Hello, and welcome to today's webcast with Impact Coatings, where CEO Jonas Nilsson and CFO Bengt Vernerson will present the report for the second quarter of 2024. After the presentation, there will be a Q&A. So if you're calling in and want to ask a question, press star nine to raise your hand, and then press star six to activate your sound when you're handed the word. If you wanna send in a question, you can also use the form to the right. And with that said, I hand over the word to you. Thank you, and welcome to this presentation of the second quarter report, uh, of Impact Coatings. So today's agenda looks like this. We'll start with some highlights from second quarter, then an update, uh, business and market update. Uh, Bengt will run the financial update. We will have a look at the focus for the rest of the year, and then there's a Q&A session. So let us start with Q2 highlights. Net sales amounts to SEK 31.7 million, and if we look at the first graph, uh, upper right, we see one IC2000 delivery and one system upgrade totaling to SEK 25.7 million. In the coating services graph, uh, we see increase from previous quarter, thanks to coating services China, but still waiting for electrolysis orders to return, uh, total SEK 2.8 million. And last graph, aftermarket remains at the same level, SEK 3.2 million. Some other highlights that you might have seen in our press releases, we got volume approval from a Chinese fuel cell manufacturer. We have delivered a second IC2000 machine to SEKSUN in China. We got selected as preferred supplier, and after the period, we also got an order for an IC2000 machine from Boyuan. Looking at coating services, we have good traction in China with a two-shift production. We will soon ship an IC2000 to cope with increasing volumes, but on the other hand, we still see delays within electrolysis in North America. Previously, I've talked a lot about standardization and shorter lead times, and in June, we managed to deliver an IC2000, 6.5 weeks after order. Let's continue with the electrolyzer market, which has previously been focused on North America, but is now also picking up in other parts of the world. For new listeners, an electrolyzer is used to produce hydrogen from water and green electricity. An electrolyzer consists of a pack of plates, like the one on the picture, and electrolyzer bipolar plates require noble metal coatings, such as platinum and gold coatings, for a high performance and long lifetime. In 2022, and also first half of 2023, we saw a rapid expansion in the electrolyzer market in North America, and we saw substantial volumes and quite bold forecasts, mainly driven by one customer. This was both good and bad. Those volumes put us as one of the market leaders in noble metal PVD coatings for electrolyzers, but now we have seen a decline in volumes. However, looking at Q2, we do have early traction from multiple new customers in the water electrolysis space, and those opportunities are not only in North America, but all regions. They are serious customers, who evaluate our coatings for serious production. So we are ready to ramp up again when our customers are ready. And this takes us to our North American Coating Service Center. If we look at new customers, the initial volumes for tests, evaluations, qualification, pre-serious production, et cetera, can be handled from our Coating Service Center in Sweden. But in the end, real production volumes must be coated in North America. So therefore, we are ready to kick off our North American Coating Service Center, but to maintain cost control and not spend money before we see the revenues, we are evaluating the timing of the launch. Two weeks ago, I was traveling in U.S. and Canada, visiting customers. Several of the customers I visited are currently in evaluation of our electrolyzer coatings for serious production. One of them was especially exciting, not because of bold forecasts in Excel, but because of stable, trustworthy strategy for continuous growth. This company is fully vertically integrated, from building wind turbines to using hydrogen to produce ammonia, and has a strong financing also. So they are in charge of their own destiny, and they control their business case. The near-term volumes can be handled from Linköping, but the long-term potential of this customer needs to be handled from North America, so that's an example why we need to be ready to kick off our North American operation. I also met with some electroplaters. Electroplating is the competing technology to our technology, and it was interesting to see that they are now also looking at PVD coatings for electrolyzers, so as I said, we are one of the few in the world with experience from noble metal electrolyzer coatings in volume. We have learned a lot from running coating of electrolyzer plates at our coating service center here in Linköping, and this puts us in a good position to compete both with other PVD suppliers and with old technology, such as electroplating. Sometimes new technology faces challenges to compete with old technology, but we are proven, we are cleaner, and most important, we are more cost-efficient. In North America, the hydrogen market has a big focus on electrolysis, that is production of green hydrogen, and it's driven by governmental incentives. In Asia, the hydrogen market is mainly driven by fuel cells. That is converting hydrogen to electricity. So the sort of consumption of hydrogen rather than the production of green hydrogen, and if we see that it's a bit slow on the electrolyzer market in U.S., we see a high pace in the fuel cell market in China, so these two pictures are from our factory in Shanghai. There we are running at full speed, and we have put in additional shifts. Soon, we will also