Good morning, and welcome to Vow Green Metals' -year presentation. My name is Mathias Nilsen Reierth, and with me today, I have our Chief Executive Officer, Cecilie Jonassen, and also our new colleague, Jan Halvard Aas Møller, our new CFO, who will go through the financials. But first, Cecilie will go through the main developments in the period. Good morning. This is what it's all about. We are unlocking this formula by exchanging the black carbon with a green carbon, reducing CO2 emissions in the metallurgical industry, which has no other alternatives. What we're doing is pyrolysis. So we will take wood-based materials, pyrolyze them, and make three new products: biocarbon for metallurgical industry, and also bio-oils that can be used into refineries, asphalt, and such, but additionally, also bioenergy, replacing natural gas and fossil energy sources. But back to the main developments. We did produce our first biocarbon last year in November, and we have also progressed in our big project at Follum, where we have now gathered all of the equipment and is ready to take that into building, and we actually also expanded that building, so we are finished with the engineering. Of course, we're not just working with one project, we are also progressed with the Viken Park project, entering into a pre-study phase. Of course, partnerships is very valuable for us, and last year, we entered into three more ones, or actually, one of them was this year. It's Siva, which will be investing into the infrastructure and the buildings. Additionally, also, Vardar will invest 100 million NOK into both the factory but also into Vow Green Metals. Of course, the offtake agreement with Elkem from our first factory at Follum, taking 75% of the capacity of that factory. To be able to do this, we have been building our organization. Last year, we hired two more metallurgical engineers so that we are prepared to deliver into that market. Additionally, we also hired operational personnel for our factory at Follum. Now, since first of February, also, Jan Halvard Aas Møller is now part of our organization as the new CFO. He is now going to the financials, and then I will come back with some more updates. Thank you, Cecilie. A brief look at the financials. The EBITDA currently stands at NOK 23.9 million for the financial year 2023, which is an increase from NOK 9.3 million to NOK 14.5 million for the last six months of the financial year. This is mainly due to increased employee compensation or employee expenses. As in previous periods, the EBITDA is primarily impacted by employee expenses and other operating expenses. If we look year-on-year, you'll notice in the financial statements that the employee expense doesn't increase that much from 2022 to 2023. This is due to increased capitalization of employee costs. The total employee costs for the year is NOK 18.1 million in 2023, compared to NOK 15.5 million in 2022, with NOK 8.7 million being capitalized in the balance sheet. If we go to the balance sheet, we can see that the total assets increases quite substantially, which is due to the process equipment at Follum, where we've added approximately NOK 51.5 million. Our cash position stands at NOK 41.3 million at year-end. One item that we can address that's not commented on the right side here is the non-current liabilities. This is the Vardar loan, which Cecilie just referred, which is convertible to equity. All specifications to the financials presented can be found in the financial reports, where the notes should explain them in detail. Back to you, Cecilie. Thank you. I will give you an update on the progress in the projects that we're running, so our key projects. So the early production line, I already informed you on producing biochar and biocarbon in November, and now in February, we are ramping that up. So we are warming the equipment and planning for a production increase, and also hiring more operators to increase that production rate in the months coming forward. Also at Hønefoss, still building a new plant there. So we finished off the infrastructure work in December, and now we just started a cooperation phase with the entrepreneurs and the process suppliers of the equipment, enabling us to reduce the time for the resurrection of the factory and making sure that we are prepared for the execution phase. And of course, also, having the partners with the offtake of the biocarbon, but also on the bioenergy side, very, very important for us. And then to Viken Park, so I'll just switch to the next one to give you a bit more depth on that. It is an industrial park being established in Fredrikstad, here in Norway. It is going to be the biggest one of our factories, at 30,000 tons capacity. But what is really interesting here is that that industrial park is using pyrolysis as kind of a technology development, looking into also other industries using pyrolysis. And the logistic setups is very good, we're placed near to the highway, but also close to harbor, where we can transport both feedstock in and also export our products. So we entered into the pre-study phase, using the new technology from C.H. Evensen, which is owned by Vow ASA, enabling us to build even bigger plants, but still keep a small and tight like a building and everything, keeping it in in an I would say a very efficient setup. And what we will do, and we see that in our next projects, is that we're going to use that setup over and over again. So... And of course, and not to miss that, what is special when we come into an industrial park like this, where there is no original off-takers of the energy, we actually now are cooperating with a company called Carbon Centric, which is a carbon capture company, that will capture the CO2 emissions, our biogenic CO2 emissions from making heat, and they will actually also then have the excess heat and the excess energy from our operations into their operations, making this really a net zero and also net CO2 negative operation. Well, I'll go back to Follum and talk a bit more partnerships, talking about Carbon Centric and the partnership at Viken Park, but of course, having Siva invested in us, and we'll have sale- lease back for the building, and the infrastructure at our Follum plant in Hønefoss was really important for us. Of course, Siva, they have their industrial specialists looking into both the biomass handling, but also into the biocarbon market, understanding metallurgical industry. So that is really a quality for us, having that done that process with them. Additionally, also seeing that the energy companies looking into something that is a bit different from what they've done up until now, with wind and solar and of course, hydropower. Looking into the possibilities to use our excess energy into their local heating, but also, of course, expanding into a new business area for them. So, going back to the market, there was a significant shift in November last year when Outokumpu, the biggest stainless steel producer in Europe, invested in our competitor, Envigas. Envigas is using the same pyrolysis equipment that we are doing, and that was, of course, important for us, seeing that we have chosen the same core technology as them. But additionally, then also, Elkem entered into agreement with us now in January, and we see that there are several new companies approaching us, but also approaching our competitors. And to be able to deliver this at speed, we will also then keep on standardizing. As I explained in the Viken Park project, we are actually putting a bit more effort into that than what we normally would do for the next projects, putting a special standardization step, really re-evaluating all the flows in the factory. And to be able to do that, we need that competence. So we've hired our own engineers, of course, being able to understand the product, but also understand what we really do is a lot of biomass handling. But not just biomass handling and product handling, and product, of course, performance, what is also important is having that project competence. So we also have project engineers in our organization to follow up the coming projects. We've been maturing this pipeline of projects for the last couple of months, focusing on more of the maturing than gathering leads, because we see that there are a lot of leads out there. And especially going into couple of them, industrial parks, Viken Park, one of them, but there is also others looking at a concept that will work. We are working with a pulp and paper company that will replace their natural gas with pyrolysis gas and produce their necessary energy and heat energy in form of same for their process with pyrolysis gas. And also sawmills, more than one, that are looking to use their excess or their byproducts into something new, and not transporting them out of the site, but also additionally getting the excess energy. Of course, district heating, which we are already doing at Follum. We presented this model half a year ago, showing how we will do the value creation in Vow Green Metals, focusing on two different parts. Of course, project organization, organizing new projects and execute them, getting that competence and wrapping it all up. But additionally, after that, securing that there are offtake agreements, that we are making qualified products, and also having the process engineers making sure that we are performing at a high level. But why are we doing this? Why is biocarbon important? Why not other products based on bio? Well, we are very different. We actually are outperforming the fossil alternatives. That is something that it's not that common, I'd say. So having that efficiency actually exceeding 100%, going to a 130% offset of fossil CO2, is really something that is special for our products. So to be able to do this, we have some clear ambitions for 2024. Ramping up production is really key. Commercializing both biocarbon and biocarbon for new metallurgical verticals, but also bio-oil, will be one of our key focuses, and additionally, of course, advancing our key projects and maturing the leads in our project portfolio. Well, thank you very much!
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