Hello, everyone. Thanks for logging on for the ReFuels Q1 2025 Presentation. Today, we're gonna hear from Philip Fjeld, CEO of ReFuels, and Baden Gowrie-Smith, who's our Managing Director and CFO of ReFuels. Yeah, and we'll also do a Q&A session afterwards. There's a chat in the online link, so feel free to leave your questions there, and then we'll ask those at the end. On to Philip. Thank you very much, Jorge, and good morning to everyone who's taken the time to tune in to our first quarter presentation. Once again, just a brief introduction to who we are and what we do. We're on a mission to decarbonize Europe's truck fleet, starting out with the U.K. heavy goods vehicle, HGV fleet. We, as of today, have 14 public access, large grid-connected, so pipeline grid-connected stations. We have north of 1,740 close to... getting closer now to 1,800 trucks on the road from our customers. Over the last 12 months or 12-month period, we helped our customers save more than 55,000 tons of greenhouse gas emissions, which is a nice, chunky, big number that we're very proud of, and is one of the main reasons that we are seeing the growth that we are. Once again, for those of you who've seen our quarterly presentations before, you will have seen this slide, but once again, we have new people tuning in, and it's important because we often get questions, "What does your station look like?" A lot of people have a regular petrol or diesel forecourt in mind. That is not what we do. This is our new Newton Aycliffe station up in the northeast part of England, opened it in June last year. It can refuel fourteen trucks simultaneously, about eighty trucks per hour. The fill time is very comparable to diesel, eight minutes on average, six to eight minutes to fill a vehicle. These trucks, sorry, stations operate on an unmanned basis. We don't sell, you know, newspapers, Mars bars, et cetera, here. The drivers do the refueling themselves, we remotely monitor them, and as such, these stations are the most efficient way of dispensing huge quantities of renewable and sustainable fuel into trucks. Some of the key highlights for the quarter. We've got strong underlying growth, which we'll also highlight a bit later on. Annualized EBITDA for the station portfolio is basically GBP 6 million, GBP 6.9 million, sorry, GBP 7 million, GBP 6.9 million. Baden will dig a bit more into that later on, but we are still expecting a monthly run rate on EBITDA once we get to the end of our current financial year of GBP 12 million. We are finally starting to see a slight turnaround in the underlying market for the certificates that we generate. Highlight that a bit later on and over the last three weeks we have got our 16th grid connection station that's gone into construction in Scotland, and more stations lined up that we are looking to start construction either later this year or next year. Six by two market, which once again, those of you who've heard our presentations before, you know, will know that we're very excited about that market. Touch upon that a bit later on. And finally, we mentioned in our annual accounts that we have signed a term sheet with funds managed by Foresight to simplify our current structure, and we'll go into that in a bit. Just some of the key figures. Yeah, dispensed volume up 30%. We expect that to continue at a similar or better growth rate going forward. Similarly, a number of trucks up, and so on and so forth. The ones you see on the right-hand side here with regards to certificates, you should not read too much into that. Baden will highlight that a bit later on, but that is mainly a timing issue, which evens out as we move through the year. Just mention one other point, sorry, on the customer fleets. I'd like to highlight there that we're no longer, you know, only seeing large typical PLC fleets coming through here. This is also now becoming an increasingly popular choice to decarbonize transport amongst the smaller, let's say, more family-owned fleets here in the U.K., and of course, the 6x2 trucks is coming, which is usually their vehicle of choice, is gonna be an important one to continue to grow that number as we go forward. It's taken us, you know, a lot of years. Basically, we founded the company ten years ago. It's taken us six to seven years to truly start to see mass adoption. That is now continuing going forward. I think there are two, you know, important aspects to why it's finally, you know, kicked into mass adoption over the last three years. That is, customers are now convinced that our stations are reliable, trucks are reliable, the fuel does indeed provide the greenhouse gas savings they need. It has good driver acceptance, and so on and so forth, and then of course, the second point is that there is a sound business case around us. Our customers tell us we can't afford to go to lose money and go green, and as such, as you'll see later on as well, there are solid savings running on Bio-CNG, and that's an important aspect to bear in mind here. We today have nine mobile refueling stations. This is a concept that we developed four and a half years ago. We originally thought it would only be, you know, a small handful of these that we would need. They've turned out to be very resilient, very robust, provide an excellent customer experience. As such, it is an offering that has grown considerably. We've got nine in operation at the moment. We've got number 10 in build. Number 11, we expect to put into build shortly, which will take us up to 11, by end of