Good morning, everyone, and welcome to this First Half Year Report and Business Update from Kyoto Group. My name is Camilla Nilsson. I'm the CEO of Kyoto Group, and today my name is also Håvard Haukdal, because our CFO got sick tonight and is watching us from under the blanket at home. So I will be his stand-in today, and I hope you're getting well soon, Håvard. I'll do my best to represent you today. I'm not alone. We decided to team up today, full team, because we have a lot of news. It's a lot of things happening on all fronts, so we decided to spend an hour together with you today and share the development of Kyoto Group with you all. What we're gonna talk about today, I will give a high-level introduction to what are the events and milestones that we have achieved this first half of the year. We have our Chief Project Officer, Agnieszka, joining me today, who will tell us about the status of the Nordjyllandsværket project, the first full-scale Heatcube that is now up and running and delivering heat to the district heating system in Aalborg in Denmark. Tim, whom you have met before, will share the latest commercial updates with you, which is also exciting. He will talk about Heatcube number two, that will be installed in Hungary, and that we announced earlier this week. Bjarke, our CTO, will share with you the exciting development on the technology side. Before I close off and take a look into the future and where we are heading with the Kyoto Group. So it's a big first half of the year that we have behind us. We have solid progress. It is game-changing events and milestones that has happened this first half of the year that is changing the way ahead for Kyoto. First and foremost, our first full-scale Heatcube is now up and running and has been successfully commissioned without major hiccups and is delivering the first heat to the district heating system in Aalborg. Agnieszka will tell us all about that project and the current status. We have been joined on the shareholder side and in the boardroom by Iberdrola, one of the largest electricity companies in the world, and we have also been joined on the shareholder side and in the boardroom by Spirax Sarco, the global leader in thermal energy management. We have announced a partnership with Steinmüller Engineering in Germany, which has led to a quadrupling of the discharge capacity of the Heatcube. We have been approved the first corporate debt financing for Kyoto from the Nordic Green Bank. We have announced the signing of the term sheet for the second Heatcube that will be installed in Hungary. All of this, we are gonna talk about the details today. I will just give a short introduction to who are, the key players that are joining forces, with us now, to give an impression of how and why this is changing the way ahead for Kyoto Group. So who is Iberdrola? Iberdrola is the largest electricity utility in Europe and one of the top three, in the world, with, more than 20 years of commitment to the energy transition and the clean energy transition, pushing forward with installing significant amounts of renewable energy and have a goal to exceed more than 50,000 MW by 2025, which is soon. Iberdrola is investing, EUR 75 billion into this in the period 2020 to 2025, and another EUR 65 billion-EUR 75 billion in the following five years. So we are talking about significant investment and significant actions and determination to really take a leading position in this energy transition. Iberdrola is headquartered in Bilbao, in Spain, with a workforce of more than 40,000 people. We have been working with Iberdrola since, October-ish, last year, and our first collaboration started with a go-to-market attempt. So we have a, a MOU with Iberdrola, where we have named a number of clients, and we have started to send offers, joint offers, to Iberdrola clients and to our clients, and we are going to market together. What I like the most with Iberdrola is the action and the determination. Iberdrola knew exactly what they were looking for when they came into Kyoto. They wanted the most competitive thermal energy storage, out there. When they guessed that perhaps Kyoto could deliver that, we've been through a very thorough technical due diligence, and that's where we have spent most of the time in the due diligence. When that was concluded, the action to go through the financial and the legal due diligence was impressively speedy, and we are happy to be together in this energy transition. What I also like about Iberdrola is the perspective on the energy transition. Iberdrola says this is not difficult. It's a lot of low-hanging fruit that we can take immediately. We need to electrify residential heating. We will have to do that with heat pumps and green district heating available solution. We need to electrify low and mid-temperature industrial process heat. Technology is available, Heatcube and others, electrical and thermal. We need to electrify our car fleet. The majority of the team in Gothenburg is driving electric vehicles or choose not to have a car at all. So solutions easily available. And there are a couple of challenging areas, which is the heavy long-distance transportation and the very high temperatures in the industry. And that's when hydrogen might come into play. We have colleagues in the LDES Council, in the Long Duration Energy Storage Council, who are working hard to electrify also those high temperatures in the industry, and we are sharing for them. If we are not able to electrify, then hydrogen will have to be the fallback position for this. But technology is available, and this is not difficult. It's about willpower, determination, and action, and that is what we are experiencing with Iberdrola. Spirax-Sarco also joined us. Spirax-Sarco or their daughter company, Vulcanic, has delivered the heater to Nordjyllandsværket work. The largest heater for molten salt in the world, that we have now run at its maximum capacity, beyond 5 MW. So we are happy to join the forces with Spirax-Sarco to also develop the future Heatcube and potentially other technologies for the future generations of the Heatcube. Spirax-Sarco is a U.K.