Welcome to you. Welcome to everyone following this over the web. Again, we have to do this, unfortunately, only via the web. We hope to welcome you back, or at least some of you back in August when we do our second quarter release. In terms of agenda for today's presentation, we will start this time with Nel in brief. We will then move on to the first quarter highlights and the financial review, and then we will talk a bit about our partnership strategy and how we are delivering upon that. Before we talk about the other key developments of the quarter, and then finish off with questions, summary Q&A. As usual, you can pose your questions as we move through the presentation and then we will try to recap those questions at the end. This time we will actually start with Nel in brief for new listeners, and we do have a number of new listeners every time we do this. Bear with me for those of you that know Nel very well. We will do it relatively quickly this time. I would then encourage you also, if you want more information about Nel, you can go onto our web pages. They have a lot of additional information there. Also a number of good presentations that will give you a lot of details on the company and the strategy and all the various elements. We are a pure-play hydrogen technology company. We deliver both electrolyzers and fueling stations. We are the largest electrolyzer producer in the world. We have delivered more than 3,500 systems in more than 80 countries, eight, zero countries. We're also leading on fueling stations, where we are working on or are in the process of commissioning more than 110 stations in 13 different countries. We're also increasingly becoming a global company. Besides our activities in Norway and the U.S. and Denmark, we also have organizations and people in other relevant countries like Korea, Japan, China, and other places around in Europe where it's relevant. We have three main production facilities. In Connecticut, Wallingford, we have more than 50 MW PEM production capacity, and we have room to expand in that facility. In Herøya, Norway, we are now in the process of finalizing our 500 MW fully automated line, and we have space to expand to around about two gigawatt. In Herning, we have our fueling station facility, in Denmark, with the capacity to produce 300 stations. We've been in this business for quite some time. We have a very long experience in each of their respective areas. Around about 25 years in the PEM area, more than 90 years in alkaline, and round about 20 years in the fueling area. That's quite unique. You don't find that anywhere else. That also means that we have a large portfolio equipment sitting out in the field, which will act as nice references when we talk to new customers. As mentioned, we are the largest electrolyzer producer in the world. As this overview shows you, we have a good position or a strong position both on PEM and alkaline. Now we are pushing very hard to maintain that position. Just because we're largest doesn't mean that we can relax. We continue to have to push to accelerate and cut cost. We think that being large gives us momentum, gives us more power to do so. Out of the top five on this list, three of them are Chinese. That tells you also when you hear announcements and news coming out of the market, it's good to bear this in mind because many of the announcements relates to things that are not even on the list. That will put this into perspective. We have done some changes to the Nel management team recently to strengthen the team and add more capacity. We've added a Chief HR Officer, a role which is appointed, and we have appointed Karoline to that role. She has a very solid background within the field of HR and will be able to build the necessary structures for us to take the future steps as we grow the company going forward. We have further also added a Chief Strategy Officer to the team. With all the various things that are happening in this industry and that may or may not impact the way that we develop our strategy, it has been increasingly important to have someone dedicated to this role. Here we obviously want someone that knows the industry and that knows the company, and I've been able to convince Jørn to take this role, so I'm very happy with that. He obviously have been with the company for long, and he knows the industry very well. To replace Jørn as head of fueling, we've been lucky to attract Robert into this position. He has a solid background from the wind industry, as you know, the wind industry has been through pretty much the same journey as we now are going through in the field of fueling stations, going from small to big, going from local to global, and also improving the product portfolio and making them more robust and more reliable, et cetera. We think that is going to be good, also for the future development. With this team, we have a strong management team that should be able to take this further. Let me move into the financial review and first quarter highlights. In terms of revenues, we ended at NOK 157 million for the quarter, which is quite good and up around about 24% from last quarter. We are relatively happy with this development given the circumstances, given the fact that we are still in the middle of a pandemic, and it does generate a lot of negative consequences for us. It doesn't make life easy to run a global business where you rely on installation and commissioning in other parts. We are relatively happy with that, and the order backlog is again all-time high, more than 80% up from the same quarter last year. In terms of