March next year. And beyond that, we're expecting more. So this is a very important part of our of our growth strategy. Approximately 30% of all trucks today are refueled through MRSs, and that's something that we expect to continue growing going forward. If you look at the stations that we've got, we opened Bangor in North Wales, and Aylesford, which is the first in Kent, first in Southeast England. We opened that in May of this year. We've got two more in construction at the moment. We've got Doncaster, a very important logistics hub, in England, and then we've got our second station in Scotland, Livingston, which has just gone into build, and which will become operational next year. Once again, an important station to enable some of our larger, well-known branded customers to continue their adoption journey because they've got large distribution centers nearby. We've got another station that's just gone into build. We've got ambitions to build a lot more. One of the hardest things we do is actually to secure sites, and to get them to what we define as so-called shovel-ready, meaning that we are ready to put a digger on site, and, you know, approximately eight months later on, we will have an operational station. From when we typically identify a location where we would like to have a station until we are shovel-ready, in an ideal scenario, will take us a year, maybe two. For many of our locations, it unfortunately can take us two, three, four years. And that's important to understand. Why? Because what we do, while actually it might not look that complicated, it looks like we're pouring some concrete and bolting some compressors to the ground. What we're doing here is actually very time-consuming and is really hard from a perspective of getting something done quickly. And that's one of our greatest competitive advantages, is that we've been doing it for such a long time now, that we have a mature pipeline of sites coming through, and that's what we're showing here. That we've got seven in build or under contract, and in late stage development, we've got another 11 that we expect will be coming through over the coming months or the next year. Already mentioned, we've got Livingston in build. We've got more sites that we see as very attractive sites that we'd like to put into build very, very soon. Now, how are we thinking about stations now compared to what we were doing, let's say, a year ago, two years ago, et cetera? Because of the wide customer base we've got, because of the mass adoption we're seeing, we're now in a position to pretty much high-grade our sites. We've now got sufficient coverage around the country that we can now start to be more selective as to where the next station should be built. And that's a very good position to be in, and by doing so, we can actually choose which stations we believe will be loaded the fastest with regards to trucks, which again is important from a return perspective. And we believe that the next stations or the next wave of stations to come through will have an IRR here, unlevered IRR, in the 25-45% range. Once again, those you know, there's always uncertainty with regards to, you know, future adoption, but those estimates are based on the growth trajectory that we're in today, and that we are confident and we will realize over the coming years. So then, if you then look at where we are with regards to EBITDA contribution, I mentioned previously, we're currently at about an annualized run rate of about GBP 7 million. We expect to get to 12 million later this year. Now, what's important to understand here is that we've got 1,800, there or thereabouts, 1,750 to 1,800 trucks on the road today. But our customers have got a confirmed order of just over 900 trucks. So as those trucks get deployed, and of course, that will be over the next 9-plus months. As those trucks get deployed, that drives our EBITDA generation. Now, these aren't speculative trucks because we know they've been ordered, and it is exceptionally rare that customers cancel orders, so we expect those to be on the road. And of course, we are expecting a lot more orders to be placed shortly, both as the six by two becomes an option that is actually ready to be ordered, but also the four by two growth that we'll talk a bit and illustrate a bit more later on, continues to come through. We announced that we've reached a non-binding term sheet with funds managed by Foresight to simplify the structure we've got today. Today, the stations sit outside, off balance sheet. And this agreement will simplify the structure and bring everything together. It will replace the priority return arrangement that we've got with Foresight today, and Foresight will then come in as a shareholder in CNG Fuels. It will strengthen our balance sheet, considerably strengthen our balance sheet, and make it easier, or we believe it will make it considerably easier, to access external pools of capital, such as the debt markets, to continue to drive the growth, going forward. It is a non-binding term sheet. We will, you know, must mention that, but we do expect, and it is our intention, to have this all done this side of Christmas, and of course, we will update the market later on as we have more information to provide. We announced, we've previously announced that we are part of the HyHaul project, which is a hydrogen transport project or logistics project, here in the U.K. We have, having, you know, been part of the consortium for a while, we have chosen to withdraw from that. I