[Presentation] Hello, and welcome to the first ever Nel Hydrogen Capital Markets Day. My name is Leila Asdal Danielsen. If the purple doesn't give it away, I'm the Brand Manager for Nel, and today I will be your host. We're holding this event in what can best be described as unusual times. We're so sorry not to be able to have you in Oslo with us today, but as with everything in Nel, safety is our top priority. We're just glad you're able to join us online. I hope you'll forgive me if I don't go through this particular slide in great detail. The presentation will be made available on our website following the event, and you are welcome to go through this word by word, should you so choose. In short, however, I can say that when it comes to investing, as with any investment, please proceed at your own risk. We have got a great program in store for you today. Kicking things off, of course, is an intro by our CEO. That will be followed by a deep dive into the world of electrolysis, including a guest appearance from Vattenfall. After that, we're looking forward to taking a closer look at Nel's fueling station activities with, after a short break, a guest appearance by Iwatani. From there, we'll delve into next-generation technologies with Nel's CTO, followed by a look at the numbers with our CFO. Finally, we'll round things off with Jon again, with a summary and an outlook, followed by a Q&A. We'll be gathering up all the questions that come into the chat during the course of the event. We probably won't have time to go through every single one of them, but we'll try to get through the most pressing ones at least. It's a lot of great stuff to get through. Don't worry, that break in the middle will give you a chance to stretch your legs and top up your coffee. Let's get started. You are probably quite familiar with our first speaker. Jon André Løkke has been the CEO of Nel since the beginning of 2016, bringing with him a wealth of experience from previous roles. Outside of the hydrogen industry, he's probably best known for his time in solar. Today, however, he will be walking us through the world of Nel. Without further ado, Jon, the floor is yours. Thank you very much, welcome, everyone, to this Capital Markets Day. It has taken us a long time to prepare and eventually have this event, not helped by COVID, obviously, and all the various restrictions. Now we're here. We really wanted you to be in the same room with us, but unfortunately, that is not possible. We will have you online, and we'll keep you entertained for quite some time. We have a lot of things to talk about, a lot of interesting elements. We need to talk about technology. We need to talk about the market. We need to talk about our expansions and obviously the overall business. As you've seen from the agenda, we've also spiced things up a bit. We have some exciting guests that will come and also present some valuable partners that will come and present their business later. Let me start with some of the basics. Who we are, what is Nel. Nel is a global dedicated hydrogen technology company that delivers optimal solutions to produce, store, and distribute hydrogen from renewable power, renewable energy. That's the key. We serve different range of customers with leading hydrogen technologies. We continuously improve our product offering to maintain a leadership position, and we want to remain in the forefront of the development. We are placed smack in the middle of the energy transition with both hydrogen production technologies and fueling station technologies. We basically enable industry and transport applications to turn green, to turn zero emission. Our envision, empowering generations with clean energy forever. What does that mean? Well, you cannot undertake the energy transition without hydrogen. That's our firm belief. Hydrogen solves fundamental challenges in terms of storing and transporting energy, and it allows you to decarbonize things that would otherwise be impossible to decarbonize. Like for example, CO2-free steel, like green ammonia. In other words, hydrogen is a critical part of the solution. That means that we are, through our technologies, providing empowering generations to make clean energy forever. Like we like to say in Nel, hydrogen is unlocking the potential of renewable. Our mission supports our purpose. We want to deliver the best solutions to our customers, both in terms of the CapEx, but also OpEx. They should be easy to use, and it should be hassle-free. Therefore, simplicity. Simplicity is key to everyone in Nel. Our customer solutions should be easy to use and hassle-free. The technology may be advanced, but we should always strive to make it easy for our customers. Our back office should really handle the complicated stuff, and the customer experience should be easy, and therefore, simplicity is really a key element to Nel. Our values, commitment, honesty, boldness. Commitment in the sense that we put our hearts into what we do, and we do not compromise on safety and on product excellence. Honesty, because we do what we say we are going to do, and we do it openly. Boldness because we are leading the way in the industry, we are accelerating the energy transition, and we continue to invest in making the impossible possible. Many of you are quite familiar with Nel. You've been following us for quite some time, but please bear with me if you are one of those. What really makes Nel different is that we have both electrolyzers and fueling stations. We are a pure-play hydrogen technology company that delivers leading in-house produced and in-house developed technologies. We're also becoming increasingly global. We have production facilities in the U.S., in Norway, and in Denmark. We have people and organization in also many other parts of the world, California, Korea, Japan, China, and other relevant areas. We are the world's largest producer of electrolyzers. We have delivered more than 3,500 systems in 80 countries, more than 80 countries, eight-zero. We're also leading on fueling stations, with more than 110 stations either sold or under construction in 13 different countries. We consider ourselves to be in the forefront of hydrogen technologies with the longest experience. We cover both PEM and alkaline. We target to have the most attractive product offering in both platforms. We work very hard to improve the total cost of ownership, the TCO, for our customers every day, and we work systematically to drastically reduce the CapEx at the same time as we also are improving efficiency. Within fueling stations, we already have an attractive portfolio of technologies, primarily directed towards light-duty vehicles. These are pre-certified for EU, U.S., and Korea. We are now developing a number of new technology components that are geared towards better enabling us to also offer heavy-duty application, fueling for heavy-duty applications. We're also working very hard every day to continuously improve the general performance of the stations, making them even more reliable, even more robust overall. As mentioned, we have three main production hubs at the moment. We have a facility producing PEM in Wallingford, Connecticut in the U.S., where we have a slightly more than 50 MW of production capacity. We have room to expand within the premises, within the building. We produce our alkaline electrolyzers at Herøya/Notodden in Norway. There we are now setting up the first production line, fully automated, 500 MW. We have our fueling station facility brand new factory in Herning, Denmark, where we have the possibility to make 300 stations. All of these things you will hear a lot more detail about later in the presentation, stay tuned. We will share a lot more data and information than we normally do. We have a very long experience in each of our areas, and that is very good. The longest experience. We are 20, 30 years in PEM. We have almost a century on alkaline, and we are more than 15 years on fueling stations. We have a lot of equipment sitting out in the field. We have reference equipment almost anywhere. When we talk to a new customer, we typically can go and see a piece of equipment which is up and running, which has been running for quite some time. That is very useful. We are building a world-class organization to tackle all the various opportunities and challenges that we have ahead. We are adding competencies and capabilities across the entire organization, within production excellence, project execution, technology development, sales and business development, service and maintenance, et cetera. In 2021 alone, we will add more than 100 people organically into our organization to be able to deliver on what you expect from us and to be able to prepare for the growth that is coming. I'm also very happy with the current management team. We now have a really good team which has a proven track record. Now let's move over to discuss the overall market and some of the important developments that we see there. It's sometimes easy to forget that the hydrogen market is already massive. We're talking 70 million tons per year already produced and used in various applications. The total value of this is around about $150 billion. All of this hydrogen is made by fossil sources. It's made from natural gas, coal, oil, and it actually accounts for around about 2% of the global CO2 emissions. The majority of this hydrogen goes into ammonia production, refineries, methanol, and only a fraction is today served by electrolyzers. Which is not a bad thing. That means that we have a lot of room to grow. We have a lot of room to improve. We actually need to make this pie, we need to turn it green, this pie. That's a good starting point. On top of that comes the fact that the market is growing. It is expected to grow quite significantly. Green hydrogen will be used in a range of different applications that is essential to decarbonize and undertake the energy transition. This curve here is the Hydrogen Council. We could have selected a number of different projections about the growth, but this is the Hydrogen Council. Here we see that the industry is going to grow by 8x. The demand is going to grow by 8x until 2050. You need to remember that we are starting from a small base. We basically only represent about 1%-2% of this first initial 70 million tons, which means that we will have many more times room to grow. We have a lot of work to do, basically. We have a lot of challenges to tackle, and that is basically what we will try to share with you today. How do we work to do that? The reason why electrolyzers have been starting from such a small base is that we have historically served niche applications, niche markets only. Going forward, we will see that this is changing. The new market is going to be mobility, and it's going to be Power-to-X. Power-to-X is basically where you turn renewable power into renewable hydrogen, and you use that in a range of different industry applications. Within mobility, we also see more and more applications coming to the market. More and more of these applications are cutting costs and becoming increasingly competitive to fossil solutions. Within mobility, you can basically with hydrogen, replace petrol and diesel one-to-one in terms of convenience and in terms of utilization. To give you a sense of the size, what that could represent, if you assume then that we take 50% of the mobility market, hydrogen takes 50% of the mobility market. If you translate that into number of electrolyzers, that represents roughly 2,000 GW of electrolyzers or slightly more than that. Power-to-X is a sector which is equally important or maybe even more important. Many large industries like fertilizer, steel, cement, rely completely on renewable hydrogen to be able to decarbonize. Also within this segment, if you try to translate that into a volume of electrolyzers, this will represent roughly or slightly more than 2,000 GW. More than 4,000 GW is basically the market potential that we are looking at within these two areas. The question then quickly becomes, why is this happening now, exactly at this time? Well, are two forces pulling in the same direction. First of all, the main driver is the fundamental cost of renewable power. Three quarters of the cost of renewable hydrogen is directly linked to the cost of renewable electricity. Low-cost power equals low-cost hydrogen. As you can see from this graph, renewables have fallen quite a lot already, contributing to the fact that green renewable hydrogen is becoming increasingly competitive. This is not going to stop. By 2050, the cost of renewables is expected to fall more. It's actually expected to fall an additional 60%-70%, making renewable hydrogen even more competitive. Secondly, the force that is also pulling in the same direction, is the cost of electrolyzers, the cost of equipment. As you know, we are developing a fully automated production facility that will cut costs quite significantly. By installing the first line, the first 500 MW line, we will cut the cost approximately in half. When we add additional lines and we optimize the design further, work on the technology, we should be able to cut the cost almost in half again. On that journey, we will see that green renewable hydrogen is going to out-compete the fossil solutions. That is good news for the environment, it's good news for Nel, it's obviously good news for everyone else that really relies on renewable hydrogen to decarbonize. Hydrogen has many similarities to wind and solar, actually, if you look at the development there, and has the potential to become as large as wind and solar. Hydrogen is, even though we have been around for quite some time, we are in this context earlier in the development. We are earlier in the development of scaling up and cutting costs. That means simply that we have more room to improve, we have more room to grow. We in Nel management have for quite some time been quite explicit about our cost reduction targets, with good reasons. We really want to set the pace in the industry. We basically explained how we are cutting cost of our equipment in terms of CapEx. We are now going to take this a step further. We are now, ladies and gentlemen, formally launching our new renewable hydrogen cost target, $1.5 per kilo. Based on our own cost reduction plan, in combination with the development that we see on renewables, we believe that by 2025, you'll be able to produce from a large scale Nel facility, green renewable hydrogen at around $1.5 per kilo. That is basically on par with fossil hydrogen. In other words, we will start to see fossil parity, what we call fossil parity, where green solutions are outcompeting fossil solutions. It's not going to happen everywhere at the same time, exactly at the same time, but it will start to happen where you will find the lowest cost power. Basically that supports our slogan, hydrogen, unlocking the potential of renewable. The development that we've now covered basically will happen no matter what. On top of that, we have seen that a lot of activities has happened recently in the political arena to further kickstart the hydrogen economy and really push to make this happen sooner rather than later. The pandemic has been very hard on many industries and is still creating a lot of worries and frustration. It also have had negative effects on our industry, and it's still frustrating a lot of people around the globe. I think we can safely say that it has also turned into an accelerator when it comes to hydrogen. We basically in 2020 seen a step change in the activities. There is a long list of countries and regions that have in recent quarters launched strategies and targets supporting hydrogen. Today, most of the countries in Europe, and many globally, has launched their own strategies and their own roadmaps. This is further supported by a number of international agreements related to environment and energy, not only supporting the industry, but strongly also increasing the size of the projects. Where we in the past used to talk about kilowatts, we now talk about megawatts, and we will soon talk about gigawatts. Europe has really taken a leading