highlights for the quarter and beyond, we started with launching our $1.5 per kg target for green renewable hydrogen. We approved the 20-MW alkaline order for Everfuel in Fredericia. We also signed a 20-MW PEM order, so an alkaline and a PEM order, 20 MW. We launched our new MC250 and MC500 PEM electrolyzers, containerized. If you want more information on those products, you can go to our webpage, and you can also see the first quarter presentation where we have more details. It's based on a new, improved stack design. We signed a purchase order with Iwatani for four more stations. We signed a purchase order with HTEC in Canada for a station. We signed an MoU with Haldor Topsoe. We signed frame agreements with both Wood and Aibel. We entered a collaboration with First Solar. Last night that was announced. Also last night, we approved a purchase order from H2 Energy in Switzerland. We'll talk about these things in more detail throughout the presentation. As mentioned, we are relatively happy with the revenue development. The year typically starts a bit slow. For those of you that have been following us for sometimes, you see that every year, both in terms of revenues and in terms of orders. The year typically starts a bit slow, and then we will see it climb quarter-on-quarter as we move forward. As usual, EBITDA was negatively affected by so-called ramp-up cost and non-recurring order cost. For those of you that likes to back that out, that amounted to roughly NOK 20 million in this quarter. Pre-tax net income was negatively affected by the fluctuations in the valuations of Nikola and Everfuel, as most of the analysts predicted, and those fluctuations will continue also going forward. We ended the quarter with a very solid cash position. Keep in mind, we also raised a bit of money recently. We ended with more than NOK 3.2 billion in cash, which is a solid cash position that should allow us to execute on our plans. As we no longer report EBITDA, just the EBITDA on a separate line, we've added some context to what this includes. First of all, as projects are getting larger and we are building an organization to prepare, we're basically carrying those costs before the project come in and before we execute. We also have now the entire shift and crew ready to start the Herøya factory. They are basically there to be trained before we see any revenue effect. Those things are typical ramp-up related cost. We've also negatively impacted by the COVID-19 pandemic. It's not easy doing business in this situation. We are hiring external resources to compensate for the fact that Nel employees cannot travel. We're also spending more hours on various projects due to travel restrictions and other challenges. I think we can safely say that this will continue in the second quarter and maybe also into the third quarter. We will need to see how this develops over time. In terms of order backlog, as mentioned already, the backlog was solid, up more than 80% from the last quarter. The project pipeline is stronger than ever. However, as the projects are getting larger and it takes more time to negotiate and agree on all the details, these orders may come at different intervals, and we may see fluctuations in the backlog also going forward as we have seen in the past. Overall, it is climbing and giving us good coverage going forward, which is good. We will move into the section where we would like to talk a bit about our partnership strategy. Here there's been a lot of activities recently, and we are basically delivering on this strategy. Let me try to explain a bit around this topic. Even if we are the largest electrolyzer producer in the world, we are still a relatively small company, and we need to work with strong partners to extend our reach into multiple areas and different fields. I'll give you some examples later. Most of you have seen this slide. It's the six building blocks that we are building a strategy around, and one of them is called preferred partners. We've basically been systematically working on that topic, and we are now delivering on that promise. As the only independent electrolyzer producer left, I think also there are certain benefits to being independent. It can make our life a bit more challenging because we need to do more of these integrations ourselves. However, it can allow us to partner with the best. We really can choose to work with the best because we are independent. I think that gives us an edge into those kind of discussions. That's good, and that means that we will build relationships, will help us to deliver world-class solutions, technology solutions, to customers pretty much everywhere. Before I dive into the partnership strategy in further detail, let me provide some further context. We need to rewind back to the capital markets day that we had in January, where we launched our green renewable hydrogen cost target of $1.5 per kg. We are now delivering upon that.. With the cost reductions that we are seeing on equipment, in combination with the cost reductions on renewable energy, we will see that we will turn green renewable hydrogen competitive to fossil, and we will start to eat away into the fossil hydrogen market. We will basically reach grid parity. Based on the cost reductions, we believe that from a large Nel facility in 2025, you should be able then to produce green renewable hydrogen at $1.5 per kilo. As you see from the assumptions on this slide, it includes cost of capital, it includes cost of land, civil works, installation, commissioning, building, water, and lifetime, and O&M at 30 bar. It's important when