Gentlemen, welcome to the ReFuels PLC Investor Presentation. Throughout today's recorded presentation, investors will be in listen-only Gentlemen, welcome to the ReFuels PLC Investor Presentation. Throughout today's recorded presentation, investors will be in listen-only mode. Questions are encouraged and can be submitted at any time using the Q&A tab situated on the right-hand corner of your screen. Please simply type in your questions at any time and press send. The company may not be in a position to answer every question it receives during today's meeting. However, the company can review all questions submitted today and will publish those responses where it is appropriate to do so. Before we begin, we would like to submit the following poll, and I am sure the company will be most grateful for your participation. I would now like to hand over to the management team from the company. Good morning to you both, Baden and Philip. Over to you. Good morning. Thank you, and welcome to everyone who's either watching this live or on catch-up. We are pleased to take you guys through the transaction that we announced last week with Foresight. As was mentioned, please submit questions as you go through, and we'll get to those at the end. We are very pleased and happy we've finally got this transaction done. It's taken quite a bit of time. It's a fairly complex transaction bringing three verticals together under one umbrella, which is now CNG Fuels. Hence, it's taken a bit longer than we ideally would have wanted. There's been no drama in the fact that it's taken longer. It's just a function of complexity. What have we achieved? We've now created a fully integrated biomethane sourcing, refueling, and certificates trading company. We are bringing in 15 stations that were sitting outside of the structure today that were sitting in CNG Foresight. Very important point that we're very pleased to announce. We are fully equity funded. Yes, we will need some additional capital, but that will be external capital, which we'll get on to in a bit, external debt, which is precisely why the structure has been put in place the way it has, so that we don't need to do any dilution going forward, but can extract and can use the strength of the combined group to attract debt at attractive terms. As I mentioned, we've got 15 stations coming in to CNG Fuels, thereby bringing it to 16, including one that's in build, which is our second one up in Livingston, where also the ReFuels G roup is also transferring in its ownership in RTFS, the biomethane sourcing and trading entity. We also have agreed a business plan with Foresight, which will see us build a minimum of nine stations or grid-connected stations over the coming three years. In addition, for us to basically go from 10 to a targeted number of 30 MRSs, which we'll get on to in a bit, in order to pull forward some of the growth that we are seeing from our customer base. ReFuels at this point in time has 40% of the combined entity, but under certain performance scenarios, that can go up to a 55% stake, depending on certain value realization scenarios in the future. We do need EGM, so we do need shareholder approval for this, which is something we're looking to obtain early April, and we will be closing pretty much immediately after that. If you then look at the structure today, sorry, the structure post-transaction, as you can see here, we end up with bringing the entire value chain that we've today got together under one CNG Fuels umbrella, which is RTFS upstream, which is the biomethane sourcing and trading entity that we've got. Then we have CNG Fuels downstream. This will, of course, then internalize all the cash flows and will put us in a much stronger position with regards to servicing debt, etc., to ensure that we can deliver on the growth plan that we mentioned previously on the nine stations, additional MRSs, and so on. What is the strategic rationale here? First of all, the three verticals we've had, which has been basically biomethane sourcing and trading, CNG Fuels, which has been the engine room, if you want, where employees sit, where we develop stations, operate stations, maintain them, build them, etc. The third vertical, which has been CNG Foresight with the stations, bringing those together means that we're now bringing cash flows and bringing the focus that we need in order to take the business forward. If you look at the growth opportunities, we're not short of growth opportunities. Our biggest, I would say, holdback or impediment to growth currently has been our ability to fund more stations. We've been running a comprehensive set of or looking at a comprehensive set of funding options over the last couple of years. What we believe that we've now ended up with is by far the best option for ReFuels shareholders, gives us the greatest flexibility and the lowest cost of capital, and gives us also the fastest route to execution so that we can continue to grow the company going forward. As of today, we have capacity to service about 10,000 trucks a day. We are currently servicing about 2,000. There is ample capacity to continue to grow under the current structure, even without building more stations. However, the world is not that easy. Why? Because whilst the U.K. is not the largest country out there, you have to remember that 15, 16 stations spread across the U.K. only covers a certain portion of our customers' fleet. There are only so many miles or kilometers a customer will go off route with regards to going to an alternative fuel. We need more stations in key locations for existing and new customers. That will continue to grow adoption, if you want, at our existing station network today, but will also start to fill the new capacity that we're looking at, which basically means that three and a bit years from now, we are looking to double our capacity up to a theoretical 20,000 trucks per day through the nine stations that I mentioned, but also MRSs. Just a bit of a reminder around our core market and why we're so focused on this specific market. 