-listed company, headquartered in the U.K., workforce more than 10,000 people, present in 67 countries and 40 manufacturing plants. So we feel confident about the capabilities to scale, both with Iberdrola and with Spirax-Sarco. And we also signed a partnership with Steinmüller Engineering, which is an ex-Siemens company in Germany, which today is part of the IHI Group in Japan. That is a heavy industry manufacturer company, EUR 8 billion turnover, and a workforce of 29,000 people. So we feel we have solid competence on the tech and the commercial side now. And through this partnership, we have been able to quadruple the discharge capacity of the Heatcube, which Bjarke will talk more about in a while. So with this, I think the time has come, Agnieszka, for you to tell us all about the Heatcube at Nordjyllandsværket in Denmark. Welcome, everyone, to an exceptional milestone in our journey towards sustainable energy solutions. We are thrilled to announce successful installation, commissioning, and operational, and operation of our first full-scale Heatcube. This achievement marks a significant step forward in our commitment to revolutionizing energy storage and the decarbonization of the industry. The excitement doesn't stop there. Our journey continues with the successful commercial handover to Nordjyllandsværket, signaling that the heat is on and the power is on. Through precise planning and execution, we conducted the initial operational test flawlessly. This comprehensive test confirmed seamless integration of our equipment and verified operational readiness of the Heatcube. As we fine-tune and test the Heatcube performance, we are on our way to validating remarkable potential of this innovative technology. We're also testing readiness of the system for the power market. We are proud to announce the commercial handover, and as Camilla already mentioned, we are delivering the heat to the district heating. Let's take the step back and appreciate the journey we went through that brought us here. That's one year in one-minute time lapse. We could see on the time lapse, our journey began from casting foundation in mid-August 2022. Next step was installation of tanks. In autumn, we have melted salt and fill up the tanks. That was pivotal moment of our project. From November, we proceeded with installation of piping, flow heater, steam generating system, and of course, the rest of the equipment. That was conducted with cold commissioning, with material verification of the system. The culmination of the hard work with hot commissioning and comprehensive testing took place in June and July. On August 4th, we completed the commercial handover, aligning with our leasing agreement. Mm-hmm. As we celebrate the achievements, it's essential to highlight the extended values from the installation at Nordjyllandsværket. Heatcube at Norbis Park is not only energy storage. This remarkable installation serves as a dual purpose. This is showcasing Kyoto Thermal Storage technology and commercial demo for future customers. Excellent collaboration with our partner in Aalborg Forsyning at Norbis Park provides Kyoto with unique platform for developing and testing new and improved technologies in a full scale. Due to modular and innovative design of Heatcube, major components can be replaced with new solutions. Of course, this replacement should be demonstrated in a full scale before their market introduction. Now, envision the future with us as we preparing for inauguration ceremony. On September 5th, at 12:00, we all gather to celebrate our achievements. We are privileged to host notable keynote speakers. We promise insightful Heatcube tour and symbolic red ribbon cutting. As we gather for the inauguration ceremony, it's important to remember that it's not just about cutting the ribbon, it's about cutting down our carbon footprint. We invite you all to join us on fifth of September, to our live streaming from the inauguration. It starts 12:00 P.M. And as we embark on this exciting journey of innovation and collaboration, I'm delighted to pass the mic to Tim, our Chief Commercial Officer. Thank you, Agnieszka. This is very exciting, and from the first Heatcube, we are going to the second. But before we share more insights on the news this week and our continuous progress, let me give you a quick, quick recap of our main, value drivers and the business model, how we operate. There are two distinct, value drivers of using the Heatcube, Heatcube. The first one is the possibilities to load shift. The second one is to participate in the reserve market. When we are looking at the load shifting, we are taking the Heatcube and utilizing, charging it during the cheapest hours, during the day. So when the electricity prices are lowest and the renewable, the share of renewable energy is the highest. And then we discharge during the hours when the electricity prices are the highest. An alternative view on the load shifting is to utilize off-grid PV installation and charge the Heatcube with full renewable energy during the day, and then discharge during the night. We have the possibilities, or our partners and industrial clients have the