Welcome everyone to this Q2 presentation. Very nice to see a few people here in the room, and welcome everyone following this via the web. I think you'll find this quarterly presentation particularly interesting. You can pose your questions already now or through the presentation, and we'll try to cover as many as possible at the end. Let's move to the agenda. The agenda is as follows. We will quickly go through Nel in brief, then move on to the first quarter highlights and the financial review. I'll give you a lot more details on the Herøya expansion, and here we will have a little surprise for you at the end. We will cover the key developments of the quarter, but also cover some more important developments that we've seen throughout Europe in recent months. Then we'll finish off with the summary and outlook and the Q&As. Let me start in the traditional fashion with Nel in brief. What makes Nel different and unique is that we cover both electrolyzers and fueling stations. We do cover also PEM and alkaline, and we are a pure-play technology, hydrogen technology company that delivers in-house leading developed and produced technologies. We're also becoming increasingly global. We have manufacturing facilities in Norway, Denmark, and the United States, and we also have people and organizations in many other relevant countries and locations like California, Korea, Japan, China, and other places around Europe. We are still the largest electrolyzer manufacturer in the world. We've delivered more than 3,500 systems in 80+ countries, and we're also leading on fueling stations where we have sold more, sold or have under construction more than 110 stations in 13 countries. As mentioned, we have three main manufacturing locations. We have our Wallingford, Connecticut facility where we have more than 50 MW PEM capacity. Here we have room to expand within the premises, as you can see from when you see the picture of the building. We have our Herøya facility in Norway. Nameplate capacity 500 MW of alkaline production. We have our Herning, Denmark facility that can produce up to 300 fueling stations, hydrogen fueling stations per year. We have long experience in each of the respective areas. We have 20, 30 years in PEM. We have almost a century in alkaline, and we have more than 15 years in the hydrogen fueling station business. We obviously then also have a large portfolio of equipment sitting out in the field, working as references for new and existing customers when they want to look at new equipment. We've updated this overview with the 2020 numbers. The positions remain largely the same. Nel is still the largest. Not much has changed from that point of view from 2018, 2019. We still have the unmatched track record of 3,500 systems sold over the years in more than 80 countries. Two out of the four top four companies are Chinese, for your reference. Some of the companies making a lot of noise and are getting some attention in the field are not even on the list. Let me move on to the second quarter highlights and financial review. Revenues ended at NOK 164 million, up 10% from the same quarter last year. We are still impacted negatively by the COVID. Things do take some more time when you're not able to travel and when you're not able to meet face-to-face. Luckily, we do now see the light in the end of the tunnel. Things are about to change, even though it may take a bit longer time. The order backlog was close to NOK 1.1 billion. Many small orders contributed to this development. In terms of highlights of the quarter and beyond, in quick order, we got a PO from HTEC in Canada. We signed a frame agreement with Wood and Aker. We entered into a collaboration with First Solar. We got a PO for H2 Energy. We joined the Ovako in the fossil-free steel rolling and milling projects. We got a PO from a PEM electrolyzer for the first nuclear to hydrogen in the U.S., a PO from Everfuel for a fleet of taxis in Odense. Last but not least, we signed the joint development agreement with SFC Energy for decentralized energy generation and storage. We'll cover many of these topics or all of them a bit later in the presentation. We have not been sitting still. We have a decent revenue development. However, you should expect higher growth going forward and as we ramp up more production capacity. As usual, EBITDA was negatively impacted by so-called ramp-up cost and non-recurring elements. Pre-tax profit was also negatively impacted by the valuation of Nikola and Everfuel, and you'll probably continue to see swings in this area. We do hold close to NOK 3.1 billion in cash and have a good financial muscle to execute on our plans. To give you a bit more flavor on the negative effects on EBITDA, we are obviously, and as we've said, preparing for the future, and naturally that contributes negatively. We are building up the entire organization, in particular within project execution and the ramp-up costs related to Herøya. We are obviously carrying all the cost without still seeing any revenues. You're probably tired of hearing this, but the COVID situation has also and continue to impact us negatively. We do need to hire regularly external personnel to cover for Nel people that are not able to travel where they