Live stream. Special welcome to those of you who are in the audience here today. Our mission is pure growth. We invest in the companies that contribute to a greener future. Our unique network and co-location with our biggest owners give us a great deal flow. What do I mean by a great deal flow? Well, over the course of 2021, we have evaluated close to 100 companies, invested in only a couple. Earlier this year, we also transitioned to the main list of the Oslo Stock Exchange, making this share available to a broader audience, both nationally, internationally. Our strategy is to combine leading financial and industrial expertise to create what we believe will be a winning formula. I would say we have a truly great team in place now. I'd like to thank everyone in the team for valuable contributions and discussions over the course of the last quarter, but of course also in preparations for this presentation. We will continue to add industry experts, either directly in Saga Pure or in companies we invest in, where HYON is an example of that. You can also see the mix of financial and industrial expertise being reflected in the board. We can invest in everything from startups to IPOs to established players. With the growing number of industry experts on board, we can make better investment decisions, and we also have an increase in capacity to follow up on those investments. The earlier we engage, the higher the risk, and thereby more important the industry knowledge is. Of course also, we find it both more interesting and fun to be a part of a journey starting off early. We have a flexible ticket size, and we also have a global reach through an extensive network, both with industry players, R&D institutions, universities, other investors, and startup accelerators that we have regular contact with. Although the green tech sector continued its bumpy ride in the second quarter, we're actually quite happy with how it went for us. We announced one new strategic investment during the quarter, HYON. You'll hear more from them later, and you'll naturally see our investment activity vary from quarter to quarter. We don't invest for the sake of investing. We invest to make a profit. Speaking of which, the net profit from operations was NOK 3,500,000 in the quarter. The reason for this somewhat boring number is that the share price of Pryme and Horisont Energi went down as compared to the previous quarter, and with the realization of around 1,500,000 shares in Bergen Carbon Solutions, more or less equaled things out. Speaking of Bergen Carbon Solutions, it's important to note that BCS, for accounting purposes, is not part of the P&L. They are defined as an associated company. That means that the NOK 200+ million increase in the value of our position in BCS is not reflected in the numbers you see here. The return on equity year to date was 16.5%, which we are quite content with. At the end of the quarter, we had NOK 796 million in cash balance. The board is also happy with the results from our investments during the first half, and they've decided that Christmas should come early for the Saga Pure investors. It doesn't even matter if you've been naughty or nice. As long as you own the Saga Pure share, you're entitled to a dividend of NOK 0.1 per share, which you are, of course, free to use for whatever you like. While the first quarter was eventful, several exciting things also happened in this second quarter. Most notably, Bergen Carbon Solutions was listed on Euronext Growth on April 19th and had a tremendous development since then. We announced strengthening of the Saga Pure team with the addition of Rob Stevens and Jørgen Kopperstad to follow up on the ammonia side and maritime side of things. In June, following an important company milestone, we also completed the investment in IC Technology. Late June, we also announced our investment in HYON, and after the quarter, we exercised our options in BCS. Our investment space is vast, and it's constantly being influenced by a number of factors, both with short and long-term implications. As mentioned last time, the megatrends are the big ones. I'm not going to go into detail on all of them, but it's safe to say that they're still important long-term drivers for our investment universe, although we've seen the first half of 2021 to be a bumpy one for the green sector. All these megatrends are increasing in force, both due to ever-decreasing costs of renewable energy, but also more ambitious climate policies. So far in 2021, we've seen a number of important policy documents being released, such as the EU Taxonomy, the Fit for 55 package, the new IPCC report, and the IPCEI program. Now that's a lot of acronyms. We're going to summarize some of the key takeaways from those programs in the coming few slides. The main takeaway from that, however, is that they together are creating a momentum for the green transition that should benefit all of our portfolio companies. Historically, it's been difficult for investors and others to define what clearly constitutes a sustainable economic activity. There hasn't been a commonly accepted and agreed upon definition of that. This opportunity has not been lost on the not so sustainable companies out there. With impressive creativity, several have advertised both their activities, products, or themselves as green helpers regardless