role in 2020, really pushed the industry quite significantly. Maybe the most impressive initiative that we have seen is the 40 GW initiative. It's a very concrete initiative. It has specific targets, 6 GW within 2024, 40 GW within 2030, and carbon neutrality within 2050. European countries are following up with country-specific targets, as you can see here, and that is all very promising. Basically the leadership that has been shown by EU, and in particular Frans Timmermans, has been very encouraging in this regard. There is a but, we now need to see more action on the ground. We now need to see that the targets and the ambitions are actually turned into real projects with regulations in place. We need to see things happening on the ground. Strong ambitions in terms of hydrogen has also been expressed in other parts of the world. Japan was very early, really pushing this topic very early, had dedicated specific targets related to hydrogen technologies and implementation of that. The same goes for South Korea. Very specific targets are pushing forward on those agenda. China is coming also, trying to catch up or even bypassing many of the others. U.S. and Australia have launched a roadmap, as you can see on this slide. If you turn the current U.S. roadmap into numbers, it also represents roughly 40 GW. In terms of Australia, one single project in Australia actually amounts to 23 GW. That is quite impressive. Large opportunities also create challenges. To summarize some of the initial part of this section, and to summarize some of these challenges, let me state the following. Hydrogen will become big, maybe as big as wind and solar. The cost of renewables is going down, cost of equipment is going down. Green renewable hydrogen will outcompete the fossil solutions in the relatively near future, and targets and incentives are in place really to accelerate the development. Increased interest and large opportunities will obviously also attract increased competition. Large opportunities also represents challenges and risks for Nel going forward. In other words, we have a lot of work to do. Maintaining a leadership position is going to be increasingly challenging. That is why we currently undertake large investments in product development, in technology development. That is why we significantly grow our organization. That is why we add capabilities and competencies across the entire organization. That is why we focus very much on scaling up and cutting cost. We're also setting ourselves up to deliver very large projects on a global basis. Again, we have a lot of work to do, ladies and gentlemen. In this Capital Markets Day, and the part of the reason and the presentation that you will now receive, is to give you a bit more detail, a bit more flavor on what's actually going on behind the scene and how we work systematically to address some of these challenges. Thank you very much for now, and enjoy the show. Stay tuned. Thank you very much, Jon. Our next speaker is Erik Løkke-Øwre. Erik began his career with 20 years in the process industries, focusing on aluminum and silicon metal. It was here, back in the 1990s, that he was first introduced to the lean methodology, which has been a driving force in Erik's career. He has used lean to optimize how organizations manage their people, resources, and energy to create value for customers. The lean methodology was something Erik used extensively during his time in the solar industry, and in 2018, Nel was lucky enough to bring Erik on board to further optimize our own performance. With that, I hand the floor to Erik. Thank you very much, Leila. Today, I'm very proud of presenting the Nel Alkaline opportunities. During the next 20 minutes, I will focus on our plans bringing electrolyzers to gigawatt scale and our efforts making green hydrogen competitive. In Nel Alkaline, we have a long story of providing safe and reliable hydrogen systems to our customers. Today, we have 96 systems in operation globally. All of them are designed and installed according to our product safety standards. We are building further on this experience. In 2020, we certified our business to relevant ISO standards. We were making major steps to build a strong HSE and quality culture in the total organizations. This is safety first in everything we do every day. My learnings for almost 40 years working in the process and renewable industries is that an organization always need to build a culture for continuous improvement. This culture is based on three building blocks. These are: understand our business case. For us, making green hydrogen competitive. Use a business system, which is all the systematics that is gathered together to be a winner in this industry. Later today, our CTO, Anders Søreng, will explain this is so important for us. The third one is build a world-class organization that understand and use the first two building blocks every day. These are the three building blocks that need to be in place to create success for Nel. As you all know, the market is growing fast, very fast. So is the request for larger plants. In our pipeline today, we have more than 80% of the potential customer projects are 100 MW or larger. Based on our long experience, even with large-scale plants above 100 MW, we are well-positioned to meet the future market demand. Our first step is to provide a low-cost standard building block of 100 MW capacity that easily can be multiplied into plants of 200 MW, 300 MW, and larger megawatt plants. I'm coming to the most exciting topic in my presentation, the new gigawatt electrode plant at Herøya, Norway. Jumping directly into the case. We are currently installing our first 500 MW electrode production line at Herøya Industrial Park. The first fully automatic production line will come on stream in quarter three this year. In the building shown here at the picture, we have the potential to increase the capacity to two gigawatt a year. The H2 technology of two gigawatt will enable a reduction of 4-5 million tons on Norway's annual CO2 emissions annually. This is actually 10%. This is a real Game Changer, becoming green and get rid of the fossil energy solutions in the world. Therefore, our project name is Game Changer. The plant will be expanded by 500 MW standard modules up to 2 GW. Following the first line, we know how to build the next and can set that up in approximately one year. With the timeline for typical projects in this industry, we will add capacity as needed by the market. For the first time ever, I can show you the layout of our 500 MW production line. Since I'm not able to take you on a physical tour, I will guide you through a short digital tour. In the incoming part of the line, we have our advanced pre-treatment processes with the aim of ensuring stable and consistent quality of the electrode parts transferred into the chemical line. In the chemical line, we have the main processes creating Nel's high efficient electrodes. Coming out of the chemical line, the electrode parts are taken into an automatic assembly process of the total electrode before it transfer to the electrode final control and packaging station, and then sent to customers. What are we doing now in the production line compared to what we have had historically? This is an effort that is made from our production process development team of the last three years. They have been working with external experts to make this fully automatic production line possible and to meet defined targets. The combined team has, in the process, been digging deep into each critical sub-process to get better understanding and understand how to improve. As an important result, we have been able to remove a number of non-creating process steps to make a low-cost electrode with lower raw material and energy consumption, but also with higher electrode efficiency. All these changes are tested and verified both in lab scale and in full scale in our production line at Notodden. This is actually a practical example from using Nel's business system, showing the importance of acquiring real understanding of the current process before being able to make sustainable improvements. The electrodes has historically been the most expensive part of green electrolyzer system. The new fab we are setting up now in Herøya is changing this. All improvements made make it possible for us to reduce electrode cost with the 50% in the new line compared to the current cost we have in our Notodden plant. In the concept engineering for line two, another 50% cost reduction is already identified, and there might come more. This is bringing the total electrode cost to a level which is not the most costly element in the electrolyzer system anymore, is also just 20%-25% of the current electrode cost going forward. As you see here on the video, I'll give you a little more insight into the installation process. As you have seen now, the installation phase are on schedule, we will meet the start-up date in Q3 this year. In the last part of my presentation today, I would like to introduce the topic of product development. Our product and process development team has been working intensively to identify and take out the full potential of our unique electrode technology, by this, also improving the total electrolyzer system together with our engineering department. The location of both process and product development for Alkaline is at Notodden. Notodden is actually a town where Norsk Hydro started its hydrogen technology development and production already in 1927. The green hydrogen culture is strong out there. By intention, the team is locally close to the full-scale production line, so they have the possibility to perform large-scale testing and verification on new developments. When we have started up the planted area and the production lines there, the current production line will be a test center for us verifying all new changes in the technology. Over the last three years, Nel Alkaline have been focusing a lot to build core competence, both in product and process development, engineering, and project execution. We are looking for people with proven records from companies delivering high-quality products and at low cost. As you see here in the slide, the employees are mainly coming from competitive industries like oil service, process industries, renewables, electronics, and automotive, and we are looking for people with proven records. In Nel, we believe that using our experience, learning from others, and to have a lead in technology will make us a winner in the industry. Priority number one for our process and product development team is, of course, to improve the energy efficiency of our electrode. The team has identified a potential to improve the efficiency of our electrode with at least 5%-10%. We have a clear roadmap to meet this target, enabled by a reduction of the electrode gap, improved surface treatment, and other key enablers. In Nel, we also believe that all real improvements to meet our cost target starts with implementing standard system. As we say it, "No standard, no improvements." Having a robust standard is fundamental to provide competitive and cost-efficient solutions, and it also make it much easier to tailor-make systems to customer solutions. A standard solution will, on top of competitive cost and proven quality, also provide shorter lead time and the ability to specify proven infrastructure solutions. Our new systems will have all safety standards embedded. It will be building independent, skid-based, and by this, having the ability to do prefabrication. In the next phase, we will also implement electrode stacking at our production site and transport the electrode stack in a container to a customer site, which makes the installation of the electrodes much easier. These are some of the benefits of standardization. I said earlier, Nel Alkaline have 96 electrolysis system currently in operations. We get a lot of feedback from our current customers, even if it's not large plants. The average size is a little more than 2 MW, ranging up to 25 MW. Our largest plant ever in Glomfjord, Norway, is not in operations anymore. It had a capacity of 170 MW, and it was in operations until the early 1990s. The plant itself was designed as a large plant, not a multiple or many small systems, which created a lot of benefits for the infrastructure at the site. This experience we are bringing with us, we take this into our design phase of the new 100 MW standardized plant. We are combining this with implementing 2020 technology possibilities to improve power management, control systems, availability, and energy efficiencies for the total system, beside of course, complying to HSE and quality standards. At last but not least, in the process of taking out the potential of our technology, the Nel technology team have identified several enablers that will improve the productivity of our electrodes. The main enablers are related to current density improvements, larger electrode active area, and larger electrode size and form. Implemented in steps, this may increase the electrolyzer productivity by more than 5x. As you see from the slide here, a 20 MW system in the future will consist of two electrolysis stacks, compared to the eight stacks we're having for a 20 MW system today. Imagine how this will give great benefits for the infrastructure of the total plant, for the footprint here and similar things. This is a great improvement benefiting the total CapEx. This is actually a real game changer. To sum up, we are confident of a strong long-term outlook. This is based on, one, our new tech electrolyzer plant at Herøya, with the potential to grow to more than 2 GW. This is enabling large CO2 reductions by supplying green hydrogen to the market. Two, our large green hydrogen plants will be capable of competing with fossil hydrogen already in 2025. Thank you for listening. I tried to give you an insight into targets and how we are working to enable competitive green hydrogen. Leila, the floor is yours. Thank you. Thank you very much, Erik. Up next, we have the Senior Vice President of our Electrolyser Division, Filip Smeets, who is joining us from Belgium today. Filip is a relatively new addition to the Nel family, having joined us just under a year ago. With a background in chemistry from the University of Antwerp in Belgium, Filip has had an illustrious career in several well-respected global industrial companies. He also has more than 10 years directly in the electrolyzer industry, and he will take us through Nel's activities in that regard today. Filip, over to you. Thank you, Leila. Good morning, everyone. I'm delighted to speak to you today about some of the exhilarating market developments that we are currently witnessing and how Nel intends to respond to them. Over the past decades, electrolytic hydrogen has primarily found a market in a number of conventional industrial applications. There where, due to remoteness, pipelined hydrogen or delivered hydrogen was not an option, and there where, due to unavailability of natural gas as a feedstock for gray hydrogen. Consequently, this traditional electrolyzer market has been very niche, even at a global level. Now, the near future looks very different. The largest consumer markets for hydrogen, such as refineries, ammonia, and methanol production, are turning clean and need to replace gray hydrogen with green electrolytic hydrogen. Steel fabrication needs green hydrogen to replace coal as a reducing agent, the cement industry is looking for carbon capture and utilization solutions for their gigantic CO2 footprint, there are many more markets turning. This opens up a potential market for electrolysis of above 2,000 GW. What does that mean in terms of market growth? In 2020, the hydrogen demand was about 70 million tons globally, mainly coming from end users such as refineries, ammonia, and methanol production. Of this current demand, only about 1% is actually electrolytic hydrogen. The energy transition now opens up the attainable market for electrolytic hydrogen to the full spectrum of use cases. These new use cases will develop into major markets. Transportation fuel