install a new IC2000 machine, which is needed to handle the increasing volumes we see. I want to stay in China and want to talk a bit about the background and also the success factors in China. During the summer, I had an informal meeting with the CEO of the company. In the press release, you see on the picture here from 18th of April. Among other things, we discussed the Chinese market and compared that to North America and to Europe. In China, there is a large production of, as he said, hydrogen of all colors. To be honest, there is not that much green hydrogen yet in China. However, if you start by creating a demand for green hydrogen, there will soon be a market also for production of green hydrogen. So according to the CEO, the focus in China and the focus from the Chinese government is to create a demand. When we talked, we compared this to the battery electric vehicle market in Sweden. Also here, the initial focus was to create a demand by subsidizing electric vehicle. But to make it green, also the electricity must be green. And nowadays, many people have solar panels to charge their car. But you buy the car first before you install solar panels on your carport. People don't do the other way around. So our focus in China right now is primarily on fuel cells, the usage of hydrogen. And a success factor in this market is to address the complete value chain. I'll try to explain. A so called Tier 1, as you see in the picture, is a supplier that delivers to the manufacturer of vehicles, called the OEM. In China, we have a couple of Tier 1s who have qualified our coatings. And qualified, in this case, means that they have tested, approved, and endorsed our coatings. This doesn't necessarily mean that they buy coatings or machines from us. It means that they tell their suppliers that they want to buy plates that are coated with a coating done by an Impact Coatings machine. And it doesn't necessarily have to be just one supplier of plates. A Tier 1 can have several plate suppliers, and some of those plate suppliers invest in their own Impact Coatings machines, and some go for coating services. If we look at examples of plate manufacturers, i.e., look one step down in the value chain from the Tier 1s, we have SEKSUN, who has purchased and installed two IC2000 machines. We have Boyuan, who has an IC500 and has now ordered a second machine, an IC2000. And we are currently coating plates at full speed to other plate manufacturers at our coating service center in Shanghai. So we will soon ship an IC2000 to increase production capacity there. All in all, the demand from the Tier 1s has so far rendered a demand of four IC2000 machines in China. Two that have been delivered to SEKSUN, one that will soon be delivered to Boyuan, and one to meet the need in our own coating service center. So this has been a strategy from our side to address the complete value chain and create a pull from the customer's customer. Sometimes this is referred to as the push-pull strategy. And to circle back to the CEO I mentioned, he is the customer's customer, so he creates pull by telling his suppliers that he has qualified our Premium FC fuel cell coating. I was talking about four IC2000, and to develop and launch the inline coater IC2000 in 2022 was a bold decision. But it turns out that it was the right decision. The Chinese fuel cell market needs the capacity of the IC2000, and it was also the entry ticket to the electrolyzer market due to the larger chamber size of that machine. What we have also seen is that shorter lead times of the IC2000 machines lead to more sales. The first delivery of an IC2000 to a customer was done in December last year, and due to that delivery, we could start talking to the customer about the next machine, which was delivered in this Q2, so shorter lead times has increased the sales of the IC2000. We have had an internal goal of being able to deliver a machine within the same quarter as the order is received. If this is possible, it's of course dependent on when in a quarter the order is received, but nevertheless, the delivery to SEKSUN in the end of June was made within this quarter, and it was made only 6.5 weeks after receiving the order. Reducing lead time to be able to increase sales, that is an ongoing work, and you will be able to follow that through our press releases regarding orders and deliveries. We strive for market leadership in the hydrogen market. Our primary focus for achieving this is through organic growth. But if we look at the hydrogen industry and trends in the market, we also see opportunities in partnerships, strategic alliances, and maybe strategic acquisitions that can strengthen our financial performance and become a stepping stone in our journey towards profitability. Some examples of areas where there are potential opportunities are within new coatings, geographic reach, and complementary offerings. If we start with new coatings, there are several research-intensive startups that develops new coatings that are interesting from a cost-benefit perspective. We have expertise in taking new coatings into mass production. So there might be synergies that can be utilized in a partnership. And such a partnership could be in the form of a loose collaboration, license agreement, or even an acquisition, if it makes sense from a revenue and profitability perspective. If we look at geographic reach and complementary offerings, it might be possible to reach new customers and also new geographic markets together with industry colleagues with complementary offerings. I mean, reaching customers that we, by some reason, cannot reach on our own, and by partnerships, we increase our revenues. There might also be some cost advantages working closely together with someone with