Good morning, and welcome to Quantafuel's Q1 presentation. My name is Lars Rosenløv, I'm the CEO. Our COO, Terje Eiken, and I will take you through the presentation today, and after the presentation, the whole management team will be here available for you to provide you with good answers on your questions. As always, remember to read through the disclaimer on the next slide. Today, I will take you through highlights and strategy and growth. Then Terje will take you through plant updates. Then I will come back and take the financials and a summary. See, this quarter was a significant step forward for Quantafuel. We have never been even close to the progress we are experiencing today, not at any time in our history. We know this fact is not shared by the general opinion. This is a shame knowing how hard this organization have been working to create value for the company and for our shareholders. It is a high priority to close this gap. First, we will try to underpromise and overdeliver, knowing that we will not always get it right. Second, we will invite you for a capital markets day with the Q2 presentation, I believe that to be early September. I will not spend time debating media and analyst report as many of you have asked me to do. Instead, I will focus the organization on creating value for the company and for you by concentrating on delivering all the details necessary to create a new industry that no one have delivered before. We all know that building industry takes time and building new industry likely takes just a little bit longer. The fact that we have not reported anything to you in two weeks doesn't mean that we have taken a long vacation, and it doesn't mean that the Skive plant is vanished from the ground. It simply means that we focus on delivering, improving, and developing what is needed to deliver on our promises. Okay. Key highlights for this quarter, a quarter with zero recordable incidents. A major milestone is of record reaching the proof of concept in Skive, and we have also achieved notable improvements when it comes to the continuous operations, and Terje will cover that in more details. The challenges we have now solved in Skive has taken a lot of effort from a small organization like ours, and we are now finally able to allocate more resources to move forward with our growth plans. The next generation of our plastic-to-liquid plants will be simpler, with more redundancy, securing higher stability and uptime, a work that we have developed with help from Saipem and BASF. In January, we completed a private placement securing cash for our Esbjerg sorting plant and growth projects. Finally, we maintain the guidance that both plants, Kristiansund and Skive, will deliver positive cash flow during second half of this year. Strategy and growth. Megatrends, macroeconomics, and regulations align in a nice tailwind for our business, and the timing is absolutely perfect. The world pushes for decarbonization, oil prices are high, CO2 price is increasing, pushing plastic waste out of incineration. Circular economy is on everybody's mind, especially the next generation, who are also willing to spend money on recycling content to help save the planet. Regulation is strengthened to support the agenda of recycling more and view waste as a resource. All these aspects are positive contributors to our business model. Our strategy has different targets in different markets. In the Nordics, we have high use of plastic per capita, but the sorting and recycling is low. Therefore, we have targeted both mechanical and chemical recycling, as well as selected sorting. The reason is we can do good business with that here, and we're also learning more about the details in the whole value chain. If we go further south in Europe, the sorting and mechanical recycling is more developed, and we have no intention to try to compete with these well-established companies. Instead, we have set up strategic partnerships to get access to feedstock and provide complementary chemical recycling to the established local value chains. If we go international, like we do in Dubai, it is important to gain control over the full value chain, with local partners, both waste sourcing and product, to minimize our risk. On the right-hand side, you see three additional strategic objectives. Securing enough upstream integration, like Geminor, to understand waste flow, pricing, and market opportunities is important for us, and I believe this is where we are quite unique. Two, find a quick way to develop economy of scale by building optimized, standardized, and modularized processing plants. Three, deliver traceability certificates to our customers documenting which waste source create which product is also very important. The main project are shown on this slide, and the expected timing hasn't changed. In Aarhus, we have detailed discussions with shortlisted sites after opening up for alternative site locations last quarter. In Sunderland, we will submit our planning application later this month. Esbjerg and Dubai will follow on the next slides. The Esbjerg sorting plant has progressed well while we have been working on due diligence with a potential financial partner, a process we expect we can conclude soon. The sorting equipment is ordered, and manufacturing capacity is reserved. The civil contract for the site and the buildings is signed, and site preparation is currently