of their actual sustainable performance. I understand that fully. Who doesn't want to save the planet? The fact of the matter is a lot of them don't. This is now changing. The EU Taxonomy provides companies, investors, and policy makers with a commonly agreed upon classification system, clearly defining which economic activities can be considered as environmentally sustainable, making it more difficult for companies to advertise or report themselves out of this, and with the result that the E in the ESG becomes more credible. On the right-hand side, you can see the six objectives or Taxonomy categories that the Commission has defined. With many interests in place, this process is not happening quietly. They have, however, agreed on the two first ones, climate change mitigation and adaptation, and they're expected to come into effect from early January next year. Fit for 55, not an exercise program for middle-aged men and women, although I'm sure that many aged 55 would like to get back to their 1990 levels, at least in terms of waistline. EU at least wants to make the ecosystems more fit. They are now raising the emission reductions targets from 40% to 55% by 2030 as compared to 1990 level. What is Fit for 55? Actually, this is a revision of much of the most important legislative framework in the EU. They're greening up the entire legislation. They're tightening the EU emission trading system, where you can see here on the right-hand side, you see the development of the ETS cap, as it is called, over the years historically. You can see how it would continue to develop without the Fit for 55 and how it is developing with that. As you can see, this is decreasing year by year and now at an increasing rate. The result of that is that industries, they have to choose between innovating, reducing emissions, or paying more. We expect this also to have an impact on the already record high CO2 prices and will keep them high and maybe even get higher also, because EU is not just increasing the decrease of these quotas, they're also putting maritime into the fold, and they're also proposing to have a separate ETS for mobility and buildings. If that was a stick, where's the carrot? Well, EU is in stick mode. In addition to smacking the ones that don't behave in Europe, they're now directing the stick towards the world. They're adding a tax which makes sure that carbon is to be paid for no matter where it is being produced in the world. They have proposed something called Carbon Border Adjustment Mechanism, which means that goods imported into the EU will be taxed according to the CO2 intensity of which the goods were produced. We expect this to have an effect both in EU and also outside. Maybe the Carbon Border Adjustment Mechanism is sort of a carrot in disguise for the European industry. Mobility sector also needs to reduce the emissions, also 55% by 2030 as compared to 1990 levels. We expect that this will imply that 60% of all new cars sold from 2030 will have to be zero emission vehicles. Well, that's a stretch. The renewable energy targets are being increased as well. While 32% to 40% might not get everyone's heart pumping, if you're a wind developer, I'm pretty sure it does because what that means is that you have high level support to more or less double the installation of wind turbines going forward to 2030 from around 15 TW per year today, gigawatts, I mean, today to about 30 GW per year in 2030. 30 GW is, more or less, equal to the entire hydropower capacity in Norway. We're talking big numbers here. Energy efficiency is also hit by this. Their goals practically means that existing buildings will need to renovate, or governments will need to renovate 3% of existing buildings every year going forward. Lots of exciting stuff is happening there as well. Have an exciting project, don't want to pay anything at all for it? Well, the world is a competitive place, and favoring your own over others is not something that just applies to parents, but also to countries and regions. EU has, over the years, established a scheme in which technology projects can receive up to 100% public support if they help to build European competitiveness. While the qualification is done in EU, the funds will have to come from the country in which the project is proposed and planned. Several hundred projects have been proposed. The first two waves, called technology and industry, are now down to 140 projects, out of which roughly 100 projects will receive funding in the end. The program this time is about hydrogen, which is extra exciting. EU is also soberingly honest about what IPCEI is, and in the description of the program, they state the following: "IPCEIs are large projects that address a market failure or other important systemic failures in the European context based on European common interests." They're basically throwing money at a problem. Hopefully, that will help to solve both the problem in EU, but also for the environment as such. Norway also gets to join. We had initially 25 projects being proposed. Three out of them are still in the race, and we're happy to say that the Barents Blue project of Horisont Energi still has an opportunity to receive that funding. Earlier this month, we saw the sixth assessment report come from IPCC, the technical part of that report, and it shows even stronger correlation between human activities and the observed temperature increase. While we're talking about 2050 and warming and all of that, now we see that, well, we might actually reach 1.5 degrees warming by 2030. It's not very long until we are there. What's frightening about this is that only in 2018, they estimated that the 1.5 degrees warming would be by 2040. Now it's 10 years earlier. CO2 is comfortably above 410 ppm in the atmosphere, despite the oceans and lands doing their best to absorb it. As we can see on this graph, we are well above 1 degree warming already. 