is a major one, Jørn will talk more about that later. Others are heat and power for industry and buildings, industrial feedstock, and power generation and storage. Hydrogen consumption could reach 540 million tons per year by 2050, driven by industrial processes and transportation, an eightfold increase in hydrogen demand. Over the past year, we have seen an incredible increase in Power-to-X projects. In Europe, we have seen the number of projects in preparation growing from about 100 to 9,500 currently. All key member states contributing significantly. China is showing a heightened interest in hydrogen, with already 5,200 projects in preparation. What have we seen at Nel? Well, our own pipeline has doubled each quarter of the past year, and there is no indication that this is going to slow down soon. We are looking at a +10 GW pipeline with more than 80% of the value in projects above 100 MW. Obviously, not all those projects will mature or mature soon. Even with a small conversion rate, we would be very pleased and extremely busy. Now let's take a look at our unique electrolyzer solutions. Nel was the largest manufacturer in the market in 2018. Also, in 2019, the revenue picture looks similar. Two out of the top five are Chinese companies, and some companies that are making a lot of noise are not even on this list. We believe that 2020 is not showing a different picture. Nel has an unmatched track record of over 3,500 electrolyzers delivered in over 80 countries globally. We can never be satisfied and need to work hard to keep our lead position. Now, Nel is also unique in having both the alkaline and the PEM technologies for large scale solutions. Nel has over 90 years hydrogen technology experience and excellence. Nel atmospheric alkaline technology originates back to the 1920s. It is the most bankable electrolyzer technology used for very large scale projects. Here you see a picture of a 135 MW plant that was in operation in Glomfjord, Norway for over 30 years until into the 1990s. Our PEM platform, on the other hand, was originally developed over 20 years ago for respiratory oxygen in submarines. The high focus we have on reliability of our technology. Our platform is Nel's hedge to the future. It is developing fast, thanks to its compactness, high operating window, responsiveness and low maintenance. Nel is also unique since we have the broadest portfolio of capacities in the market, going from dishwasher size PEM units that deliver only half a normal cube per hour, this is in the kilowatt range, to large scale alkaline plants for 100 MW+ solutions. In the mid-range, we have containerized scalable solutions based on our PEM technology. Over the past year, we have organized our sales, business development, and marketing organization into one global team and three regions, the Americas, EMEA, and Asia. We have added resources and we will continue to add resources in 2021. Our sales team accounts for over 30 colleagues and over 20 agents and distributors are supporting us in those areas of the market where we have no boots on the ground or in segments where they have preferential access. Our traditional sales process will not surprise you. It was and is based on intensive customer interaction at every phase of the process, developing into a customized solution and service packages. Nel is moving towards a much more standardized offering based upon predefined standard building blocks of components and service packages. We want to make the customer experience better and easy with more value as outcome. Customization can still be done. The aftermarket is a very important growth market for us. Currently, it's only about 10% of the new build revenue, but we expect this to grow gradually to at least half of the new build revenue. Many of the components in an electrolyzer plant are custom designed for our solution, and the core component, the cell stack, needs overhauling or replacement every 10 years. This captiveness results in an aftermarket that delivers very attractive margins, and we expect this aftermarket to develop into a separate business over time. Our differentiation really starts from our focus on bankability and our total cost of ownership approach. This delivers the lowest project risk available to customers. A plant with high availability and an optimal balance between energy efficiency and durability, the most important trade-off. Before the actual sale, the customer knows they will find the strongest product application fit only with Nel. We can provide them a technology neutral proposition, that is why they come to us first. Let me now address how we are scaling up our technology to be ready for a market that will grow tenfold over the next decades. The expansion in Herøya is a first significant step in cost reduction of our electrolyzer system, Erik has extensively explained that before. Next, standardization, modularization, prefabricated skids, and building agnostic design of our solution will drive engineering, procurement, and construction costs down significantly. We can see a path towards a 75% cost reduction over the next decade, enabling a hydrogen cost of $1.50 per kg. Here you see a visualization of our standard 100 MW alkaline solution. We are currently developing this one. It has a relatively small footprint for an alkaline solution. This solution can be replicated to get to several hundreds of megawatts. Here you see a visualization of our new containerized PEM hydrogen generators. Nel is pleased to expand our product offering with two additional world-class hydrogen generators, and we are already experiencing significant interest for these solutions in the market. This containerized MC250 and MC500 will be delivered as standard 1.3 MW and 2.6 MW configurations, respectively. The new products are integrating Nel's newly developed 1.25 MW PEM cell stack, allowing for higher capacities per unit and lower cost. Lastly, here you see a visualization of a 20-MW PEM solution we have developed for a green ammonia application in Spain. It is based on our new 1.25 MW PEM cell stack, which is an ideal building block for 10 MW to 25 MW solutions. It has the size of a refrigerator but weighs two tons. This two-floor layout here has a footprint of only 35 m by 15 m. In order to deliver a full, large-scale, turnkey electrolyzer plant, a lot of components and services need to be delivered, as represented here by the boxes. The purple boxes represent Nel's electrolyzer system scope. The gray boxes represent the typical scope for the EPCs. We need EPC partners to deliver turnkey solutions to customers. These partners help us also to strengthen our tender engine and our execution muscle. When we search for the ideal partners, we also look for a good geographical fit to improve local content. We value the ability that they have to add value in developing the market together with us. The electrolyzer CapEx is expected to dramatically decrease by 2030 and beyond. While PEM is still trailing behind alkaline, both platforms are converging towards $300 per kilowatt by the end of this decade. With dropping CapEx and dropping green power cost, we expect green hydrogen cost to get on par with fossil-based hydrogen by the end of this decade. Towards 2050, we expect that green hydrogen can beat fossil-based hydrogen. Finally, to wrap up, Nel leads global electrolyzer market in scope, scale, and capacity. We are in pole position of this extremely attractive market, where we expect to see a lot of new kids on the block in the years ahead. We realize we will have to work hard, have effective strategies, and excellent execution to remain in this lead position. Many thanks for your attention, and now I would like to hand back the word to Leila. Thank you. Thank you, Filip. Now it's time for our first guest speaker of the day. It's my distinct pleasure to invite Mikael Nordlander of Vattenfall to join us. Mikael joined Vattenfall in 2001 and has held various positions in R&D and business development with different responsibilities and strategic projects, mostly in Northern Europe. Since 2016, Mikael has been leading Vattenfall's work on decarbonization of industrial processes in partnership with large companies. A great example of this is the HYBRIT project he'll speak more about today. Thank you for that introduction, happy to be here. I will tell you a bit about the HYBRIT project. When it comes to the HYBRIT project, if we go one step back, the reason for engaging in this, it might look a bit awkward for an energy company to work together with the steel industry. If you look at it's really not that complicated. All of this you probably know already. What's driving now the demand for solutions when it comes to climate change is multiple things happening together. We have increased population. That population is, to increased extent, urbanized, that drives a lot of demand when it comes to materials. Materials like steel and cement and plastics and so on are a big part of the global greenhouse gas emissions. That is something that we badly need to handle in order to be in line with the Paris goals and to solve the entire climate challenge. That's actually transformed into what Vattenfall, which is my everyday organization, the purpose we have formulated around that is that what we want to do is to enable fossil-free living within one generation. Being a 100-year-old power company, electricity we see now is changing a bit in shape and electricity is really the cornerstone here, why we have changed our view or developed our view in the role of electricity and hydrogen in industry and elsewhere, and its role in this handling of the climate change. I will start to give you a brief view on basically why electrification, why do we see electrification as such a vital part of the solution? Some of this might be known to you, but I think it actually makes sense to look at it in a bit broader perspective. If, as we see in this picture, look at the current situation on the energy amount globally. Despite that modern renewables are gaining ground in energy consumption, the vast majority of the energy is still fossil, about 80%. What is now growing our means to counteract on that is basically the modern renewables. Traditional biomass is limited. We should of course be careful about the extraction of biomass. We have nuclear energy. There are lots of use of nuclear energy, and there might be also potential in nuclear energy onwards. If we look at it on the modern renewables, what has happened in the last 10 years and what is a really important driving force behind the development we now see in the hydrogen hype, if you wish. You can clearly see that the renewables have gone down quite a lot in cost recently. What you also see, if we are to tackle this 80% of fossil fuel consumption, the fossil share of the energy consumption, if we were to replace that with something, it actually starts to make sense how much room, how much space it takes, because it's huge amounts of fossil fuels that are going away and you will face limitations, whatever countermeasures you take. If you compare harvesting renewable energy and generating electricity through wind and solar, it's much more area efficient than it is, for example, with biomass and hydropower. That makes sense when you get up in scale. If you question what could we actually expand in a way that it's relevant in comparison to fossil fuels? Wind and solar is a big part of the answer. It's also now, as we said, becoming a lot cheaper. Since it's typically small and modular technology, it's also really fast. This increasing access to cheap electricity, which doesn't harm the climate, is actually something new. That's the prerequisites for electricity having a role in replacing fossil fuels, not only where it used to be, but also in other sectors. That's what we in Vattenfall label or call electric re-generation, is this kind of new role for electricity that is entering places in society where it didn't used to be, where this 80% of the fossil fuels are dominating. In transports and in industry and elsewhere in heat and so on. What we're doing then, the generation part of things is one thing, but then if you look at it, okay, now we have electricity. Now what? We're actually facing the challenges in how to make use of that and how to transform the usage of electricity. As you see here, that takes quite some innovation. When we have the electricity, we could either, in a quite simple way, use it directly, like in transportation. Making motion out of electricity is fairly simple. Electrical motors have been around for a long time. Heating is also quite straightforward. In some cases, the electricity doesn't fit directly, and that's where we talk about indirect electrification, because it's still the electricity that's reaching the final use, but it changes the shape along the way. That's where electrolysis and hydrogen becomes very vital. What we see is that this driving force behind, electrolysis as you know, and not least, Nel has been known for many years, but it's the underlying movement in the development of the power sector that we think will make this technology really relevant now. The example which is most prominent that I will deep dive a bit into is HYBRIT, the project that we're doing together in Sweden, and it's Vattenfall, LKAB, and SSAB that started this cooperation in 2016. Together we cover the value chain from the iron ore mine to high-strength steel and also the energy side of things together with Vattenfall. We have set a target to eliminate or develop a fossil free value chain around iron and steel and implement that first and foremost in the Swedish steel industry. If we do that, we have an opportunity to take out about 10% of the Swedish national emissions, and that's basically in two blast furnaces that needs to be replaced today. Of course, as renewable energy and fossil-free energy electricity becomes more accessible at lower costs globally. Of course, this technology could also be spread, but we start this in Sweden because we already there have the access to fossil-free electricity. We have huge amounts of nuclear and hydropower already today, and wind power is expanding. We have a good starting position there, and that's maybe why we are quite early in that. Hydrogen Breakthrough Ironmaking Technology is actually the line behind the abbreviation HYBRIT. What we are trying to do is, in short, to make iron without the use of coal. When you make iron in the standard way, or the conventional ways to do today, you start with iron ore, which is basically iron and oxygen, and then you need some glue that rips out the oxygen of the iron ore, and traditionally that has always been coal. Now what we're doing is simply to replace the coal with hydrogen, because today when coal and oxygen combines, it becomes CO2, which we know is a problem. What we instead change it to is hydrogen and oxygen combining, leaving the residual product to be water, and thereby we eliminate the very root cause of CO2 emissions from the steel industry. Even if we do this conventional process as efficient as possible, this part of the emissions today is inherent, and if you take it to the limit, you will still emit some 1.6 tons of CO2 per ton of steel produced. I said we started this in 2016, since 2016, we quite early set up this joint venture, so to say, and the plan to be in three phases. We are all the three companies compliant with Sweden's national goal of becoming one of the world's first fossil-free welfare nations in 2045. Back calculating basically from that, we have divided the time on what needs to be done when. In three phases, we started in 2016 and 2017 with the pre-study phase to basically go through the entire concept and thinking about how we thought about this right in any way. We did a desktop study, set up a research program together with academia, and we also formed a company for this where we could gather the IP around the entire process. Following that, when we came to the conclusion that we actually believe in this, we decided to proceed into a phase which we call the pilot phase, and that's where we are now, where we have set up a number