Good afternoon, everyone, and welcome to the Capital Market Day of Ocean GeoLoop. Welcome to participants in the audience, and welcome to those joining us through a live stream. Today's session comes at an important point for the company. In recent weeks, Ocean GeoLoop has taken several decisive steps to sharpen its strategy and strengthen execution. Key developments include launching of cooling as a new growth engine, targeting scalable applications with strong commercial potential, in particular towards data centers and their growth in AI build out. Streamlining of the corporate structure to improve focus, increase transparency, and provide greater flexibility in the capital structure. Not at least strengthening of the leadership team to support the next phase of growth and delivery. These actions signals a clear ambition to accelerate commercialization and build long-term shareholder value. Today, you will hear directly from the management. They will walk you through the strategic direction, operational priorities, and financial framework. The goal is to give you a clear understanding of where the company stands today and how it plans to move forward. At the end of the presentation, we will open up for a Q and A session. If you are here in the room, you're invited to raise your hand, and you will receive the mic. For you guys joining virtually, there is a Q and A function at the top of your screen where you can submit your questions. Management will remain in Oslo throughout the week and will be available for meetings. They will also be available for virtual meetings over the coming weeks. If you would like to schedule a meeting, please reach out to your broker in Furness or Clarksons, and they will coordinate accordingly. With that, I hand over the floor to Interim Group CEO, Anders Onarheim. Thank you, Joakim. Good afternoon to all. Thank you for showing up in these, slightly, turbulent times. I have to admit, when I'm standing here today and feel like we have developed, I think, what I would call a world class carbon capture solution. It's clean, low energy usage, you know, autonomous, and still, we're still a bit away from cash flow. Of course, that's frustrating when you feel you've done some good work and the team has done a good work. Again, that's where we are. Of course, when the world changes, we need to change also. We need to adjust. In my basketball terms, you know, pivot is a key word, and what we're trying to do is to pivot. We're not, you know, we're not stopping carbon capture at all. We need to see how can we use the technology platform that we have today in order to leverage on that and move forward. Put it that way. Okay. No question, you know, if you go back five years, it was not so difficult to get attention, you know, in the green space. You know, everybody were talking about this. Climate change was top of everybody's meetings, and funding, you know, was available, you know, almost whatever. There's no question we, as many companies at that time, probably were too eager. We probably started out, you know, too ambitious and didn't realize that it takes a long time to, you know, to create a new industry. Again, but again, you know, we thought it was the right thing to do, and I think we have proven that it's possible in a short period of time, you know, to develop a good technology based on what Gude has been doing. Today, of course, we all know that climate policy is very much in limbo. It's particularly in the U.S., with the new president and administration, as KC can turn to later. No question, you know, the money is flowing other places. It's chasing AI, data centers, and everything else. Of course, we need to think about how can we also get involved in the current trends. In the carbon capture, we think, again, we have a proven technology. We also see that the value chain still needs to develop. We all know that it's today, it's not much that's been captured here in Norway. I mean, stored, what, is 40,000 tons? It's, you know, it's a long way until we really see the traction coming. That's why we need to make, you know, some adjustments. That doesn't mean, you know, that we're not gonna continue, as I said, to focus on what we have already, but we're also gonna expand the business. Does that work now, you think, Gude? Think so, yeah. I said we need to pivot. That does not mean that we're gonna go back to square one, but we're going to pivot. We have today a great architecture, technology architecture based on Gude and what he's been doing, you know, both on the E-Loop dynamics, the IP around that. We've demonstrated that we can actually, in a short period of time, accelerate tech development. Of course, we have, with the Energi Teknikk, we have also the, you know, hydro engineering capabilities to get what we've been doing also in Trondheim. Again, we have strengths. We're gonna build on this. We're gonna need to respond to the markets and follow the money. As I said, where do capital flows go? It's chasing totally different things than it was, you know, some years back. We're gonna use the capabilities we've demonstrated. We're gonna use, you know, the way we've been able to accelerate the cooling, you know, the carbon capture technology. We're gonna do the same on the cooling side. Already, KC will talk about that later, we've actually come a long way in a short period of time. We will of course, you know, as a board and as a company, of course we realize we have shareholders that are impatient. They want to see, they want to see commercial results. They want to see, you know, money coming in, not just going out. We will have a totally different focus on what is commercially viable and instead of thinking what is interesting to invest in for the future. We need to really find what are some of the short term wins that we can achieve. The cash flow positive project is gonna be focused on the whole time. We will also look for, and I'll show you that in a second, we'll look for also different ways to finance the various tracks that we're on. We'll come back to that also. As Joakim said, we are reorganizing the company. We will now have three distinct other companies. We will establish, Gude established that already earlier this year, COOL AS, which is gonna be focusing on the, you know, the cooling business. Thanks. Captured, that's the new name for the, you know, carbon capture division, will also be then put on a daughter company. Of course, we have Energi Teknikk, which we now own for quite some time. We're starting to focus also how can we, how can we use Energi Teknikk in the business that we are now developing on the cooling side. It will be a strict capital allocation policy from the group, and we really look for commercial readiness in everything we do. The fact that we have been, you know, accelerating technology development is something we can use and adopt, you know, to the COOL business. Again, this is important. You know, it's learning how to work with, you know, partners at SINTEF, with all the, all the, all people around us, and with Gude of course, with his, with his constant input. Constant input and what, you know, and lots of demands too. Ole, I can tell you later, you know, how he's really a demanding owner and a founder. We will use that. I said also we will also use now Energi Teknikk AS, you know, with their capabilities, you know, for manufacturing, product and service delivery experience to support also the COOL, you know, the COOL production. The E‑Loop, which Hans Gude Gudesen will talk about, this is really a differentiator for us. This is where we will really stand out, I think, from other companies. He will talk to you about this, and we will see. This is like the first time he'll talk about this, I think, in public. I think you'll see that he's been working quite diligently, you know, to get this to fruition. The new company COOL is gonna leverage our existing assets and capabilities and respond, as I said, to tomorrow's trends, where again, we need to focus on where the money's flowing. As you will see, of course, on the COOL side, you know, this is not a new market. This is where we can go displace the current market. It's a huge market. It's a huge market. Very relevant. Again, we'll get much more information on that later. We also have, you know, with the solution that Gude has developed, it's a closed water loop, energy neutral, zero operating emission solution, and targets 60%-80% reduction in operating costs. Of course, if we can prove this, we will get a lot of attention. Money. Huh? Money, yes, of course. Attention is first attention, then money. We know, of course, you know, I don't know what the latest, what's the latest we. The compound annual growth rate we talked about was 20 or more than 22% now, isn't it? Yeah. Yeah. Specific to AI. Again, for us, it's important that much of what we're doing is based on also some of the underlying technologies and the solutions and the principles that we had already before. In my role, I will be quite clear on what delivery milestones I expect. On the COOL side, of course, we need to get a prototype operational as quickly as possible. We are quite far along already on that. We're working closely again with SINTEF. We wanna have third-party cost and performance valuation, that's gonna happen we think also quite soon. Of course, we need to show that we can run as we've done on the carbon capture pilots, that we can have a seamless running for a number of hours. 