1% of the U.K. road fleet makes up close to 20% of greenhouse gas emissions. If you then look at the type of vehicles that we could be working with to decarbonize, there's a lot of focus on electric cars and so on and so forth. What we have to remember here is that for every, rough numbers here, but for every 70 passenger vehicles, they emit as much greenhouse gas emissions as basically one large HGV. By tackling large HGV fleets, we, of course, get more bang for our buck with regards to emissions reduction, and we also put more energy into vehicles per vehicle on the road. Therefore, it makes sense from us, both from a financial perspective, but also from a greenhouse gas reduction perspective. As of today, we are only supplying biomethane to our customers. That does not mean that we will be a monofuel or monoenergy vector company forever. As of today, that is what our customers are asking us to provide. That is what they want so they can grow their ambitions within greenhouse gas reduction from their fleet. Yes, there's lots of talk about large battery electric trucks and so on and so forth. The reality is they are not here for a number of reasons to be mass adopted today. Yes, we do have also 100% biodiesel out there, which is a popular option amongst some fleets. When you look at our core customer base, their plans over the next five years pretty much all are centered around biomethane, and that's why our near-term growth will come from that. Over time, we would expect multi-fuel facilities to become operational as well. If you then look at where the company's come from, it's founded back in 2014. Just over the last five years, we've gone from being below 400 trucks using our network every day to now basically being 2,000. We have basically 5x'd the number of trucks that are using our network over the last five years. We do not see that slowing down going forward. On the contrary, yes, there are going to be some years where growth is stronger. Why? Because transport and logistics is heavily linked to the health of the economy as well. When the economy slows down, of course, the need for adding additional fleet, replacing fleet might be moved out six months, 12 months. Over time, we expect the growth to continue. As such, 2,000 trucks, yes, that sounds like we have a lot of spare capacity, as I mentioned previously. Given the growth we are expecting ahead, we need more stations. We have today, we cover about 10% of the so-called 4x2 market in the U.K., just approximately 21,000 4x2 trucks in the U.K. Up until basically the last six months, we have been confined to that market. We have not really been able to make inroads into the much larger 6x2 market. That is now happening. Both Scania and Iveco have launched 6x2 products with even larger engines and so on and so forth being released at the moment. They are both in trial. We are aware of large orders that are likely to be placed for these very soon. This is a market that, for those of you who followed us for a while now, we are very excited about. This will essentially also define our growth going forward. If the 6x2 market starts to see the same adoption that we have seen in the 4x2 market, we will need a lot more than nine stations. We have to start somewhere. That is why the business plan we do have agreed with Foresight is built around nine stations over the next three years. As I say, if 6x2s take off the way we hope and think, then nine stations might turn out to be not anywhere near ambitious enough. If you look at our coverage of the country today, yes, from the green dots there, it looks like we're starting to get good coverage. The reality is no, not really. Why do I say that? Because if you look at logistics around the U.K. and the amount of distribution centers around the U.K., we could, just an example, we've got a station in Warrington in the northwest between Manchester and Liverpool. We could have another five or 10 stations within a radius of probably 30-40 mi of that. Over time, that might not even be enough. Why? Because there is just an incredible density of distribution centers around there. If you have one station linked to one specific motorway junction, trucks that are 5 mi to the west or 5 mi to the east, sorry, might not necessarily be using that specific station. We need a lot more stations. That is why we are so excited to finally get this deal done so we can get on with rolling out additional stations. Speaking of stations, a typical station, I say typical because there is really no specific formula that covers all of the stations. Why? Because some we buy the land, some we lease the land. Some are connected to high-pressure pipework, some are pipeline systems, some are connected to the lower pipeline tiers. Some need more civils work to them, some need less. If you look at a typical station, CapEx would be in the range of about GBP 8 million. We're looking at IRRs 25%-30%, which we see as prudent and conservative estimates based on what we've achieved in the past. That gives you a payback period of about five years. If you then start to add biomethane revenue to this and the margins that we make on RTFCs, that payback period can be shortened or will be likely shortened considerably. In 2019, 2020, we developed the mobile refueling station option solution. We back then did not really fully appreciate and understand the potential it had and how robust and elegant a solution it actually is and how embraced it has become amongst our customer base. We've now got 10 deployed. We've