possibilities to lower their thermal energy cost by using the Heatcube while reducing CO2 emission significantly. Due to the fact that we can charge and discharge at the same time, we can utilize any cheap hours while discharging the steam to the industrial players. Second big benefit of our Heatcube is that it can be activated in a very short timeframe, and thereby we are qualifying to participate in the reserve market. This allows us to generate additional revenues and to benefit from particularly cheap energy prices. When we are looking at the business models, we have shared that before, but we would like to recap this because it's very important for us. We have three ways to share our Heatcube with the industry. The first one is in partnership with energy partners. In this case, Kyoto Group sells the Heatcube to an energy partner, like Iberdrola, who then delivers heat as a service to the industry partner. The second option is that we are partnering up with investment firms like Kyotherm, and offer heat as a service directly to an industrial player. The third option applies for industries who prefer to integrate and operate the Heatcube themselves, who own an own energy management system, and who want to be in control about all their assets. In this case, Kyoto sells the Heatcube as heat as a product to the industry and supporting them with service management contracts and optimizing the Heatcube throughout the entire lifetime of 25 years. What we're gonna do today is we're gonna share news on the joint commercial commercialization with Iberdrola, which represents our business model number one. We are talking about the news that we shared earlier this week, which represents business model number two. Earlier this week, a strong consortium of Kyoto Group, Kyotherm, and Energiabörze signed a term sheet with a Hungarian food ingredient producer, KALL Ingredients. KALL Ingredients is a corn processing company that is producing liquid sugar, food, and pharma-grade ethanol, as well as animal feed. This is based on a EUR 145 million greenfield investment, and the plant processes corn without any waste. The parties have signed a term sheet for Heat-as-a-Service offering that delivers 30 GWh of steam annually, and thereby reduces up to 8,000 tons of CO₂ emissions annually, while reducing the thermal energy cost for KALL. The Heatcube that we are installing here is what we call a 10/56/7, meaning it, this Heatcube will have a 10 MW charging capacity, 56 MW of thermal energy storage, and 7 MW discharge capacity. The parties have agreed to sign the contracts by the end of October, and to install the Heatcube during 2024. The Heatcube will be utilized or will be utilizing the will be utilized for load shifting, as well as being set as an asset on the Hungarian grid. But which basically means we're gonna utilize both value drivers that I explained earlier, and that will be or that are tested at our site in Denmark already. Now, how does this consortium gonna work? Kyoto has aligned with two very, very strong partners, Kyotherm and Energiabörze, to establish a single-purpose legal entity or a special purpose vehicle, so-called, which we are calling SPV, to deliver the contract to KALL. This SPV will be the legal counterparty for KALL Ingredients. At the same time, Kyotherm, which is a leading European investment firm, focusing on producing renewable heat as well as energy efficiency projects and financing them in the full scale, they're gonna be the majority investor into the SPV. Energiabörze, who is an energy trading company in Hungary with extensive experiences in the Hungarian energy market, will be a minority investor into the SPV. The CEO of Energiabörze is a former CEO of the Hungarian TSO, MAVIR, so he brings a lot of experiences and expertise into this SPV from the energy side. We are, we as Kyoto Group, gonna participate as developer into the SPV, and there will not be any equity investments from our side, but we're gonna be a strong partner within the SPV. Kyoto Group will sign an EPC contract as well as a service agreement with the SPV, while the Energiabörze will sign an energy, energy management agreement with the SPV. This is gonna be a very exciting and comprehensive collaboration, and the parties are very excited to deliver this within 2024. The contracts for this are gonna be signed by the end of October this year. So we are looking forward to this, and very much excited about this project as a, as an entire team. Now, at the same time, we are continuously progressing with the joint commercialization with Iberdrola. This is now back to business model number one, where we sell the Heatcube as a heat, as a product to Iberdrola, while Iberdrola is offering the heat as a service to the industrial partners. There are two distinct ways we are collaborating with Iberdrola. The first one is with named accounts that Kyoto partially signed an LOI with, and these are industrial players who showed strong interest in the Heatcube, but also interest in the heat as a service. Kyoto has introduced these players to Iberdrola, and we jointly made commercial offers to these players, and they will be new customers to Iberdrola. So in this case, Kyoto also brings new business to Iberdrola. We have active dialogues with all the named accounts that are a part of the MOU, and we are pushing to get the first contract signed within this year. The second avenue that we are working with Iberdrola is where Iberdrola is keen to electrify the industrial process heat demand of their existing customers. For these customers, Iberdrola is calling for tenders to technology provider to find the best solution for the