3,000 I think is what is expected. I expect very soon to get the first commercial agreement. You're in a hurry. On the OGCapture, we expect to be cash positive in 2027. That means that we have to be very selective in terms of what projects we pursue and how we pursue them and how we get paid. We will not go out and now just invest a lot of money in further technology development without seeing that we actually get paid for that. We also have, as Odd-Geir Lademo will talk about later, we will have some, we have a couple units that we think we can utilize, whether it's to sell them or lease them out. These are real assets that we've invested in, and we see clear value in these assets. We're pursuing and having good discussions with many, many potential oil and gas customers to look for and doing studies there also. I'll come back to that also. Actually, I should go back and talk about, you know, with the new structure, we're also focusing very much on how we can, how we can do the financing. You know, many, many of our key alliance partners, we have had a lot of discussions, but they are many are skeptical to invest directly in a listed company, especially a small listed company on the Oslo Stock Exchange. We see many that would, you know, be very interested to go directly into some of these, some of the underlying companies. That's also something that we will continue to talk about, and you will also see over the next few months, we will form a lot of alliances and communicate this. Energi Teknikk, they've been growing very rapidly. Too fast, actually, and I think, you know, they forgot for a second their margins. Now I think they're getting control of that business. They are also increasing the revenue of the service mix, the service revenues and the mix. For us, it's going to be now important to balance growth with the profitability and dividends. Han Gude. I mean, if I not have a history with Hans Gude Gudesen from many years ago, when he comes and, you know, he's an archeologist, and he says he's gonna come with new technology, I'm thinking, "Well, that's a contradiction in terms." Actually it's not with you, is it? Even though you have, you read up and you are, you have a lot of history in your background, you still are taking advantage, using a lot of that nature to develop your business. Again, you know, it's not a coincidence that in our carbon capture technology, our enabler is not chemicals, it's water. That's quite unique. I mean, even I didn't think that would be possible to start with. Gude, now you're gonna tell us some secrets, I hope. A lot. A lot? Okay. Okay. Take the next. Drop that. No, I think you need to talk about it. Don't you want to talk about it? You want to talk about it? Why should I? I don't even know the number of patents. Well. I've wrote. Thank you. I've been writing patents since the seventies. Well, I can say that, you know, as I said again, I've seen Gude in action before. I remember very well, I worked with him, you know, when they sold FAST to Microsoft. That was a, you know, Microsoft still use it as their search engine, so it's not, it's not. It's real stuff. He's founded a lot of companies. He has a huge patent portfolio across several technologies. I think we are extremely fortunate to have you as our founder and pusher and, aggressor and, but also someone that really finds great solutions for us. Please, Gude. Yeah. Thank you. This is the solution to everything. This is the present, and this is the future. We worked with that for years, taking all the small steps, the big steps. One thing is to produce an idea. Another thing is to have it demonstrated by the most conservative guys in the field. In order to do that, I, for very many years, used to travel around the globe continuously to find the best guys to verify new ideas. It all ended up. I said it. It's actually one, actually, because I'm old, you are not old. I'm very. That also attracted, for instance, Google when they had some potentials to have a close collaboration with them through FAST in 2002. They, I think they moved quite a lot of their research to Trondheim and this environment. Yahoo, 2003, the guys are still in Trondheim, doing basic improvements to the home search. I think they have merged with Bing, so Bing now delivers the software, but it's the same guys in the same city, more or less. Anyway, this is a universal architecture I will use for a lot of things. Today I will talk on two applications for it. It's cooled, so it's cooling, and it's energy production. Has it been demonstrated in the lab? Yes. Does it work? Yes. Can you make a commercial product rapidly from it? Well, certainly. Does it cost money? It costs money. It's a lot of hardware. That specifically applies to energy generation because that's a heavy duty hydro turbine, typically 10 MW. That cost money. The rest are just pipes. The arrows seen indicate that it's a fluid being circulated, and the fluid is a mixture of some liquid and gas, some gas. It's not just any gas. It's well protected, patented. We know the prior art. Nobody has ever touched this field. When we circulate this, we create so-called endothermic and exothermic reactions, pressure and temperature reactions. If that sounds like Greek, it sounds like Old Norse to me because. Well, that's life. Endothermic means that you have a liquid that grabs heat from the surroundings. Exothermic produce heat. To achieve that capacity, you know, if you design it correctly, the result is varying pressure. Temperature and pressure are very crucial to have this loop deliver quite a lot of things, which I will not talk of today except for the two. Next. This is COOL, and it's a bit crazy because it doesn't use any energy in the normal sense. It doesn't use electricity nor fossil fuel. Can be operated by waste heat. It needs some energy, but waste heat is difficult to exploit. I can exploit it very efficiently. As it says here, if the energy cost of data centers today, at least up till today, is around 40%, it will drop in the future. Doesn't matter because the volume of the cooling and the number of terawatt hours are used will also expand. As it says, it can be reduced to near zero equal to this for the data center industry, the AI industry. That's substantial. It can reduce it not from a couple of degrees, 10 degrees. It can reduce to tens of degrees, 70 degrees, 80 degrees without electricity. We can do it at a very, very high capacity per hour, more than 100 cubic meter per second. It's unheard of, simply said. An average data center of 10 MW today use around 1,200 cubic meter per hour. 100 cubic meter times 3,600 seconds is almost 400,000 cubic meter. It has a lot of capacities, and it's very close to something that can be installed commercially. We have 1 more test to be done, and that should be done pretty soon. It's about ordering the right type of pipes. The rest is in place. We are ready to go commercial with it. That's why I decided together with Anders and the board to establish a separate company. We brought in this excellent young woman there, which has impressed me quite a lot so far and seen things I haven't seen. We are very excited, so to speak, because as Anders said, the problem with carbon capture is that the market is not matured yet. It