarcados en un proyecto de estudio y desarrollo para implantarlos aquí. Nuestro objetivo es ser pioneros en nuestro sector y competir un paso por delante en el mercado de las emisiones de CO₂, que cada día serán más estrictas. Así que nosotros estamos ilusionados en el proyecto que estamos desarrollando con Kyoto y sus partners y seguimos adelante. Okay. Now I'm giving over to Håvard, who give us a financial update. Thank you very much, Tim. It's good to be back here. Let's move on to the financial update and some select perspectives. I would like to start out with a customer perspective, the client perspective. When we engage into discussions with the client, we look into the client's current cost base and structure and how the Kyoto Heatcube can help the customer to reduce its cost and reduce its CO₂ emissions. Since many industrial clients are currently using gas-fired boilers to produce heat for its production, we calculate a gas reference case. Let's start with a visualization on the screen. Here we visualize a customer, potential customer in Spain, which has a annual heat demand of 27,500. His current cost is based on the gas price, which is typically in the short. We apply the market prices for TTF. We apply a longer-term gas price in south of EUR 40 per MWh. The customer also have distribution cost. It has levies and taxes as well. You heard the update from Camilla earlier today about the policy changes in Brussels, and we expect these levies and taxes to be even higher going forward. Policy changes will be coming in, and for the cases that we calculate, we typically calculate a average cost of EUR 8-EUR 20 per MWh. Most of our industrial customers are also exposed to the CO₂ quota regime, and today's CO₂ quota price is around EUR 90-ish per ton CO₂. We see that the prices are increasing going forward, and we see that, for example, in, we expect and our view is that for 2030, the cost will be roughly at EUR 115 per ton CO₂. Taking all this together into the totality with the efficiency rates of the gas boiler, we see typically a heat price of EUR 80- EUR 100 per MWh. We could also potentially see that cost coming up significantly as we go along and see even more efforts coming from Brussels imposing additional costs and taxes on the gas boiler setups. We offer the Heatcube to the customer, which is reducing the cost. If we first address the running cost of the Heatcube, as Tim was referring to, we are discussing with electricity power providers in Europe, we are discussing both off-grid and on-grid solutions for the electricity. We see typically that the off-grid solutions based on PV or wind comes with a certain discount. We are able to benefit from the fact that the Heatcube is only needing to charge for through select hours during the day, and that is also benefiting us on when we choose grid-based solutions on the electricity cost. In addition to this, Tim also referred to the potentials for offering the Heatcube for being participating in the balancing markets, we see that such revenues could offset the grid cost relating to a grid-based setup. When we take this together, we see typically a charge cost that is varying from EUR 45-EUR 55 per MWh electricity. In addition to this, we also need to address the Heatcube as such. We are selling the Heatcube to the customer in this case, and the Heatcube comes with a certain cost. We also see when we are discussing with clients that public funding is available. It's available at EU level, it's available at regional level, and also there are country-specific offerings on the public funding side. We see then based on these offerings that an average public funding for our cases could be around 30%. That is could potentially be supporting the Heatcube offerings for a certain period. It is also our view that this public funding only will be available for a transition period. When we are reaching the long-term targets on the technology, then the sales and the installations will not be to the same extent depending on this public funding. Bringing all this together, we see that the customer savings are typically around EUR 25 per MWh heat produced. If you multiply with this heat demand that this customer has in Spain, 27,500, that would give that client savings roughly EUR 650,000-EUR 700,000 per year, and that is quite substantial. Bringing that together with investment in the Heatcube will show you that you, that the client will be able to achieve a internal rate of return of around 15%-20%. It's quite substantial and a good business case. We move on to our roadmap to EBITDA break even. As we are scaling up, we are working also to ensure that we are building a financial sustainable business towards 2025. We have established a roadmap to EBITDA break even, and we refer to three growth mindsets or phases. First phase is really to make the Heatcube happen. Tim was referring to the work, the efforts to convert letters of intent into signed contracts, and we are giving full attention to that for 2023, and we may offset some of the margins to make that happen. For 2024, we are really scaling up, we are talking about 10-20 installations or 10-20 orders that we are targeting for 2024. When building up that portfolio, of course, we have to ensure that this is financially robust, that we are building a fundament for the future. The third phase is focused on in 2025, and that is the EBITDA breakeven phase, where we lay the ground for long-term financial robustness. You also see from this slide that we are anticipating then sales of five to 10 for 2023, 10-20 for 2024, and then 20-25 for 2025. Of course, since we now are at the doorstep of market breakthrough, we