of pilot plants. We come back to that in a minute. That phase is where we're testing the technologies. If we're confident with that, the next step is to basically ramp this up to commercial production. Now we're testing that the technologies work, but we're not in a phase where we are targeting continuous production. That's the demonstration phase that follows. Basically, all of this will lead up to implementing the technology and fulfill our goals of becoming fossil-free in 2045. It looks quite sequential, but if you look behind the surface a bit here, we are actually doing these phases in somewhat overlap. Even if we are in a phase now where we are just starting up the pilot plants that we're working on, we are already preparing for the demonstration phase because there is simply no time to do this fully sequential. We need to do as much activities as possible in parallel. We're already now preparing for a 1 million ton per hour unit. That will be the first demonstration plan that we target to have that in operation in 2025, 2026. In this context where we are today, 1 million tons per year could be translated to about 400 MW of electrolysis. The pilot plans that we have under development is actually, you saw one in the picture before here, and that's the part where the magic is happening with the iron ore reduction into iron using hydrogen. That's the biggest and most important part, so to say, of the concept, because that's where the most of the emissions typically happen in the conventional process. It's now up and running in its first test campaigns in Northern Luleå. It's a one ton per hour unit with two Nel units, in total 4.5 MW. It's starting on natural gas because the reactor design is made from natural gas from the beginning. In Q2 this year, we will switch over and start operation on hydrogen. I said in the beginning that we are looking at an entire value chain for iron and steel, so we are also having some pilot activities upstream on how to produce the iron ore out of the iron ore fines, produce pellets from that, and sinter that. That uses some fossil fuels today, and we're looking at different measures using minor amounts of biomass or electricity to sinter those pellets. We also have one project when it comes to the downstream part of where we have made iron to continue the process into steel making. We have some tests going on when it comes to electric arc furnaces and steel melting there. Also the fourth plant is a hydrogen storage technology which we are developing. I'll come back to that in a second. This is the full package of pilot plants. In total, so far, the budget of this phase is about EUR 200 million. We're doing that. We're financing that ourselves, in combination with the Swedish Energy Agency. The hydrogen storage, we have today in Sweden a rapid build-out of wind power. In 2020 it was about eight terawatt-hours added. Of course, with this weather dependent power, we will need to counterbalance that in some way. What we see is when we transform the industrial side to phase out fossil fuels for electricity, if we transform the electricity into hydrogen, we see that if we can store hydrogen in industrial applications, it gets into sizes that are relevant to what is happening in the power system. What we're aiming for now, the hydrogen storage pilot that we're building, is to supply us with the technology that when we scale it up, we could possibly build hydrogen storages in the proximity of the steel plant that could contain about 100 GWh of electricity stored as hydrogen, which corresponds to about a million Tesla cars. It could supply a full scale iron and steel plant with hydrogen for about five days. It's somewhat in the relevant sizes and temporal behavior of wind power. That's HYBRIT. Shortly, this is not the only thing where we see hydrogen being a way of indirect electrification and phasing out fossil fuels. We're also active in processes for petrochemicals. You could make, for example, plastics with hydrogen and CO2, a very exciting development. In agriculture, it's maybe more about the fertilizers and to teach Norwegians about how you make fertilizers from electricity and water or air. It's like a Swede teaching a Norwegian to cross-country ski. I won't go into that. What we see is a revival for the interest in fossil free ammonia. You could also look at hydrogen's role in reducing out oxygen or biogenic matter to make biofuels. We're working with the refinery sector in Sweden on that. Not directly linked maybe to hydrogen, but also electricity, we see could also play a role in the cement sector, and we've done some studies about that. Just briefly touching upon the economics of this. It's probably the most common question we get. Isn't this process going to be enormously expensive? It depends on how you look at it. In HYBRIT, we believe that with the present conditions, we will have an increased cost of the steel of maybe about 20% or so, or 20%-30%, in relation to the conventional technology. If you think about it, these are quite rudimentary or they're quite cheap bulk materials, all of these, cement, steel, plastics and so on. If you embed this in the end products, the extra cost that you add on that end product, it's actually quite minor. What we experience, not least from the HYBRIT corporation, is a rapidly increasing interest in green products and services and the wish to consume green. This is actually one of the bigger challenges, I would say to link this chain so you can follow the green attribute all the way from the green electricity through the hydrogen into the process and all the way to your final product that you buy. Summing this up a bit, we see an enormously important role for electricity directly and in that also for hydrogen and in the role when it comes to replacing the fossil fuels. We see it's crucial for industry to succeed in its transformation. This will break up old relations, old value chains, and it's quite a challenge to build these new systems and form new ones. We need to see more partnerships like HYBRIT, and I'm pretty convinced that they will come. We were quite early in 2016, but we now see more of those forming. Since we're transforming entire value chains, we need to collaborate over those borders. We might look at things a bit differently than we used to do. We used to just sell electricity, we didn't really bother so much all the time where it went. Now we actually need to redefine the role of electricity and hydrogen in these processes and co-invent those. We are in a hurry. 2045 is the border. I think actually as time goes now, if we see this is possible, it will also, I think, start to change a bit from not only being necessary to do this transformation, as soon as we see that it is possible, if we can start see markets for green products and materials kick off, it will also actually be desirable to do this transformation. I think we have only seen the beginning. Thank you. Thank you, Mikael. Now it is my pleasure to introduce our next speaker. Jørn Rosenlund is the Senior Vice President of our fueling division. Based out of Denmark, where he's joining us from today, he joined H2 Logic in 2015. When the company became part of Nel a year later, Jørn stepped into the role of leading up our fueling activities. Prior to his time in the hydrogen industry, Jørn has experience from several industrial companies. There, his focus was on standardizing product portfolios in order to transition them into lean manufacturing. Today, he'll be taking us in for a closer look at Nel's fueling station activities. Jørn, the stage is yours. Thank you very much, Leila, for the kind introduction. Let's try to dive in. I'm actually really excited here to take you on a tour through what we are doing in our fueling division in Nel Hydrogen today. Let's dwell a moment on what's happening around us before we go into the fueling division. One of the mega trends that is happening right now is the whole electrification of the transport segment. We need to be able to take renewable energy and put into our vehicles and drive around without leaving a carbon footprint to the rest of the world. For this here, you can use different types of technologies. You can use battery cars, or you can use hydrogen cars. They're both powered by an electrical motor that drives the car, but the way you store the energy in the car is significantly different. In the battery car, you have a very heavy battery that stores the energy. In hydrogen car, you have a hydrogen tank and a fuel cell, where the fuel cell then converts the hydrogen into electricity. The weight difference is a factor of three, the battery in the car is three times as heavy as the hydrogen tank and the fuel cell. If you go into heavy duty and large equipment, the difference in weight is even more. Personally, I'm approaching two years and 95,000 km in my hydrogen vehicle. I drive really intensively, I can only recommend it for such cases. It's really a great experience. It's a Hyundai Nexo. Great car. As Filip and Jon said a little earlier, Power-to-X is where we want to take renewable energy, take that into an electrolyzer, and produce green hydrogen. The hydrogen can be stored and act as an energy carrier for whenever the demand for the energy is there. In mobility, this means you can do it in different ways. You can take the hydrogen directly and put into the hydrogen vehicles, or you can take the hydrogen and go through some additional process steps and make green synthetic fuel. If you're trying to compare those two options here, the willingness to pay for the electricity is much higher when you use hydrogen directly compared to green synthetic fuel. Why this? There are two reasons for this here. First, when you use hydrogen directly, you simply eliminate one of the process steps in producing the fuel. That saves CapEx, that saves energy. Secondly, the hydrogen cars are powered by a fuel cell and an electrical motor. They have a significantly higher efficiency compared to the more old-fashioned combustion engines. If you combine those two here, we eliminate one process step. We have a high efficiency on the vehicle. We are able to pay more for the electricity you produce at your renewable sources because you get more kilometers for every kilowatt of hour of electricity you produce. This here is relevant for almost all types of mobility. It can be used in forklifts, buses, trucks, construction equipment, cars, trains, even the smaller maritime segment. You can say hydrogen, that's the green replacement for diesel fuel. The target we are working towards is very clear. We need to beat diesel at the pump. To do this here, that means we can say we need to achieve $5 per kilo of hydrogen. Our electrolyzer colleagues earlier went through that they can produce hydrogen for $1.50 per kilo. We need to distribute the hydrogen. We need to fuel it into the car. We need to leave a little profit for the operator of the station and the transportation. We need to reach $5 per kilo because at $5 per kilo, we reach diesel parity. This means the cost of driving a kilometer or a mile will be the same, whether you use hydrogen or whether you use diesel fuel. To do this here, we need to continue to do cost reductions on the equipment we are producing. We need to get the capacity up on the equipment, and then we also need to get the utilization of the whole hydrogen network up. There are several hydrogen stations today, but many of them is not used very much. We need to get a good utilization of the equipment to be able to cut the cost also. With the technology and the history we have, we are on a really good journey to achieve diesel parity before 2025. As Jon said earlier, simplicity is key in what we do in our business. This also goes for the products we have in our fueling divisions. They may be really complex inside, but they have to be easy to use for our customers. We joke a little about that many of us here comes from the land of LEGO, and we have grown up with LEGO when we were kids. It has to be the same with our products. It has to be standardized modules that is easy to fit together, and you know that they fit together when you get to site. This also means that all the products, they are type approved. We know already when they leave the factory that they fulfill the different codes and standards for the markets we operate in. The products also come with a full set of documentation, so they are ready and easy to get through a permitting process. We have spent a lot of time on this here, and I think we have come far. We are not perfect yet, but we are really working hard on it to become it. Most of our experience has started out in the light-duty segment. This is fueling passenger cars. The light-duty segment is currently the most standardized segment in the whole hydrogen mobility. This means no matter what type of car you have, and no matter where you are in the world, how the fueling station is interacting with the vehicle is exactly the same. You don't have to mess with many different adapters on how to fuel the cars. When we fuel a car, we typically fuel five kilo of hydrogen into the vehicle in three to four minutes. This gives a driver a range of roughly 600 km. If you were to get the same range with a battery car, and you want to fuel it in the same time, then you actually need to charge the battery car with 1,200 kW. 1,200 kW, that's a really, really big power cable you need to run out to those charging points if you try to compare that to what you have in your own households at home. When you use hydrogen, the fueling stations only needs a power cable that is less than 100 kW. It's a substantially smaller electrical grid you need to build out for this infrastructure. This may be a little too technical and little too much internal focus, let's try to take a more practical example. I'm sure there's many people here in the audience who have experience with driving battery cars. Some of the more fancy brands say that they can charge the car with 350 kW. I think most people who have tried it in real life, they are actually happy if they get 150 kW. What we are doing in the hydrogen business is equivalent to charging the car with 1,200 kW, almost 10 x amount of energy we move in per second to the vehicle. This is also important to say, this is actually the average from an empty tank to a full tank, where I think many of those who have tried battery cars, they are peaking somewhere in the middle, but they are not charging with 350 kW from empty to full battery. That's a big difference between the two technologies. If you go into the heavy-duty segment, the difference is just extrapolated even more. We aim at dispensing 100 kg of hydrogen in 10-15 minutes. This will give a big Class eight truck a range of 1,000 km. The grid connection we need for the fueling stations to do this here is a 300 kW grid connection. It's a sizable grid connection, but still not crazy big. If you were to get the same range on a battery truck to get 1,000 km and charge it in 10-15 minutes, you would need an 8,000 kW grid connection. It's really a big electrical cable you need to charge a truck in that way. Try to imagine the different truck stops where it's not only one truck, but there's multiple trucks that need to be fueled or charged simultaneously. The grid will not be able to support such an infrastructure. Let's see some of the benefits of this hyper-fast fueling. If you take all the 70-some thousand taxis that there are in New York, if they are to run on battery, then you need 180 basketball courts filled up with electrical chargers to be able to keep that fleet running. If you do the same with battery, you only need 12 basketball courts. This is the same as if they were running on diesel. In many of the cities where footprint comes at a premium, you need much less space, and also the operator is able to get some throughput and make revenue on the equipment. If you are to make a couple of conclusions on this slide and also the previous slide, hydrogen, it's really a clean and efficient fuel to use in the vehicle, particularly in the bigger segment where you would use diesel. Secondly, it solves a lot