typically blows off, goes down, and like the IT bubble, then it start to climb into healthy state, and that is what will happen. This cooling is old business. It's big, relatively big because of few players, and some of those players are, you know, in the $10 billion sales and more. By having that, imagine having a fridge, a refrigerator standing in the desert for a million years and not producing anything but heat, and it's driven by the air around. That is heat or cooling for us. Next. This is something I'm not very keen on telling people about publicly. This is the first time. We have presented it to three companies or groups of companies, and they have no option. If this works, it change all the future. Again, I must say, I'm standing here because I know it works. We have done literally thousands of tests in the lab. We have, among others, a lab at Tiller, wall to wall with the SINTEF activities at Tiller. And they are heavily involved in, actually developing and testing for us because as I said initially, the guys in Trondheim are top quality guys. I don't find anything better in the world so far, and I've been everywhere. What it does is, if you look at the ocean as an example, it's a lot of energy, but you can't use it. It's a lot of pressure downwards. If there was a hole in the bottom, and you could place a hydro turbine at the top of the hole, you could produce endless energy, and this is exactly the idea I copy. The loop I mentioned is this. It's the same loop. Each of these are loops. Each of them can have a huge capacity. I'm talking of a capacity of one of those which can have a footprint that varies between 30 square meters and 576 square meters. The height could be from two meters up to hundreds. Hydro turbine, the higher or the bigger head, the more energy. Even 1 meter head is a lot of energy if you have a lot of water. There is no water leakage. We just reduce the water. We don't care whether the water is salt or black or freshwater, whatever. It goes on forever. It doesn't stop or dependent on weather, 24/7, year in, year out. When you understand the principles, you will understand. That's why it has been important to me to have the support of SINTEF. Okay? This is example of a 20 MW module which could be this, one of these turbines. If I select one of them, and I have 12 meter diameter of the pipes, the loop, I get this area because I have some spacing between them. I put in two, 10 MW turbines from Energi Teknikk. We have been close almost every day since 2020 on. I learn from them, they learn from what I say, and they have full access to all the IP and has no problem with my claims. 100 meter big footprint, I can make so many modules per square kilometer and the production per module is calculated to be 175 GW. That's pretty lot. six of them, you have more than a square kilometer. Within an area of much less than six times this, 3,000, 4,000 square meter, you could have a terawatt hour produced 24 hour a day, compare that to wind turbines which has more than a square kilometer to produce terawatt hour on and off. This runs continuously. Of course, the bigger the head, the bigger the capacity, very simple, but from one meter upwards is actually interesting. I think that was it, Anders, n o? Well, you'll come back. We will have you come back afterwards to talk more. Yep. Okay. Next is Odd-Geir Lademo. He's been, you know, heading the carbon capture business up at Trøndelag. He's put together a very strong team, and he's also has, you know, given us some very valuable connections and leads with some industrial players. Odd-Geir, you will tell us now both about what we have been doing and also a little bit about, you know, what the focus is gonna be going forward. and, you saw what I already said, cash flow positive in 2027, right? I'm okay with that. Thank you, Anders. Let me see now. Yes. Reduce Margin. Yes. I'll talk about what we now have been naming Captured. Some words in the beginning about the picture. It's a realization of our first of a kind industrial plant, industrial pilot. It was established at the pulp and paper mill of Norske Skog in Skogn, in Norway, one and a half year after we staffed up the company. This is a picture from mid-2022. At that stage, we had, of course, entered into a strategic operation by creating links between a supply chain, various type of manufacturing companies, EPC partners, R&D partners, and two MHEs in mid Norway. We were on the verge of. We did. We had already then installed only one and a half year after the staffing up of the company, this pilot plant. That was following what Gude is saying, following experimental work tests at the laboratory at SINTEF premises. That was done the first half of the year before. It shows a way to work, to build speed, and that's what I was supposed to talk about, and also looking ahead into the future for the capture business. We have the laboratories in place. We have the supply chain in place. We have the industrial partnerships in place to also move on with the COOL and other business, also the carbon capture business. When you look back at a slide, back in 2023 then, I guess. When we had installed the pilot plants, we did afterward a long-term test campaign, similar to what we plan to do also for the, for the cool companies. What we said was that we were going to go through a optimization, a process optimization based on verified simulator tools to further lower the cost of capture and the energy cost of capture. We were going to introduce novel technologies. The principles from what Gude just talked about was already in place beside the sea pump. Now we also say whatever we can develop a modular concept that can also be integrated towards the capture business. Very interesting. Yeah. This sea pump is version 1.0 over the year. It is. It has been a map, and we said we were going to deliver on a dramatically lower energy cost than conventional processes. This is an illustration where we compare these days, the energy of amine systems, the most conventional used capture technology, towards our system. For linked up to the flue gas, the CO2 concentration in the flue gas. For a lime industry, having 25% typically CO2 concentration in the flue gas, we can capture the CO2 at about 200 kW hours per ton, electric energy. In an amine-based system, and if you look at Brevik, you see that there is only 50% capture at Brevik. That's because it's an enormous lack of waste heat. They cannot capture all CO2 in Brevik because it's extremely energy demanding. The temperature demand is more than 900 kW hours per ton with amine solutions. On top of that, you need to add electric energy consumption. We are way below the amine systems in our capture system using only, formally I would say then, water as a capture medium, avoiding costly chemicals and challenges with chemicals. That's great work done by Gude to promote this idea. We had to go through still teaming up with people, with the network, customers, supply chains, and to go through these various steps. The first two years, we brought the concepts and the patents into technology, so by realizing industrial pilots. We addressed the scientific uncertainty in the laboratory of SINTEF. We addressed the supply chain and the industrial process design challenge by demonstrating the construction of the first pilot. We ran this technology into products period 2023. We ended the test campaign, the piloting campaign. We communicated to the market that we have successfully completed 3,000 hours of operations at Norske Skog. Half of that in autonomous mode, an autonomous capture plant. We steadily moved on, bringing it into market applications. We prioritized some industry segments. We prioritized those having pretty high CO2 concentration and being hard to abate. On that basis, we have continued to plan for the scaling and develop a scaling strategy and start the scaling in markets. Having the first agreement planned and then to have a first 10,000 ton industrial product unit engineered over here with EPC partners, supply chain partners, and the plan to still realize it this year. We want to standardize and scale up this in the global markets. What is it we have been doing then? We have invested. Yes, absolutely. We have done the investment. three different assets, significant investments that we now shall capitalize upon. Being the lab in that Gude