got another one that's gone into build ordering. We just placed the order quite recently. We are expecting to order quite a few later this year. These are fast to put into operation, probably about eight months from placing an order till it can be in operation. Can refuel as many as 100 trucks per day, can be set up in a matter of hours and can be removed in a matter of hours. Does not rely on planning approvals and so on and so forth. A very elegant, flexible, fast solution. Of course, it does not work in isolation on its own because you need the grid-connected stations in order to fill the trailers to bring the gas in. The two work really well in tandem. As I say, now that the MRS has become a proven tried-tested solution, it is well known across many companies as being very reliable. That's why we see this as a faster option of pulling adoption of trucks forward than necessarily waiting for some of the grid-connected stations that we plan to develop in 2026, 2027 going live. Because this means that we can, if we place an order today, we can basically have another MRS in operation this side of Christmas. We are part of the RTFO, the Renewable Transport Fuel Obligation, which is where we supply biomethane under. This is a robust market-based system. It's been in place since 2008. It doesn't have an end date and has a constantly increasing blending obligation, which then gradually over time increases demand, sorry, for renewable fuels and therefore tightens the market and thereby should all other factors, all external factors, ignored to some extent, should tighten the market and thereby increase the attractiveness of putting renewable fuels into transport. We are heavily dependent on RTFCs, Renewable Transport Fuel Certificate prices. They are volatile. That is a world that we are aware of. It's a world we're accustomed to. Why is it volatile? Because it's a market-based mechanism. It's like all other market-based prices. Prices go high, prices come back low. They are affected by a number of factors. It is important to understand here that, yes, RTFCs are outside of our control with regards to the pricing. What we need to do is to ensure that we have a robust strategy in place in order to source the biomethane that we put through our stations and into trucks. If you then look at where the RTFC prices are today, they're roughly GBP 0.26, slightly above, probably GBP 0.265 at the moment, thereabouts. At those prices, we are now seeing attractive margins again, not just attractive for us, but also attractive for the biomethane producers. As such, we're in a structurally sound market at the moment with regards to access to biomethane and also the certificate prices. Now, of course, certificate prices are determined by essentially the price of road biodiesel. Why? Because that is the marginal fuel. When an obligated party under the RTFO is looking to blend, is looking to provide a renewable fuel, they go to solutions biodiesel. However, the feedstock used to produce biodiesel is typically used cooking oil and tallow. It's a very versatile, good feedstock. However, the willingness to pay is currently and is expected to be higher in the aviation fuel sector than it is in road transport. There is not an unlimited amount of used cooking oil out there. There's not an unlimited amount of tallow. As such, over time, not just us, but the industry as a whole expects that market to tighten, the feedstock market to tighten. As such, biodiesel prices have to trend up in order to compete for feedstock. If biodiesel prices trend up, that is going to also cause RTFC prices to move higher than where they are today at GBP 0.26. This is just highlighting our exposure to lower and higher RTFC prices. Doesn't really need that much more commentary, I don't think. It's something to look at. Here you just see how, I think, slightly asymmetrically exposed we are to RTFC prices, which, of course, is a function of volume that we put through our station network, number of trucks, but also the price of RTFCs. With that, I will hand over to Baden. Thank you very much, Philip. Here we have tried to show just a purely an illustration on what growth may look like and what we are considering for the business over the next couple of years. Historically, our growth rate has been in excess of 40% per annum. Here, we are using a sort of a lower growth rate just to be illustrative, conservative around 25%. As Philip has mentioned, depending on what happens with the 6x2 and the speed at which that takes off over the next year of orders, we may see that accelerate or stay around these levels depending on that market uptake. What we do know, however, is that given the sort of growth we have seen previously and the pattern of growth, it is really a question of when and not if we reach these levels. The EBITDA, of course, for these businesses is driven by truck growth, principally, and truck volumes. Of course, RTFC values and profitable sourcing of biomethane. Historically, we've only had access to the RTFC value. Now we have both, now you can see here, we have access to both revenue streams, the dark blue of the stations and the green color for the RTFCs. We've only assumed in this diagram a constant price of GBP 0.26, which, as you'll see from Philip's previous comments, we can take a view on. Historically, that's been about the average price for RTFCs. Depending on what happens in market dynamics, we may see that move in either direction over time. It is volatile, but we are confident in the RTFC price generally as time goes on. CNG stations have a different revenue profile to the RTFCs, which is more of an annuity style, annuity style income stream. We are a market leader with a very strong market position. We are confident in those streams continuing to