you compare these targets because after we launched our target, we've seen other companies doing the same. That's how it is to be a leader. You need to then look at the assumptions, make sure that all the costs are included into the assumptions. That means that we are unlocking the potential of renewable, which is our slogan, and we are then starting to reach fossil parity, as I said. How do we do that? How do we cut the cost? First of all, cutting cost is all about massively scaling up, and we do that through introducing world-class automation. We are developing a fully automated production line at Herøya, as we had talked about before, which will cut the cost significantly. The first step will allow us to approximately cut the cost in half, and when we add additional lines and we optimize the design, we should be able, over time, to cut the cost in half again. On that journey, we believe that green renewable hydrogen will outcompete the fossil hydrogen. The new facility at Herøya will run according to the latest and greatest lean manufacturing principles, game-changing cost, 500 MW initial line with room to expand to 2 GW. The initial line will contribute to our customers being able to reduce CO₂ emission with round about 1 million tons per year, and that's good for our customers, it's good for the climate, and it's good for everyone else. We are on track. We have completed 33,000 man-hours with zero HSE incidents, which is very important and that we are quite happy about. We have commenced the installation of the production line. We also have a good result in the verification that we have by introducing various technology improvement elements. However, scaling up is not enough. We need to do more. We need to do standardization. We need to standardize the product offering as well as the delivery model. Product offering and delivery model. Tailor-made is expensive, and standardization improves both quality and cost. Our systems will be designed according to the latest and greatest safety standards embedded into the design, building independent, and will be skid-based. It allows us to do prefabrication, and this will reduce both the lead time and the execution risk of the project. This is where our EPC partners come in. They become, in this context, extremely relevant. They will support the standardization that we are going through, and it will happen in various cycles. Even more importantly, they will enable us to deliver standardized world-class large hydrogen production facilities all over the globe. Our EPC partners are crucial to deliver on the scope, which is required by our customers beyond the Nel scope. That could be things like civil works, utilities, project management, piping, cabling, construction, et cetera. There is more than enough to do for all of us in this context. We've secured two world-class strategic partners in this category, and they will each use their unique capabilities and work within their respective areas. The first agreement that we announced was with Wood Group. They have a global footprint, and they have offices in more than 60 countries. They have 40,000 employees worldwide and wide capabilities as an EPC suppliers on a global basis. We're already working with Wood on potential projects in Australia and the United Kingdom. The second agreement that we announced was with Aibel. Aibel is a leading Scandinavian-based EPC company and have experience from a long range of projects in the oil and gas industry. Increasingly, renewables has become a part of Aibel and in particular the offshore wind area, which is also going to be relevant for electrolyzers going forward. They have about 4,000 employees in Norway and Southeast Asia, They also have yards in Haugesund and Thailand where we can do prefabrication and modularization. That can become very important. Aibel is already supporting us on the Iberdrola project in Spain, We're also working on other potential projects across Scandinavia and Northern Europe. With these two partners, we're basically working with the best in the world, We're covering the globe. We have strengthened the global delivery and project execution muscle, which is very important for Nel. Okay. I've now basically explained the EPC partner strategy, but we also have developed other partnerships that help us in other parts of the value chain. As you can see from this image, we are smack in the middle of the value chain between mobility applications, industrial applications, and the renewable power. That is basically the area that we sold, but we want to be able to integrate forwards and backwards to be able to support a better product offering. Each of our partners that we work with are world-class partners within their respective field, and they want to work with Nel, and we are very grateful for that trust and interest. Two such partners are First Solar and Haldor Topsoe, which will support Nel both upstream into renewables and downstream into important industrial applications. Let me start with Haldor Topsoe, which is the leading technology company, or a technology provider for both green ammonia and green methanol solutions. Again, we can now improve the combined product offering by delivering integrated electrolyzer and green ammonia facilities. For example, we can deliver to our customers a hybrid plant where you add more green capacity on an already existing fossil solution, or we can deliver greenfield facilities. We're already working on a number of potential projects in different parts of the world. Last but not least, last night we announced a collaboration with First