should. We have to spend additional hours on various projects around the world due to various restrictions and limitations. We do expect these negative consequences to continue somewhat, even though we see that things are getting better and improving in the not-too-distant future. These effects are significant and account for 40% of the negative contribution or the negative result. In terms of the order backlog, it is solid, slightly up from the same quarter last year, despite the travel restrictions, et cetera. We closed NOK 150 million worth of orders in the last quarter, and hence we were not drawing down significantly on the backlog. Still, we have a very strong project pipeline going forward. As I've said a few times already, projects are getting larger. They're getting more complex, and it takes more time to get all the details in place. Hence, we will continue to see swings, or we could see swings in the order backlog from quarter to quarter. Let me then give you an update on the Herøya expansion. As you know, Herøya will contribute to cost reductions. Based on our cost reduction targets, in combination with the development within renewables, we believe that by 2025, you should be able to produce green renewable hydrogen at $1.5 per kilo as a Nel customer. That is basically on par with fossil hydrogen. That means that we will start to see what we call reaching fossil parity. It will not happen everywhere at the same time. It will start to happen where energy prices are the lower. This is very promising for the whole future of renewable hydrogen. The Herøya plant is now ready. We are cutting cost and scaling up and introducing world-class automation. It's a fully automated chemical line with supporting robot cells. The facility will run according to the latest and greatest lean manufacturing principles. The initial line, 500 MW, with space to grow to roundabout more than 2 GW, and we are on track both in terms of schedule and cost. In other words, we are on time and on budget. We have completed 45,000 man-hours without any total recordable injuries. That obviously says something about the focus on safety, but I think more importantly, it also tells you something about the quality of the team that has undertaken this task and that continues to work in this facility. Installation according to plan. Factory acceptance test according to plan. Operations are ready to take over the facility, and we will start to produce to Nikola and Everfuel in the fourth quarter. I was down at Herøya a few days ago, and it was a very impressive facility. It's very different when you see it. Even though the official opening is in the first quarter of next year, I would like to give you a sneak peek already now. When we were down there on Monday, we brought a few other colleagues, and we brought a camera, and we asked the plant director, Ragnar, to give us a tour. If you stick around to the end, we will show you what I saw at the end of the presentation. Before we go there, we will talk through some of the key developments of the quarter. We signed a 2 MW PEM order with H2 Energy. The order is part of the 30 MW frame agreement that we signed all the way back in 2019. H2 Energy, as you know, is cooperating with Hyundai Trucks to introduce 1,600 hydrogen trucks into Switzerland, and this electrolyzer will produce green renewable hydrogen for the increasing number of those trucks. The operators of the trucks, as far as when we talk to H2 Energy and the partners, are thrilled, not only on the experience but also the performance of the trucks, and that goes to show that hydrogen really has a great potential within heavy-duty transportation. We got a purchase order for a 1.25 MW PEM facility or PEM order from a U.S. customer. Name still remains undisclosed, but probably will soon be. This is the first-ever nuclear to clean hydrogen in the U.S., and it gives us, obviously, a lot of great learnings. It has a massive potential for future scale-up, as you can do this in many other facilities. Here we actually utilize the dynamic response of the electrolyzer to capture intermittent power of a nuclear power plant. You would imagine maybe a nuclear power plant wouldn't have intermittent power, but obviously you don't draw the maximum amount all the time, and you can't shut it down. Actually, at night, for example, you do generate a lot of intermittent power. The value of this contract is $2.6 million, and this program was supported by the H2@Scale program from the DOE, the Department of Energy, because they really feel that this is an area that has a lot of potential for the future. We signed an agreement with SFC Energy AG, which is a leading provider of hydrogen and methanol fuel cell for stationary and mobile applications. They have actually sold more than 50,000 fuel cells, so they've been around and are really one of the leaders in this field. Here we are combining the leadership position of SFC Energy and the leadership position of Nel ASA to basically address and cooperate to address a new segment in the market, which we think is going to be growing and going to be important. Here we will start with our mature and proven technology components and put them together, but we will obviously develop this