must stress, that does not mean that we are no longer believers, that we can offer a multi-fuel future and that we can offer multi-fuels to our customers. This is entirely driven by the maturity of hydrogen as a truck fuel, by the total cost of ownership to our customer base, and by the fact that we do work very closely with our customer base, and we will react when the customer base actually demands such solutions, which they do not today. So we are, you know, market and customer-driven company. As such, this doesn't mean, as I say, that we don't believe there is a multi-fuel future here, or a multi-energy vector future. But what I must stress is that now we don't believe the time is right, and as such, we should focus our efforts and resources on biomethane and putting as much bio-CNG into trucks as possible, because that is where we see the growth, and the economics at this point in time. And with that, I will hand it over to Baden. Thank you, Philip. So station profitability, this is in the station portfolio, which we do not consolidate these earnings into our, into ReFuels, has continued to grow well. We have station EBITDA in the first quarter of GBP 1.73 million, which compares to GBP 764,000 in the corresponding quarter last year. It's about a 125% growth in EBITDA over the course of the year, off of a lower percentage growth in volume. So showing the operating leverage and the economics of scale we're now seeing with the growth of the business. EBITDA rate in Q1 slowed slightly compared to the growth rates in prior quarters, and it's largely due to a large fleet customer having some internal restructuring. We expect that to be completed soon, for those trucks to return to the road, and of course, for the additional trucks, which we know are on order from our customers, existing and new. So that should continue to... That should drive the growth rate back up again. Annualized EBITDA run rate across the station portfolio is GBP 6.9 million in Q1, and we anticipate that'll increase to more than GBP 1 million per month before the end of the financial year, as previously indicated, on the thirty-first of March 2025. Good news for the business, biomethane margins have been recovering. We have historically, in the years since dispensing RTFO-approved biomethane, have seen margins well in excess of 30%. Yeah, as you can see, back in 2021, as high as fifties. And these have been severely impacted over the last six or so quarters by issues and dislocations in the biofuels markets, which in the last two quarters we have seen started to normalize. We are seeing the margins, gross profit margins on biomethane we're purchasing now recovering up to around 18%, and we believe in the mid-term we'll see recoveries to the 30% or so margins we've historically seen and exceeded. It's been a combination of biomethane costs coming down, as well as RTFC pricing, fundamentals now improving, and the RTFC price has continued to has been continuing to improve recently as this market normalizes. During the quarter, we sold. We generated and sold 34.4 million RTFCs at an average volume, average price of GBP 0.178 per RTFC. As Philip mentioned at the start of the presentation, we have, this appears to be a lower number than the corresponding quarter last year. While volumes, of course, have increased, this is due to the way that RTFCs are generated and sold, the way the timing of those are now recognized, as part of the feedback from our auditors. Based on the new supply contracts, we believe that the margins we've previously seen will be returned to and drive substantial earnings for the group around those levels as our volumes continue to grow. Consolidated revenue for the quarter is GBP 27.6 million, and the corresponding period last year was GBP 19.1 million, which was a shortened period because we formed the group in May of 2023. However, it should be noticed that a lot of the revenue, of course, is gas revenues, and we had a significantly higher gas pricing market, which is a pass-through for us during that last financial year. The group achieved a gross profit contribution of GBP 2.9 million in the quarter, compared to a GBP 1.1 million pound loss in the shortened quarter last year, and a GBP 2.3 million pound gross profit achieved in the financial year of 2024. It's primarily driven by the higher RTFC prices at higher volume levels, and increase in station management fees from new stations we've opened. Adjusted EBITDA loss was GBP 1.3 million for the quarter versus GBP 1.7 million pounds in the prior period. So we're pleased to see is overhead costs per kilo have come down quite dramatically over the last year. We're seeing GBP 0.5959 per kilo in the corresponding quarter last year, which is now down to GBP 0.29 per kilo in this recent quarter. This demonstrates two things. One is that our careful cost management and focus on growth is also benefiting from the economies of scale we're getting now as we continue to build out a nationwide network and don't need to replicate a lot of additional resource in new areas, but can just continue to add volumes through the station network we already have. I'll run through that later. Financial position. So the current assets of the business were GBP 176.2 million, of which GBP 84.5 million was goodwill, and GBP 10.7 million was due to customer and brand-related intangible assets. As has been mentioned in previous quarterly reports, as part of our annual report, annual financials, we were required, our auditors would be