half of 2023, live from our headquarters here at Lysaker. My name is Mathias Nilsen Reierth, and with me today, I have Chief Executive Officer of Vow Green Metals, Cecilie Jonassen. There will be time for some questions after the session, but first, Cecilie will take us through our main developments. Cecilie? Thank you, Mathias. With one ton of these, we can reduce emissions from the metallurgical industry with close to five tons of CO2. We just need to do a small alteration to the equation you see at the screen. We need to make the carbon green. The way that we're going to do this is by valorizing biomass waste streams from forestry, side streams from sawmills, into three valuable products: biocarbon, our main product, which will work as a reduction agent in the chemical reaction you just saw. But additionally, of course, we will also have bioenergy, giving that a value in this, in the areas that we are placing our factories, and also bio-oil, which is very exciting, and this is exciting developments within this area. The way that we are going to do this is building a new industry. We are using a build-own-operate model, spearheading into a new future on the shoulders of our mother company, Vow. They will provide technology for us and standardize modules, enabling us to have a speed and scale in the future of building this industry. The market is growing rapidly, and with several key industrial players aiming to reduce their CO2 emissions, we see that our project portfolio of more than 600,000 tons of biocarbon is just a small portion of what is needed in the future. So to the main developments from the last half year. Of course, Follum is very important for us, and to the right in the machine, because there is so much machinery that you need to build, even 30,000 tons of machinery is installed, in fact. And we are now close to starting up this line. The excavation work for the plot is done, preparing for the groundwork, and together with Vardar Varme and Treklyngen, we've started also the infrastructure work at Follum. For our other projects, several gate reviews is passed now, and we're planning for them to go into the next phase. So, the project pipeline is now added another 50,000 tons, and it's matured, and now is up to 620,000 tons, with some projects out of the project portfolio. And of course, very exciting for us is that we've hired more people, and the organization is growing. We have gained crucial and necessary leading competence on metallurgical processes. This is going to make us able to deliver the products that our customers will need. As stated in our annual report, secure funding is essential for our growth. Our current cash position is NOK 18 million, including the Enova grant that came here in July. We are still having 3.34 million of Enova grants left, but of course, we will need more funding for the projects coming up. We are working close with the board on securing funds, both from strategic partners and infrastructure partners, and I will come back to that later in the presentation. So short. So short, the first half financials. Vow Green Metals closed the first half with a negative EBITDA of NOK 9.4 million. It's mostly employee expenses and other operational expenses, and the Follum-related expenses are all capitalized. NOK 7.8 million of Enova grant has been accrued in June and received early in July 2023, and then leaving the cash position of thirtieth of June, NOK 10.3 million. Very soon, we will start the production of biocarbon, having first carbon in this autumn, in the third quarter, so just in weeks, we will produce biocarbon at Follum. And since we've hired our first operator, he's involved there already, working with Vow, together with them, to learn about the equipment and also, of course, having those lessons learned applied to the bigger project. And this is going to be followed by another phase, a phase that is increasing volume from 10,000 to 20,000 tons. But of course, we are not stopping at volume. We are also expanding with another project at Viken Park. This is going to be an even bigger one, with 30,000 tons of Biocarbon. To talk a bit more about Viken Park, this industrial area is very interesting. The logistics are great, but additionally, this industrial park is built on symbiosis from several players, off-takers of our Bioenergy, and of course, also the placement where we have proximity to feedstock and both inbound and offtake, outbound logistics. And this will take the throne from Follum being the biggest plant in Europe. We expect to start, the execution next year, and we are really looking forward to see this, mature even further. So a bit on Follum. We are very proud on how this is progressing, having the process equipment installed at the first early production line, but of course, also seeing that the bigger plant has started preparing the plots for groundwork and also preparing the infrastructure necessary for the plant. And as you can see in the pictures down there, this is a perfect location for us. There will be bioenergy offtake. We have biomass available, and also the offtake is secured. Very important is, of course, taking the learnings from Follum, making standardization efforts when we're doing this, taking the pre-study work and applying it to the next ones, and this is improving the safety and also reducing the costs, reducing lead time for our next projects. And this is necessary. We have a growing global portfolio of large-scale Biocarbon production, both within sawmills, industrial parks, pulp and paper industry, and of course, for the metallurgical industry. We have matured this, increased it from with 50,000 tons to 620,000 tons. That means that we've been taking out some of the project that we see had higher technical complexity and reduced some of them. So we last time it was 600,000 tons, now it's 620,000 tons. So, what is really important is to see how are we growing this and how are we bringing value into this. We presented this in May, how we are looking to expand our business. Vow Green Metals has increased in organization, focusing on project development, product market, and of course, operational excellence. And we're working with partners to make portfolios of projects, but also strategic partners on single factories, where we will help them to establish biocarbon production. And why are we doing this? Well, we need to succeed. With one ton of biocarbon, we can reduce more than one ton of fossil, reducing up to five tons of fossil CO2. So we are forging a new era for the metallurgical industry by building a new biocarbon industry. Thank you very much. So preparing for some questions. Thank you, Cecilie. First question: How will you secure funding for the Viken Park project and other future projects? Short term, the process equipment for phase one at Follum is fully funded, and in addition, we have more than NOK 34 million of undrawn Enova grant. All of this is equity funded. When it comes to phase two of the Follum project and other future projects, we are in mature dialogues with banks and strategic partners to secure capital for new and existing projects, considering different capital sources and which parts of the infrastructure that could be owned by the company or by others. So... Thank you. You've added the project leads, totaling 50,000 tons of Biocarbon to the pipeline, but the increase is only 20,000 tons. What was added and what has been removed? ... I'd say that. I think I mentioned that in presentation, and maybe it needs to be a bit clear. What we've done is, of course, standardization is very important, and we looked at some of the leads and some of the concepts that we looked into had a higher technical complexity. So we've taken those out and put in other ones with the same standard setup as we did. Are you confident with the current funding, given the expansion plans at Follum? I think I already mentioned that within our grant, we already have the process equipment already funded. And as previously commonly indicated, we are working closely with the board on a financial plan for the short and long term. And we are in mature dialogues with strategic partners and equity partners and infrastructure investors to secure this funding. Can you please give some further insights to biocarbon off-takers from the full 20,000-ton plant in Follum? Yeah, at Follum, as I mentioned in presentation, we have a cooperation agreement with Elkem, which is very important for us. And they will be, of course, developing with us and be off-taker of the biocarbon. But additionally to that, there is others that are interested in product, and we've have several inquirers. Thank you. That concludes our session. Thank you all for joining us, and have a great day!