over time, and the target is to have 500 KW range, which is basically on par with the traditional diesel generators that you see out in the field. We can actually replace those generators. The solution here will basically take renewable energy and store it, and it will release it either on demand or as backup power. The estimated size of this market in Europe in 2030 is round about EUR 15 billion. That's in Europe alone. We're very excited about this cooperation and we'll push forward to get going. We also signed two important framework agreements with Wood and Aker. This is to strengthen Nel's global delivery capabilities and project execution muscle. We are now working with the best, we do cover the globe, as you can see. We are already working on a long list of projects. I know we will win projects with Aker and Wood, we do not know exactly why, it may still take time. We will see. Collaboration. We signed a collaboration agreement with First Solar, which is a leading manufacturer of solar panels. With this partnership, we will further improve our product offering and improve the integration between the renewable and the electrolyzers so that it becomes more dynamic, it flows better together. Initially, we'll work on the SCADA system and the control system and the software, but then we will obviously increase the integration over time and may even incorporate hardware elements from the PV power and the electrolyzer. Everything with the target to reduce the cost of green renewable hydrogen, make it easier and more dynamic to combine the technologies. We also joined a very exciting partnership with some very impressive partners. Ovako, Volvo, Hitachi, ABB, and H2 Green Steel for hot forming of steel. Hot forming of steel and rolling of steel has a lower technical barrier than introducing green renewable hydrogen in raw steel. Here it's easier to replace the fossil gas that is used today with the green renewable hydrogen. There are limited changes to the downstream process. That is positive. That means that you have a market which is coming faster. You also have less commercial barrier. It's easier to make it commercially fly because you use all of the elements of the electrolyzer. You use the oxygen, you use the hydrogen, and you also use the heat. Finally, you don't necessarily have to make massive sites. There are many sites like this all over Europe that would need a similar solution. Here we do get a head start. We do get insight, and we are able to work on this project and get a better position, hopefully, to address this market also going forward. We will get back to you in the third quarter with more information on this whole space. We also have to cover some other important things that happened within the hydrogen space in Europe. The IPCEI program was established to accelerate hydrogen technology and markets in Europe. IPCEI stands for Important Projects of Common European Interest. Basically promoting cross-border R&D and industrial projects that should accelerate European development and generate future jobs. IPCEI will basically allow states to fund up to 100% of the CapEx, but also support on the OpEx, really to accelerate a particular industry. Now the IPCEI program is focusing on hydrogen. Nel has been proactively building partnerships and been reviewing the projects and participating in various tenders. There are approximately 140 projects in the IPCEI program currently, which is shortlisted. When we look at the list of projects, we think that we could be relevant in more than 80 of these projects. In terms of timing, it does take time, as you understand, from a launch of a program and the implementation of the program until the funds are deployed and the projects are executed. Keep that in mind. It will take some time, but fundamentally very promising and very positive for the hydrogen industry. We also saw the Fit for 55 package, the European Commission, which launched this very long report basically telling how Europe should do the energy transition and cut CO2. It's a 3,000-page document, and hydrogen is mentioned more than around about 1,000x in the document, which is really good. There are three areas which are really focusing a lot on hydrogen. First one, by 2030, half of all the fossil hydrogen produced in Europe will have to be replaced by green, renewable hydrogen or CO2-free hydrogen. That is close to 40 GW of electrolyzer. If you convert that to electrolyzer capacity, it is close to 40 GW. That is equivalent to 16,500 of our largest electrolyzers, or 72 years of production of the 500 MW production line. It tells you a bit about the potential. Number two, the document also stipulates that in terms of fueling stations, there should be a maximum distance of 150 km between each station across all the European transport network and in every urban node across Europe. Last but not least, it suggests that the emission trading scheme should also apply and include the production of green renewable hydrogen. That means that if you produce green renewable hydrogen, you will receive quotas, and the quotas can be traded, as you know, in the open market. A lot of good focus on hydrogen and really promising for the future. The proposals are now with the European