referred to in Trondheim, we have two laboratories, and one in SINTEF's CO2 laboratory, Tiller in Trondheim, and we have one additional laboratory where we work on what Gude just presented. Here we have EUR 3 million in an indoor facility for customer testing, because having an autonomous plant at the pulp and paper mill is not a convenient way to prove the test or the technology for other emissions. That investment was important. The digital platform, super important. We don't rely on much technology today that is not digitalized. That's super important. It's also because we have a simulator, we can now extrapolate to customer cases and tell the customers or others what to expect in terms of energy cost, capture rate, and so forth. The pilot plant has been a showcase that people can come and visit us, seeing it at the commercial site. It's something that we are now planning for the next stage, how to benefit from this. It may well become a commercial showcase out there in the world, we'll see where it ends up. We'll come back to news about the pilot plant. In sum, our pivoting, we're not abandoning carbon capture. We are going to capitalize on these three different key assets. The technology features that we have been talking about in, okay, five points. Less than 20% energy consumption compared to conventional systems. Fully electric, making it easy to install, not depending on the amount of waste heat available. You may go all electric and capture everything. It's demonstrated. We have demonstrated fully autonomous operations, proven technology as such. There's no hard to handle chemicals, so no toxic chemicals at all, so no secondary emissions either. From a regulatory perspective, that is dramatically but simpler. It's based on off-the-shelf components that are proven and commercially available, so it's easy to have, like, a spread kind of companies to pick up and build such facilities other places in the world. At the end, entering the commercial phase, we are still, of course, planning to realize this well-communicated plant in Verdal in Norway. Rendering from colleagues in Carbon Circle of the pilot plant and building an absorption tower, intermediate storage tanks, liquefaction units. That's a picture of how it could look. We need to finalize the commercial terms and secure appropriate financing of this. The Nurfical company is part of SigmaRoc plc, a European consolidator in the lime industry, so having multiple sites and a clear net zero roadmap. This broader collaboration enables joint evaluation of also full scale CCS opportunities and also scalable replication models in, say, in the European space, and that's a job that we look forward to. We have had a lot of active discussions then with actors in the value chain, both the suppliers of components, equipment, the EPC partners, transport and storage actors. We see that we are well positioned to attract venture capital in the new organizational structure that Anders commented about. Certainly it's a strong political message in this, that the hard to abate land based industries are vital, and it is possible to decarbonize at moderate cost with this technology. That's absolutely the still the plan. The milestones then is to have the FRD on the 10,000 ton unit. It's to continue to develop the alliance and announce the partnerships in the CCS value chains. We will continue to sell compact units, smaller in scale and large in scale. We plan then to launch some study agreements for some niche oil and gas applications. The last slide, we haven't only been working at in mid-Norway at Verdal. We have developed, of course, relations with other actors. One consortium, you might say, is down at Herøya, Norway's largest process industry park. Where we collaborate closely with Herøya Industripark, also with Yara. We have signed collaboration agreements that targets the ambition of having this region to become the world's first climate positive region within 2040. If we shall do that within 2040, you should better start now. We have commercial agreements with Herøya Industripark, we provide strategic and advisory services to realize infrastructure for carbon capture, CO2 handling, transport, and also strategies for use or storage. We have there, Gude, in establishing good dialogue, also to realize the first of a kind energy recovery, make use of the waste heat. We have been talking about the CPMP. More will come. COOL will have a very interesting playground for industrial realization of pilots also at this location, I'm sure. That's a nice introduction, I guess, also to KC by Anders. Thank you. Okay. I guess we should say also that, you know, we have on the NorFraKalk that, you know, the financing we have in Norway is already, you know, will commit to support that also. We will come back to that, right? Next is COOL. We are proud and excited to have recruited someone we know quite well from Chevron before, KC Littlefield. We know that she's a hard worker. We know that she's, you know, quite competent. We also know that if we're gonna be a player in the, you know, cooling market for data centers, it's not enough to set up here in Norway, even though we are of course our cold water is maybe a good site over time, but the U.S., of course is the key market. KC, excited now to hear what you have to tell us, and again, welcome aboard. Thank you. We can take this off as quickly as possible. I have the honor to introduce COOL to all of you and to the rest of the folks on the phone, and I'm very excited about this, and not only because it's a new product that I think is very promising, but because we have a lot of the underpinning foundation in place to make this successful quickly. You heard from Gude about the architecture and how dynamic it is. You've heard from Odd-Geir about how he accelerates technology by triangulating a test rig, a pilot, and then the automation or digital twin that allows for optimization quite rapidly. You've heard about the portfolio a little bit and how it plays on itself. You'll hear a little bit more about that from Iver in a minute. You've heard about how capital light we try to be by using off-the-shelf parts and designing for the capture industry itself, not for the oil and gas industry, but to make sure that we're capital light in order to create access to different markets that don't have the same margins as oil and gas. Ultimately, what excites me the most is that this COOL product is our first step into market disruption. Not just for COOL, for the whole portfolio. The opportunities that COOL develops are synergistic and symbiotic, so that as the technology matures, it's enabling the technology for capture as well by way of progressing the E-Loop forward into its next stage for disruption across the portfolio. Let's start with cooling. COOL reimagines cooling as a technology. It's not an adjustment to the technologies that exist today. It is a completely different technology, and it solves critical gaps in what the industry is expecting today in water, emissions, and power. The technology's already in flight. Yesterday, we had some promising results up in Trondheim, which Gude's very excited about. We have some natural beachheads as a result of the flow of capital today in data centers, but we also have other markets that need cooling, many of them. That leaves us to cross-sector growth, which gives us a little bit of a hedge against the data center bubble. I don't know about you, but my portfolio organically has S&P 500 in it, and it's outweighed by the Magnificent Seven right now. That's great, but I don't want to invest in a whole lot of Magnificent Seven outside of that, because then I've got too much. To have the rest of the industries that also need cooling available to us is important. Ultimately, like I said before, it's symbiotic. We're going to progress not only the goals of the COOL portfolio, but the OGL portfolio to make sure the entire portfolio is positioned for growth and success by the end of the decade. I don't want to sound like a consultant, so I'll let you read the quote on the right or on the left. I want to make sure it's clear that cooling is becoming a strategic decision in AI and in other industries as well. The middle column talks about cooling in the context of both data centers but all industries. It's consuming valuable water if it's a water heavy plant, it's consuming