Solar. First Solar is a leading manufacturer of solar panels and modules, but also, even more importantly maybe, a developer of utility scale solar power plant. Utility scale, very large solar power plant, which could become very relevant for hydrogen production. With this partnership, we will further improve the offering and improve the integration between renewable solar and hydrogen production. Initially, we will collaborate on developing the integrated controls, the SCADA system. Over time, you could see more and more integration and also sharing some of the hardware between the power plant and the electrolyzer. This should eventually result in low cost of renewable power to hydrogen. We are here then combining the proprietary technologies of the two companies. That was the partnership strategy. That's where we are at the moment, and we're quite happy with the progress that we've made in recent periods. Let me then run through some of the other key developments of the quarter. In the beginning of 2020, we approved the agreement for a 20-MW alkaline electrolyzer plant for our partner Everfuel. They have made great progress not only there, but also in other parts of their business. This will support green hydrogen production at the refinery in Fredericia in Denmark. There is space to grow over time. This facility can become significantly larger than the 20 MW. The initial order has a value of slightly more than EUR 7 million. In January, we also signed an agreement with Iberdrola to deliver a 20-MW PEM solution to Puertollano. We have 20-MW alkaline, 20-MW PEM, basically showing the capabilities and the importance of being on both platforms. Iberdrola is one of the largest electricity utilities in the world, and have facilities in many parts. Together with a leading fertilizer producer, Fertiberia, they launched a project that will become the largest green fertilizer facility or production facility in Europe. The project includes 100 MW solar, 20 MWh of battery, and 20 MW of electrolyzer capacity. The target here is to produce green fertilizer, and to start producing hydrogen already in 2021. At that time, this will be the largest electrolyzer facility in operation in Europe, and it will certainly be the largest PEM facility in Europe, and that's good. We signed a purchase order for another four stations from Iwatani Corporation. They are an owner-operator of stations, and they are actually the largest owner-operator of stations back in Japan. They are now moving into other parts of the world and have focused on California, where we are supporting them with equipment. With this last PO for four stations, they have in total ordered 18 stations. This PO around about NOK 40 million on top of the announcement from the fall of last year of around about NOK 150 million. We are obviously very happy to have a return customer like Iwatani. Yesterday, the board approved the 2 MW PEM order from H2 Energy. This is an order that is part of the frame agreement, the 30 MW frame agreement, which we signed back in 2019. As you may remember, H2 Energy is partnering with Hyundai Trucks, and they are introducing 1,600 Hyundai trucks into Switzerland. This electrolyzer will then produce green, renewable hydrogen to support the increasing number of trucks in the country. With that, I think we have been through the main part of the presentation. Let me go through the summary and outlook. Before we do that, let me just remind that we in April launched our first ever sustainability report according to the latest and greatest reporting principles. We are working with sustainability every day, 24/7/365, so you might wonder why we would spend a lot of time making a sustainability report. The reason is to make it easier for investors that have this as a part of their requirement, investors that focus on the ESG and sustainability and make it easier for them to potentially also have an investment in Nel. We will obviously continue to develop this report over time. We will make it more sophisticated, both the report itself, but also the parameters that we are reporting on. The outlook is exactly the same as it was in the Capital Markets Day and at the first quarter presentation. I'm actually not going to repeat what was said there. I'll rather try to summarize at the end. With Nel being a pure play, independent technology company with a proven track record. We have decades of experience within both PEM and alkaline. We have constructed, owned, and operated some of the largest renewable hydrogen plants in the world, and we see that that experience is becoming increasingly important. Through scalability and cost leadership, we think that we will continue to cut equipment cost significantly in the years to come, enabling green renewable hydrogen to outcompete fossil hydrogen. We're now delivering on a strong partnership strategy. We are working closely with leading EPC companies to strengthen our project execution muscle. We're also improving the product offering both upstream and downstream, working together with leading companies like First Solar and Haldor Topsoe. That takes us to the main part of the presentation. With that, I will ask Kjell Christian to join me up here, and we will see if we can cover some questions. Super. Very good. Good. We have gotten a number of questions. Some of them have been answered during the presentation. Some of them have also been answered on our Capital Markets Day. We are summarizing a few of the questions and grouping them together. I see there's a group of questions around technology again. We get a question, what is better, PEM