improve over time. The other factor here is, of course, that the way we'll drive growth is really determined by timelines. As those stations grow and start to mature, we'll see that station proportion of value continue to increase. Here you can see that the certificates and the stations really do bring in both very positive value, but are relatively equal. Some illustrative value distribution scenarios here. I think it's probably important to think about where we've come from and where we are now. Philip and I, the executive team, went to market tested for more than a year with different institutional investors. What would be the best option for future growth for the business? What the best direction and try to find what would look to be the best deal for shareholders and stakeholders. Where we have ended up now with Foresight is what we feel is not just the best possible deal for investors, but we also have a very, both for our investors, but also we have a very informed investor in Foresight who understands the business very well and has been with us since 2020. Previously, we had a higher cost of debt coming through the station network that was a joint venture. That was 13% minimum return hurdles. That has now been replaced with a 10% prefs across the board where those prior loans have been replaced and moved up to CNG Fuels level. We had large working capital loans at CNG Fuels, which was at CNG Fuels level, where ReFuels and CNG Fuels principal revenue streams would have been through RTFCs and, of course, the costs of running those stations. Those large working capital loans have now been dealt with. We had the overhanging fear from investors of a very large equity capital raise, which we have now solved by creating this new structure. We feel that we are fully equity funded to the extent that we do not wish to grow dramatically faster than we can do just with debt in the future. With our business plan and with the cash flows coming through over the next couple of years, we feel that the large equity raising concern has been resolved as well. We do still need some new debt, but it is conservative. With the cash flows we now have, again, we can source low-cost funding. The other feedback we had was the complexity of the previous structure, which, yes, we now have preferred shares sitting in the structure, but it is dramatically simplified now with everything in one place. ReFuels shareholders have large leverage to the upside of the RTFC values and station values through the ratchet mechanism we have created. How are we going to drive value over time? Value to the ReFuels shareholders. Again, this is illustrative. Time value here is important. As we go out in time, clearly, the stations continue to build up, stations and RTFCs continue to build up more volume and more EBITDA. At the same time, as we grow more rapidly, if you want to use an EBITDA multiple as the form of valuation, then your EBITDA multiple will also improve over time as you grow more rapidly. Hence, that can also drive value. What this type of valuation does also ignore is the terminal value associated with the business from strategic values to potential acquirers or investors over time. That, obviously, we feel is a very important point that would be missed out in the way of having a look at this. We do have to consider how you might want to think about future value of the business. What do we think will drive the EBITDA and the EBITDA multiples? We have a doubling of the truck capacity over the next couple of years. Market conditions, of course, will help. Truck growth, we have an RTFC market we are large participants in that's continuing to mature and get more visibility into the future. Of course, we have the strategic value of the business with market penetration that continues to improve over time. If the 6x2 picks up very well, we continue to develop our market, continue to build our strong market position, a strong competitive position as we continue with our first mover advantage and, of course, have a portfolio that is unique and in the best spots in the U.K. Thank you. Philip, you might be on mute. There we are. Sorry. He's good. Thank you. Yeah, I was clicking too many times on it. Yeah, just as a reminder, before I wrap up here, please feel free to submit questions. Can see quite a few have come through already, so we'll go through those in a bit. Just as Baden mentioned and just tagging onto some of his comments, we feel this is a really good structure with regards to not only creating future value for ReFuels, recognizing value that's already there, but also putting us in a place where we can grow with a sensible cost of capital. The markets have not been that easy for infrastructure-type assets, infrastructure-type companies to raise sensible financing, I say sensibly priced financing in the last couple of years. Therefore, we feel this is a really good structure from where to grow without it being too expensive. We do have a lot of growth coming through from large, sorry, large new customers where we already have visibility. The really sort of unknown here, which is probably a very positive unknown, is the 6x2 demand. It's still too early to say what that demand's going to look like. We believe it's going to be very strong. We haven't got the evidence to back up those comments yet. Give us three or six months. We should really start to see what that demand is starting to look like, probably the other side of Christmas. By bringing the three verticals together, we have a self-funded, I would say fast-growing for being infrastructure, fast-growth company. Not that many of us out there. It's a quite unique combo. Usually, fast growth means a lot of new equity, a lot of additional capital coming in. Once again, fairly expensive capital. That's