Commission. It needs to be discussed in the European Parliament, and we are looking for the final approval and implementation. Hopefully, that will start or that will be concluded sometime in the first half of next year. Again, things are promising, very good for the future, but it takes a bit of time. Hydrogen Europe has been critical for the development, I believe, for the hydrogen development in Europe and continues to be so, and it was recognized for it. We have a record high number of members at the moment. We do have a better funding situation, and we do now strengthen the organization quite significantly in Hydrogen Europe to be capable of doing more and pushing stronger. We are obviously honored, I'm obviously honored to be selected and be elected as the president of this organization. That gives us the opportunity to influence, it also allows us to meet all of these great other people that are on the board. Companies like Salzgitter, Equinor, Gasunie, Vattenfall, Iveco, Toyota, Airbus, really great, competent people. Good forum to meet, also obviously good forum to push the industry going forward. With that, let me then move over to the summary and outlook before we take a look at the Herøya facility. We've not changed this slide of the outlook. The outlook for hydrogen is, as you've seen, better than ever. As you've seen from this presentation and what we talked about now, orders does not always flow in a linear fashion, and the many large and attractive funding schemes will take some time before they are implemented. It may take some time before you see a lot of concrete being poured and a lot of steel being welded. In the meantime, the only thing we can do is to prepare for the future, build a relevant organization, be ready to deliver, and really make sure that we maintain our leadership position. That will mean that we will incur additional cost to keep that position. To summarize, Nel is a pure-play independent hydrogen technology company with a proven track record. We have decades of experience in both PEM and alkaline. We have constructed and operated some of the largest renewable hydrogen production facilities in the world. Through scalability and cost leadership, we now continue to cut cost of equipment, really contributing and helping green renewable hydrogen to outcompete the fossil hydrogen. We are also delivering strongly on our partnership strategy, which we have talked about a number of times. We have signed some really important agreements with leading world-class EPC companies. We are improving our product offering beyond what we have in-house, both upstream towards solar, but also downstream with First Solar and downstream with Haldor Topsoe, and now also SFC Energy AG. Basically, making our products relevant in all the markets and integrating forwards and backwards. Before we go into the Q&A, let us show you what I experienced at Herøya on Monday. Let us see if we can get this rolling. We need to coordinate. If I press one. Welcome to Nel's brand new electrolyzer facility, fully automated 500 MW first line with the potential to expand to more than 2 GW, producing electrolyzer at a revolutionary cost, contributing to the one and a half dollar per kilo target. We have dedicated more than three years with world-class teams to really design all the nitty-gritty details of the automated robot cells and the chemical line, completely unique to Nel. You've heard me talk a lot about this, so let's go and take a look. We are inside this very large production hall, and we'll give you an interesting tour and a good overview without revealing all the secrets, because there is a lot of secrets here. To help us do that, I have the plant director, Ragnar. You will take us around and explain the different steps. Yes. It's a pleasure to have you here today. I'll take them around the plant- Perfect. Show them the production line. Where do we start? I suggest we start all the way down there. All the way? All the way. Cell one. Excellent. Very good. Here we are at cell one. This is where it starts. We load the plates with special designed palettes from our supplier. It's handled by forklift by the operators, and this is the only place where they handle a plate before the end of the line. It's quite accurate. It's 2 ml on each, and that's why we need these special designed palettes. The robot picks up the plates, the electrode plates and the support plates, and hands over to the surface treatment station. I suggest we move over there and see what's going on there at that station. This is cell two, the surface treatment station. This is where we texturize the surface of the cathode plates to get the chemistry exactly right for the quality that we are so famous for, and we clean the surface of the other plates. As you can see, it's all fenced off like the rest of the robot cells for safety reasons. After the surface treatment, we head over to where we load the chemical lines in cell 7.1. Now we are at the unloading and loading station where we either load the chemical line or unload it. What happens here is that the robot will either pick up the plates from the surface treatment station and load it to the carrier jig, which you see is the green square over there. Highly