of the infrastructure problem also. We can take the renewable energy, we can store it for when we need it, and then we can fill it into the vehicles. We don't need to build out a really crazy big electrical grid to support such infrastructure. We have our factory for the fueling products in Herning in Denmark. We have a capacity for 300 stations per year. If we build 300 stations per year and we put them out in the field, those 300 stations would be able to serve around what? 200,000 new vehicles being put on the road or 2,500 trucks. To put this a little into perspective, if you give and take all the car manufacturers, they are producing close to 100 million cars every year. Currently, there is 1.4 billion cars on the roads all over the world. We may need to put up a few more factories before we have converted all the diesel vehicles into hydrogen vehicles. We started out as a small company. The first installations we did was in Denmark, then we expanded to other places in Scandinavia and to other places in Europe. Over the last few years, it has also been really important for us to get into the California market in the U.S. and the Korean market in Asia, because the deployment of hydrogen cars is significantly higher in those two regions. We need to be and put our infrastructure in where the cars are also deployed. This is also our strategy going forward. We will continue to build infrastructure and build sales organization in the markets where the car OEMs are bringing the vehicles. Let's take a deep dive into our unique fueling solutions. I'm actually excited now. We have put a small video together where you'll be able to see how our fueling technology is working and how we deploy it out in the field. Please sit back and enjoy. Okay. I hope this gave a good introduction of what we're doing. What we cover in the fueling divisions is basically the full value chain. We have our own development team that develops the standardized products we have here. We have a dedicated sales team who know the fueling customers quite well, and how to help the customers. We handle procurement and logistics, as everything we build is built to order. We have a lean production line set up based on the same principles as Erik went through a little earlier on the electrolyzer. We have installation and commissioning team that helps the customers to both install and commissioning the equipment. We also have a service and after sales support that helps the customer once the stations are put in operation. During the entire process here, very often, our customers, they handle the local permitting. They also handle the local civil work because they know the municipalities, and they know the local contractors much better than we do. We try with this here to basically hold the customer in the hand all the way through the process. Once the station is put in the field, all the stations are connected to the Nel Cloud. This means we have remote monitoring of all the stations. If there are failures, if there are alarms, we are able to see that in our back office in fueling. We're also able to log on to the station, do remote troubleshooting, and if necessary, we can dispatch a service technician to the site. Why do customers buy fueling stations from us? There are several different reasons. We have our own in-house technology. We have our own hydrogen compressor, we have our own cooling system, and we have our own the whole system design, and the safety approach that's also developed internally at Nel. I showed earlier, we have the full value chain, so we help the customer all the way through the process. We also have our own operation and maintenance organization in all the key markets that we serve. The products are standardized. They are certified at the factory. That's also a unique selling point for us. It's also important for many of the customers as they expect this market here to really grow big, that we also have one of the largest capacities in the world for fueling stations. We are going to scale the technology quite a bit over the next few years. I would like to take you through what we're doing here. If you start to take a look at how many stations are we deploying in the field. In 2022, we expect to have 5 x as many stations as we had in 2015. If you then take a look at how much hydrogen are we actually dispensing for those stations. In 2022, we have dispensed 400 times more fuel than what we had in 2015. This is super important because right now, the utilization of the stations is actually increasing a lot. This is because you can see the market is now going from an early demonstration market into a real commercial market. It's not only us hydrogen hippies anymore that is driving the cars. It's also real business that is relying on hydrogen, where they need to fuel cars simply to make revenue and generate turnover. This is great, I think, for the whole industry that this is happening now. With a high utilization of the station, we also get more learnings. Nel, and for that sake, also all of our competitors, we are still struggling with that the technology somehow is immature. There are failures. There are alarms that need to be dealt with. As mentioned earlier, all our stations are connected to the Nel Cloud, so through Internet of Things and big data, we are able to pull a lot of learnings back from the field. We can work systematically with those data to make the next products and existing products better and better and better. This goes for the quality of the product, but it also goes for the cost and operation of the product, so we can bring the cost down. This is important for us to reach the fossil parity. I would like to show you a little into the evolution we have had on the stations over the past 10 or more years. We did the first fueling stations back in 2004, 2008. Those were really small stations at low pressure and low capacity. In 2010, we put the first benchmark in. That was when we did the first 700 bar fueling of hydrogen vehicles. If we look at those stations back in 2010 and say the CapEx price per kilo of hydrogen we actually can dispense on those stations, if you put that at an index 100, then we have worked on technology, we have worked on continuous improvement. We have taken out several patents on this here, and we are currently now at an index level of between 10 and 20, a little depending on what product range we'll be looking at. This journey here will continue. We'll continue to put new technologies in. We'll continue to work with our suppliers to drive costs down. With this here, this is the journey for us to reach fossil parity in 2025. We are also going to scale up the throughput and how we are using the stations. If you take the car market that we discussed a little, there we typically dispense five kilo in five minutes. That we have done for the past 10 years or more. In the last two, three years, we have started on the bus segment, where we dispensed 20 kilo to 30 kilo. We are right now touching the early heavy-duty market with trucks. We are right now also working on the real deal for the real heavy duty, where we're going to dispense 100 kilo in 10 minutes. With 100 kilo in 10 minutes, the flow of hydrogen that need to go into the vehicle will be 10 x higher than what we are used to do in the car segment. We are also working with the industry. It has to be the same way for the heavy-duty segment, that no matter where you are in the world, no matter what kind of vehicle you have, it has to be the same way that the fueling station and the vehicles are working together. The heavy-duty challenge here is big. We have done it before, and I would like to take you through some of the history. This is basically the same history that we just need to continue and move on forward. If you go back to 2004, we did some fueling station. There it had a daily capacity of 10 kilo per day and 0.02 kilo per minute, so really, really low capacity. At that time, our focus was actually more spent on building the vehicles, and then we had also to find a way to fuel them, so that was why we were building those fueling stations. In 2008, the capacity had gone up to 50 kilo per day, and half a kilo per minute. A little more capacity in the stations. If you take a look at the picture here, the blue car was actually a battery car, where we remodeled the car by taking the battery out and putting a hydrogen tank and the fuel cell in. I think this experience here, that in both of those examples here have engineers still that has been part of making vehicles, is actually an important learning for how we get the vehicles and the fueling stations to work together. If you go to 2018, we were up to 200 kilo per day and one kilo per minute. When we can dispense 200 kilo per day, then we are able to dispense 50 to 70 cars per day per dispenser. When you dispense 50 to 70 car per day, then it's more or less equivalent to a standard gasoline dispenser. This station here is one of the stations where we have delivered, in total, 14 stations to seven sites in San Francisco and Sacramento on downtown prime locations in those cities. In the latest one is here in 2020, where we have this station that is under commissioning. Here we're able to dispense 1,000 kilo per day, 2 kilos per minute. This station is located in Los Angeles and is going to be used for some early heavy-duty truck fueling. If you look at our business, we have been doing hydrogen for more than 15 years in the fueling division. Even though we have 15 years of experience, the market has just started. The market is expected to grow more than 30% per year from 2020 to 2030. If we are to save the planet and put a little more in bigger perspective, we have two decades where we need to replace all the diesel dispensers all over the world. From 2025 to 2050, we need to replace all diesel dispensers. This goes for cars, buses, trucks, construction equipment, everything. If you drive around in the public, this is all the public stations you will see, typically gas stations, but it's also all the private stations that is located at bus depots, at construction site, and so on. Everything need to be replaced over more or less two decades. If you try to sum this here up, our Fueling Division in a nutshell is we have our own in-house technology. We have 110 station, either delivered or in the pipeline. Even though it's a big number, we are only still scratching the surface. We have the world's largest capacity for building fueling stations. We have the full value chain where we help the customer all the way through the process. If you sum it up, hydrogen, that's really a nice and efficient green fuel to replace diesel in this whole electrification of the transport segment. I think in Nel, we are really well-positioned right now where we're right at the border where we go from a demonstration market into a real commercial market. I hope you enjoyed the presentation and got a little more insight in what we're doing in the Fueling Division. Thank you very much for listening in, and I'll put the word back to you, Leila. Thank you, Jørn. Now it's time for a short break. Please stretch your legs, top up your coffee, and be sure to join us again in 15 minutes. [Break] I hope you're back here with us refreshed and ready for more Nel. Up next, I'm pleased to invite our guest speaker, Executive Officer of Iwatani Corporation and a Chairman and the CEO of Iwatani Corporation of America, Joseph S. Cappello. Good morning. My name is Joe Cappello. I very much appreciate the opportunity that the Nel team has given us to participate in this Investor Day conference. While I wish I could have joined the program in person, I hope you will find the information shared today just as informative. My role at Iwatani is twofold. I'm an Executive Officer of Iwatani Corporation, the parent. I'm also responsible for leading a team of professionals committed to expanding Iwatani Corporation of America's U.S. platform. The brief presentation today will illustrate how Nel is helping us accomplish this goal. Over the course of the next few slides, I will give a brief corporate overview of Iwatani. Since today's conference is largely focused on hydrogen, I will explain how Iwatani is participating in helping industries and markets transition to the hydrogen economy. Based upon many years of experience, the company made the strategic decision to leverage its experience in certain geographic locations outside of Japan. Today, you will hear about Iwatani's expansion in the U.S. Finally, I will wrap up with how Nel is helping Iwatani achieve its objective to help decarbonize transportation markets in the U.S. This year, Iwatani Corporation will celebrate its 91st anniversary. In fiscal year 2020, our company generated $6.6 billion. We have nearly 10,000 highly committed employees serving mainly in Japan, but our base is rapidly expanding in China, Southeast Asia, and the U.S. Iwatani has four key businesses listed here on the chart. As you can see, almost three-quarters of our sales are derived from the energy and industrial gas segments. LNG, LPG, and butane are the key products imported, produced, and distributed throughout Japan, along with a host of downstream consumer products and services to support customers. Iwatani also has a fully integrated industrial gases business that produces and distributes oxygen, nitrogen, argon, hydrogen, and helium, along with electronic and specialty gases. The materials businesses manufacture and sell very innovative intermediate products that are integrated into a host of technology sectors, including the mobility markets. Lastly, Iwatani has an agribusiness division that includes a diverse portfolio of food products and an innovation team focused on bringing automation technology to the farming industry. Drilling deeper into Iwatani's hydrogen business, I would like to point out a few key items. First, Iwatani is Japan's largest vertically integrated hydrogen company. Since 2004, Iwatani's market share has doubled. Hydrogen production capacity has increased significantly over this period of time as well. Iwatani is Japan's only supplier of liquid hydrogen, which offers significant transportation and storage efficiencies. Compressed gas filling and distribution is an equally important component of our business. While the fuel cell market has vast potential in our view, we serve a very diverse set of end markets, including the glass, metals, semiconductor, and space industries. Of particular attention to our company is to enable customers to meet their CO2 reduction targets by converting from using equipment traditionally powered by combustion engines to fuel cell powered equipment. Iwatani will continue to do this in the coming years by investing to expand the hydrogen infrastructure necessary to support the fueling of this equipment. This includes a full range of support in transportation markets and light duty equipment sectors. Iwatani was an early market entrant into the hydrogen station development arena. Substantial investments have been made to grow Iwatani's fueling station network for light duty and buses to 53 stations, and many more are on the way. This was the basis for our company's expansion into the U.S. Iwatani is also involved in a number of major projects, including the Latrobe project in Australia, which is a carbon capture and sequestration project to produce hydrogen for export. Iwatani is engaged in the Fukushima Green Hydrogen Project that produces renewable power and generates hydrogen via electrolyzers. California is following in Japan and Europe's footsteps and has stepped out far ahead of other states in the U.S. with major financial commitments to support zero emission vehicle adoption. With the new political administration transition taking place this week in the Washington, D.C., many expect to see a strong shift in support for renewable energies, which bodes well for broader hydrogen adoption. Recently, the state of California approved and announced a $115 million hydrogen fueling infrastructure plan to support the build-out of hydrogen fueling stations over the next three to four years. Iwatani was one of three companies