doing an independent valuation of the values of the intangible assets across the group. That work has been completed. It's detailed in the annual report, and it we had a reclassification of certain amounts of intangibles across into goodwill, and those valuations have now been completed. This is not an impairment, it is a decrease in the total assets around GBP 40 million. It's not impairment and does not have a profit and loss effect. It is purely the valuations but have been completed since the bringing together of the group last year, which required a number of purchase price allocations estimates to be done at the time. Trade and other receivables has increased pretty dramatically with volumes. Those are largely related party transactions between CNG Fuels and CNG Foresight, us having a principal agent relationship, and the customer and supplier flows that come through CNG Fuels. Borrowings and the current liabilities are largely made up of the working capital loans with CNG Foresight, and those with the, sorry, with the Foresight Group. And as Philip has mentioned, this is part of the terms of the deal we are working with, on, with the funds managed by the Foresight Group at the moment. The plan would be to convert these working capital loans into shares in CNG Fuels. Net cash flow for the business increased over the quarter from operating activities, about GBP 3.2 million, but this was largely due to decreases, so an increase in trade creditors and decreases in trade receivables during the period. As... In addition to this, the cash flow from financing was due to the drawdown of GBP 2 million on the working capital loan we have with Foresight Group, which brings the total drawings to GBP 8 million at the end of the period. With that, I'll hand back to Philip. Thank you very much, Baden. So if we look at where we're at with the, you know, underlying market that we are, we're present in, and the growth that we see in that, you know, on the left-hand side here, as we previously mentioned, also, there are essentially three truck categories, that are, you know, within our target market, if you like. But within that, again, it's really the articulated, which is the tractor and trailer combination, that is really the market, that we're going after, and where, you know, where there is the greatest appeal to go to buy a CNG. As of today, I'd say we've got, close to 800 trucks, 1,800, sorry, trucks on the road. We've got more than 900 trucks ordered. Now, someone might wonder, well, hang on, that looks like that number's gone down a bit from the last presentation. This is purely around timing. Quite a few orders are placed during summer, majority for holiday reasons, et cetera, et cetera. So that just means that we're going through a seasonal period, which is normal, where deliveries usually outpace orders, and that will change, or we expect that to change, over the coming months. I mentioned it previously as well, you know, our customer quotes are typically, you know, "We can't afford to lose money and go green," which is a very correct and pertinent point to make. Why? Because the typical profit margins within the logistics industry is maybe 3%-5%. So that's why, you know, running on CNG and running by CNG trucks needs to stack up, at least be competitive with diesel to compete. Now, the benefit we've, of course, got is that there is a very strong total cost of ownership case here, meaning that the vast majority of our customers, depending on the miles that they run their trucks, but, you know, the vast majority of our customers do run their trucks hundred plus, hundred thousand miles a year on average. And when you do that, and you keep a truck for five years, typically, then you have strong economics, which is what we're seeing now. And yes, we had a period a couple of years ago where there was gas price volatility. We're now out of that period, and savings, considerable savings on running gas trucks have come back. Our, you know, main market today is, of course, the four by two tractor fleet where we've got a large market share already. We're very excited about the six by two market going forward for a number of reasons. One, because it's the largest market in the U.K. As such, it's a six by two, so six times as large market as the four by two market, but also it will provide us with better margins per truck. Why? Because they do heavier loads, heavier work, and as such, use more gas, which again drives earnings per truck going forward. Now, as of today, if you look at the market share, we've got about 7.5% of all four by twos registered in the U.K., and a four by two is a traction trailer combination where the tract unit has one rear axle, makes up about 7.5%, you know. Well, our market share makes up about 7.5% of the total fleet. We expect as deliveries start to ramp up going into autumn, that we'll be close to 10% over the next four to six months. However, on the right-hand side there, you see the six by two market, a much larger market where we are pretty much non-present at the moment. That will change. Iveco, we know, have already had north of a hundred trucks ordered, six by two trucks ordered. As production capacity of those increases for Iveco, we expect that to increase significantly going forward, and of course, as we announced previously, Scania did release their six by two or launched it in June. Now, we're just waiting for those vehicles to get on the road, trials get done, and then we expect the order book to start to fill with those from