accurate. It's 10 different points which needs to be hit with the robot, and of course, that's quite difficult. It takes some engineering. This transport jig is also carrying the power for the electrochemical process, so it's a dual function. On unloading, after the chemical line, we also laser tag the support plate, which then gives us a unique serial number for each electrode. Not only can we trace it at the customer site, but we can trace everything that has happened to it throughout our process and back to our suppliers. Of course, between the unloading and loading station, we have the chemical lines. That's why we're loading them. Let's head over to the chemical line and take a look at that one. This is the chemical line. This is the heart of the factory where all the magic takes place. This is where the surface of the electrodes are being made and where the world-class quality is what's happening. Of course, I can't go into the details of what's going on in the baths, but we have 47 baths with different processes, all from rinsing to our magical process. It takes roughly eight hours throughput time, but this is what makes up the factory itself. We have three lines. We have one buffer line to make sure that the chemistry is running all the time throughout the day, and then we have two lines for the different products, one line handling the cathode and the support plate, and the other one doing the anode plates. After this, it's back to the unloading station, which we saw earlier, and then into the assembly station, which we can take a look at now. Let's head over there. We're now at the assembly station, the final station where we put things together. We assemble the electrode plates together with the support plate to make out the electrode. There's five robots in total in this cell, where four of them are assembling and one is handling. The bigger one in the back is supporting the two individual cells, which can operate individually for maintenance in one and while the otherone is running. This is where the electrode is actually put together, and this is where we have a complete product. After this one, we do the final inspection and package, which we'll head over and see now. This is the last cell of this line. This is where we do quality control and packing. Every cell is handled into one of these four quality control places, where the operator will go in and do a visual control, particularly on the chemistry, to make sure that's okay. Once that's approved, the robot will fill it to the crate, where it will be prepared either for in-house assembly or shipment to customer. That concludes the tour. Let's head over back to Jon. Okay, Ragnar. That was the tour, huh? Great. Yeah. Really good to see it live. Yeah. Quite impressive, I must say. You've had your operational team now here going for quite a while, haven't you? Yes. We've been here for over a year, preparing, looking at the 3D models digitally, writing standardized work procedures, testing them, preparing as good as we can on the theoretical part. Now we're starting to be able to play with the equipment and learn it hands-on as well. The robot are aligned and everything fits together. Yes. They've been tested both individually and partly also together. Last part of this month, we will spend testing them, the whole line, making sure that everything works. Then we will take over from project in September, and we'll start ramping up later, Q3. Perfect. In a couple of weeks, you will take it over and kick out the project team, clean out and. Yes. that's going to be good. Start production. That's going to be excellent. Yes, looking forward to that. Yeah. What's the kind of the unique elements coming out of this, except for the scale and obviously the cost? Well, as you say, those are probably two of the main drivers, but I think we have excellent equipment to maintain a good quality, stability, so high quality over time, which will also result in good quality on the electrolyzer for our customers. Consistency, because if every cell is identical, you will improve the performance the whole stack. The product coming out here is going to be of high quality and very consistent. World-class. Excellent. The ramp-up, we have base customers r eady to go. They want this material as quickly as possible. Yes, we're ready to give it to them. We'll start producing in early Q4, and we will ramp up according to market demands. You'll start production in Q3. Yes, of course. Start to ramp up. We'll continue into Q4. Yep. We will adjust it according to market demands. Yep. The official opening will be in the first quarter. Yep. You will welcome us back. Absolutely. I look forward to it. That would be great. Yeah. Thank you. Thank you. Excellent. Thank you very much. Thank you. Very good. Hope you liked that little sneak peek. Hope you also understand that you basically need a world-class team and a world-class technology to be able to pull this off. You don't walk off the street and put something like this together. On that note, I think we will move over to the Q&A part. Kjell Christian will join me. We will also get some more help, and I will move a bit over. Good. My name is Kjell Christian Bjørnsen, CFO of Nel. I think we will start