again a box that we feel we're ticking. Finally, we've had a couple of years now where the biofuel markets have been tough. Other external factors have not necessarily been in our favor. We're starting to see that turn around. It has started to turn around. We're seeing margins we make off biomethane have come back up to historical averages. There's still a lot of potential upside from that. That's not us saying that upside will necessarily materialize, but there is potential strong upside from that. As such, if we look out, let's say until the next five years, there is a potential here for very substantial EBITDA generation over the coming years. With that, I will drop the slide and we'll go into the questions. That's great. Philip, Baden, thank you very much indeed for updating investors. Ladies and gentlemen, please do continue to submit your questions. Using in the Q&A tab situated on the right-hand corner of your screen. As well, Philip and Baden take a few moments just to review your questions submitted already. I'd just like to remind you that a recording of this presentation will be available to you on the Investor Meet Company platform. Philip, Baden, you've had a number of questions from investors. Thank you to everybody for your engagement this morning. Perhaps, Philip, if I may hand back to you, if you can take us through the Q&A and then I'll pick up from you at the end. Thank you so much. I will start at the top here and just make my way down. Can you explain exactly what Foresight gave up in forgave loans and what they got in return in the new structure and explain the fairness? I think the fairness there is probably relating to the fairness opinion that we obtained from an external investment bank, but I'll let Baden address that one quickly. Yeah, thank you. I tried to touch on this on the prior slide, but I'll be more specific. There was GBP 32 million worth of working capital loans that CNG Fuels had directly with Foresight and around GBP 150 million worth of prefs related within the CNG Foresight entity and the joint venture that formed the minimum return hurdle for the ownership of the stations. The GBP 150 million has converted directly up into a pref at CNG Fuels level. That has just simply moved up the structure along with the stations. The rate on that has dropped from 13% down to 10%. The GBP 32 million working capital loans are now raised, and they have a holding in CNG Fuels where ReFuels also maintains its existing 40% holding with a ratchet to the upside there. ReFuels also transfers in its RTFS holding both for an existing, both for a new pari-passu pref share of about GBP 16 million and with the ability with distributions over time to grow that along with Foresight, but ahead of the ratchet mechanism, which is preferable to us. Of course, the ratchet, which favors ReFuels when RTFC value really performs over time. The fairness opinion was done by an independent advisor, Arctic, who looked at the structure prior to the transaction and post-transaction and considered the value attributable to shareholders under the same scenarios of growth in either structure. Both found to be very similar. They deemed the transaction to be for the purpose of the board to make a decision, the entire board, which of course is majority independent directors, to make a decision on the base as to whether or not this deal was fair for shareholders, which they deemed it to be fair. The board approved the transaction with that as part of their considerations. Thanks, Baden. I'll take the next one. I think Baden's answered that one slightly already, but I'll just give it a brief cover over. You've previously worked with different financing routes, including to raise debt and equity to take up Foresight. Why is this the best option? If I can just summarize a couple of points there. First of all, we're working with a trusted partner. We've worked really well with Foresight now since December 2020. It's a known entity. They know us, we know them. As such, in order to select a partner going forward, we know one another really well. That also helps in speed of execution. Had we gone down a different route, which I'll get back into in a bit, is why we wouldn't have. If we had gone down a different route, it would have taken probably considerably longer with the speed of execution, which again would have been holding us back with regard to rolling out additional stations. Finally, it's the cost. Baden's mentioned it previously. We've been out speaking to more than 100 large professional investors who are active in this space or similar spaces. What we've ended up with here is a structure that is good also from a cost and flexibility perspective. Okay, go on to the next one. It's still not the most transparent structure. What's the reason for this setup with shareholder loans and ratchet mechanism? I'll be very quick on that one as well. Shareholder loans, you can essentially look like, I mean, if you were to look at this differently, you could almost just say that's external debt. It's just that it's external debt that is basically held by internal parties. The ratchet mechanism here is really about additional value, equity value in certain when the business delivers or should the business deliver over the years ahead. It might still look complicated on the outside. We absolutely don't feel it is complicated compared to the previous structure. There is much greater visibility, much greater transparency on value creation. That will become apparent in our quarterly reports going forward. As such, yes, it probably takes some getting used to, but give us some months to educate the market on this. We feel that this is a much easier structure outside. Yeah. I might quickly just add to that if I can. The shareholder loan