particular sites. So far, four of these tenders or these calls have been shared, and we are expecting the feedback for the first call in a very short time. So there are great progress. It's a very healthy and active collaboration with Iberdrola, and we are receiving very good feedback from the market on this combination of Iberdrola and Kyoto, and the joint efforts that we are bringing to the market, and pushing the industry and supporting the industry in realizing their targets to decarbonize the industrial heat demand. When we are looking at the overall progress, we are seeing that our pipeline is growing and maturing constantly. There is a significant increase in recognition by the industrial players in our targeted market, that things need to happen now in order to achieve their targets for 2023, 2030. And Kyoto and its technology is getting more and more recognized, and the awareness is increasing through our activities. So companies are coming towards us to get more insight in our technology and the solution that we can offer. At the same time, we have to admit that we, like other, other players in this new market, are facing complex public funding processes and, in particular, very lengthy decision-making processes within the industrial companies. So this is impacting the timing of signing of commercial agreements, but our ambition is to push, and our work, every daily work, is to push this forward and not accepting any delays. The big benefit that we have is that Kyoto's technology is based on a proven technology. Our commercial demonstration unit in Denmark is up and running, and it attracts a lot of interest by our prospects. And we have a very strong network of highly recognized technology partners, which Bjarke, our CTO, now gonna shed some more lights on. Thank you. Thank you very much, Tim. It's true that we have been doing major tech development throughout these alliances so far, but it's not stopping here. Now, we have put in the effort to build these alliances, and now we are actually harvesting the benefits that comes out of it. So throughout the first part of this year, we have been focused a lot on doing the commercial and technical due diligence with our new partners. And now we are together developing and improving our product and our commercial models to push for performance and excellence, both on technical side and on market side. We will be a one-stop shop for industrial clients. We have extremely strong alliances controlling the complete value chain throughout, from all the way from design to manufacturing, to installation to actual operation. With Iberdrola coming in with more than 2,000 clients in Spain alone, we see that we have a very, very nice way of combining the already existing and outbuilding of the renewable electricity, assets that they are bringing to the market in Spain, specifically. We have a very strong supply chain built up now that is ready for large-scale rollout. We have the two major components in strategic partnership alliances secured. We have Vulcanic, who is a part of Spirax Sarco, with a large production facility in Tarragona, which we visited earlier this summer to kick off and really, really start to take advantage of the partnership that we are bringing together with them. We have Steinmüller, who is focusing dedicated on generating and designing a steam generator that is made ready for serial production and outsourced to as many manufacturers as needed for Tim to supply his supply to his commercial pipeline. But what are we actually doing together with Vulcanic? So what we have been doing until now, and I think it's been mentioned a couple of times now, but I cannot emphasize it hard enough. Right now, as we speak, we are doing fine-tuning and performance testing of up to and beyond 5 MW of electrical charging on our Heatcube at NJV, which is the largest electrical heater for molten salt that is demonstrated in the world. We are capturing all the learnings that is there through very tight collaboration, and we are putting all those learnings into the next design, which is two times as big as the one that we're having at NJV. It's a 10 MW electrical heater for a Heatcube that is suited to power the Heatcube by connecting to the electrical market. The partnership does not stop there, and we're actually already starting to try to harvest more of the aspects of the partnership. We are looking into other types of components that Spirax Sarco, as a company, actually can contribute with. We are talking sensors, we are talking valves, we are talking electrical heating. We are talking a lot of different types of components that they already have in their portfolio, which also could be beneficial in this partnership. Together with Steinmüller Engineering, we are taking a product that is simply so well-fitting our design. It's the fact that we have this steam generator with a vertical design allows us to minimize our footprint as much as possible, and it allows us to modularize our discharge site as well. We have a compact, very, very modular solution that fits the requirements of the customers now. And as Camilla very nicely said, we quadrupled the discharge capacity from 5 MW to 20 MW. And this not only is, of course, it's nice to increase your numbers, but it actually allows the customer to use the system more, generating more MWh throughout the year, and maximizing the usage and profitability for the customer of our asset, of our product, the Heatcube. The design is standardized, it's proved on their IP, it's proved in tech—it's proved in operation, and we are ready to scale with production. But besides working together with very strategic