or alkaline, for what application? Some say that Shell and ITM has launched a 100 MW project for PEM in Germany. Others are referring to Haldor Topsoe also having their own solid oxide. There has been a lot of solid oxide news in the market. Again, maybe as a reminder, what is our view on the different technologies and when they're suitable or not? Yeah. Well, first of all, we believe that it's important to be on both PEM and alkaline platform, simply because we think that we can do a lot of business on both. We think that the jury is out when it comes to who will be the long-term winner. We see now a significant reduction on alkaline and in some areas it's running faster than PEM. However, PEM also has a very attractive long-term potential, we believe, in combination with the development that we see within fuel cells. The jury's out and we want to be on both platforms. We can do business there, and it's a technology hedge. Now roughly, alkaline is cheaper from a CapEx perspective. It's more efficient. However, it has a larger footprint. PEM has a smaller footprint, so if you have a limited space, you need to squeeze your facility between existing buildings, then you may want to add a bit more cost. You then need to also take into account that the efficiency, the conversion of electricity into hydrogen, is a bit lower. We saw that for the Puertollano facility with Iberdrola. It is tight, so they have to have a PEM facility. When they build 100 MW, 200 MW, 300 MW, they may consider alkaline. We think it is important to be on both platforms. When it comes to solid oxide, that's a high-temperature electrolyzer technology, which is still in an early phase. The stacks are very small. The materials are ceramic and quite expensive. However, it is a technology that we will keep our eyes on because, as we move over time in the next number of years, we will potentially see step changes in that technology. At that time, Nel may want to take a position. It is so far more of a niche, but it could become increasingly relevant also going forward. We'll keep an eye on that, and we also keep an eye on a number of other technology elements, which we think is important going forward. We have a more detailed technology question on iridium prices, which have spiked recently. Are we concerned about iridium? Are we concerned about the risk? Well, it does contribute to higher cost on the PEM side, not on the alkaline side. The alkaline doesn't rely on any kind of exotic materials or any scarce materials. That's the beauty of alkaline. On the PEM side, we do see a negative effect on the cost. We will obviously work systematically to address that. We always try to reduce the number of platinum and iridium, and we have a roadmap to reduce the content of platinum and iridium. I think it's a space that we have to watch. There may be other topics also coming up, and that's the way it is very often. When an industry is growing, you will see bottlenecks here and there. You need to try to predict it when you can and work systematically to address it, both short term and long term. Talking about some of the partners we have talked about earlier, Nikola. There is a repeat question that we get every quarter on progress on Nikola. I think we have seen some good progress from Nikola lately. They have a fueling station partner, which will at least cover part of the locations. They are now narrowing in on where these locations are going to be, and that's going to make it easier to tailor the supply delivery to a specific location. In the meantime, we still have the electrolyzer order. Nikola still pays according to the agreement, and we intend to start delivering on the electrolyzer order towards the end of this year. I guess that's where we are with the short summary on Nikola. We have gotten a couple of questions about the pipeline. We did give a pipeline overview at the Capital Markets Day in January. The reason why we're not repeating that is because there are so many uncertain numbers. By tweaking the probability of a project a bit, you can really increase the pipeline a lot. For those of you who want more detail about the pipeline or sales outlooks by different market, we refer back to the Capital Markets Day for that. The pipeline isn't smaller now than it was at that time. No, definitely not. We get a few questions about the Herøya ramp-up. Are we online and how fast will we fill the factory, basically? Well, I think we at least answered the first part of that question, and that is, are we on track? That we are. We are installing equipment as we speak. We will start to run the facility dry before the summer, and we will then fill chemicals when we come back after the summer and start ramp-up in August, September. Then we will start commercial production. We will need to align the ramp-up with the market. Initially, we obviously have signed a lot of alkaline orders also for Nikola. We basically need this capacity to be able to deliver on those. Then we will need to see how quickly we ramp and when we add additional lines when and if that becomes relevant. Related to that, our expansion at Herøya is five times the global market for electrolyzers. We do touch upon that in the outlook section that not only we and others are adding capacity and that is definitely leading to some competitive pressure. Do you want to expand a bit on that? Well, we have said, at least in the past, that sometimes when we move into a new market or a new application, or we have a customer that we really want to work strategically with, we may want to give some competitive pricing in particular. In