structure, yes, whilst it is a sort of internal debt essentially from the shareholders, of course, it's much more favorable than external debt. It's a very low covenant. It's able to be rolled up. It's pay if you can, not pay if you're not, not you must pay. Therefore, the shareholders are able to see that accrue over time. It's easy to measure. It's easy for the market and easy for analysts to go and measure those amounts as they grow. 10% is obviously a nice easy number to calculate on. As I say, it also gives us the flexibility, which I can see to the next question here, to be able to bring in senior debt over the top of it easily because the shareholders can allow that to come in, allow that to rapidly to essentially turbocharge the growth of the business. Okay, next question. Please can you elaborate on CNG Fuels' debt servicing capacity? I'll just go very quickly on that one. Basically, what we're doing now is we are bringing the two verticals of cash flow together, both from the station side, which has been sitting outside of CNG Fuels and RTFS's debt, sorry, cash generation is coming in under CNG Fuels. That will put CNG Fuels into a much stronger position with regards to external sourcing, external senior debt at, of course, market terms. It dramatically improves CNG Fuels' ability to source debt and to service debt over the coming quarters, basically. What happens if ReFuels and/or Foresight wants to exit the structure? There are pre-agreed mechanisms for that. That said, it is, of course, a function of, it's a function of time and it's a function of what market conditions are at that point in time. It will depend clearly on exactly the timing here, but there are pre-agreed mechanisms in place. What exactly, instead of calling it an exit, think value realization is probably better. Because if you look at Foresight as an example, they are a professional fund manager. They will need to crystallize returns for their funds at some point. What does that look like? Does that mean them being replaced by someone else? All of that will become clear in the future. That is not a focus for us now. Our focus now is basically growth and to ensure that we get a good platform in place here to nail down some equity growth, both for us and for Foresight. How will the rollout towards end 2028 be affected by RTFC prices? Clearly, if RTFC prices are lower, then of course that affects our cash generation. If they are higher, that affects our cash generation. There is a link there. There is not a one-to-one correlation, of course, because the stations themselves have increasing cash flow generation going forward that can be used to service debt. All else equal, higher RTFC prices will or should generate greater cash flow into the group, which again could be used to accelerate growth going forward. Of course, the flip side is also true. Is a U.K. listing still planned? We have commented on that before and said that is an option that we are looking at. We are looking at a number of options to increase liquidity of the stock. That is something that has been, of course, difficult to work on over the last six to nine months whilst we are negotiating the structure because from an outside investor's perspective, things are up in the air and slightly in limbo. Now that we have landed the structure, now that there is full transparency on it, that is an easier task for us to work on. There will be a lot of focus on that over the coming quarters, and we can update you accordingly during some of our quarterly calls going forward. How many new Bio-CNG stations are planned and where will the initial expansion be focused? All right, a couple of points there maybe. We are not starting from zero, meaning we are not only now getting ready to go out and secure sites and so on and so forth. Our team has been busy securing attractive sites in the background whilst we've been doing that transaction. Now the transaction has landed, we will go into execution mode on the initial batch of those sites, which are in really attractive locations. I don't want to mention specific geographical locations here, but these sites are in key areas where we know we have existing and future strong customer demand. As we develop these stations, these will be, or we expect them to be loaded quite quickly and therefore will be high IRR sites. Our land team will continue to work on bringing forward other attractive sites over the coming quarters. We already have the three sites that we need to go into build on shortly. They are sitting there ready to go with others then coming through into the pipeline. Of course, on top of this, there are MRSs, which we will be, I'll say, deploying more, I think more opportunistically. Why? Because it will be customer demand driven. If customers need an MRS in a certain location, of course, we will react to that. It is not a solution that we will necessarily push as such because we can't go to a customer's depot and say, "We would like to place one here." It is driven by customer interest, which currently is a lot stronger for MRSs than it was just six or 12 months ago. There is one here. Are you seeing increased interest from logistics companies transitioning away from diesel? The answer is yes. I'll give maybe a bit of context there. We already have a quite, if I may say so myself, quite impressive list of blue chip customers who are well on their way of transitioning away from diesel by using biomethane and Bio-CNG. It is also the fact that a number of large U.K. fleets have been hedging their bets. They have been on the fence, if you want, waiting to see if big battery electric trucks would solve their problems, as an example, or solve their need to decarbonize, as an example, 50% by 2030, 100% by 2035. What we've now seen is that that is not