to receive grant funding commitments, and we intend to construct 12 new hydrogen stations as part of this program. California's goal is to have 200 fueling stations commissioned and open to the retail public by 2025. As of December last year, there were 45 hydrogen fueling stations operating. You can see there is a lot of infrastructure to be constructed in the next few years to close the gap between 45 and 200. Besides light duty, there are also plans to build out medium and heavy duty hydrogen fueling networks over the next 10 years. We see significant opportunity for further hydrogen infrastructure investment in the coming years across the U.S. With California's economy being equivalent to roughly the size of the fifth largest in the world, and the state's strong commitment to the adoption of zero emission transportation, we think it is a very good place to launch our U.S. hydrogen business. Iwatani has come a long way in less than two years. By leveraging our company's experience in Japan, our U.S. business was able to acquire four hydrogen stations that had been originally constructed by Linde. One of these stations included California's first retail hydrogen station. Since 2019, we have been busy coming up the learning curve in this dynamic environment. We have made steady progress towards our number one priority, which is to build a world-class team. We're also very fortunate to secure wins to build seven new hydrogen stations without state funding, in addition to the 12 stations I mentioned earlier. Beyond this, we have plans to expand to other light, medium, and heavy duty markets as well. Key is to become vertically integrated, as we are in Japan, and not simply be the middleman. Relying on government subsidies will not build a sustainable, solid business, in our opinion. Being involved upstream through the downstream will allow us to create a unique value proposition for our customer base and allow us to focus on every element of the value chain. Stay tuned for more on this subject down the road. Finally, the part about Nel. In late 2020, Iwatani and Toyota announced a collaboration to build seven new hydrogen stations in Southern California. This is in support of Toyota's launch of its second generation Mirai. One of the key success factors for the launch is to have the new stations built in record-breaking time, during a pandemic, no less. To accomplish this tall order, Iwatani needed a capable and strong technology partner that would rise to the challenge and prepare a value proposition that could meet our objectives. The Nel team responded like champs, and I would like to again thank the entire Nel team that worked many weeks through many nights to develop, design, and close a deal with a credible plan to build all the hydrogen station equipment with its latest generation technology for our seven new stations. We set the bar very high as it relates to safety, customer experience, reliability, schedule, and of course, cost. The Nel organization responded with solutions that gave us a high degree of confidence that we can achieve our goal, and as a result, they were awarded the project. 2021 is a critical year for our respective teams. All eyes are on us, and counting on us to execute each project and commission each station safely, on time, and on budget. We appreciate all of Nel's support and look forward to continuing to explore more collaboration opportunities in the future. Thank you for allowing me time today to share what's going on at Iwatani, and I wish for all of you and your families to remain safe and healthy during these times. Thank you. Thanks very much, Joseph. Next up, I'm pleased to introduce Nel's Chief Technology Officer, Anders Søreng. Anders, who has recently returned to Norway after a period living in the U.S., will, as the title suggests, be giving us a look at Nel's technology and how it's developing. In addition to that, however, he will also give us further insight into two other focus areas for Nel. Mainly, the importance of safety and how we approach it, as well as Nel's business system, which Anders has had the leading role in developing. Anders, over to you. Thank you for your kind introduction, Leila. During this session today, I will present our future platforms for the next generation technologies. You have earlier heard Erik, Filip, and Jørn presenting all the exciting plans we have for the visions currently and in the coming few years. I will focus on what is the corporate technology responsibilities to support enabling on Nel's future business plans. This includes development of products and technology components. In addition to the traditional technology responsibilities, corporate technology is also leading across Nel programs for safety and our business system, both being instrumental for Nel to achieve our target of having a leading position within industry in the years to come. Safety is our priority number one in Nel. Our safety approach includes all participants in our value chain, from suppliers through our employees, and finally, customers and communities our products will serve. Safety is something we all should be committed to through the way we are working, and something we want to do and not have to do. With this, we mean that we all have responsibility for people and product safety. Now I will draw the attention to the nice sketch on the right-hand side of the slide. We should all be following codes and standards related to products, workplace, and stakeholder safety. As I said before, we should do this because we want to, and not because we are told so. In this respect, we have been able to create a culture where we all are safety leaders. What differentiates Nel from the rest? Well, one factor is our Nel business system. In addition to establishing and developing management system across Nel, we are also firm believers that our business system, together with our brand program, are instrumental for Nel's identity and growth potential. Our business system guides us to walk in the same direction, applying the same pathway and language. This will result in increased sustainability for our performance within safety, quality, and productivity. We are sure that through this will increase Nel's competitiveness. We will launch our business system this year as a part of our employee value program. If you now have a look at the illustration of our business system at the right-hand side of the slide, our main focus is our customers and helping them to be successful in the green energy transition of the world. Our priority in this respect is our people, our employees, and how we all are utilizing technology and processes to create a continuous improvement culture to again create stability and predictability of performance to the best for our customers. The foundation for this is to never compromise on health, safe environment, quality, and work ethics, our principles, and values. We know that our business system is instrumental for the further development of Nel, targeting to be the leader within the industry. Our technology strategy is built to hire them to play an important role in world's transition to green energy solutions. As I said in introduction, corporate technology's main role is to support Nel's future business plans. We also know that if Nel is successful, also you as suppliers, customers, and investors will be successful in your endeavors. In this respect, our strategy is to ensure we have the right organization and facilities to identify and drive these activities. Think modular designs to capture low-cost solutions, deploy robust and predictable innovations to the market to reduce the financial risk based upon technical developments, to focus on both CapEx and OpEx reductions to the best for the end customer's total cost of ownership, in short, TCO. Finally, understand you as customers and represent in the market when it comes to what is needed, so we, in a timely manner, can introduce technologies with predictable performance and lifetimes. Our strategy is executed following a standardized project model that is founded on facts and figures-based knowledge through the main phases of development, prototype, and installation. If you now have a look at the purple arrows on the slide, we prioritize to do front-loading of risk assessments during project execution, and this, in combination with product feedback from the field, are key for deploying robust and predictable products to the marketplace. The corporate technology team is located at the main sites for alkaline, PEM and fueling business areas. Our key asset in Nel is our employees. We have approximately 40 technologists that are working closely with all our other engineers in the business units, totaling this to be more than 100 people. We have a strategy of combining educational and experience-based competencies, and I can mention that we have approximately 20% PhDs in our team. As you can understand, Nel invests heavily in technology-enabling activities, and we have a budget for future technology roadmaps that represents approximately 10%-12% net investment on Nel's turnover. Also here on the right-hand side of the slide, you can see a list of some of the core competencies of our team. How do we manage all the knowledge we are developing through our technology activities? In Nel, we have a well-developed patent strategy with the main purpose of protecting Nel's intellectual properties. The goal of the strategy is to secure, create, and protect financial values for the company, in addition to protect and strengthen Nel's position in the market. On that note, starting from the left-hand side of the slide, the diagram shows that patents are filed in parts of the market that are the most important for Nel. Moving to the right, the center pie chart shows, and this should not come as a surprise to you, that most patents are filed in the cost reduction and reliability-enabling IP areas. Finally, the right-hand side pie chart shows almost equal distribution of patents within the three technology platforms, alkaline, PEM, and fueling. I can also mention that Nel has more than 100 active current patents. A well-developed laboratory infrastructure is key for high-quality technology developments. This is an important add-on to the knowledge pool and the way of working. Nel has the longest history, or you can say, the most experience of technology and product developments within the industry. This gives Nel an unparalleled test experience, and we continue to invest in laboratory capabilities for micro to full-scale product testing, giving our customers a fully verified and validated new developments. Also important is our partners. They complement our test capabilities with even more advanced tests. This range of partners includes top universities, research centers, and companies. All of this is important for Nel to provide our customers with predictable products, meeting requirements for operational performance. I will now move into sharing some more details related to our technology roadmaps, starting with the electrolyzer part of our business. In Nel, we combine a systematic approach to innovation processes and market intelligence. This is to guide us in creating leading technology roadmaps. In addition to follow our technology strategy, we also continuously improve our compliance to how our products, work processes, and partners contribute to sustainable developments. In short, ESG. Kjell Christian, we share more about this topic with you later in the program today. We also proactively work with strong partners through joint development and/or acquisitions of early-stage technology companies. Our two electrolyzer technology groups are located in Northern U.S. for alkaline and PEM-based research activities, respectively. We have split focus on developing new product platforms and improving existing ones by enabling step change improvements or components in the product. I will come back to you giving examples of new product developments being a pressurized alkaline electrolyzer product and a high-capacity PEM product. I'm now focusing a little bit more on what is the common research areas in our technology roadmaps between Norway and the U.S. Firstly, to improve efficiency and reduce material cost by optimization on the electrode configurations. Secondly, development of advanced manufacturing capabilities, meeting future increased volume demands, and improving product quality and cost. Further, develop and execute test protocols that predicts lifetime performance in the laboratory before field deployment. This is what we call accelerated test protocols. Finally, using simulation software, so-called digital twins, to predict product and component performance and characteristics in early phases of development. These roadmaps follow our technology strategy, and we strongly believe will enable Nel's future business plan, positioning Nel as a leader globally. Green hydrogen production can only happen through integration with renewable energy sources as wind, solar, and hydropower. Here we work with strong partners within renewable industry to ensure efficient system integration and operations. Key focus areas in this respect are Remote process monitoring and control systems, optimized operations to accommodate low-cost power in balance with off-take needs. Finally, develop optimized power conversion designed for lowest system total cost of ownership, or TCO again. Nel is the only company with both alkaline and PEM technologies at scale, and we see it as a strong competitive advantage. By our deep understanding of both technologies, we cross-transfer strong points of each to develop both alkaline and PEM products for the future and with equal priority. Starting with the open circles on the slide, currently, the alkaline platform has the lowest cost, the highest efficiency, and has the highest potential for large-scale deployments. With PEM, has the highest dynamic response. Moving over to the black circles, represent next-generation advanced product platforms and is a part of our technology roadmap. As can be seen by the target to bring both platforms up to the same level of performance by cross-transfer of knowledge. This will give us products that meet the market requirements for lowest operational and capital cost, suitable for dynamic operations, and designed for large-scale installations. In parallel, we at Nel actively follow potential new disruptive technologies. Examples here can be anion exchange membrane and the solid oxide technology platforms. This is to position Nel well for the next 10 to 20 years time horizon. Far, we have been talking about strategy and roadmap plans. I would now also give you some more insight into achievements that has been instrumental for Nel to have the position we have in the industry today. For both the alkaline and the PEM product platforms, we have our own unique electrode development and fabrication. This facilitates amongst the lowest operational and capital cost levels within the industry. In addition, having this knowledge position Nel to also maintain its leadership position in the future through advanced technology roadmaps for scaling up electrode manufacturing due to increased volume demands and increased capacity products for large-scale deployments. Finally, it gives us a unique position to work with the supplier industry that we strongly believe will play an increasingly important role in the growth of the industry. Another important achievement is that we also develop our own cell stack designs as well as manufacturing capabilities of such. One good example is what Erik has already shared with you earlier in this session. A result of this strategy is that Nel cell stacks, which is the heart of the hydrogen production, have amongst the most reliable performance in the industry. Focusing on the manufacturing part of the cell stacks, we have in-house patented catalyst formulation and deposition processes. We have process know-how for consistent production, expertise and infrastructure for electrode deposition, and in-house instrumentation for high quality control. In-house capability for development and production of catalyst