1 degree warming leads to around 7% increase in humidity in the atmosphere. Some regions have seen thunderstorms increase in intensity and frequency, going from 40,000 to 240,000. Sixfold increase in thunderstorms as a result of that moisture increase. We see severe weather happening around the world. The report itself is 3,949 pages long. With 195 members and thousands of people involved, I can only imagine how much fighting and toe tugging there has been over which words to use in the report. That they managed to publish anything at all is in itself a feat. We expect this report will add a sense of urgency and momentum to the green transition. Let's look at the development in some of the sectors we follow closely. As we mentioned last time, this section will vary in length and content. It's worth to say a word or two on renewable energy, as that is a big one. Within this field, we are following the developments within renewable energy production, electricity grids, energy storage, energy efficiency, as well as the digitalization that goes across all those aforementioned sectors. According to Bloomberg New Energy Finance, the investments in new renewable energy hit a new all-time high the first half of 2021. We were still far from where we need to be to reach the scenarios that we have set out to limit the global warming to temperatures that don't harm the ecosystems. It needs to more than double depending on which scenario you look at. In the U.S., they have lately been given more than just a gentle reminder on the state of the nation's electrical grid. In the bipartisan infrastructure package, the U.S. Senate proposed a $65 billion sum dedicated towards the electrical grid. Obviously, us being a shareholder in Heimdall Power, keep our fingers crossed for them playing a part of making the grid stronger. New energy storage is expected to more than double from last year to this year to 11.5 GW, and further to 26.2 GW in 2025, and increasing rapidly thereafter. According to IEA, investments in energy efficiency will be close to NOK 300 billion in 2021, out of which approximately 2/3 will be in buildings, with reference to the Fit for 55 targets. There has also been an increase of 40% in announcements of digital projects and partnerships in the energy sector over the last year. I think we can see the world has really opened its eyes to see how the digital transformation can play and will play an important part in achieving the climate targets. We have also seen record prices of coal, which has doubled over the last half year. Gas prices have skyrocketed, some places even as much as 5x. We've also seen the CO2 prices rise to levels we haven't-- I don't think anyone were really prepared for that high CO2 levels. All of this is, of course, pushing the green technologies in the right direction and makes our job more interesting and hopefully also rewarding. It's always interesting to put into numbers what it takes to reach a target. Some would even say it is necessary to do so. Well, Bloomberg looked into this, and they presented three different scenarios on how to reach net zero by 2050. They have a green, gray, and red scenario. All of these scenarios assume that solar and wind will make out 61% of the electricity production in 2050. Where they differ are on the other industries and the amount of CCS and/or nuclear in these scenarios. In the green scenario, it's just solar panels, windmills, green hydrogen. In the gray scenario, CCS and bio plays an important role. In the red scenario, nuclear plays an important role. If you look at the green one, in order to reach the goals that we have for 2050, we need to install 5x as much solar as we did last year, starting this year, every year until 2030. More than 3x the amount of solar, more than 6x the amount of batteries or other type of energy storage, and more than 8x the number of zero emission vehicles. At this rate, we would have 5.8 TW installed wind, 5.3 TW of installed solar, 2.5 TW of batteries by 2030, and that would be eight-fold, nine-fold, and 176-fold compared to 2020. This is obviously completely unrealistic, but it's good to have a reality check now and then to see where are we with regards to where we need to be. It shows that strong measures are indeed needed, and it's also safe to say that where we will be will b e a mix between the scenarios. We will have lots of renewable energy, we will have lots of green hydrogen, but we will also have lots of CCS happening, especially with the carbon prices that we see today. We will have blue hydrogen, blue ammonia, and we might even have some nuclear fission, maybe even fusion, in that mix. That the biggest energy transition the world has seen since discovery of fire takes time should not come as a surprise. Hydrogen's potential is immense, but