with questions from the audience, if there are any. There is one question from the audience. Please state your name before you ask the question. Jon Simonsen. The hydrogen industry, there's a lot of exciting things happening, lots of players getting involved, both the really big ones, and we see a lot of small ones also. It's an exciting, dynamic market as such. I'm curious, with regards to M&A, are you experiencing any incoming dialogue, requests, and what about yourself? Are you looking at the market for potential acquisition targets to expand on the business model, either vertically or horizontally? Thanks. Well, you probably can also add here, Kjell. We constantly look at the market and see if there are opportunities there. It could be opportunities which could extend our offering, or it could be a technology component that we can add to our existing offering. You don't always have to acquire someone. You can also achieve quite a lot with co-operations and agreement. I think that's the good thing here, is that if you find partners that have no conflicting interest, but really are interested in pulling together and addressing a new market together, you can do quite a lot with that also. At least we've been quite successful in actually saying that we will basically be the best as what we can do, and then we will try to cooperate with all the partners in areas. We can't handle everything ourselves. Even if we are the largest electrolyzer, we are still a small company. It doesn't mean that we will not see things happening on the M&A side. Obviously, with the increasing dynamics in the stock market, this could also create opportunities, as you obviously know, in many ways. It could create opportunities for others, but it could also create opportunities for us that we can utilize. When it comes to incoming interest, I think it's difficult to make any particular statements. I would say there is a lot of movement. We try to stay in all the dialogues that are going. Whenever a broker has a mandate, we want them to call us, and we have manned up in that area to be able to handle all of these dialogues that are going around the industry. M&A is an area where you need to look at 100 targets, look deeply at 20, talk to 5, and then maybe you get a deal out at the other end. It is even more bumpy than the pipeline in the hydrogen industry. Good. Any other questions from the audience? I think we'll go over to the questions that have come in from the web. We'll try to cover most of them, we'll also summarize some of them up to a bit higher level. We did get a few questions around the video that popped up in a side window on some viewers, so you didn't see it so well. The whole video will be available as a full file on our webpage later, so you can go back and forth and zoom in and really enjoy the sneak preview afterwards if you lost out on it. We start a bit with fundamentals. We still get a question on PEM versus alkaline, both on IPCEI projects, on the general pipeline, on other things. There's a question on do we have a perspective now on which technology will be the winner in the future? I think we still feel that the jury is out and will actually be out, we think, for quite some time on the PEM versus alkaline. Both technologies are moving rapidly forward. I think many has, a few years ago, disregarded the potential of alkaline because it has been a technology which has been around for some time. As you can see now, when you address it and when you work systematically with it, introduce automation and scale, you are completely changing the cost picture of that technology. There are also a lot of improvement potential on that technology. That means there will be a huge step forward into the cost reductions in that. It is going to be hard to keep up in the short term for any other technology. Obviously, alkaline also includes pressurized alkaline. We have some very promising steps on that and working on that for the next generation platform, which is not concluded yet. When it comes to PEM, it obviously has different characteristics. It's more expensive in CapEx, but it is more dynamic, and it has a smaller footprint. Depending on what the customer focuses on, you will see a demand for different systems. Typically, the requests for alkaline are much bigger. The hundreds of megawatt, typically, the requests are alkaline. On PEM, you will tend to see that we close more with smaller system. The largest PEM facility that we have, or the largest PEM contract we have closed is 20 MW, while it is much larger on alkaline. We think that we need to be in both platforms for still a number of years. We do think that we will make a lot of business on both platforms for still a number of years because the customer have different priorities. I can only refer to the solar industry here that had multicrystalline, monocrystalline, and thin-film technologies all living in parallel and serving slightly different markets for many years and continues to do so. This will change over time, but I think for the time being, it's very important to have a positioning like we have, and it gives us the opportunity to just offer the best of the different platforms without arguing which one is the better. Good. I