alliance, we are also protecting our own IP. And actually, a part of protecting our own IP is to partner up with these companies, because we cannot do all of it alone. But the technologies that we want to keep safe, we know about those, and we are patenting them. We want to prevent other actors, competitors, to Kyoto Group. By using our technologies, we wanna delay our competitors by forcing them to spend time and resources to develop different solution than ours. And what we are focusing specifically on is key technologies that is related to our modularized, robust, and reliable design, because that leads to product, lower product installation and operational costs. When we talked together the last time in June, we had two patents which was filed, now we have three, and we are expecting to pull in one more throughout the two last quarters of this year. With that said, I'm gonna hand over to our CTO, CEO, and CFO, Camilla, today, and to take you through the last part of the presentation. To Håvard. Now I'm gonna be Håvard- Yes And I'm gonna capture this together. Thank you so much, Bjarke. And, Tim and Agnieszka, I think this gave a good overview of where we are with Heatcube number one and two, and the next, and the technology that is supporting this push, to the market. So how the, how do we look, ahead on this? First of all, we are grateful and humble, for the trust that is shown in us from credible institutions and investors. We had the debt financing from Nefco approved this summer, EUR 4 million debt financing. Nefco is the green bank, owned by the Nordic countries, Sweden, Norway, Denmark, and Finland, and that was established to support projects that really has an impact on the energy transition. We are very pleased about having, this, commitment, and trust. We have continued support from Innovation Norway, and Innovation Norway has been with Kyoto from the very first day, supporting the first trials that happened at Follum in Hønefoss, just outside Oslo, in the small pieces of equipment that demonstrated the first technology. Innovation Norway was with us then and is with us today. This summer, we also had the DNV visiting us, doing the certification and the audit of the ISO 9001 and ISO 14001 certification of our management system, which we call Kyoto Business System, and which is laying the foundation for how we collaborate together throughout Kyoto, across teams and across geographies. And of course, the support and trust from Spirax Sarco and Iberdrola is a game changer for us. So we feel we have tailwind. We are humble and about this trust and support, and we are working hard every day to deliver the expectations that also comes with this. Talking a bit about the financing. We have talked for quite some time that we are setting a funding plan for a two-year cash, cash runway that should take us into the EBITDA breakeven landscape that we are seeing in the 2025 horizon. This funding plan consists of private capital. We have a private placement in January, and we had the equity injection from Spirax Sarco and Iberdrola, and this summer we had the corporate debt financing from Nefco. So we have implemented three of the four steps of this funding plan, and we are evaluating a couple of options for the first step. And we now have a decent runway and a calm environment so that we can focus on the financing side, so that we can focus on the technology and the commercial development. And we will keep you updated on this progress throughout the year. We have the next touchdown together when we do the Capital Markets Day later this year. How do we look on this? So first of all, the installation in Nordjyllandsværket is now a hybrid. So we have the demo up and running, we have a leasing revenue from Aalborg Forsyning, but we also have the opportunity to showcase this to other clients and also test new pieces of equipment that needs to be tested at large scale before going into the commercial Heatcubes that we are installing. We are starting to utilize this, and this is something that will be an ongoing business for us. An important part of that is the digitization part. Now, we can start talking about the digital part of the Heatcube. For those of you who are following Iberdrola, you will also know that Iberdrola is one of the most digitally mature companies in the energy transition, and we are now stepping up our efforts to start utilizing the digital capabilities that come from the battery management system, the energy management system that we are now teaming up with partners to do, such as Energiabörze in Hungary. If you follow us, you also know that we are working together with Enspire, who is another exciting company in this field. So you're gonna hear more about the digital part of Kyoto and the Heatcube going forward. We are guiding. It's impossible to guide on revenue for a start-up, but we're guiding as good as we can on the commercial side. We have previously communicated that we target five to 10 commercial contracts on this side of the year. That is still what we are aspiring for, that's what we are pushing for. What we have decided to do is to open up a bit and communicate more with you. What is our pipeline? What is in the front end of the pipeline, and what are we pushing for? Because there are certain elements that is outside of our control, such as decision-making processes in industrial clients. If a contract falls down in November, December or January, February, or February, we don't view that as important, but it. The importance is that it's happening short term. So instead of guiding on the one number, we will open up, and we will tell you, what is our