it takes time to realize these big projects. Like any good challenge, in order to get to the finish line, you have to get started. It's safe to say that hydrogen has gotten started. Only since February this year, four million tons of additional clean hydrogen projects have been announced. What's four million tons? Well, if you were to produce that with electrolysis, that means 30 GW of electrolyzer capacity. Last year, my guess would be that we were at around 100-some MW of electrolyzer capacity. If you were to build that with blue hydrogen plants, that would mean around about 2,500-2,600 tons per day plants. That is just the projects being announced since February. Only a few years ago, we were down to 2.3 million tons clean hydrogen project. Now, it's 11 million tons. As you can see, most of those are also announced in Europe as a result of the conscious policies Europe are applying with programs such as the IPCEI program. Many countries have firmed up their ambitions, and put into numbers what they want to achieve, what it's going to cost, when they want to achieve it. Norway also released a roadmap for hydrogen on June 11th, earlier this year. Was it a page-turner? Not really. Luckily, there weren't that many pages to turn. 14 to be exact, out of 190-page report on the Norwegian energy future. I like short, but I also like to the point. This report scored full score on one of my two criteria. They did, however, outline some ambitions within maritime. Norway is a maritime nation, obviously, we should put the main efforts in that area. The roadmap states that there should be five hydrogen hubs, hydrogen harbors in place by 2025, and that hydrogen should be a widely available fuel by 2030. Also stating that these hubs should look at integration with land transport. That's, of course, the beauty of hydrogen. You use exactly the same hydrogen for a big ship as you use for a truck, a car, any application. Obviously, this is good news for HYON. Now, speaking of maritime, the IMO, International Maritime Organization, they're the big one in that sector and are setting the targets for emission reductions, how to reach them, and so forth. They have added two tools to increase the probability of actually reaching the goal of 50% reduction in the emissions by 2050. Considering that the emissions have increased 40% since 2008, this is a formidable challenge. Just as reaching any good target, getting fit, or as we have talked about already, reducing emissions to a specific level, it helps to know where you are and have a way of tracking the progress and also the carrot and the stick. The latest tools from the IMO are the Energy Efficiency Ship Index and the Carbon Intensity Indicator. Put simply, these are used for tracking the CO2 emissions or the CO2 intensity per transport service per nautical mile for a ship. If the ship performs exceptionally well, it gets an A. If it performs poorly, just like in high school, it can receive a fail. If it receives a D three years in a row, they need to adopt measures to improve. Otherwise, they're not allowed to use those ships for freight. If it gets an E, it's out. Most ships will obviously go for the simple solution. They'll just slow down, slow steaming. That will reduce the fuel consumption, hence the CO2 intensity per goods per nautical mile. With what we have seen with the maritime sector becoming part of the Emission Trading System in Europe, the incentives to get top grades are raised. Among the sustainable fuels in the shipping sector, we also have green methanol or e-fuels. It's encouraging to see companies like Maersk taking the steps in the right direction towards zero-emission fuels. While liquid hydrogen and ammonia will play important roles for deep sea shipping, we also see an interesting potential for compressed hydrogen, especially for the short to medium scale routes, and it's relatively easy to deploy infrastructure-wise. The recent market study also shows significant potential for compressed hydrogen. This is also a good news for HYON. Ammonia has traditionally been mostly viewed as an industrial chemical. It's been produced in vast amounts, most of it for fertilizers, but it's more than that. It's also a hydrogen carrier and is one of the main candidates for being the bunker oil of the future. We might see relatively large quantities being used for that already by 2030, and we see also that our own expectations on clean ammonia volumes are in line with recent reports. Announced clean ammonia projects over the course of 2021 have tripled to around 17 million tons, which is more or less equal to the amount of ammonia that's being shipped around the world today. These numbers still exclude the 1.2 million tons per year, as announced by Horisont Energi, and also the green ammonia project announced by them. We've also seen several new ammonia energy collaborations being announced over the spring, including blue ammonia to Japan, ammonia majors going together with the shipping industry, where one example is Nutrien partnering with EXMAR to build an ammonia-fueled ammonia carrier. Makes you wonder how much ammonia is left when they come to the port. It's probably a very efficient one. We also see positive results coming from studies in Australia, also here in Norway. In addition to the recently announced collaboration between Horisont and St1, we