electricity if it's air cool, and it's perpetuating sustainability gaps in everyone's portfolio along with license to operate. This is particularly true in data centers. You've seen the headlines where communities are resisting data centers to enter as a result of water usage and electricity going up. Cooling also drives an opportunity cost. The amount of energy being used for cooling reduces the productivity of any plant, but especially in AI, the productivity trade-offs are significant. If cooling is between 10% and 40% of the electricity bill for a plant, that opportunity cost is significant into product. In data centers specifically, you have two different metrics that are significant. One is called the power usage efficiency, and the other is water usage efficiency. Top tier is 1.2, 1.1. Most are under 1.4. With what we have, we can drive that down into the single-digit%. Still one, but 1.09, 1.08, which is notable. The last thing to talk about is the technologies that we have today have been around for decades. If you follow technology, they go through a learning curve. These are flattening out, so they're reaching to what's available to them to optimize. A.I., optimization through different power timing loads, some adjustments to the components, but we're at the beginning of our journey, and we have a lot of vertical to go before our curve flattens out, which creates efficiencies along the way. You can see that Gude is relentless in his pursuit for perfection with regard to how the technology performs. What I like about this specific to data centers is that they are information technology. They invariably love adopting new technology. They've been born in venture capital. They understand that you need to take risk to be able to progress at speed. We see them as an ideal partner because they're used to trying something new, and they have the money to do it. Industrials, other firms have been around for a long time. A little more, I would say, risk-averse. If we can beachhead into data centers, we see a stronghold there that will enable us to be able to progress at speed. This is a busy slide. It's one for you to read afterward. I will focus right here in the middle just to talk to you a little bit about COOL and its capability. As Gude mentioned, it self-propels. There is no power usage, and if you're using some sort of fossil fuel, there are no emissions. The water usage is inite because it's in a closed loop. It can be placed anywhere. It's not dependent on arid conditions for evaporative cooling or more temperate conditions for water-based cooling. You're not pulling levers between spending a lot of money on energy and saving water, or spending a lot of money on water and saving energy. Do we know the technical limitations? Not yet. That's why we're in prototype. Do we know the capital costs? We have some ideas because we have guardrails. We want to design the way we have with other things, which means we're going to use off-the-shelf components. The same architecture dictates that we're going to have simplicity as one of our mandates. Just as a result of the energy costs and the water costs going down, we can conservatively estimate between 60% and 80% operating cost reductions for your cooling across the data center or any other industry. I want to make mention of direct liquid chip. I'm sure some of you are following this market and understand what that is, but just for context, DLC cools across the server rack by putting metal plates and running water or other fluids across to cool. It has a lot of the same capabilities that we do at the rack size. That particular type of technology still needs a chiller and a facility water solution to be able to run the whole loop. We play a role in those two and potentially could partner to differentiate in DLC across novel technologies and data centers. Again, I don't want to put all my bets on data centers. I want to look elsewhere. The market is $24 billion. Anders had spoken about it being over $20 billion, it's $24 billion today based on the analysis we've done. You do have areas of growth up to 22% compound annual growth in data centers and other places. The market is very well diversified by different industries. We see there being opportunities there as well. I pointed out the segment distribution because I wanted to share with you that the three least efficient types of cooling own the market today. DLC is a subset. Hybrid cooling is an efficiency play to be able to take advantage of water and electricity when the time is right and the climate conditions are correct. It only has 15% of the market, which means there's a lot of upside for us to be able to enter and displace not only technologies that are at the flattening of their curve, but also the most recent solution that's introduced beyond DLC. I left this 10%-40% for last. The reason why is because not only is it important to understand that 10%-40% of total power is used for cooling, which means that's an opportunity cost for production, but that 25% of the capital is used every year as OpEx. If you have $10 million invested in your cooling solution, $2.5 million of that on average across industries ends up being used for actually powering that solution year-over-year. By the time you're done after 20 years, 15-20 years, you've paid three-five times the capital in expenses. This is important because when we talk about a business case, we have to understand where the value really resides. Next year there are, actually this year, there are 140 over 50 MW plants scheduled for data centers, 16 GW of capacity. If you look at a 50 MW plant as a case study, annual consumption is around 450 GW hours. At a conservative $0.05 price, you're looking at about $22 million. If cooling is just conservatively between 10% and 40%, 25%, it's $5.5 million of cost. If we can save 80% of that, we're at four and a half million dollars or so every year for that plant. We assume that our capital is going to be about the same, if not more competitive than what the market offers today for cooling. If we can make a return on investment in three years, we would charge a licensing fee of three times that $4.4 million as an upfront fee for the cooling. This is one of the exploratory business solutions that we're looking at. Assuming the capital is being covered through the cost of the equipment by the consumer, we look at an EBITDA of around $12 million U.S., which means after four projects, we're nearing $50 million. That is simply calculating the electricity. For a 50 MW plant, you're also spending about a million liters of water at least. You also have your opportunity cost of 20% efficiency for your actual compute, which is millions and millions, if not billions of dollars in value for the data center. It's a compelling case to try a unit and see if it works, especially in an industry that likes to try new things to make more money. Anders spoke about milestones. Something to know about me is after 20 years of being in corporate America and several personality tests that we have to take over and over and over again, I incessantly have a bias towards action. I'm red, if you've seen the color wheels and other tricks that they use to convince you who you are. I also have a father who insisted that anything I did had a plan, not because I would stick to it perfectly, but that it would hold me accountable and that I could ask other people for help and they would see where I'm going. Our plan is rapid, but I feel like we are underpinned by Energi Teknikk, capability and fabrication and machining in factory setup and customer service in project delivery. We've got all the work that Odd-Geir's done with SINTEF to triangulate our technology and accelerate it. We've got the e-Loop, which is differentiating and will move us forward. Right now we are prototyping. I like to work in Agile, so we don't have everything perfect. We still need our measurements, we still need to get a few parts, why not try what we have and start to move the needle and to get water flowing through the pipes, as they say. We plan to have our pilot designs in partnership with an offtaker for the pilot by the third quarter, we want our 3,000 hours complete this time next year. We also want a design complete for our mobile modular unit. I don't want to build big because I look at how data centers are built, they're using LM2500s