twenty twenty-five delivery onwards. I've mentioned the nine hundred and ten order book trucks already. We're expecting the growth that we're currently seeing to continue going forward, not only from our existing customer base, but we are also now running a record amount of trials. We've got ten or ten plus demo vehicles on the road currently or available for demos at this point in time, and we're seeing a very broad base of customers or potential new customers now wanting to trial. So it's not just the large PLCs that might have 500 or 1,000 trucks. We're now also seeing family-owned businesses with 50, 100 and 150 trucks, et cetera, trialing. And that's important because that's where, you know, that's a large segment of the market that we haven't been able to penetrate, and as such, very excited about that over the coming years. Baden mentioned the RTFC prices briefly. We have started to see, finally, the market fundamentals we've been talking about for a long, long time are now starting to be seen in the market and reflect in the RTFC prices. That doesn't mean that we're back to a level that we, you know, expect to be in the future, but we are starting to see positive momentum in this market. And we expect that to continue. Yes, there'll be some bumps along the road for sure, but the fundamentals that we see currently are not just rebalancing the market, but we know we're very excited about what's gonna happen in 2025 when sustainable aviation fuel comes in, and that should contribute to a further market tightening. And then we'll just summarize briefly before we get on to some Q&As. So if you look at where we've come from as a company, we founded it 10 years ago. We've now got 14 stations. We've got 100 plus locations we're looking at. We've got 20 plus of those that are mature. We've spent a long time building what we believe is a unique organization, everything around from design, to construction, to operations, to a large transport team, et cetera, et cetera. We've got a broad base of customers here. We have a once again, what we believe is a fairly unique team and unique ability to source biomethane. All of this means that we've built a really strong competitive position as of today, and that's a competitive position that we're expecting to hold going forward. That said, if someone wants to come in and join us in the market here in the U.K., that's absolutely fine, because we are currently today only scratching the surface with regards to market penetration. And finally, Baden mentioned how we're now starting to see operational scale. We did an exercise nine months ago, whenever it was. We only need to add maybe 15%-20% to our overheads to operate almost three times as many stations. So we'd expect that operational leverage to really accelerate going forward. Mentioned this previously as well, you know, we are today U.K.-focused. We get a lot of questions, are we looking to expand outside of the U.K.? And the answer is yes, when the time is right and when there is a right opportunity with the right structuring to do that. As of today, you know, we probably get an incoming request once a month currently to look at markets outside of U.K. Why? Because the way we do stations, the way we operate, and the scale we do is unique in European contracts, context. There aren't any other CNG stations at this scale anywhere else in Europe. So as such, you know, when we... I would say this is a 2025 onwards, plan, but when the time is right and the opportunity is there, we will get on with growing outside of the U.K. Yeah, just to summarize again, we've got strong underlying growth. There'll be quarter-to-quarter variability here, depending on when trucks are delivered, et cetera, but we expect to continue to grow, with a strong rate going forward. On orders, got a solid order book that our customers have got today. Once again, expect that to continue to fill and grow going forward. And finally, we've got, you know, Livingston going into build, and we've got more sites going forward. As I continue to say, had we had more stations operational today, we would have had more trucks on the road, or our customers would have had more trucks on the road, and we would have had an even larger order book. So we ourselves are holding back our growth, which is why also the new structure we've put in place with Foresight is important, 'cause that can unlock funding in the near term. And with that, we will start taking some questions. Jorge? Yeah. Thank you, Philip. We've got a few questions today, actually, so I'll try and keep it brief. First one is on the MRSs. After the next two MRSs, how many more would you expect to add? It's a very good question. Yeah, we are market-driven, customer-driven, of course. I would expect there to be quite a lot more. The exact timing of those is hard to say, because, of course, it needs to coincide with truck orders being placed by customers next year and the year after. The reality is that customers don't order trucks more than maximum twelve months in advance. An MRS takes about eight months, seven to eight months to build. So as such, you know, those will go hand in hand. We don't expect to stop at eleven. What numbers should I put out there? I don't know. We could easily see two, three, four new MRSs per year going forward. Once again, we can probably quantify that better, in the next three to six months. Thank you. The next one is: when will the further developments in the biofuel markets result in the RTFC prices? When will you see