also see the HEGRA partnership coming up at Herøya, South Oslo. Over the course of the last two presentations, we've looked into the development of green shares. It's been rough for the majority. For some, it's been a massacre. At the beginning of the year, we talked about the unprecedented growth we've seen in this sector, and that the party might come to a halt sometime soon. As we've seen, this has indeed also happened. Here we have picked out a list of companies that we find relevant for such a graph like this, and we've tracked them since the beginning of the year and before that also to today. As we know, we've seen this correction happening amidst an IPO craze, which at least I haven't seen similar to for a very long time. It seems that it's stabilizing now and of course, looking at this graph with Tesla on the list, it's good to note that they have about NOK 712 billion of that graph. NOK 150 billion down from the top is significant, and while it didn't seem that bad on the previous one, with NOK 40 billion of those NOK 150 billions happening within the hydrogen industry, it's been more or less a massacre. Here on the Oslo Stock Exchange, we've seen NOK 40 billion evaporating from those shares. Obviously, expectations were up there, and now we've seen that this takes time, and there's been so much green coming to the stock markets that people are kind of fed up. We've also had lots of green coming our way that might have been interesting, but ridiculously priced, so we just let it go and rather track the companies and the development going forward. We've seen several of the companies listed during the first half of 2021 go back to their IPO price and even quite below that. Which of course, is also an opportunity. Looking at some of the global indexes, MSCI World and S&P Global Clean, we see that the development in the conventional shares have outperformed green tech over the year so far. However, that's just part of the picture. If we zoom out and have a two-year perspective, we see that green still is ahead by a good margin. As we've seen, the green drop in Q1 was followed by a green bumpy road in Q2. The momentum and growth is stronger than ever. All the fundamentals still hold true. We know that renewable energy is here to stay. It will cover our future needs, maybe 61% of it or more. We know that investments within this field will continue to grow. Public funds, especially we've seen that over the last quarter or so, they will be channeled into this sector, and stronger policies will also affect the flow of private capital. Cheap energy storage, and the transformation is like cheap processing power and data for the IT industry. We know that the strongest companies will prevail, and we know that it's not too late to join the party. We believe that many of the leading players 10 years from now either haven't been formed or are just starting out. Now let's look at the development in some of our investments. Horisont Energi are developing blue and green ammonia value chains. We invested in the company some time back, and they have, over the course of spring, delivered on all their promises that they had in regards to the IPO. There's good progress on both the ammonia project called Barents Blue, as well as the CO2 transport and storage project called Polaris. They've signed several letter of intents with big players for the CO2 storage part. They signed an MOU with the Rotterdam for delivery of blue ammonia, and recently also an MOU with St1 to develop green ammonia in the north of Norway. We really like the technology that BCS has. They are converting CO2 to highly valuable carbon nanofibers, and they do that at a fraction of the energy consumption that the other players do. The company was listed in April, and shortly after that, they moved into a brand-new building, co-locating the headquarters with the lab. It's really encouraging to see the development, and over the course of spring, they have announced numerous partnerships, both in Norway with Alcoa and Yara. They have announced partnership with the Port of Antwerp, signed LOIs with several Asian companies that are interested in the carbon nanofibers, and we're very excited about the continued prospects of this company. In Q1, we invested in the chemical recycling company, Pryme. They have developed a solution which combines high conversion rate with large scale for the chemical recycling of waste plastics. Both of those aspects are extremely important to have a good economics of the process. They've also made good progress on their initial project over the course of spring. They've looked into the further development of projects down the road, and they've also strengthened the board and management. This summer, they also announced a strategic cooperation agreement with a major petrochemical company. With grid operators not always knowing which way the electricity is flowing or whether the power grid should transfer more electricity or should transfer less, Heimdall Power has developed a solution that we really like and that can do something about this problem. They've also made really good progress over the last quarter. They are already international and have signed contracts in three additional countries in Europe, bringing a total up to nine. They're involved in some really big tenders that take time, but that will be concluded