electrodes. Nel has the longest history of electrolyzer products in the field, and the combination of our technical knowledge together with field data from decades' operational performance have resulted in patented system designs exhibiting amongst the lowest cost and most safe products. In Nel, we do not compromise on product safety, and we have built in several layers of protection within our systems. The latter has also been certified through third parties. As also Filip presented for you earlier today, we've just recently launched a low-cost, large-capacity cell stack that can produce half a metric ton of hydrogen per day. This stack has undergone rigorous testing to meet Nel's reputation of long lifetime durability performance. The size of the cell stack is maximized based upon what the current supply industry is able to deliver. We are continuously working with the suppliers to grow the stack size even bigger. I also would like to share with you an exciting product development activity we are working on, but it's still work in progress. As I mentioned before, to have both PEM and alkaline technologies in our portfolio is an advantage for Nel. The understanding of the pressurized PEM system has led us to a unique pressurized alkaline product development activity. The design is unparalleled by integrating the cell stacks into a pressure vessel. This design facilitates a safe product in addition to meeting low-cost operations and manufacturing through automated production lines. The pressure vessel also facilitates no requirement for building as well as thermal insulation to minimize heat losses and improve energy efficiency. As I said, it's still a product in development. Enough about electrolyzer technology strategy and roadmaps. What about our fueling technology developments? Following a similar technology strategy as for the electrolyzer developments, the fueling technology roadmaps target both product and component developments. As you know, Nel has vast experience and knowledge in developing and deploying fueling stations for a light-duty vehicle segment. To further develop our product platform, we are currently working on development of a heavy-duty station product. On the component side, we are also working on next generation of fueling components with significantly less maintenance-demanding characteristics, reduced cost, and improved bankability. Similar as for the electrolyzer group, we are also working on accelerated test protocols and digital twin activities to improve our station's uptime capabilities and predictable product performance. As I said, we are now working on development of a heavy-duty station product platform that requires significantly higher fueling rates in parallel to accommodate similar short fueling times as for the light-duty products. With a deep understanding and experience Nel has from the current light-duty station products in the field, we are well-positioned in a short timeframe to develop and launch this new product platform that would generate significant new business for Nel. Nel's competitive advantages in this respect are building on knowledge from light-duty station products for further development on the cooling system, the compressor, and finally, the station platform concept. We are following best practice for product development by starting with prototype testing to quality assure the product design. We are doing pilot test to confirm a robust process design, and we are doing zero series validation runs to verify both the product and the process designs before we're entering into series production. Finally, we are developing standardized interfaces between the fueling station and vehicle. Some accomplished success stories. Our dispenser is, to our knowledge, the most compact hydrogen dispenser in the industry, 1/3 of the size of the gasoline dispenser. It has an advanced control system for safe, fast, and complete fueling. It can be placed next to gasoline dispensers and share fueling lanes. It has a flexible placement, meaning there's no requirement for any underground heat exchanger. We have developed a standard payment system to connect to region-specific codes and standards. Finally, we have accomplished third-party approvals in relation to CE, UL, and SAE. One of the key process steps in a fueling station is how we compress gas to the targeted output pressure, the compressor. Nel has developed its own compressor that was introduced after a five-year technology effort. It has a patented diaphragm technology designed for fueling purposes like high-intensity start/stop capabilities, and it is among the most energy-efficient compressors in the industry. Moving from light-duty to heavy-duty fueling stations, the requirement of being able to have sufficient cooling capacity increases. Nel's current cooling system facilitates further development of such requirements. Our current system, as you can see here, has a patented CO2 cooling process and among the most energy-efficient in the industry. Not to forget that it's most probably the only hydrogen cooling system designed for minimal global warming impact, verified by being compliant to European and U.S. 2020 and beyond regulations. This concludes my session today, and what you have heard is some of the main reasons for why Nel is amongst the leaders in the industry today, as well as how we want to maintain this position in a fast-growing hydrogen industry. Ladies and gentlemen, thank you for attention, and Leila, I give the word back to you. Thank you very much, Anders. The last, but certainly not least person I have the pleasure of introducing today is our Chief Financial Officer, Kjell Christian Bjørnsen. Kjell Christian joined our team last March and has quickly become an integral person in leading the company forward. With a prestigious background of key positions in several global industrial companies, Kjell Christian brings with him a wealth of knowledge and a passion for sustainable financial development. Kjell Christian, the floor is yours. Thank you, Leila. I will be going through some key points on the results of what you've heard earlier today. All of these activities sum up in the financials and also in the environmental footprint. The more typical financial report will come when we present our quarter four in about a month's time. We need to have a strong financial position, and that's a cornerstone of our whole financial strategy. Customers need to know that we are there not only to sign up for the project, but also to build it and to be there for the warranty period, but with spare parts in 10 years. Therefore, we need to have a solid financial platform. A lot of you have asked us for guidance, for targets, for some clarity about when we will be earning money. We will not be giving that now. The reason for that is twofold. First of all, there's a lot of uncertainty in this industry, and secondly, we also see that hinging ourselves on a target too early might not be the best for driving long-term value. We will, as a management team, focus on the long-term shareholder value on an everyday basis. On the financing side, we have so far gone with equity financing, again, driven by the maturity of this industry. It's a scale-up industry. There's lots of technology risk and commercialization risk. We may continue with that for some time, but we'll, of course, look at other sources of financing, including debt, when the industry is becoming more mature and when we're past the scale-up time. As I said, we will shortly be coming out with the quarter four financials. This slide is soon outdated. I still want to make two points on the financials. First, the EBITDA is negative. We are losing money, and we have been saying for the last couple of quarters that we expect our cost side to grow more rapidly than the revenue side for some time still. That is something we reiterate today. The other part, which is sometimes a bit confusing, is that our financial cost and income side. This is driven to a very large extent by mark-to-market adjustment on partly owned companies or companies where we have a small shareholding. We have given a very detailed note on this in our financial statements, so it should be easy for you all to already now calculate what effect will be in quarter four. All of that is publicly available information that you can just fill in your spreadsheets. As I said, we need to be financially strong. We have a lot of cash on our balance sheet. We have about two and a half billion at the end of quarter three, and we raised NOK 2.3 billion last year. All that cash is required to do all the activities we talked about earlier today. Again, building our organization, doing physical investments in technology, where we capitalize developments on new technology platforms or major breakthrough technologies. Also, both on the organization side, but also on the commitment side, when we go from basically small product sales to larger project sales, that drives a need to have a robust balance sheet. Of course, this is a highly competitive industry. A lot of attention is now on hydrogen. We see that there is a significant pressure on pricing and terms in all our contract negotiations, and we do see that the prices we need to offer today need to be based on the cost position we will be having when we actually deliver the product. Today, we have talked about the pipeline. That is not the norm. We take a lot of pride in actually having solid figures in an industry which is still young and where there's a lot of hope and big ambitions. We believe in hard figures as a backlog where we have price, volume, timing, and terms fixed, and this is a figure we will continue to report on. The one key point about this is, again, as we go from smaller sales to larger sales, the timing from the initial contact until we have a contract is getting longer and longer, and also the timing from assigned contract to actual delivery might also be a bit longer than it has been earlier. This leads to the order intake and therefore the backlog becoming a bit more bumpy. We might see some quarters with large contracts, and then we might see some quarters where there is limited order intake. Please look at the long-term trend when you assess this in the future. We have been very busy saving the world. We have a vision that we should be empowering the generation with clean energy, and that has been driving us and driving all our priorities. We are coming back and saying that we actually should report on all the good things we do, also in terms of sustainability reporting. As part of the annual report for this year, we will be including a sustainability section where we follow all the normal frameworks, GRI standard, also reporting on certain key KPIs and the UN Sustainable Development Goals. Another sustainability-related topic is the EU framework for sustainable business, the EU taxonomy. This framework is important and will be important driver for the whole industry. It is still in the final stages of being implemented, so we need to iron out all the details, but what I will say is two things. First of all, when it comes to our own activities, we really see that we should be able to fit a lot, if not all of that, within the framework. We have a positive outlook on our own activities inside our own building, but even more importantly, our customers that buy our product really should be in the middle of this framework. What we sell is what this framework should be driving forward. We hope that this will help our customers get access to good funding at attractive rates, helping to drive the hydrogen industry forward. To summarize, we have been through a lot. We have been through a lot of activities that Anders has talked about on technology, that Erik has been talked about on building capacity, and that sums up to a lot of investments. In the end, on the other hand, we will get a scalable platform that we can keep adding capacity to. First of all, we will be accelerating investments all across of Nel in organization, technology, and partnerships to help sustain and develop our leading position. Second, as Anders talked to, we not only will invest in equal terms on the alkaline and PEM platform, but also take the huge multi-year investment on driving the heavy duty platform on fueling, which is a key component for driving that part of our business forward. Finally, again, to reiterate, we need to be a strong partner to develop on and have a strong balance sheet so that we can support the big projects that we see coming forward. In totality, we will get scalability out the other end. We will build the basis for having billions of NOK in revenues over time. That requires us to take a lot of investments now in this year. We will be adding more than 100 employees. We are planning to develop about 25% of all the capital we raised last year in investments, both in the facilities at Herøya and elsewhere, but also in the technology programs that Anders talked about. We will be ready to add capacity as required by the market, when the market needs to be, where the market needs to be, in which part of the business it needs to be. That is what we are aiming for. Of course, all the new people, all the investments, will lead to a significantly negative EBITDA in 2021. We believe that is the right step for the long-term value creation. We have a wide and active shareholder base and a good analyst following. We would have loved to have you with us today, but we definitely look forward to continue to be in close contact with you in 2021 and the years to come, and I look forward to ramping up my team to help support that interaction so that we can serve you even better. With that, I give it back to Leila. Thank you very much, Kjell Christian. We are nearing the end of our program today, and I'm sure have left you with a lot of food for thought. To round us off, I will hand the floor once more to Nel CEO, Jon André, for a brief summary and a look to the future. Jon, back to you. Wonderful. Thank you very much, Leila. Thank you. Thank you very much. It's been a long day. A lot of interesting topics. Kjell Christian took you through a lot of the details, the numbers, and the outlook for 2021. I will try to give you more high level key milestones and targets that you can monitor in the years to come, 2020 versus 2025. This also will express our ambition and should also set the pace for the development of the company. Before we go into that, we still focus on the same main six targets in our quest to become this rapidly growing billion NOK company. We still focus very much on being world-class on safety. We still focus very hard on maintaining our cost leadership. We are pushing, as you have seen many examples of today, to remain a technology front-runner, addressing improvements on both CapEx and OpEx and other unique selling points. We still want to remain and improve our position as a preferred partner, be trustworthy and be able to offer unique set of products and services. We continue to ensure that we have a strong financing, as Kjell Christian just covered. Last but not least, we are working on developing our global presence, basically being able to offer our products and services in the various relevant markets. We've added one additional element to the mix, namely the word scalability. You've actually heard it being covered a number of times today. That is what we need to now focus increasingly on as we build our business. Scalability in the way that we design our products so that we can produce them, scalability in the production process that we set up, and scalability in the way that we build our organization and build our capabilities. Scalability is basically the added ingredient, which is now part of the total mix. In next three slides, I'll try to give you some additional high-level milestones and targets so that you can monitor that in the years to come. Let me take you through some of these main elements. In terms of world-class safety, the first target obviously, it goes without saying, basically. We still continue to want to have a strong focus on HSEQ, health, safety, environment, and quality. Safety and