a solution that is deemed mass adoptable for a number of reasons that I won't go into here. This isn't us saying this. This is the market. This is well-informed, well-educated fleet saying, "Do you know what? That is not an option that will get us to where we need to be with regards to reducing greenhouse gas emissions by 2030 to 2035. We have to start acting now. We have a number of very large customers now coming on board, which were not on board a couple of years ago, but which now have to go down the biomethane route because they have not got any other options. Yes, we are seeing that not only do we have strong growth from existing customers, but we have also got a number of customers who were previously undecided which route they would go are now embracing biomethane, and we will see a lot of orders from them going forward. Are there any upcoming innovations in your refueling or compression technology that support scale? Yes, there are a couple. I won't stand here and say what that is because people might, yeah, might not be, or some of our competitors or potential competitors might be listening to that. Yes, we continue to push for better efficiency, better redundancy, which is already good, but also higher pressures to be able to deal with 250 bar, etc., etc. There are a number of things that we will be doing actively over the coming years. That said, when it comes to putting Bio-CNG into trucks, it is a tried and tested, proven solution. What we're now doing is more optimizing, fine-tuning it. I wouldn't say there are any sort of step changes here. This is more about just ensuring that we can provide an even better customer experience. What is the revenue and cost structure for the station's business? That's a very long question. I think we should probably, I do not think we have time to go into that one other than to say that there is a specific revenue component in the station's business, which is called a compression charge, which has no correlation or is not related at all to the performance of RTFCs, as an example, which is why I mentioned that the stations themselves have recurring revenues here, which are not affected by high or low RTFC prices. The cost structure, that is a very complex question, so I think we will park that now. If whoever sent that in wants more clarity on that one, then feel free to drop myself or Baden an email, and we can always take that offline. Can you comment on the availability of biomethane given the potential high growth in its use as a transport fuel? Is there sufficient availability? Excellent question. The short answer is yes, as of today. As of today, there is considerably more biomethane chasing transport demand than there is transport demand, essentially. Now, you might say, "Well, what about next year, the year after?" To put into context, there has been announced about EUR 30 billion of funding in the EU alone between now and 2030 to expand biomethane production. We do not expect it will stop at EUR 30 billion. That is just what has been sort of tallied up so far. We expect that to continue to grow. Conservatively, biomethane production across the EU is expected to be 5x between now and 2030, potentially more. The U.K. is looking at strong growth, etc. We do not see a shortage in biomethane production or biomethane supply available that could go into transport. Of course, there are market conditions here that could affect competitiveness of who can source that fuel in the future. No, we do not see any shortage of biomethane supply or feedstocks used to produce biomethane supply. I think that is a very important takeaway if you are taking any away today, that if you look at biodiesel, that is expected to become an increasingly tight and short market with regards to availability of feedstocks, sustainable feedstocks. Biomethane, however, we do not see that shortage appearing for potentially decades to come. The answer is no. As of today, there is a lot more chasing transport demand. As such, we are seeing a very healthy biomethane sourcing market that our team is currently working in. We are already, just to put it out there, we are already pretty much fully sourced for biomethane for 2025. We are already now sourcing for 2026. Baden, Philip, thank you very much indeed. I think that's all the questions from investors. Thank you once again to all of you for your engagement this morning. Philip, Baden, I know that investor feedback is important to you. I'll shortly redirect those on the call to give you their thoughts and their expectations. Before doing so, perhaps, Philip, I could just come back to you for a couple of closing comments, and then I'll send investors to give you their feedback. Thank you. Thank you once again for showing an interest in ReFuels and what we do. Hopefully, we've provided a bit more clarity as to why we're excited about the deal that we've just done with Foresight. However, if there are any questions that you do not feel were fully answered or questions you did not feel comfortable putting out there, then feel free to get in touch either directly with Baden and myself. We are always happy to jump on a call or to answer you via email. Thank you once again. Yeah, look forward to seeing you on the next one. That is great. Philip, Baden, thank you once again for your presentation this morning. Could I please ask investors not to close this session as we will now automatically redirect you for the opportunity to provide your feedback in order that the management team could better understand your views and expectations. This will only take a few moments to complete, but I am sure it will be greatly valued by the company. On behalf of the management team of ReFuels, we'd like to thank you for attending today's presentation and good morning to you all.