early next year, and we're very hopeful for what they can achieve in that, and then hopefully down the road also in the U.S. If you got a good product, you also need someone to sell it, so they've doubled the number of sales reps to facilitate the global expansion. No, they didn't go from one to two, they went from four to eight. It's good to see that they're growing, that they're putting on efforts, using the money we've put into the company to really facilitate growth, and we're really, really excited about where they are and the prospects going forward. IC Technology, we talked about these last time. They have developed a solution for large-scale storage of liquid hydrogen, eliminating boil-off or evaporation of the hydrogen, which is a challenge when you're operating at extremely low temperatures. During the quarter, the company received an Approval in Principle from DNV, which basically says that there is no technical roadblocks to realize this technology. They received that for a carrier solution, which you can see here on the picture, and that triggered our full investment of NOK 30 million into the company. They are now working on both the large-scale solution, as you can see here, but also on fuel tanks for ferries. This will also be an interesting one to follow. I'm excited to introduce you to our most recent investment, HYON. While I was in Nel, I had the pleasure of founding the company. Two of the previous owners of HYON have gone their own way with their respective technologies, PowerCell with the fuel cells, Hexagon with the storage tanks. Focus is always a good thing, and that's also what's happening in HYON now. It's exciting to once again be involved in the company, where we have some new strong partners on board, as well as a strong management. Jørn Kristian Lindtvedt and Harald Bjørn Hansen both have several years' experience from the maritime hydrogen space. They've spent several years in TechnipFMC, where they were heading up the Deep Purple project. If you haven't heard of it, you should look into it. It's quite an exciting one. They're also true nature fans, both of them, and I'm honored that they have decided to join the company. Jørn is here today to give you a better insight into what HYON will focus on going forward. Jørn, with that, the floor is yours. Thank you, Bjørn. Good morning. [Non-English content] Yeah. Okay. It's a new dawn for the blue economy. Global CO2 emissions from shipping accounts for 2.5% of the global emissions, and as Bjørn said, the European Union and IMO taking strong measures to bring these emissions down. Norway is a frontrunner in zero emission shipping and is an important contributor to solutions and technologies to reach global targets. What we are about to see going forward is no less than a revolution. The world needs to change, and it needs to happen so fast, so an evolution will not take us there. Hydrogen is the core of zero emission fuels. We see that different types of hydrogen will serve different purposes, and they will complement each other. With compressed hydrogen as a well-suited fuel for short and mid-range sailing, near coast, boats like this, whilst liquid hydrogen and ammonia will be better suited for long distance sailing due to higher energy density per volume unit. They will be complementing each other. HYON is providing the missing piece in the value chain. Safe and fast bunkering of compressed hydrogen to ships. This is a missing link today, and HYON has taken on the mission to deliver such solutions. First, we will deliver the solution for the transfer of hydrogen from shore to the ship. We see that we could deliver it as a standalone solution for bunkering or, as shown at this picture, as an integrated solution where you combine production, storage, and bunkering of hydrogen into the ship. You might ask, why on a barge? We believe that there are several benefits of utilizing a barge or deliver this solution on a barge. It's easy to deploy. You can standardize the production and the deployment. It offers mobility when the need in the harbor changes. We think that could be a very well-suited solution for many applications. HYON in a brief. The company was founded in 2017, as Bjørn mentioned. It's been active in the market since then and been involved in 10+ commercial deals. It was restructured this summer. Saga Pure, together with Norwegian Hydrogen and Nel, is now the main owners of HYON. The strategy and the value chain position being redefined to focus on pure-play bunkering infrastructure for the maritime sector. That's our mission. That's what we are up for to solve. The team or the ecosystem that HYON has developed is, as I mentioned, strong owners supporting the development. The management team is Harald Bjørn Hansen, sitting over there, and myself, Jørn Lindtvedt. With both of us have long and vast experience from industry and venture capital and business development in these areas. We also have strong support from our extended team with the industry expert, with Jørgen Kopperstad in Saga Pure and also Rob Stevens, which is really leading experts in this area, guiding our development. We are about to recruit a bigger team consisting of the financial and the technical area. We are scaling up as we speak. DNV has translated the challenge set by IMO into categories of reduction. We, until now, reduction have