an impact? We're starting to see a small impact already. You know, RTFCs have stabilized around GBP 0.20-ish, still well below levels, where we believe there will be a healthy biodiesel market back in Europe, in the E.U. But we're already seeing that the wave and the volume, if you want, of biodiesel that came in, some of it allegedly fraudulent and some of it. Yeah. Won't get into the details of that one, but that generated a lot of so-called certificates, not just in the U.K., but in Europe, in general. Those certificates need to wash through the market, the physical volume needs to wash through the market, and we're starting to see that happen now, with meaningful changes we believe yet to materialize. Later this year and next year, the feedstock markets that feed into sustainable aviation fuel production will need to shift, and we are being told will shift or are likely to shift from road biodiesel over to sustainable aviation fuel. So, yes, we are starting to see improvements already as we've as Baden showed in his graph, but there's yet more to come, and we believe that will start to materialize later this year and early next year. Yeah. Thank you. So next one, can you elaborate on why biomethane margins should return to the 30% historical average in light of a short and very volatile track record period, three to four years? Yeah. So first of all, I think we showed three-to-four years in the graph. You know, we've been doing this eight years, so we've been sourcing biomethane successfully for eight years and putting into transport, so there's a lot more data out there than just eight years, but we had to, you know, put the graph that had a meaningful amount of years without... Yeah, so that is based on discussions, live discussions, negotiations we have ongoing at the moment with new projects. And as such, as RTFC prices normalize, we believe we will get back to what we see as a historical average. Now, averages are what they are. Averages, of course, include high margins, low margins, et cetera. But on average, we don't expect volatility to go away, absolutely not. But we do expect, based on negotiations we've got at the moment, for new supply contracts, we do expect margins to return to what we have seen historically, and that's for a longer period than just the three to four years, as is shown in the graph. Yeah. Thank you. So now on, on to the next one. There's been quite a few, quite a lot of recent negative sentiment in the biofuel sector and some headline projects being canceled, for example, Shell in Rotterdam. Do you see this having any impact on the supply and demand picture of RTFC pricing moving forward? Yeah. There's a lot of probably sub-questions in that and sub-answers in that. It's a bit of a, you know, complicated one to give. Yes, there's been. There is a very, and there continues to be a very negative sentiment within the, within the biodiesel sector. We aren't experts in the biodiesel sector, of course. That's not our bread and butter. We don't trade it, we don't produce it. Has there maybe been a tendency for some projects to have been, you know, slightly, overbuilt maybe? I don't know. I think it's just healthy for the market as it goes through. It's a cyclical market as it goes through corrections. You will see some projects being put on hold and then resurrected later on. You know, regardless of this, the big driver here is two things: it's anti-dumping duties, which have now been imposed by the E.U., and we would expect the U.K. to do the same, later on. It's anti-dumping duties, and it's sustainable aviation fuel mandates coming in, and of course, the continuing increasing mandates for road transport, not just in the U.K., but across the E.U. That this will rebalance the physical markets, and it's the physical biodiesel and biodiesel feedstock markets that drive the RTFC pricing. So yes, we're as confident as we can be that that will correct itself over time. Exact timing is hard to predict, but we're seeing positive momentum as, as it is today, and I would expect that some of the projects that have been put on hold now will probably be back in construction a year from now or two years from now when the markets turn around, 'cause that's how markets react. Yeah. Thank you. Next one is on six by twos. You've previously been excited about the new and larger six by two CNG trucks. Can you provide some further details on the expectations for the Scania six by twos? Yeah, thank you. So yeah, we are excited about the Scania six by two. I mean, we're very excited about the Iveco six by two that is currently here as well, although it's in low production numbers at the moment, but those are increasing month on month. You know, the Scania product was released in June. From what we hear, it will be available for clients or customers to trial and demo over the coming months, and then we would expect, once again, from what we hear, you know, we don't produce the trucks, but from what we hear, regular production runs will start later this year or early next year. Of course, regular production runs for us means that this is a truck that can be produced in huge numbers if the demand is there. Now, demand is, of course, subject to trials, so we'll see how those go. But from what we are hearing of the interest in the market, this is interest that we've never heard before when it comes to four by two trucks. Why? Because it's a six x larger market. So very excited about it. Trials are expected to start shortly over the coming weeks, months, and