a complementary offering. One example, co-location, can be a cost-efficient way of reaching certain customers or reaching a certain geographic market. So, to summarize, we strive for market leadership, and in this drive, we will have an open mindset. We understand that we cannot do everything ourselves, and we will carefully evaluate how different partnership initiatives could contribute to Impact Coatings' long-term financial performance, and also further strengthen our market position. So with that, I leave the word to Bengt, who will dig down into the figures, starting with the rolling twelve-month sales. Thank you, Jonas, so after a temporary dip in Q1, we are witnessing an increase in rolling 12-month sales during Q2, and sales growth is the cornerstone of our journey towards profitability, and when looking at the sales over the past seven quarters, it's clear now that we have established ourselves on a new level. While Q1 was slow, the quarter before and after have been the best we've seen in the past six years. As we concluded on the previous page, we saw an increase in sales in the quarter. We also maintained the gross margin level at close to 60%, achieved in full year 2023. This combination led to a profit improvement in the quarter compared to the previous year. In the quarter, we delivered one system and an upgrade of previously delivered system to a Chinese customer. In total, close to SEK 26 million in revenue. The slower pace in coating services continued in Q2, with sales amounting to SEK 2.8 million, down from SEK 8.6 million last year. Aftermarket was slightly up compared to previous year, SEK 3.2 million compared to SEK 2.6 million. Operating expenses in the quarter were SEK 21 million, consistent with last year after adjusting for the severance pay to the former CEO. In the quarter, increased cost in China, that was still in the startup phase last year, were offset by reduced activity in the Swedish coating center. Depreciation rose to SEK 1.4 million from SEK 1 million last year, mainly from the investment in the Chinese facility. Currency exposure in U.S. dollars and euro resulted in a forex exchange loss of SEK 0.7 million, linked to bank balances and the net of receivables and liabilities. Interest income amounted to SEK 0.8 million. So in total, this led to a negative result of SEK 3.8 million in the quarter. So we now move to the balance sheet and conclude that during the quarter, we have continued to invest in coating systems. We have also continued our work to produce systems based on forecast. So, and there's a lot of figures on this slide, so I will explain the most important changes compared to end of last year. So we start with asset under construction. So that is the third line from top of the balance sheet, with SEK 80 million at the end of the quarter. And to support future growth, we have been working with one IC system to the coating center in China. We have also been working with one IC500 system and other equipment to the new facility in Linköping. Finally, we have capitalized costs related to product development, so in total, this means an addition of SEK 7 million compared to the end of 2023. The next major change compared to last year is related to our continued work to manufacture systems based on forecast, so for this system, we have brought in components, which we can see in an increase of raw materials by SEK 8 million, as we are moving from SEK 18 million at the end of 2023 to SEK 88 million at the end of the quarter. We also see an increase in work in progress by SEK 8 million, so by manufacturing against forecast, we will be able to shorten lead times, generate increase in sales, and reduce costs. So moving to the cash flow, we can conclude that we end the quarter with a good cash balance at SEK 86 million. We also note that continued sales growth is vital to scale up the business, so the cash flow was negatively affected by the period result, -SEK 20 million. The increase in working capital of close to SEK 10 million is mainly driven by the new strategy to produce systems based on forecasts. And as mentioned before, investment in the quarter, SEK 8 million, is mainly related to one system to China and a system to the new facility in Linköping. In total, this resulted in a negative cash flow of SEK 34 million in the first half of the year and a closing balance of SEK 86 million. So this was all from the finance, and then we move now to the focus for the second half of 2024. To emphasize our focus for second half of 2024, and this slide is unchanged from the Q1 webcasts. We aim to maintain market leadership in electrolysis coatings for green hydrogen, and we continue to strive for market leadership also in fuel cell coatings. We want to expand in metallization, that is radomes and antenna verticals for the automotive industry. And we also do admit that PVD is a horizontal technology, so, of course, we don't say no to other business. We have profitability as the leading star, both for the rest of the year and also of course, for the coming year. And the main action to reach profitability is to sell more. We still have a high pace in getting new paying customers, and we do have a strong sales pipeline. Reducing delivery times has led to, and will continue to lead to, increased sales. System manufacturing to forecast is our way of shortening lead times, and that has also the positive side effect of, in the long term, reduce manufacturing cost. So with that, I want to thank all of our shareholders, and also our customers for your continued trust. And, then I think we move to the Q&A. Thank you so much for the presentation here. And as you mentioned, we go straight ahead to the Q&A, and if you're calling in and want to ask a question, please