ongoing. The facility will be the largest sorting facility in Denmark and a game changer for the Danish market when it is complete in second half of 2023 with a capacity of 160,000 tons a year. In Dubai, we have selected the site. We have tested and verified that suitable feedstock is available. We have concluded a feasibility study with Saipem. The next step will be a decision to proceed with the FEED phase leading up to a final investment decision later. With this, I will hand it over to Terje to give you a more detailed plant update. Thank you, Lars, and good morning to all of you. As Lars said, my name is Terje Eiken. I'm COO of Quantafuel, responsible for project and operations. Our employees have worked hard and with laser focus to improve uptime and capacity in Skive. In March, we could finally celebrate POC after seven days with 90% uptime and a yield close to 70. I observe speculations that we just managed seven days. The fact is, in January, we had 20+ days of continuous operation, and in March, April, we set the Skive record with 30 days of continuous operation on both lines. Even though we are keeping the schedule to bring line three and four ready within end of Q2 and Q3, we have decided to lower 2022 guidance from 12,000 tons to a range between 6,000 tons and 8,000 tons. Skive and production data are key to Quantafuel, but even more important is to execute the tests needed to ensure that the next generation plastic-to-liquid plant is best possible. The Skive plant is not perfect. The design with limited redundancy on some components does not make high uptime easy. Still, Skive produces good oil. It has proven the technology. It is a full-scale production unit, not a pilot plant. The learnings from running Skive are instrumental for our success. The next generation plastic-to-liquid plants will be simpler but with more redundancy on some components, securing higher uptime. We work with BASF and Saipem to get it right and to incorporate all the Skive learnings. In parallel with increasing the uptime and capacity, we are focusing on testing a variety of plastic qualities. It is well known that some plastic qualities, under the right conditions, might create unwanted substances. It is important for the best possible design of the next generation that we fully understand both limitations and possibilities. Currently, we are processing plastics from IVAR plant, which is located outside Stavanger in Norway. In this area, households do not sort plastics but mix it with normal household waste. The relevant plastic qualities are sorted out at the centralized plant, and since the plastic has been mixed with other waste, it is contaminated by biowaste. Even though we have now processed a representative volume and concluded that the oil has the right quality. By combining mechanical and chemical recycling, we get the highest possible recycling yield. One key advantage with chemical recycling is that the oil can substitute fossil oil in production of new plastics to meet the most stringent requirements. BASF has nominated Quantafuel for the Danish Plastic Prize Award 2022 or Plastprisen, and in the nomination, BASF is stating that our oil is used in their chemical recycled products or green plastic production used, for instance, for food packaging and thermal transport boxes for medicines. In Kristiansund, the hard plastic line is performing well, and we are ramping up volumes. To secure suitable feedstock for full production volume, the value chain integration through our ownership in and strong cooperation with Geminor is essential. The off-take market is strong, with high demand and attractive prices for all products. With that, I give the word back to Lars. Thank you, Terje, for this. A short slide on financial. We came out of the quarter with NOK 577 million in cash. We have maintained an SG&A monthly run rate of NOK 10 million. We still have high focus on lean and cost-efficient day-to-day operations. We are, as mentioned, targeting positive operational cash flow from the plants in Kristiansund and Skive within second half of 2022. A short summary. The short summary is that we are ready for take off. This is what you get when the head of communications has a background in aviation. Thank you, Astrid, for this. Key milestones are reached in Skive, and learnings are conveyed into a simpler and more redundant concept design for our next generation plastic-to-liquid plant, with strong support from Saipem and BASF experts. More operational experience from Skive is valued higher than volume if a trade-off is needed, focusing on improving the next generation plastic -to -liquid plant. Consequently, the guidance for 2022 is lowered to 6,000-8,000 tons. Progress starts to show on our named growth projects. We experience high global interest in our plants and products. With this, I will end the presentation and open up for questions by inviting our CFO, Kristian Flaten, and COO, Christian Lach, to the scene for the Q&A session. Thank you. Maybe we should add that Chris is head of commercial. Oh. Okay. Yeah. That's just for a clarification. We see we get a lot of questions regarding Skive, so we can start with those questions. We have one question here. If there are any adjustments to the design capacity of 20,000 tons a year? We are still aiming to reach that capacity, and the target is to exit the year at a run rate equal to that nameplate capacity of 