stacked as the servers come in. They're using the most recent chips and stacking those in for the highest power computing. They don't buy in bulk. They buy as they need it. They need just in time cooling, just like they have just in time power and just in time servers. Coolbricks will deliver after construction mid next year, by the end of the year for a first commercial unit. This is aggressive, it's exciting, given what we have at our fingertips and the resources that I can pull on, I feel very fortunate to be part of the OGL team to be able to deliver this result in the co-next coming years. Thank you. Thank you, KC. That's all. I think we're in good hands. Okay. Next up is Iver Båtvik. You're lucky, you know, we're gonna make all this money, and you're gonna be the CFO. It should be an easy job, shouldn't it? Iver, I'm happy you're with us. Iver and I worked together at BW LPG before. I'm very happy that he could step in. Of course, you know, we had a tough Christmas period for us internally with our CFO passing, and so I'm happy that Iver stepped up and helping. He's already, you know, well into the details. He will talk both a little bit more now about the Energi Teknikk, but also a little bit, you know, summarize a little bit some of the milestones. He's gonna be, like me, pushing the teams here to deliver on these milestones. Iver. Thank you, Anders, and thank you everyone else who's presented. Yeah. Energi Teknikk, I think it's one of the jewels that I found in this company that I thought was a bit under-communicated, so I'm happy to talk about it here today. The CEO, Ørjan, is actually busy selling at one of the biggest conferences for hydropower plant companies, so unfortunately he couldn't be right here today. Yeah, it's an established hydropower platform, and it's built upon self developed technology, which is added on with two technology acquisitions, and that's brought on the base for a tremendous growth in the Norwegian small hydropower market. It's actually quite remarkable. If you see there on the chart from 2022 to 2024, we've had an average been on a growth track of 28% per year, right? This is fueled by, of course, the great market and this technology that's really proven to see what it can deliver. That's given us 260 power plants that we've installed across mainly Norway, and in 2025, we're at NOK 200 million in revenues with a NOK 150 million backlog. I think, and then just to point upon the regulatory gap there in 2025. What's happened is that the resource rent tax has been up for discussion in Norway. That started in the fourth quarter of 2025 and led to a complete stop in new power plant projects. That's actually now up for vote at the parliament actually on Thursday. It's quite clear that there's a majority to continue the way it was, meaning it would be a big push for actually pushing these projects back on again. We do expect, if it's a positive result there, that the market will bounce back to where it was headed. Yes, this has full in-house capabilities for engineering, fabrication, installation and service with already a strong customer base. What you saw on the last slide is that revenues today are driven by new projects, and the service mix is quite low compared to the installed base. Service margins are about twice of what we have on our new business. What we're gonna do now is we're really gonna focus on, as we said, you know, we're gonna balance growth with the ability for this company to provide cash flow for Ocean GeoLoop. That's one of the things is gonna be to focus more on the service market with double the margins. The regulatory environment there remains very, very supportive, so we can go in and increase the efficiency of the existing power plants. Yes, as I said, I mean, the foundation for this huge growth that you've seen this company is from the proprietary turbine technology. This is, as we've talked upon, been important not only for Energy Technique, but also for the other companies in Ocean GeoLoop, both for captured and for COOL. KC talked a bit about the benefits for the cooling business and, Odd-Geir, you wanna make maybe a comment also. Yeah. In the carbon capture system that we developed. Recuperating ele-energy in the fluid flow by the same type of turbines. It's integrated part of the carbon capture system. Good question. Yeah. It's an integrated part of the carbon capture technology is the turbines here, and they will be an integrated part. As Gude also alluded to in his presentation, it's a big part of the E-Loop. Don't forget, the E-Loop is commercial with this Energi Teknikk. That was the whole idea, buying them. Very important. They can go like this. Exactly. So just for the audience here, I mean, this will be enabled on the on both the fabrication and the production side to really scale to the market quickly. So that's why we call it the industrial backbone of Ocean GeoLoop. Here you can see some of the turbines being installed and the technology in action. It gives us, as we said, great portfolio synergies. We have in house turbine design and strong project delivery installation, aftermarket service. For the group, we can share resources to lower all our costs, but most importantly, accelerate product development, which has been what we've been doing. I wanted to just with that, jump over to reiterate what Anders Onarheim had said about the milestones and Ocean GeoLoop and how each of the milestones the company now will deliver on and report to the market is going to really unlock shareholder value. For COOL, Casey has shown that it's a scalable EBITDA model. We showed we will be able to reach commercial delivery already at the end of 2027. With four projects, we'll be able to reach almost $50 million in EBITDA. Then again, that is less than 1% of the market. This is a company with huge potential. We hope to come up there and with the milestones, deliver on those, update the market, and hopefully even better performance than what we have used in our assumptions today. On captured, Odd-Geir has talked about how we will become cash flow positive by leveraging on our assets that we already have, and at the same time, through the formalizing the value chain, really show and joint study agreements, really show how we can continue to develop the technology and be positioned for when the carbon capture for the big projects really come to market, and that we still can then leverage our best in class technology, which is, as illustrated, significantly more energy efficient and will continue to improve on those results through COOL and through the E-Loop development. I think it's a very important thing to set. Yes, we're at 20% of the main technology today, but we're by no, no means stopping there. The Energy Technique, as I just talked to, it's all about margin stabilization and increase the service revenue mix so that we can balance the growth we have been with providing dividends. Capital allocation principles for Ocean-GeoLoop going forward. The growth capital now will be directed to COOL. This will have the highest near-term commercial readiness. For capture, we're doing a bridge to profitability funding. As they reach the milestones, we'll be able to get to that cash flow positive stage and really make sure that we, in a disciplined way now use the capital wisely. Energi Teknikk again, it's margin and cash generation focus. Overall, this will reduce our cash consumption. We will focus on the development expenditure being primarily externally funded by the projects and industrial partners that we already have had long standing relationships with and have now said they wanted to do that. With that, I'll turn it back to Anders Onarheim. Thank you, Iver. Now, of course, I know Gude well enough to know that he still thinks, you know, we're too conservative and a lot of this stuff is boring, it's stuff we've done already. He has, I think, a little bit more he wants to share with us. I think both he has some plans, some visions. At least, you can't share all of them because then. It's only two. Only two. Give us the your final comments. To summarize. Let this be very clear. He's a conservative guy. That's why I said he wants to deliver. He was a professor at NTNU. NTNU. Yeah. I hired him because he could build a team and deliver, which he did better than I expected, which is according to the way I work. Great idea, patented, find