pipeline, what's in the front end of that, that pipeline, and how many of those are we pushing for in the short term? So we have 40 projects in the pipeline. Of those, we have sent offers to 23 clients, and eight of those have moved to the final phase of the negotiation, and the remaining is still being discussed and matured together with the client. And this is how we will guide going forward. We will tell you more details about the pipeline and what's in the short end of that. The key headache for us is the decision-making processes in large industrial companies. As Iberdrola states, this is not difficult. Technology is available, so this is about willpower, determination, and decision making. We call on decision makers in the energy transition to flex your muscles. We need you now to step up and speed up the energy transition. We will keep pushing. This is what we are doing every day and every night, and we need to get together to reduce the speed in decision-making processes. The first term sheet that we announced earlier this week, was it? It is following a good speed, so we are very grateful for that. The four parties together are targeting to sign this and conclude this commercial contract by the end of October, and we hope that can set the standard for the decision making for the remaining companies in our pipeline. When we see now that contracts are coming, we are starting to see revenue, and we are starting to be able to lock in future revenue. We will step up a bit on the growth to be able to have the organizational capability to deliver on those topics. So with that that concludes the session from us today. We will close with the Q&A session, and I see that there is already some questions that has come in, so I will take them. The first question was exactly related to that. "You, you have commented, earlier that you expect to sign, five to 10 term sheets, shortly, and just want to confirm that, that is still the target." I think I gave some guiding, to that, but I'd like to give an opportunity for you, Tim, to comment on that. I fully agree with what you said, Camilla, and I think we are pushing the decision making as good as possible. It is, for us, building trust, and when it comes to trust, the investment from Iberdrola and Spirax have been a very good signal to the industry players, and we are hoping to have followed this through and having the effect that we want. And Camilla said it rightly, we are pushing and fighting for this on a daily basis. And to the number, yes, that is the number we are pushing for. We have the eight in the front end, and that's the one. We have not lost any one of those, so it's the same short term that we are pushing for. To say the number eight for December, I think that is probably a bit unrealistic, but we are pushing forward on those, and we see that a couple of them are possible to close within the short term. So yes, we are pushing for the same amount of short-term targets, and we will keep guiding you on the pipeline. "Will the Hungary and Spain projects use the Heatcube 2.0 configuration?" Maybe for you, Bjarke? Yes, and the first question, the first answer to that question is, of course, yes. It's a Heatcube 2.0 configuration, and the one from KALL is utilizing a heater that is the double of the size that we have now installed in NJV. 10 MW to go on the grid. It's a 56 MWh storage, and we up to 7 MW thermal discharge, so it's a Heatcube 2.0 configuration. Can you comment on the timeline you expect for the Hungary and Spain projects?" Let me answer, Agnieszka, and you shoot in if you don't agree with me, but what is deciding the timeline for us is the delivery time of long lead items. We see in the current situation, when a lot of energy equipment is going to Ukraine, for example, there is a challenging market on the timeline, so long lead items of 10 months is not unusual. We are trying to optimize the project around this so that we do as much as possible at site, and we optimize when the equipment arrive at site and to have as short as possible installation time as possible. You could see from Nordjyllandsværket that it's just below 12 months on that. We have a lot of learning in that to optimize. You could see, for example, if you looked into the details, that we melted the salt in w as it in September, Agnieszka? Yes. September. So there have been waiting periods in that project, and we have, for example, waited a bit for grid connection and things like that. So we feel comfortable to take out time from the installation that we have seen at Nordjyllandsværket. What is probably gonna set the stage is the long lead item delivery, which on the longest might be around 10 months. We have a target of delivering a Heatcube within six months from when we have signed the contract, and when we see the installation time at Nordjyllandsværket and how we can optimize, we feel comfortable that we will arrive be able to arrive at that. We are not yet there. So that said, it's gonna be somewhere between six and 12 months. Would you agree with me, Tim and Agnieszka? Yes. Is it in that landscape, we are? Yes. Yeah. So six to 12 months is, like, our interval. We are not at six yet, and, probably closer to the 12, at the moment. Can you share any indication on the annual, revenue expectations for the Heatcube at Nordjyllandsværket? Is it performing in line with expectations? And I'm glad about that question because, the Nordjyllandsværket Heatcube is a hybrid, so it's a demonstration unit for us, meaning that we have a lot of rights to get access to the heat and stop delivering heat, in, from, from that heatcube, if we need access for two weeks to test