accept that sales efforts take time and that lead times from sale to Heatcube in operation is substantial. Sales that we are doing one year could show up in the financial next year. Keep that in mind when you are massaging these figures and using these figures into your analysis. These are important points. Also, allow me to give some attention to the CapEx. We are targeting a CapEx of EUR 40 per kWh installed at the end of 2025. Camilla referred to an ambitious CapEx roadmap, we are pursuing design improvements, we are pursuing economies of scale, we are pursuing sourcing from Asia that will help us take down the cost. This, of course, is an important fundament of our profitability roadmap. Taking this together, we see for our projects, Heat-as-a-Service project, that we would like to keep a strong ambition, taking us from 8% in internal rate or return today, up till 90% in internal rate of return for 2025. We also focus on the portfolio gross margins, building up a improvement from 20% in 2023 up to 30% in 2025. Of course, these portfolios will be a blend of the product sales, the Heat-as-a-Service sales, and the aftersale as well. Of course, what we finally end up with as a mix of portfolios will be important for that result. These figures give you some flavors of where we are heading, and I like the focus that we are building up the ambitions. It makes the organization tuned on to the importance of driving the company towards a long-term sustainable setup. Let's move on to the funding side. We have presented to you today our ambitious growth ambitions for the company, and we are executing on a long-term funding plan to secure a two-year cash runway for the company. We are in specific executions of relating to this plan and in process with selected strategic industrial equity investors discussing directed share issues. Discussions are concrete and maturing as we speak. We currently have no plan for further equity market funding. Adding on to this, we are also in discussion with selected green corporate debt funding providers, and we see also very strong progress on this area. That, we see that as a very important supplement to the equity funding and also give the blend of important perspective of partners that are also giving focus to the same strategy as we are doing, bringing a more sustainable future for the world and contributing to these efforts. If we are able to execute deliver on this plan in a full-fledged manner, we will then secure a cash runway of at least two years and take Kyoto a major step towards the EBITDA breakeven in 2025. That summarizes well the funding actions that are taken these days. Okay, let's summarize on the outlook side, give attention to the 2025 targets. We are progressing steadily towards unchanged targets. We have the ambition to deliver 2,000 MWh storage capacity at the end of 2025. We aim at delivering a CapEx of EUR 40 per kWh installed. We aim at delivering a levelized cost of storage of less than EUR 15 per MWh, and we are targeting EBITDA breakeven during 2025. I think that summarizes the financial aspects, and then we move on to the Q&A session. Camilla and Tim, please join me on the table. Are we all in? Yes. Let's see. There are some great questions from the audience. We have run out of time, but we'll get back to all questions we have received if we are not addressing them now. We will pick a few of the most important. Let me see, Tim. Yeah, I understand that the world-leading renewable energy company is anonymous for a reason, but could you elaborate a bit on what kind of company this is and why it is particularly important to Kyoto? First and foremost, the partner that we have signed the MOU with is a partner who is committed to renewable energy, and that fits very well with our purpose. We have very much the same ambitions on helping the industry to decarbonize. For us, it was important to partner up with someone who has a strong focus on the industry and has the assets that allows us to decarbonize with renewable energy. The company is one of the world leading renewable energy company, and it's headquartered in Europe. Financing, Håvard, could you give us some ideas about what kind of financing alternatives you are pursuing? Yeah. We are working on a full-fledged execution plan. At the core of that is addressing discussions with strategic industrial equity players. That is our main focus now in the short term. Then we supplement with also debt funding on top of this from select partners that are associating with this strategy and targets that we are doing. I'm being told here that we are run out of time. I will pick one question. There are quite some questions on the competition. I'll pick one and we will come back to each and every one of you who have sent questions. There is a question, do we need more competitive or more competition in this green transition? I think we need all forces to the table. We can talk about competition, we're really gonna be partners for many year. This is so huge, this market. We need a lot of various technologies addressing various needs, various temperatures, various kind of demand profiles. We like to look upon our competition as partners. When there is a tender, of course, we are competitors. We want to be the best, as always, as soon as one of us, and hopefully, most often Kyoto. As soon as one of us has won the tender, then we are partners again. Yeah, we need all technologies, available to take us through this. I think that's the time we have. Thank you so much for joining today, and we will get back to you in person and address the questions that you have sent. Thank you so much. Thank you. Thank you.