been possible to reach by operational measures, shown by this yellow part here. We see that going forward from 2022, 2023, DNV stating that innovation and new fuels really needs to take a bigger chunk of the cake if we are to deliver. This green area represent a strong and big business opportunity for technology providers like HYON and other suppliers, and that's where we are going to attack going forward. Compressed hydrogen will be an important contributor for short- and mid-range sailing, driven by its cost and energy efficiency benefits. Hexagon Purus indicates that 360 vessels globally will be running on compressed hydrogen in 2030. Norway is a frontrunner in the emerging market for low carbon fuels, this is driven by policy. An example of that could be that the Norwegian Shipowners' Association stating that all ships from 2030 or new ships from 2030 should run or should be zero emission ships. We see that if you are to have a new license in the aquaculture, in the fish farming area from 2024, you will need to have zero emission ships. As Bjørn mentioned earlier, it's a clear priority in the Norwegian government roadmap for implementing hydrogen to build infrastructure for hydrogen along the coast. Our first project is the Hellesylt Hydrogen Hub. This is a pilot e-project in execution to deliver compressed hydrogen to the maritime fleet of Geirangerf jord. Norwegian Hydrogen is the consortium lead for this project, and HYON is responsible for the development and supply of the bunkering solution for compressed hydrogen. Our bunkering solution is scheduled to start operation in 2023. In summary, HYON and owners have identified an important and unsolved task to accelerate the energy transition in maritime sector. Therefore, HYON will take on the mission to bring innovative bunkering solutions for zero emission fuels. Our goal is to create a company with a high industry impact and a global footprint. Thank you very much for the attention. Thanks, Jørn. Summing up, during the first half of 2021, we have seen a green financial correction take place. Simultaneously, the underlying momentum has continued to build to new heights, driven by commercial interests, conscious consumers, and governments that are putting ever more ambitious climate ambitions, but also incentives in place to actually meet those ambitions. In addition to evaluating a number of new investment opportunities and companies with high potential, we will continue to spend time developing our current investments, helping those succeed, hopefully to their own dreams, maybe even to ours. To ensure financial robustness and flexibility, we will continue to maintain a solid cash position going forward, as mentioned, we will continue to hire industry experts, either directly in Saga Pure or in the companies we have invested in. Helping us on our mission of pure growth, navigating the bumpy green road ahead of us. With that, I think it's time to move to the Q&A session. As last time, we have Espen Lundaas, CFO, Saga Pure, with us here today, which will lead the session, and we'll try to answer your questions to our best ability. Espen, do we have any good questions? Thanks, Bjørn. We sure do. We can start with a question regarding if we have any firm plans on listing our portfolio companies for the next 6-12 months. Yeah. Well, with regards to listing of the portfolio companies, that is a continuous evaluation, depending on where the company is on its commercial trajectory, it relates to the market, the macro market, and also how the capital markets are. We will, of course, not pre-announce any listing of any companies, but I think we'll just have to wait and see, follow the development, and see what happens. Thank you. A question from another watching the webcast. Energy storage and balance, et cetera, will obviously be a key for the future. Is there any visibility regarding which techniques that has the most potential for different applications? Oh, that's a big topic, and I think we'll actually go into depth in that topic in one of our future quarterly presentations, because it's a massive field. You have power balancing as such, switching on and off loads. That's kind of the cheapest way of energy storage or shifting as such. We have batteries, which is a fantastic technology, extremely efficient in and out, but the costs scale linearly with the amount of energy you want to store. We have hydrogen, which can help absorb the fluctuations of renewable energy, transforming it to a valuable product which can go into various industries, fuels, and so forth. We have a plethora of other energy storage and balancing technologies, and that will play a role. I think we'll see exciting developments and opportunities within all those segments, and I think I can promise as much that we will go further in depth into those segments at later quarterly presentations. Thank you. Then we have a question regarding why there has been so few investments done for the last six months. Well, if we find something that we find worthy of our money, we will certainly invest in it. Joke aside, we've seen, as we mentioned, a green correction take place. We've seen repricing all over the place. It's really difficult to find the unicorns that go against the grain. BCS is an example of one of the investments we made that definitely went against the grain and, as also