think the next question, and we do have quite a lot of questions this time around. We'll be faster. We need to be a bit faster. Okay. We have a question around earlier announced framework agreement with Hydrospider AG and also the MoU on Statkraft Celsa. Is there any news on them? When can we share, and how will we update the markets on this earlier announcement? We will update the market on these announcements when we have significant news to talk about. When it comes to the initiatives in Switzerland, I think we just communicated that we signed an agreement in the last quarter under that frame agreement. Obviously, we will continue to report if we sign off POs related to the frame agreement, we will continue to report that. When it comes to Statkraft Celsa, we will obviously also talk more about that when that project is progressing. We have gotten quite a lot of questions about supply chain disruptions and increasing raw material cost. We haven't guided on the exact impact, and we will not do so, but it's fair to say that it creates a bit of an impact on results, but also a lot of impact on the organization. We do need to use our sourcing resources to really chase down some raw materials. These global disruptions in the value chain due to COVID is a real phenomenon, and it has also led to a lot of additional work on the Herøya expansion project. We are very happy with some of our sub-suppliers that have really stepped up to deliver on time on that one. Is there anything you want to add on raw materials? No, I think that's really accurate. You need to work very systematically on it. Some of the equipment elements at Herøya, we had red flashing lights for sometimes. The team really had to work with it, together with sub-suppliers, to be able to control that risk and get the equipment in and get it on time and get it commissioned. You're absolutely right. It just consumes more time. That's the way it is. Then we got follow-up questions on IPCEI. More than 80 projects, can we provide a breakdown by technology and when we expect to close the orders? I think this is the largest group of questions that came in on that one. I think we can probably give some more flavor on that. I think it was important for us to talk a bit about IPCEI because first of all, we will obviously not win all 80 projects. It means that we are working systematically on a number of them. I think the most important thing for us to communicate is that people tend to be a bit impatient when they see a month or two without any kind of significant orders, you tend to get worried. I think the fundamentals is that things do take some time from a program is announced until it's implemented, until funding flows, it does take a bit of time. That's why it's important for us to prepare for what comes out of it and not become too scared and frustrated if things takes a bit of time. We c an try to provide some more information on IPCEI maybe in the next quarterly presentation, but it was important to at least start to communicate on that. On a related topic, we get some questions, and we know that some of our competitors are talking about pipelines, tender pipelines, and pipeline development. Can we provide any flavor of that even if we're not providing the figures? I think a pipeline obviously is the list of projects where your technology is available and that you're working on and the difficulty with reporting on a pipeline is that sometimes a project, it's delayed, but sometimes it even doesn't happen. There is someone that is trying to have an initiative, and they want to get things started, and then they find out, in this particular case, it doesn't fly. We felt that so far it's a bit vague, but I can say that we have close to $5 billion pipeline of projects that we are working with. It's huge. That's not the issue. There are a lot of opportunities there. It's just working systematically with it and turning the pipeline into an opportunity, and working on it as an order, finding a solution for the customer, and eventually signing the contract and delivering. That takes a bit of time sometimes. Good. We got a question on PEM capacity and the concrete question, the fact that we don't have PEM in Europe, does that hold us back in terms of winning orders in Europe on PEM? Not yet. We have thought about, obviously, the next expansion step for PEM, and it is something that we are looking at, and we are also looking at the location. Europe is not a bad suggestion, because we think that the European market will continue to grow, and we need to obviously have capacity available when it does. One of the challenges with PEM is obviously the manufacturability, the ability to automate, and it is a product which is less mature and has not the same level of manufacturability as we have been able to develop on the alkaline, which took us some time. That also needs to happen in parallel. You don't only want a big empty building with a lot of people putting all of this together. You need to develop the way you produce, the design of the product needs to be matched to the way you want to manufacture it. Those topics we do work on, location and manufacturability and also looking at the timing of expansion. There's a question around