then we would expect orders to start to flow, hopefully later this year or early next year. Yep. Thank you. The next one is with the company delivering such strong growth, what is the competition looking like? Yeah, so probably two questions there, so first of all, you know, we are only focused on providing Bio-CNG, the compressed natural gas from the grid, to trucks. In that market, we're not seeing a lot of potential competition, at least not today. That doesn't mean it won't be there a year from now, or two years from now, three years from now, but as of today, that's a market that we're not seeing a lot of competition in. But there are basically two ways that you could put biomethane into trucks. You can either do the compressed route or the liquefied route through Bio-LNG. We are seeing some, and we always have had, you know, companies in the U.K. that provide predominantly Bio-LNG to fleets. Now, I don't really see that as competition to what we do on bio-CNG. It's often fleets, and for various reasons, choose the LNG angle, and they wouldn't be going down the CNG market regardless. As such, those are complementary to one another, or we will see them as complementary to one another, and as such, growth in the LNG market versus growth in the CNG market is expected to benefit both fuels. But from what we see, from what we hear, CNG truck ordering is outpacing LNG truck ordering, so we expect that, and it is a larger market as of today, and we expect that to continue going forward. When it comes to other technologies, though, you know, I mentioned HyHaul, battery electric trucks. We're not seeing those as mass adoptable solutions today based on customer feedback. Once again, I want to stress that doesn't mean that we will remain absent from those markets. Of course not. But we will go into those markets, and we'll provide that as an offering to our customers when the time is right, when the economics stack up, and more importantly, when there is strong demand from our customers to actually provide such an energy vector solution, and we're not seeing that today. Yeah. I think that, pretty much answered the next question, but that one's also on, competition. Having withdrawn from the HyHaul project, can you provide some additional comment on the competing solutions to decarbonize trucks? Yeah, I sort of covered a bit of that already. And, you know, if I just go a bit more into hydrogen, you know, we believe hydrogen will have a role to play in decarbonizing long-haul trucks and long-haul transport in the U.K. But as of today, the... there's a very important metric here, and that is the total cost of ownership for fleets. Now, yes, there needs to be R&D, and yes, there need to be demonstration projects in order to move solutions forward. That's absolutely fine. But given where we as a company are today, given the market position we've got, given that we today are constraining ourselves by not having enough stations built, we've made the choice that as of today, hydrogen is not a market-ready solution for our customer base, and as such, we've chosen to step away from that project. That doesn't mean that we don't believe that project is valuable in the long term, but we will let other companies, you know, take that forward, and then we will react to that later on. Because as of today, you know, we have more potential growth here in the U.K. than we can currently deal with, so we need to be laser focused on delivering on that and providing and going after the opportunities that provide the greatest growth potential and value creation potential for our shareholders and that can satisfy the demand our customers have currently got. ... Yeah. Thank you. So on to the last couple of questions. What's the RTFC revenue and EBITDA contribution to Q1 results versus Q1 last year? Yeah, I'll take that one. I don't have the figures for Q1 last year in front of me, but I do know the figures for the Q2. In this period, we had about GBP 1.2 million or so of gross profit contribution, and around GBP 500,000, just over GBP 500,000 of EBITDA contribution, in this current quarter, from the RTFO business, and RTFC is obviously being the gross profit element of that. In the Q2 of last year, we had around a million... Sorry, it was about GBP 200,000 of gross profit contribution, and about GBP 1 million of EBITDA loss in that quarter. So, a pretty substantial increase from about GBP 200,000-GBP 300,000 of contribution on a gross profit basis. And, of course, back to EBITDA, positive EBITDA generation of about GBP 500,000, and we've seen that steadily increasing, as I think we disclosed in the July report that July continued to improve on that. So very positive coming out of the RTFO business. Yeah. Thank you, and on to the last one, that's currently in here. So is funding for the next five, higher return stations contingent on securing an updated structure with Foresight? So I'll probably answer that one. The answer is yes. So that will happen in parallel with us bedding down and concluding the discussions and negotiations with Foresight. Yeah, the short answer there is yes. Those two will move ahead in parallel. Yeah. Thank you. So, I think that's it for the questions. So we'll conclude the Q and A on that. Thank you, Jorge. Thank you. And, yeah, thank you. I think that brings us to a close. So thank you very much for the ones who've been attending this online. And, yeah, we look forward to seeing you again in about three months' time. Thank you all. Cheers. Thank you.