the right guys for the right. Preferably in from then to do the job and that job we have done. You also talk about Energi Teknikk. The reason for requiring Energi Teknikk, from my advice to Anders in 2020, I think, was that not if. We demonstrated it as late as yesterday. As you said, which I said, "No, don't talk about it," because we do that all the time. It's not one pilot and onw test, it's dozens. Imagine us delivering just one system. For them, that's 10% of their sales and 20% of their revenues in the purchase system. When you add that, why shouldn't we deliver thousands of such turbines? The potential for Energi Teknikk is endless. Just to have that clear. Also think about carbon capture. I can guarantee you, whatever good he is, I can make him unbeatable by giving him the e-Loop as part of the loop, because we can make everything as part of the same loop. That's why through so many years, I call this a loop thinking. It was like this. I talked about COOL and I talked about E-Loop, and I want to combine those capacities into a product that nobody believes in, which is synthetic fuel or e-fuel, n ot very popular. Everyone loves money. As one senior industry guy said last week to me, "Why should I spend 20 kW hours to produce 10 kW hours?" That's the typical situation. What do you need? You need electricity, and I added COOL, and I will explain why. You need very clean CO2. He said we can capture 90%. I say, if you add more energy, it's just a question of energy to reach 99.9%. Purity. We make it from water and nothing else. Everything I do is from water. It's clean. I don't like chemicals. I'm a chemist, not a physicist, so I don't like physics either. My biggest enemy is the first law of thermodynamics. Fortunately, what I told you, initially on E-Loop, is compatible with the first law of thermodynamics. Anyway, if you have electricity and you have the very, very clean CO2 that we can make, you of course, can then make the green hydrogen, and then you make the e-fuel being something very competitive. The next slide will show you how competitive it is. That was it. Back. Back. Sure. Thank you. Yes. Number one, we can capture more than you emit when you use the fuel. The fuel is not like ammonia, et cetera. The fuel can be used on any existing machinery or combustion engines, whatever. There are no modification required. Very importantly, it has the same energy density as fossil fuel. The process we use is the one that they've used 110 years, Fischer-Tropsch or Sabatier, or maybe Haber-Bosch. They are very energy inefficient, but we are not inventing the wheel. We are inventing or producing the cooling, the energy, and the clean carbon. Why is that important with cooling? I talked about those processes. They operate at 550, 600 degrees Celsius. They would love to be at 50, 60 or maybe at 10, but they can't afford the cooling. It's already too expensive. One big application, one huge application of cooling is to produce electricity with the E-Loop in the loop and use the very hot water from the process of making fossil or this renewable fuel to drive and produce electricity. It's an enormous amount of energy for us, which can produce energy from one temperature source, two, three degrees Celsius, allows us to produce electricity. It's just freezing, that is the limit. We can operate at 100 degrees or down to one degree. Nobody can. A lot have tried. What's interesting is that the sales argument when you're going to fill your car with this fuel, which can be mixed in the same tank with the same pump, doesn't matter. Other people have proven that. That's not our technology. That's others. If you use that Sabatier or Fischer-Tropsch process, it adapts itself and make the 100% compatible hydrocarbon. Say each time you fill a liter, you spare the environment 2.5 kilo. Not my numbers. Those are official numbers. That's quite interesting. You beat the carbon neutral electric car by it being carbon negative when it come with your Ferrari. I okay, I don't like Ferrari, at least not to own it. It's nice to look at, but that would be okay, you see? We emit, yes, but we capture more. The interesting thing with those two processes I mentioned is that, let's see, as an intermediate step, they have split CO2 into C and O2, and we can take the surplus we capture from the air, at least from a pipe or directly from there, to be stored in the carbon. I mean, be stored as permanently as pure carbon, which has its own value. They don't have to invest in the carbon separation system. Put together, I'm pretty thrilled because why do you need fossil fuel in the future? That's my message. Yeah. We have the building blocks to do it. No, we are not competing with nobody because there are nobody that ever can do it without the technology. Fuel is necessary. Clean CO2 is necessary for the Haber-Bosch and Fischer-Tropsch and Sabatier process. Then you have the green hydrogen. All dreams come true according to the dreams. We have used the most of morph. Thank you, Gudde. I guess you can see that it's fascinating. Also, you know, it's kind of scary to work with Gudde because, you know, he always gonna tell you this thing. It's the future. Yeah. Then when I don't understand it all, then I kind of, I get to hear it. You know, I'm slow, and I'm not gonna say stupid. That's true. Bbut I have my limitations. No, but again, it is fascinating, and as I think both Gude and then KC said both, you know, it, you are relentlessly, you know, trying to develop and take it a step further all the time. I think that's We just got an application of what we do. Yeah. No, I know that. so. What we do could. It's an application. Yes. Yes. That's hard for real people to hear that, but, yes, thank you. That was really what we had to deliver today. Happy to take some questions if there are any. Joakim, you will control if there are questions from the Teams. It seems that most of the people just dropped out, so no questions from Teams, but any questions from the room? Thank you. Thank you very much, all. Thanks for taking my questions. I just wanted to ask about your sort of short term capital roadmap, additional financing you might need for that. You know, the company is running short in cash. What does the short term future look like in that regard? Yes, you're right. We will, you know, sit down and decide how to what's the best way to, you know, finance, you know, the group going forward. As we mentioned, you know, with the structure we set up, it will give us, you know, an opportunity to, you know, finance the various companies. There's no question, you know, we will at some point come to the market also probably with the Topco for I'm not gonna say at this stage, you know, what amount, but I think our goal is that that would be the last financing for the Topco. Okay. Thank you very much. Would that be just from the way you consider more diluted financing, other routes? Again, you know, as I said, we, we are discussing that actively at the moment at the board level. Of course, we will try to find the best solution that protects shareholder value as much as we can. Obviously, you know, we, we, you know, we're not magicians, so we have to just, you know, see what's available. We have interesting discussions also on the subsidiary levels in terms of financings, and that's something that we will pursue also. We'll come back to the market. As soon as we make a decision, of course, we will inform the market. Thank you very much. May I just ask about the COOL solution data centers. Would there be any additional construction time, challenges involved in the building these data centers? Could they be fitted, retroactively to an existing data center? Yeah. It'd be great to hear a bit about that. Thanks. We have been working on design principles and guardrails. The intent to have the modular container size is step one, the goal to retrofit is the market that we would wanna go after as well. The idea of being able to retrofit makes sense, especially at end of life of some of the older centers that are at 40% air-cooled. That's a great market because the efficiencies are at their top of the curve. New builds, obviously, we wanna get in and start to design in a way that can be adopted to the most modern data centers. I think there's a lot of ways to angle it. The core thing for me is to have the correct design principles in place