Nikola. We've been a long-term shareholder in Nikola, the shares have now been listed for some time. The question is why are we still a shareholder, basically? W e became a shareholder to show support and have skin in the game and really help Nikola accelerate. We are not necessarily a strategic shareholder, but we've been there to show our support. We haven't set a time for a particular kind of deadline for any of our engagement. At least it gives us an opportunity to access more funds if we sell it at some point. I don't think I will try to pre-announce and predict anything in this regard. Next question on relationship to Everfuel. How exclusive, how tight is the relationship with Everfuel? That's a question we have gotten in from the audience. Well, we do have an exclusive agreement with them up to a certain point. We do also work very closely with them. The Everfuel team, many of them, not all of them, because they've grown a lot, but the core team of Everfuel came from Nel. It was a spin-out of Nel, and we're obviously still an investor. We do really want to support them to make them succeed. Obviously there are things that we cannot supply. Whatever they need to source that we cannot supply, they can obviously source from others. In some cases, it will not fit exactly what we are offering. That's probably as much as I can say. We have gotten some questions around new and exciting technologies. Hydrogen producing solar panels or next generation solid oxide technology. Do we have a new technology perspective now? No, I do think that we do monitor what's going on, basically. We do spend quite a lot of time on that. I must say, many of the technologies that come up which sounds too good to be true, they very often are too good to be true. When you look at it, when you get the specialist to really look into it, there are things that doesn't really hang together. It needs to also be commercial. The output needs to be competitive. It needs to be scalable. There are many elements that you need to look at when you see a technology. Very often we see that it's traditional stuff that actually runs faster and drives costs faster than what is really technically advanced. We saw that in solar also. It's the basic cut wafers that are making the cheapest and not the integrated window, roof, super special solar panels. You need to have a healthy skepticism, but still be curious enough to investigate what's going on. Good. Then there's a couple of questions around guidance on when do we want to plan to earn money, or when do we want to give progress on cost reduction targets, etcetera. That is something we haven't started doing. We have not start doing guidance, and we have no immediate plan to start doing guidance. I got one small question before the final one. That is the $0.20 price assumption, and electricity in the one and a half dollar per kilo target. That's not an average, is something that someone points out. Why do we still refer to that when we say one and a half dollar per kilo by 2025? It's basically because you need to refer to something. We see that some of our other friends in the industry are referring to targets, but they have a lower electricity cost. Obviously it's easier if you have free electricity, it's easier to achieve the target than when you need to pay for the electricity. With the one and a half dollar per kilo target, we wanted to have reference to the electricity assumption. We also wanted to include everything, the building, the civil works, the cost of capital, all of those elements that typically you can take out of the equation and make the target easier to reach. This is what we believe is a transparent target and, from that point of view, is a good target. Good. On the final note, we get some question again back to the big pictures. Some people are saying the hydrogen related projects in the range of $500 billion, and others are commenting that we're only talking a lot about Europe and European markets. What's really our perspective on the global market, the market outside Europe? How big can this be? We do think that hydrogen will be big. We have estimates about the market size. If you refer back to capital market presentation, we have estimates on the market size on a global basis. We are referring to reports from people that have spent even more time analyzing this than us, basically cutting the market up in different segments and you see the growth curves, et cetera. I think we'll keep referring to that for the time being. I think that information is still relevant. If anything, the potential is larger and not smaller. I think we just have to keep working and be ready and make ourselves relevant. We do invest quite a lot also outside Europe when it comes to sales and marketing with setting up new legal entities, hiring sales people all over the world. We are definitely not only focusing on Europe. No. That's right. As the final note, if you want to say anything at the end. I think we're very glad to have a few faces here physically. That's really motivating and inspiring, and hopefully we will now get out of this COVID-19 pandemic, and we can start traveling again. Welcome back to the third quarter presentation in a few months. Thank you. Thank you.