mentioned, the surest way to lose our own money would be to throw it at anything green that moved. We are extremely picky about what we invest in and also about what level we can enter, and also focused on companies where we truly can contribute to make it a great journey both for the company and our shareholders. Thank you. There are also some questions regarding the dividend. Why is it not better to invest the money from Saga Pure rather than distributing dividend? Well, distributing dividends is one way of creating shareholder value. We view that as a positive element for the shareholders, and we believe most of our shareholders view that positively also. Keep in mind, we still have a very strong cash balance to continue to make investments, and we've also had some really good investments, which allows us to pay dividends. From our perspective, it's positive, and it shows we can create shareholder value in more than just one way, and we feel very robust and prepared to make new, hopefully good investments. Thank you. Another question here is, which sectors of green energy are most interesting for Saga Pure to pursue? My favorite is obviously hydrogen. We have a broad team of industry experts. As we mentioned, we follow the developments within renewable energy. That's a massive space where lots of exciting stuff is happening. We've made some investments there. We're following closely what's happening within CO2, hydrogen, circular economy. I don't think we can say we have that specific darling. It all depends on the specific case. We're trying to follow all of these sectors closely, and whenever we see an interesting opportunity, we take a closer look at it, and if we like it, then another look, and then maybe that will lead to an investment. I don't think we can say we have a specific area that we're focusing all our efforts. We're trying to be open to all opportunities within the green space. Thank you. Here's another question regarding the result in the Q2 of NOK 3.5 million, despite that the value of Bergen Carbon Solutions is not shown since it is an associated company. If you had booked the unrealized profit in BCS into the account for Q2, what would be the result? This is something that you briefly touched upon in the presentation that is north of NOK 200 million. Exactly. We can go further to the questions here. How can green energy transformation speed up much more as climate goals are not waiting for speed as well as delaying decision-making? I'm not sure if I understood that. I think what we see now is that some of these green sectors, they're gaining a momentum in and of themselves. We see solar and wind being the cheapest form of energy, not everywhere in the world, but we don't need it to be the cheapest form of energy everywhere in the world for that to trigger that transformation and get the costs down. The same thing applies to hydrogen. You don't need to have competitive green or blue hydrogen all over the world for that to drive momentum in the industry as such. You have it some places, and that is creating momentum, and then we see the addition of these policies is adding on that. That said, looking at the numbers of what is actually needed to be done, it's going to take a lot, and a lot more than what's happening now to reach, let's say, the green scenario of Bloomberg New Energy Finance or the mix of those scenarios also. We in Saga Pure are quite optimistic about the developments we now are seeing. We have a question regarding battery. Are there any specific consideration for or against an investment in battery or supercapacitors? Both technologies are great, and both technology play a role. You typically hear a lot more of batteries than the supercapacitors. It's because batteries are more versatile and can store higher amounts of energy, whereas supercapacitors might play an important role within automotive industry and other short-term, high burst need of energy. I think even carbon nanofibers can play an important role for supercapacitors. That's also an interesting field, but we don't have, I wouldn't say that batteries are better than supercapacitors or the other way around. From our perspective, we'd look at the company as such, and their prospects and their technology and opportunity to succeed in the market. Thank you. I think we have rounded the questions that we have received from the audience watching online. Are there any questions from the participants? No, I think we can end. Maybe I can ask a question to HYON? Sure. You're focusing on compressed hydrogen, but you also mentioned liquid hydrogen and ammonia. What about those energy carriers? As I said, Bjørn, I think we see that all these three will have a role in the maritime sector. Firstly, we will focus on the pressurized or compressed hydrogen. That's our number one target. We see that market as an early mover market, and we will focus on deliver solutions to that market first. Obviously, if we see opportunities and see synergies towards liquid and also ammonia, we will explore these opportunities on a later stage. Great. Thank you. Thanks. Exactly what I wanted to hear. All right, guys. I think with that, it's time to wrap up. Thanks for watching the webcast. Thanks, guys, for coming here today, and look forward to seeing hopefully all of you and more at the next quarterly presentation. Thank you.