press star nine to raise your hand, and then star six to unmute your microphone when you're handed the word. And our first caller is Henrik Hintze from ABG. You now have the word. Good morning, everyone. This is Henrik Hintze with ABG Sundal Collier. Can you hear me? Yes, we hear you loud and clear. Very good. All right, so you talked a lot about shortening delivery times and that you had managed to do that in this quarter, and I think you said 6.5 weeks or something like that between order and delivery. I'm just wondering if you think this is representative for what you'll manage to do going forward? I would say that this is ongoing work in progress. When I started a bit more than three quarters ago, a standard delivery time could be like one year. And one of the reasons why the delivery times was so long was that every machine was unique and tailored to the customer needs, which some customers, of course, appreciate that you get something that is tailor-made. But on the other hand, to get rapid deliveries and also to get a more cost-efficient product, tailor-made is not the way to go. Then you need to standardize your products, you need to have standardized modules, and just put the modules together, deliver to the customer, and by that, you can reduce delivery times a lot. So there has been an ongoing work for the last three quarters to standardize our offerings, to standardize our machines, to have sort of modules that we can build to forecast, so when we get an order, we can just take those modules, put together, test the machine, deliver to the customer. So when a module is manufactured, we do not know which customer will receive this module. That was a long answer, and now I sort of lost here the question. Did I answer your question? Yeah, I'm mainly wondering if you think the short delivery you managed in the quarter is representative for what you think you'll be able to do going forward, or if this was particularly quick or anything like that? Yeah. In the town hall meetings with our personnel, I continuously repeat that we have a goal, that we want to deliver everything we can before the end of the quarter, because this is also good sort of cadence to make a joint effort at the end of the quarter. So we have an internal goal that we should be able to deliver within the same quarter as we receive the order. Of course, this is dependent on when in the quarter we receive the order. If we receive the order the last week, it will not be possible. But that is sort of the goal, and 6.5 weeks is a little bit, yeah, it's like a half a quarter. In that way, I would say that it's within our goals. Yeah. Okay, very good. And with these quicker deliveries, the order backlog will, of course, give us less information as analysts. I'm just wondering, from your perspective, could you give us any details on how good your visibility is ahead of orders actually being placed? The sales cycles are quite long in this industry because it's capital equipment, and typically it's not something where you shoot from the hip when you buy this equipment. Yes, we do have a good sales pipeline. We have visibility. On the other hand, negotiations with customers can take very long time, or it can be very fast. And it's if it takes a long time or if it's very fast, it's more dependent on the customer's customer. And what we have seen in China, especially, is that we have been successful in reaching the customer's customer. The press release in April is one example of that, where we have a customer's customer who will require the coating from us to their suppliers. And then it can be very, very fast. Because if they appoint a new supplier, then that new supplier comes to us and say that, "Okay, we need to show that we are a worthy supplier, so can you please ship a machine? And we want the machine here in our factory right away because we have a customer visit from our customer," and then it's very fast. Okay, very good. You also highlighted two things here in the report. Firstly, the approval from the Chinese fuel cell manufacturer, and then the letter of intent signed by Boyuan. And I'm just wondering if you can give any detail regarding price or importance? Yeah. Now the sound quality was a bit bad. I got the last portion of the question, the importance of the letter of intent from Boyuan. And yeah, the short question is, yes, it was very important. We in this quarter got an order for a machine, and the content of the letter of intent is that they have selected us as a strategic supplier, and they do have factories not only in China, but also other parts of the world. Okay. Thank you. That's all from me for now. Thank you so much. And the next caller is Henrik Alveskog from Redeye. You now have the word. Okay. Hello, do you hear me? Yes. Great, thanks. So, first, regarding system sales and the IC2000, could you help us or give us an idea of what gross margins you would see for these sales if you compare it to the previous IC500, mainly? Yeah. We're working on improving our gross margins. So, we want to be able to have better gross margin on the IC2000 than what we have had previously on the IC500, but that is not due to sort of different design of the machine. It's due to the fact that we can standardize and produce more of the same. And if you produce more of the same, it's sort of you naturally get better gross margin. The previous deliveries of IC500, they have been built to order, and we have sort of allowed the customer to make small changes, which means that when we go to our suppliers, we cannot give them a forecast. Well, we could not, in the past, give them a forecast. We could not say that, "Okay, the volume will be this. We want a volume discount." Now, with the IC2000, we can do that. So that has led