quality goes hand in hand. On top of that, we want to be recognized as a safety leader in the industry. We really want to set the standard for safety going forward. In terms of scalability and cost leadership, we will continue to expand our fueling station production capacity and align that with the market development. We target to have multi-gigawatt production capacity on alkaline, and we target to have multi-hundred megawatt capacity on PEM. As we talked about earlier today, we also launched our target for green renewable hydrogen, which would cost around $1.5 per kilo in 2025 if you use a large-scale Nel system. To be the technology frontrunner, obviously relates to CapEx and OpEx, but also a number of other unique selling points, so we can't forget all the other elements. We have the ambition to remain the leader, and number one in relevant areas on fueling stations. We are going to continue to launch new products, and we talked about the heavy duty. We will tailor our product to cater for those applications in an even more attractive way. We will continue to launch new products on electrolyzers, next generation platform electrolyzers, both on PEM and alkaline. We obviously target to strengthen our position as a preferred partner. In terms of strong financing, I think Kjell Christian has covered that very well, but let me naturally underline that we target to also be profitable going forward. We also want to be able to deliver large projects and be able to build projects that are bankable. In terms of our global presence, we most likely will need to expand our capacities outside where we are located today, and most likely that will happen close to where the end customer is, whether it's alkaline, PEM, or on fueling stations. We will need to establish a presence in even more parts of the world, several offices in additional countries and regions going forward. With that, I hope that I've been able to give you some high-level milestones and targets that you can monitor and follow in the years to come. As you can see, and we have also emphasized this earlier today, we have a lot of work to do. With large opportunities, there are also challenges that need to be addressed. We hope that through this Capital Markets Day, that we've been able to elaborate a bit on some of these challenges and how we systematically work to address them, how we currently undertake large investments in product development and technology development, how we significantly grow our organization, both in terms of capacities and capabilities, how we work to scale up our production and to be able to cut costs, and how we set ourselves up to be able to deliver large projects on a global basis. Again, we have a lot of work to do. Summing up and looking at the market development, we have seen 2020 as very encouraging. Hydrogen will become big, maybe as big as wind and solar. Cost of renewables is going down. Cost of equipment is going down. Green renewable hydrogen is set to outcompete fossil hydrogen in the relatively near future. Countrywide and regionwide targets and incentives are in place to accelerate the development. With that, I would like to thank you very much for joining us today. It's been a pleasure to have you as our guest in our first ever Capital Markets Day. Hope it was useful. Hope you like the content. Sorry that you were not able to be here in person. Next time, we should be in the same room. With that, I would like to end on one of my favorite quotes, "Thanks for the ride, dinosaurs. We'll take it from here. Thanks very much, Jon. Now, dear audience, it's your turn. We've gathered up your questions throughout the course of the event, and while, as mentioned, we're not going to have a chance to get through all of them, we're going to try to get through some of the most pressing ones. Bear with us a moment more as we get the stage set up, and please join us again here in five minutes' time so that we can go through some of your questions. Welcome back. We've received quite a few questions around the $1.50 target. Jon, can you address some of the assumptions around that $1.50 target? Yes, I can do that. $1.50 target is an important target because it really is a tipping point when green hydrogen is going to be competitive with fossil. I think one of the key elements is obviously the price of electricity. If you look in the slide, you can actually go back and see some of the assumptions which are in there, which is in the model. Please, for those of you that asked some of these questions, go back to the slide first and see what is there. When it comes to things like cost of electrolyzers, I think we have given quite a lot of hints in the presentation related to that. We're obviously not going to put the prices on our webpage for all of these various pieces, but I think if you read between the lines and look at the way that we are going to address costs in the years to come, I think you can get an idea of what this means. I know there also were some issues related to uptime, utilization, stuff like that. I think you will see if you do the calculation that when you get down to the cost levels that we are talking about here, utilization is going to play a very small role. You can even refer back to the IEA study that was done a few years ago that basically says that if you utilize your electrolyzers more than 3,000, 4,000 hours, you basically are on the complete flat end of the cost curve, so it doesn't really matter so much anymore. There are obviously forces pulling together. Electricity is a big factor. Cost has gone down for renewables. It will continue to go down. It's the homework that we are doing on top of that. Okay. Another question that we have received a few times today, and we tend to get a lot to our investor mail as well. There's a lot of questions around investments and whether Nel will have a dual listing in the U.S.A. Kjell Christian, perhaps you can speak to this. Yes. Thank you for the question. We currently have around 7% U.S. investors, and it swings a bit between 5% and 10%. Currently, we have not seen a need to list elsewhere. We think that the Nel share is easily accessible on a global scale, and that is really where we are at this point in time with that question. Okay. Next question is about our capacity expansion timeline. Should we expect 2 GW capacity already in 2025? I think we in the outlook have actually stated that we do want to have multi-gigawatt capacity by 2025 on alkaline, and we want to have multi-hundred megawatt capacity on PEM. At least that gives an indication. I think we are ready to expand and respond quite quickly to what the market would require. We now spend quite a lot of time setting up the first line. When you have that learning, you can do the next one and the next one faster. I think we will monitor very closely what the market demands. We've tended to be quite slightly ahead of the market, so we typically put capacity in place before the market necessarily is there. We don't want to run too far ahead of the market. I think the 500 MW line is five times last year's market. It's a big expansion, and then we will be ready to add more capacity when we need to. Okay. Further to that question, what is the cost or CapEx of capacity expansion, for example, per new 500 MW line? Kjell Christian, perhaps you can add in there. Good. Yeah. We have already said that the first line will be about EUR 30 million, including all the internal CapEx as well. We expect to learn. As Erik was talking about earlier today, there's a lot of learning in this industry, and that's also back to Jon's point about not expanding too early because we want to take maximum learning before we build the next line. Therefore, what you can expect is that the next line will either give more capacity for the same CapEx, or less CapEx for the same capacity, or even more likely, a combination of the two. In the introduction, Mr. Løkke is presenting an end market of 4,000 GW. If we do some quick math, that would consume 130% of all electricity produced in the world today if operated at 100% capacity. Only 10% of global electricity production is wind and solar. What should we think about this? Well, to decarbonize and do the energy transition is not going to be easy. It will require the implementation of a lot of renewable electricity across the globe. I think my example of the 4,000 GW market, that's the total installed capacity, which is needed to address those two markets. If you look at that from a different angle, if you look at the Hydrogen Council, number of tons per year, or if you look at all the projections when it comes to what it takes to do the energy transition, how much energy, relatively speaking, are we currently having from fossils vis-à-vis what is from renewables, you will see whichever way angle you come at it, you pretty much come to the same numbers. We need to install massive amounts of renewables across the globe in the next number of years. The good thing is that we do have some time between now and 2050, it's not going to be easy. This is going to be very challenging. The basic is installing renewable energy, electrify as much as absolutely possible, and make renewable relevant in new places like CO2-free steel, ammonia, cement, et cetera. Speaking of renewables, what are your thoughts on manufacturers of wind turbines exploring and developing an integrated electrolyzer technology? Will this, in a way, circumvent Nel's products and solutions? No, it will certainly not circumvent. I think it's a nice synergy. We are already involved in a project in Norway, actually, that basically tend looking at integrating electrolyzers into the shaft of the windmill. I think there are many ways of integrating wind and electrolyzers. You need the electrolyzer no matter what. That's the key. We provide that building block. You need the wind turbine no matter what, so that needs to be provided by someone else. Then we need to try to work together to find a way to integrate it. Sometimes it will be only through software controls. Other times it will be even more integrated. These are some of the things that we need to address going forward, and I think it's a synergy, and we will actively work to make our technology more easy for the end customer in combination with, for example, wind. Looking at the fueling station side of things now, what is the CapEx requirement to achieve the 300 hydrogen refueling station capacity? Kjell Christian, maybe you want to answer that. Yeah. That's a capacity we already have. As you saw from the video earlier today, we have a large building space, and we speeded up the speed of the video. We can add more people, operate at more times of the day, and then basically get to that level. It could, of course, be that we would do some modest investments to get some efficiencies out, but we could get the 300 stations through the current buildings in the year. All right. Still on the fueling station side of things, of the 11,000 refueling station opportunity towards 2030, the rollout will probably be back-end loaded. How much of that market do you hope to capture? We have not exactly gone out with the market share number, as you've seen from the presentation. We have, on the other hand, said that we want to be one of the leaders in this space. Obviously, there is room for more than one player, and we haven't really set the details for the market share. The most important thing for us is to really be in the forefront on the technology development. Now we have technology relevant for light-duty vehicles. We are working to continue to improve that. More importantly, we are developing a number of building blocks for heavy-duty. I think that's going to be really the key, to have a relevant portfolio of technologies that goes into that market. At the end of the day, it's how good you push technology and how good you are at addressing market demand. That is what is going to determine your market share at the end of the day. Does hydrogen really have a use case for vehicle fleets? It's an interesting question. That question comes up quite regularly, and I think for those of you that only looked at the presentation and didn't see the, what should I say, the spoken part of the capital market day, I think you should rewind to Jørn's part of the presentation, because it addresses some of the key elements there quite nicely. It is going to be impossible to electrify the entire fleet of vehicles based on batteries. It's not going to work. We need more solutions. We try to simplify the message a bit and say that where the current application is running on diesel, we think that the hydrogen will have a large market share. Where the current application is running on heavy oils, we think that green renewable hydrogen turned into ammonia, like shipping, is going to play an important part of electrifying the fleet. You have specialty applications like aerospace, where liquid hydrogen, green renewable liquid hydrogen, is going to be key. You can't electrify these guys with batteries. It simply doesn't work. You can't have a ship weeks and weeks in the sea. You can't fly airplanes full of passengers based on batteries. It simply doesn't going to work. The efficiency of hydrogen in terms of being light, carrying a lot of energy, really shows. Jørn touched upon some of the other efficiencies of hydrogen. That's basically moving energy from one place to another. It takes us very little time to move a lot of energy. The example that Jørn had was that when you want to fuel a truck, you want to fuel 100 kilos in 10 to 15 minutes, and that is a 10 MW supercharger if you turn it into a battery term. That doesn't work. You can't fuel fleets and fleets with those kind of grid connections and superchargers. It's not going to be one for all. It will be multiple applications, or it will be different fits for different applications, like we have today. Hydrogen will have a place, definitely. As you mentioned, Jon, of course, the presentation will be made available as a recording once we're done here. If there were any questions that you weren't sure about or didn't get an answer to today, you'll have an opportunity to do that. Now, we've received a number of questions related to alkaline versus PEM. Can you repeat some of the highlights there? We are on both platforms, and we are there because we see that there is a market for both. They have slightly different unique selling points. alkaline is today cheaper on large scale and more efficient. PEM is more dynamic, more compact, offers a pressurized output. We are basically saying we don't want to determine the winner. We want to be able to offer the best on both platforms to our customers. We allow the customers to choose, but we do invest equally on both because we want to have the best offering on both platforms. It's also a long-term technology hedge, because long term, we don't know who is going to be the winner. That's another important element. We will keep pushing on both. All right. Well, we're running out of time here, and I hope you'll let me ask the final question. If there is one takeaway you want our audience to get today, what would that be? Before I answer that, let me just say that when we looked at some of the questions that came in earlier, many of the questions are actually addressed. I just want to underline what you said, Leila. Please go back, look at the physics, because you will see that many of the questions that came in earlier actually were addressed. The key message is $1.5 per kilo for green renewable hydrogen. We now know how to get there. We think we're moving in the right direction, and we think that's going to be key for the energy transition. That's one of the key messages, I would think. All right. Well, thank you both. Thank you very much for joining us today. We're sorry we couldn't have you here in Oslo, as all of us have mentioned already, but we hope that next time that'll be possible, and we just want to thank you very much for joining us online today. If there were any questions you have, any of those burning questions that we didn't quite get to answer today, please don't hesitate to reach out. Thank you.