some projects, there is a fundamental competitive pressure on the pricing. That's for sure. We still need to see more concrete being poured, more steel being welded when it comes to real projects. Yes, we have started to see some projects, the big gigawatt projects, you still need to see. We still need to see the PO, the first 100-MW project being executed. There is a lot of announcements, there is a difference between an announcement and an ambition and actual concrete and steel and metal being poured. We are at least ready to expand, and we are maybe a bit early, but I think it's better to be early than be late. That's the same way we did it on the fueling station. We built a facility that is capable of delivering more, and then it's easy for us to add capacity, add shifts to do that. Again, it's better to be, we think, early than too late. We've gotten a couple of questions around the near term or actually also recent past market. We had a slide here with sales in 2019 from the major producer because that's the last data we have. Do we have an impression of 2020? Also the 2024 EU ambition, how achievable does that look from where we are standing right now? Well, when you say 2020, do you mean then the relative size of the different companies or? No, the total size of the market. No, I think we should be able to come back with that in the second quarter presentation. I think we need a bit more time to gather that. I think Europe is soon running out of time because they are supposed to install 6 GW before 2025, and that will take a bit of time. We need to see 100-MW orders being placed this year as a minimum to be able to achieve that. I think there is a sense of urgency throughout the different nations in Europe and everyone is working hard on the IPCEI and other kind of project frameworks that can be used. I guess that goes a bit back to the partnership strategy. We also see that all the projects currently in the pipeline is first for the customer, first for the EPC company, first for the equipment manufacturer, et cetera. Related to that, we have got some questions about these EPC partnerships. How exclusive, how tight are they? What is really the scope? Could we expand a bit more on that? When it comes to everything that related to IP and design, obviously there it's completely exclusive in the sense that no one can share our knowledge, our IP, our design. No one can use that in our context. In some areas, we may have a customer that actually has an EPC. That happens quite regularly. A large industrial customer comes to us, says, I want to have an hydrogen plant, but I do have already this relationship with this EPC. I would prefer to use that. Obviously we would need to support our end customer in terms of using that EPC. You can't make this completely exclusive because then it doesn't work. You need to work constructively and build on the strengths of the two partners that we have. The beauty here is that they don't have a lot of overlapping activities. They're pretty much very complementary. You need to work constructively to generate a positive momentum in these relationships rather than kind of playing the legal game here. We have also gotten a question on the quarterly fluctuations on revenues in the electrolyzer segment. One of the things to keep in mind there as well is in addition to the fact that order intake gets a bit more bumpy as the order size increases, one or two of these megawatt scale installations when delivered to customer, the progress reporting on that is extremely important. In this quarter, we also have quite a buildup of working capital as we are progressing on some of these, but not necessarily able to take the full revenue yet. As a last one before you can sum up, we've gotten a couple of questions about Australia. It was a surprise that we have Australian ambitions to some of our listeners and they are worried about how we could even win something there and if that is the reason why we are partnering with Wood. As you know, we already won quite a couple of important projects in Australia. Do we have some perspectives on the Australian market? Well, in addition to U.S. and Europe, Australia is actually the nation that has announced the highest ambition on electrolyzers. They really want to become a green hydrogen production hub for Southeast Asia. They even have ambitions to export hydrogen to Japan, for example, for those of you that follow closely. We won a project in Australia back a few years ago. That was the first power to gas project. It was a PEM project. It was a small project, but it was at least the first initial step and the foot in the door. We've been working systematically with our relationships and partners into Australia. We now also need an execution muscle. We need to rely on someone large like Wood to do that because Australia is quite far away. You don't want to start from scratch and build up your whole large new organization yourself when you want to enter. At least you want to win a few projects and get the ball running before you do that. From that point of view, Wood gives us exactly what we need. This is basically this execution muscle when we are looking at large projects. We will continue to work with Australia. There is a great potential. Then we will see if and when we are successful in closing some orders there. Good. I think that concludes the question we have time for at this point in time. Very good. Well, thank you very much for joining us this time, and hopefully we will see a few of you in the room together with us in August. Until then, thank you very much.