to better prices of material. Did I answer your question? Yeah, well, of course, we're always interested in, like, orders of magnitude, if you're, if you expect to see significantly higher gross margins or if it's more, well, a modest change. But, No, it's more a. Feel free to. It’s more a modest change because we have gross margins that are fairly good today. So, I mean, there's a limit to what gross margin you can reach, but we have continuous ongoing work to sort of change our gross margins. So, I mean, when you are at gross margins in sort of the range of 60%, even changing just 1% is an achievement. Mm-hmm. Yeah, certainly. Great, and then if we could talk a little bit about coating services. I see in the report you say that you saw positive signs. Well, that's obvious. We heard that, but we are not satisfied with the outcome. I'm just interested, is this related to the volumes in electrolysis plates mainly, or is it also something else? No, it's in the electrolysis space. So if you compare 2022 and beginning of twenty 2023, we were running two-shift production for electrolysis coatings in Linköping. That was creating good revenues for us and in a very short time period, that went from two shifts to almost nothing. So of course, we're not happy with that, but on the other hand, we see large interest from also from other customers who have a bit more sound projections of their volume ramp-ups. One of the challenges in the electrolyzer market is that you have to test an electrolyzer. And what you do is an accelerated long-term test. You run it for a short period of time in stress conditions to make sure that the coating is safe to use. Because if the coating doesn't fulfill its purpose, you can mix the oxygen and hydrogen, and if you mix oxygen and hydrogen, you know, it's not good. A short period for an electrolyzer is about 5,000 hours, and 5,000 hours, that's half a year. So that's half a year, and then you have to add time for analysis of the data. To that extent, it's even with new customers, the testing period takes some time. It's more with the old customers that we're not really happy with what happened with the volumes. Yeah, I see. And then, well, regarding the establishment in North America here, you mentioned that you're evaluating the timing, and I'm just interested, is there like a time window when you have to make a decision? I mean, you have a facility with a potential lease agreement, I guess, and do you have to make a decision at some point here, or do you see that as flexible? I see that as flexible, and there are many opportunities in North America. So it's not very difficult for us to set up a coating service center. We build the machines, and the most important thing for a coating service center is the machine. We do have a coating service center here in Linköping. We're moving to a new facility here in Linköping, so we have actually built a new coating service center here, and we've moved the old machines. We did it in China, so we have experience in this. So we don't see that as a problem or a challenge. It's more a decision that we have to decide to have the right timing, 'cause I don't want to do it too early, 'cause if you do it too early, you spend money. You will get costs too early. So for the things we can do in Linköping, we should do it in Linköping. But in the end, it's required from our customers that we move to U.S., and we have to show to our customers that, yes, we have the plan to start in U.S., and there are several reasons for that. Customs is one reason. You could handle that in other ways. Cost for transporting the plates back and forth, for small volumes, for initial samples, no problem, but for production volumes, there's a substantial cost. And then there's also, everyone in the market in the U.S. believes that to get the U.S. subsidies, you have to have a certain percentage of your production on U.S. soil, which means that you want to move as much as possible of the production, your own production and your sub-suppliers' production, to U.S. Yeah. Thanks. I have one other question here. You're about to expand the capacity with a new IC2000 in your Chinese service center, and just could you tell us when that will be shipped and commissioned? Yeah. I will give basically the same answer as to delivery times. Internally, at every town hall meeting we have internally, I stress that we should be able to deliver a machine within the same quarter as we receive the order, and that applies both to sort of external orders or internal needs. We see an internal need now from China to increase the capacity because we're running two shifts now in China, and to be able to deliver the volumes we expect, we need an IC2000. Okay, great, and then just finally from me, regarding the letter of intent to be a strategic supplier to Boyuan, you mentioned in that press release, well, that they have production facilities in China, Mexico, and other regions, and this intention is to supply to all their production sites, and I find it very difficult to find a lot of information on this company, so could you help us a little bit, and tell us about, I mean, how many different sites do they have, and well, so we can get some kind of idea of the potential here in the long term? If you search for GEB, you can find some information of the company group. They do have a factory in Mexico, and they have planned factories also in other parts of the world. Unfortunately, we are bound by NDAs, so we cannot disclose exactly where they are planning to place their factories. But as you could imagine, they have the same sort of thinking as we, that you have to have your production close to your customers, and you have to have your production close to your potential