the new equipment, for example. So the setup in Nordjyllandsværket is that we have a fixed monthly leasing fee, except the month of June, July, and August, when there is less need for heat in Aalborg. So we have a clear view on the revenue, which is a fixed incoming revenue from Nordjyllandsværket. Having said that, it's not purely... That is not the revenue that is representative for the future Heatcubes because of the hybrid setup. So because of that, we have not shared that number, but that is the setup. And no, the Heatcube is, at the moment, performing in line with the expectations, but please remember that we are in the early phase of the fine-tuning of that. We have concluded successfully the initial operation test, meaning that we could hand over the responsibility or the commercial responsibility for the Heatcube to Nordjyllandsværket. Now we're gonna spend up to two months to fine-tune the Heatcube together with Aalborg Forsyning and make sure that it meets all the design parameters that we have laid down in the leasing agreement. But so far, so good. We have started to deliver heat to the district heating system at Aalborg. So, so far, it's delivering in line with our expectations. This, I think, is for you, Tim. Do you foresee using the SPV setup that you use for KALL in other customer cases too? And if so, what are the advantages of this? The SPV is a very good vehicle for us to utilize it in terms of combining different parties to invest in such a project. So we can share the responsibility and the engagement from several parties, and as we have seen now in the case of KALL, we have a pure investment firm like Kyotherm coming in, but we have also an energy trading company coming in. And in the future, we might put our own equity into such an SPV as well. So we are looking at this model as a very, very good and suitable solution for us. And we have been getting very positive feedback from the market when we announced on Tuesday. Thank you, Tim. What is the total project cost and time schedule for the second Heatcube project? We have not announced this cost yet, and we are still in the final contract or the closing negotiations with the customer. So it would be also too early for us to do that. So we'll have to come back to that question and to see at what level of detail we guide on this topic. But we hear you. We understand that we need to guide both on the cost and on the revenue side and the margin side for us. We have our next Capital Markets Day coming up in November, so I encourage you to put that in the placeholder when you see the date coming up, and join us, and that's where we will, we'll guide you as good as we can. The timeline, I think we can comment upon because the ambition is 2024, isn't it? Correct. Yeah. So the timeline is, is clear. Let me see here. Have there been any significant partnerships, collaborations, or alliances formed recently? How does these partnerships contribute to, yeah, the way forward for Kyoto? I think this question probably come in before, the session today, because it's all about, this half of the year has been all about the strategic partnerships with Iberdrola, with Spirax Sarco, with Steinmüller, with Kyotherm, with Energiabörze, with Inspire. No one is doing this alone in the energy transition, so we need to come together to build the muscles to be able to pull this through. So yes, this first half of the year has been all about building that foundation for pushing through the energy transition. Here is a question: How will you reach the EBITDA breakeven in 2025? What do you expect in terms of activity and projects in order to reach this target? There are a couple of objectives that lead us to this. The one is, first of all, number of installed Heatcubes, and then it's the CapEx roadmap of taking down the CapEx. On the CapEx side, we have a target of reaching EUR 40 per kWh storage capacity. We feel that we are on a good traction on that CapEx roadmap, and we see the level for the next generation. That is, of course, a significant part of reaching this. The next part we are reaching by mainly, I would say, design optimization, and of course, scale is starting to come into the picture when we are able to order more, of each equipment. I will not be able, and I don't know if we have guided on the particular number of Heatcubes installed by 2025, but we have a clear target, that we are following, which is, Tim's sales plan. Having installed more than 2000 MWh of storage capacity. That's... Thank you, Tim. That's a good indication because that is one of our leading targets. It's 2,000 MWh of storage capacity installed by 2025, so that's really indication. So if we, when we get to that and the 40, that is setting the stage for the EBITDA breakeven. And then when you know that an average Heatcube is 64 MWh, you will easily be doing that calculation yourself. We see that there are indications of a wish for higher Heatcubes. We still believe that 64 is a good average. If the standard configuration is gonna move in any direction, it's gonna move to a bigger Heatcube, because there are demand for bigger Heatcubes, and we are continuously looking into how to deliver also on those volume demands. I think that comes to an end. No more questions that I can see here, and we are approaching the end of this session. So thank you so much, everyone, for joining us today. You have more opportunities to join us on live during the ribbon-cutting event and the inauguration of the Heatcube in Nordjyllandsværket, fifth of September, and we have a Capital Markets Day coming up in November this year. So thank you so much, everyone, and have a wonderful day!