20,000 tons a year. Mm-hmm. Over to the guidance, we have a question, why 6,000-8,000 tons for chemical plant in Skive when the defect of the burner chamber was last quarter? You said that we still think 12,000 tons is possible. At that time we said that. Yes, that's correct. I just have to remember to look into the camera. What you see is that we would like to have the focus now, not only on optimizing the volume, but also to allow ourselves the time to run the tests we need to conclude to have the best possible platform for the next generation. That's why we have said that the range is 6,000-8,000 tons, which will allow a flexibility we need to do that now. Yes, we understand that the market is very focused on high volume. It is important, but it's even more important for the long-term success of Quantafuel that we get this design right now so that when we roll out the next plants, they are even better and they are at the best possible, let's say, platform based on all the learnings we have in Skive. That's why we say, okay, we are lower in that range. To the output produced in Skive. Earlier we have communicated that we have 16% naphtha, 60% diesel, and 8% heavy oil. Is that still the best estimated percentages? The naphtha is, or the, what we call a light fraction, is in this range of 20%. If you look at the middle fraction and heavy fraction, the plant now is more, has more heavy than we have guided before. That is also part of the process we're going through now, that we are adjusting the plant, adjusting the distillation column to get into the best possible yield of these three fractions. Of course, we try to optimize towards the lighter fractions. That's always the aim. Having said that, BASF has taken all what we produce, and they are able to turn all the oil into the green products. Yeah, we are maintaining the recycling targets, and we have still work to conclude to optimize the yield between the three fractions. Going over to Kristiansund. On Kristiansund, you are ramping up production. Can you say anything about production levels in Q1 and run rate in Q2? We have written in our quarter report that we are running at approximately 40 tons a day. To reach the 20,000 tons a day, we still need to implement some more sorting capacity, because that is a, let's say, a bottleneck in the production today when we are running on mixed hard plastic. When we are running on mono stream, which will depend on the feedstock into the plant, we can go up towards 20,000. On a mixed plastic, which is the, let's say, targeted feedstock for the plant, we need to increase the sorting capacity to reach the 20,000 tons that we expect to conclude in Q3. Moving forward to the future projects, you signed an MoU with ENOC and Dubal Holding for plastic-to-liquids plants. Now that you have POC in Skive, when will you start building plants globally? Goes to me? Mm-hmm. Okay. Thank you for the question. Well, I think Lars said, gave an update where we stand in Dubai. We have done a feasibility study. We have picked the site, and that's the prerequisite to now start a FEED study, which is the question: how do we put our technology onto the chosen site? We are starting to work on that, and as Lars said, we expect to be announcing a decision, official decision, to go ahead with the FEED concept in the near future. Thank you. Also a question regarding the criticism and setbacks Quantafuel have received. Do you still see your company as unique? Okay. Yes. I certainly do, and I think we're stronger than ever because we've spent now at least the last 12 months really building substance, and I think we are unique in both technology, in implementation, and when it comes to sustainability. Technology, you have to remember, and we said this before, Skive is a plant that was designed for diesel based on what was the understanding in Quantafuel at that time. We're using that plant to make chemical feedstock, and we're getting it to work. We are still working on the toolbox we have, where we can go from different specifications of waste. What we're testing in Dubai is different from what we're taking in Denmark, from what we're taking from the Netherlands, where we have a supplier, and what we took, what we talked about from Stavanger. Getting all this then into a specification that works as chemical feedstock in the toolbox, not being tied to any high-priced solution where we say, "This is the only one," and not being tied to we can only make one quality of oil, I think that is quite unique in our technology, something we're proud of, something we work all day to get even better. Secondly, what's important to make circular economy happen is to be ready to implement. With a permit in Sunderland, with the way we're moving in Dubai, we are, with the modules we're designing, with a 40,000 ton s standard module that we can then multiply and roll out, I think we are in a position that makes it quite unique how fast Quantafuel will be able to roll out. At the same time, as we've seen in Amsterdam, getting the permits, doing all these administrative things is not a given. You may encounter long delays on this. It is not always easy to get it. With what we have already, with where we are, with the sites we pick, I think we are controlling a pipeline that's really second to none. The last point, I don't think the least point, is the sustainability competence we have. If you look at what we