early, so that as we go through prototyping, we collect the right data to be able to develop that into the product, ultimately developing that product for optionality both in and outside of data centers so that it's fungible. I think that when you think about air and/or, you know, some of these smaller aero-type power units, they tend to be able to be quite fungible between different industries, and we just wanna make sure that we build in a way that keeps that optionality open. Thank you very much. Just to continue in the cooling, you say you're fully commercialized Q4 2027 with the first project. How fast can you scale once you're fully commercialized with the first one? What's the typical lead time? That's a great question. I'm seeing you're excited to talk about it, too. Let me start by saying that's why we have Energi Teknikk because they have the fabrication abilities, the manufacturing capabilities, the product line capabilities, and then we have to, again, look for design right now and understand what that scale looks like. When you're looking at TRL, there's also manufacturing readiness. You have technology readiness that sits parallel with manufacturing readiness, and you don't want to go too far forward because it's a waste of capital, and you don't want to be behind because obviously you leave yourself with a gap in delivering to the market. Following some of these principles that are out there for manufacturing in general is important to me, so that we're using capital wisely at the right times, and so that as we start, we're not establishing gigantic plants that are a capital load that we just don't want to jump into without having the demand in place. I don't think I answered your question perfectly. I'll admit that. The intents are there to set ourselves up in a way that we aren't over indexing or under indexing based on where we are on our technology readiness. Also, if you're fully commercialized with the first project, if we look at your expected margins, can we expect to be cash flow positive in 2028? That's the goal. Yep. I also had a question on LSC, I think. I saw that the service revenues have dropped 50% since 2023. I know it's under service, but usually service revenue increase with the install base. I'm just wondering what the reason is for the drop. Odd-Geir. Sorry. Yes. Thank you for that. I mean, it's been also the focus of the company. It's been going through a period of this extreme growth really on the new project side. It's been all the focus and resources have been gone to these new projects. That's why now we're going in a phase where we say we want to balance growth a little bit with margin and try to capture that service market as well, because it's a great market in terms of demand. Yeah. There were some concrete reasons also. There were, they lost some key personnel at a critical period. They've been able now to, you know, recruit the right team in place. Again, it will be new focus, but there was a specific reason why it dropped quite a bit. Yeah. Thank you. Just last question on the capture part. Can you elaborate a bit on how you plan to be cash flow positive in 2027? I think we had it on a nice slide, if you can step back. Just got the If we go back, it shows through the milestones. I think it's good to anyway go back there. Here it is. Table. There it is. That's the approach. The compact units for high value CCU applications is clearly a market segment. Smaller units. Kind of the technology is simple, so it's possible to make the scale it also down in size. We can capture from various sources, and then we make a value out of the CO2. The simplest case is to produce CO2 for greenhouses. That's very simple, but it might be of high value. Then you need a source. We have then approaches. Secondly, the niche oil and gas applications is better margins, easier to start projects and get customer paid projects. The alliance is important to build the larger projects. Like to scale it in CCS applications, we need the complete CCS value chain. It's collaborative work in that respect. That's various sources of income. Thank you. Can I just ask you a follow up on that? Are you then looking to own and operate the technology, like for like NorFraKalk in particular, for instance, would you then own and operate the site, or are you looking to sort of license out the technology? We might well. We need to be in a partnership with a, with an over grant. There is a grant policy from the co-funding scheme that we need to abide to in the current phase. In the next phase, we would be in a potential joint venture, or we could sell the plant. I guess we would wish to sell the plant at that stage. In the current stage, it is this softening scheme that also affects how we approach it. Clearly, it's primarily to have these tools ready out there, not necessarily own them. In Gude's vision and thoughts for the future, he has always been pursuing the owning or build, own, operate. Currently, we as a company in this stage towards 2027, we wish to sell the plants. Okay. Now just a separate question on sort of the overall picture. Since you mentioned that you might raise capital sort of on the subsidiary levels, would you also give a heads-up/notice to current shareholders of the parent company if you then end up raising in the subsidiary level? If I understand the question correctly, I mean, we will not give heads up in advance, no. Of course, we will try to be transparent in terms of our thinking, in terms of opportunities are, and, you know, when we have our reports also, we'll try to be transparent. Of course, any development that we think is relevant for shareholders, we will try to communicate as quickly as possible. I see that some people are raising their hand on the Teams, but they need to quote the questions in the Q and A part. Please do that if you have any questions, if you are participating by Teams. In the meanwhile, I just also want to kind of remind everybody if somebody wants to have a one on one meeting with management this week, they are all in Oslo, so that's a great opportunity. We will continue giving investors the ability to meet virtually for the coming weeks. Again, reach out to your broker in Clarksons or Furness if you want us to set up such meetings. Yep. There has one more comment to make. I hope you're not gonna correct me. I think it's a little on the first question on yours. It was the time, wasn't it? This is very simple. COOL is just pipes that are extruded. We plan to do it in Halhoge. It's a relatively short distance to Hydro Husnes, which today does deliver bulk aluminum. We think they should start to extrude pipes for us because that's newer business, so. We are talking of very thin walls, one millimeter down to 0.2 millimeters, because it's the same pressure, whatever height hydrostatic pressure at the bottom as outside. Even the bubbles that you saw have inherent pressure that escapes it, just like water with height. It's pretty inexpensive to build, so to speak. It can be very fast built because we can produce pipes totally separately, assemble them, take by... We have not discussed this with Norsk Hydro officially, just as an example, it's very natural to use instead of exporting raw aluminum. Make smart things of it. Except for the hydro turbines, which is for 10 MW or whatever, seven months. The rest is assembling in spots. We have access to assembling hall of 24 meters height. Doors are 22 meters. We can assemble a full unit in modular steps, depending on whether it's for cooling, down to 2.5-5 meters in containers or 10-100 meters for, or even larger for e-Loop. Remember, E-Loop and COOL is just a hydro turbine away, and they are separate spaces. These are not very complex things compared to oil re-refinery. I would die. I don't understand nothing. This is very simple. Have you done one? We made one, we have made them all. Just give me an order. I like mass production. I like water. I don't like engineers very much. They are too advanced in their heads. You like scalability. All right. It doesn't seem that people are sending in any questions. With that, I think we should close. Thank you, everybody, for participating both on Teams and here physically. I assume you're ready to have some discussions with some of the people in the room if they want to reach out to you. With that, thank you very much. Thank you. Thank you.