customers. Right. Okay, well, thank you. That was all for me. Thanks. Thank you so much for the question, and we'll go straight ahead to some more questions here. Is Hyundai a closed chapter now? No, but as we talked about, I want to move from a sort of R&D relation to commercial relation. And Hyundai, on the picture I show with the Tier 1, on the plate manufacturers and so on, Hyundai is one of the OEMs. So they are not really on the level that is typically a direct customer to us. Our direct customers are the ones that are delivering to the Tier 1s, who make the stacks and who delivers to the OEM. So our intention is to move from just R&D to more commercial relation. So no, it's not a closed chapter. I will go to Korea in the beginning of September to have a lot of meetings there. So it's not a closed chapter, but the format will be different. Thanks. You only talk about hydrogen. What about other automotive applications? Yeah, yeah, you're right. This quarter has been very hydrogen-focused, and we do have good traction in hydrogen right now. It doesn't mean that we have stopped doing other things. If you look at the first half of 2024, we reported last quarter that we had installed a production line for waveguide antennas, and that we have a five-year lease agreement on that. And if. Just to take an example, that just the leasing part of that agreement is in a range of SEK 2.5 million per year, excluding the coating services. And if you look at the total remainder of that lease part of the contract, it's in a range of, like, SEK 11-11.5 million. This information you can also find in the press release and the Q1 report. So, no, we are not only focusing on hydrogen, but this quarter has been very good when it comes to hydrogen and very good when it comes to hydrogen in China. Thank you so much. Why have you stopped doing coatings for glasses? No, we have not stopped doing decorative coatings. Right now, at our coating service center in Linköping, we are running a gold color for a customer, and a couple of weeks ago, we were running black samples for a potential machine customer who wanted to test if we can get sort of exactly the right nuance of black, the right blackness. And as I said, we have some focus market verticals, but we do admit that PVD is a horizontal technology, and we do not say no to other business. And going back to decorative coatings, I have to mention that when it comes to black, that is one of our expertise areas. So, if you need something with black coating, we can do it. We're happy to do it. Perfect. Thank you. How long will your cash last? Do you need a capital raise in the next 12 months? No, we don't need a capital raise in the next 12 months. Thanks. If you run at full production capacity and sell it, how much revenue would that approximately generate per year? If we run at full production capacity in all our sites and with all our business areas. Yeah, that was a very good question. Yeah. I will answer this in another way than in giving you a number. So we are moving to a new site here in Linköping, and we plan the production of machines to be able to deliver one machine each month to a customer, and that is in sort of normal production rate. So for example, we have two lots, two places for doing the final verification of the machine, because before sending to a customer, we run it with the customer's process to see that it works in the right way for the customer. And we have two such places, and that's needed to ship one machine per month. But actually, if you go to the site and look very carefully, you can see that we have prepared installation for doubling that, so we can actually run two machines. So with that doubling, we would have a potential of sort of manufacturing 24 machines per year. That sort of gives something to answer your question about what is our sort of capacity limit. Thank you so much. Another question here: I take it China is the primary focus right now. Have you witnessed, or are you expecting any market trends that can drive the demand from the American or European market that would balance your geographic demand? Yes, and in the U.S., it's a big difference, because in China, you are focusing on the consumption of hydrogen. And in China, there's a production of black hydrogen. They are even using coal to produce hydrogen. So black hydrogen, you have gray hydrogen, you have green, you have blue hydrogen, and you have some green hydrogen. But they are focusing on the consumption, and that is maybe a faster way of driving the market. In the U.S., there are subsidies for green production of hydrogen, and there are many companies who look at those subsidies, and that will push the market. I'm absolutely sure it will push the market for electrolyzers and production of green hydrogen, but it's not that fast as the Chinese push. If we look at Europe, Europe is a little bit slower, but on the other hand, if you look at European companies, they are active also in China. So the companies we talk to in China, it's not necessarily only Chinese companies. I mean, last week, I had visitors from a German company who visited us here in Linköping, and we were discussing machines, and the next step is that I will visit their Chinese factory, and if there is a deal, then the machine will be placed in a Chinese factory. It's more of a global market than just different regions. Thank you so much. We received a lot of questions, but we only have the time to manage those ones we already have asked. So I want to thank you, Jonas and Bengt, for presenting here today, and thank you all for calling in and tuning in, and I wish you a great weekend when it starts. Thank you, and, I want to also thank, all of the shareholders who have listened to this webcast. Thank you. Thank you.