know about the LCAs, you know how we have an upstream, the certificates we hold, and the work we are doing on HSE sustainability, I think we are extremely well-placed to work with the big players in this world who are very conscious of these aspects, and it's something that's very dear to our heart. I think if you just look at these three aspects, sustainability, ready to implement, and the technology we have, you will be very, very hard-pressed to find somebody else who comes close to what we've built in Quantafuel, and I think that hopefully answers that question. Going over to finance. On cost, your current run rate seems to be higher than guided profitability from the plants. Are there any changes to cost going forward, or are you expecting higher top lines? What can we expect on cost run rates? No, the cost guidance both the mid and long term remains exactly the same, so we shall kind of be able to deliver OpEx at below $350 a ton. For Q1 in particular, we had the higher costs, especially in Skive, given that we were kind of winding down the project that was completed at NOK 620 million, and then starting the operation and achieving the proof of concept in Skive. That was kind of a turnaround quarter on the costs. Similar also, we see evidence that we are also testing new plastic qualities with potential also revenue. Yeah. Looking at the revenues from Skive of NOK 2.4 million and 648 tons input, this equates to an offtake price of around $550 per ton. Would you suggest that this offtake price will be the price you see going forward, or do you expect this to increase? The offtake price is higher than NOK 550, so that is too low, and we expect considerably higher prices than that. How will you receive revenues on the sorting plants if it primarily optimizes the waste to fit Quantafuel's production's input requirements? Are you only selling the sorted plastic waste within your organization? Uh, maybe. Let me take that. The main source of income for a sorting plant is the gate fees you get for the waste to take in. How this works is if a community bids, has a tender for the waste to be supplied, you offer a price to take it. In this case, whoever offers the lowest price to take gets the volumes. The sorting plant mainly is financed via these gate fees. If you send something to incineration from that sorting plant, you have to pay in turn, and you have to pay the more, the more fossil carbon you burn. How the model in the sorting plant in Esbjerg will work is that tying it to the PTL, plastic -to -liquid plant, mainly reduces the volume we have to send to incineration, so the cost for that plant to get rid of the waste will be lower than others, meaning we may have a lower offer to take in the waste, and that drives the profitability and drives that plant. On the other hand, we are always saying we're combining mechanical and chemical recycling. For mechanical recycling, fractions that can be used for that actually command a quite high price at this point in time. I'm not really sure, but I think that's several hundred Euros per ton, and I think it's close to 1,000 per ton at this point in time. Don't complain if that's not exactly the right number. I'm not very much up to date, and these prices are moving up very, very quickly at this point in time. Then the trick is to use all the streams coming out of that plant in the most profitable way, either lowest cost or highest price. That's why we are integrating with Geminor and playing with players in the upstream to have a good setup for that plant. The PTL gets a good price to take the material from our sorting plant, but at the same time, that puts the sorting plant in a good position. I hope that was clear. For the new generation plants, you have guided OpEx of $350 per ton. Is OpEx from the sorting plants included in this? If sorting is a prerequisite for production, how do you account for the cost of sorting? That would be two different kind of accounts and two different profit centers as well. Say, looking at using Esbjerg as a future example, then the margin will be much higher than that because, as also Christian pointed to, we will have considerable income also from the gate fees. NOK 350 per ton. You have noted a grant of NOK 40 million in the past. Do you expect this to come into the books in the next quarter? Yes. That will be coming as we, you know, also are progressing on the R&D and the projects. The last two questions regarding Esbjerg. Where will we find 160,000 tons of plastic into the plant in Esbjerg? Do you still think that you will get paid to take the plastics? Absolutely, yes. Yes. It's the key market is Denmark and also developing Denmark together with a partner. Then we see Nordics and also, let's say we also see Europe as a full market. Will you have a financial partner to the Esbjerg plant, or will this be 100% Quantafuel? Yeah. We have guided first, before that, we have had good interest from various financial partners. Also, as Lars pointed to, we are in a very good process also now with a financial partner, and we expect to close that financing, by as soon as Lars pointed to. We expect attractive financing for Esbjerg now and also for the full group company as we go. I think that sums up all the questions. Okay. Thank you all for listening in, and thank you for the interest in Quantafuel. Thank you to the management team for supplying good answers. Thank you. Thank you.