Welcome, everyone, to the Minesto Workshop in Gothenburg. I'd say that this is the second best place to come to learn about Minesto. We would have loved to invite you all to Vestmanna in the Faroes instead, to see the real machines and the environment, but as you can understand, it's a little bit impractical. So I'm the CEO of Minesto. I think several of you have encountered me over the years here. It's a great pleasure to be a part of this fantastic journey with Minesto, and I will try to give a talk where it's really about how we prioritize moving forward in making Minesto a part of the global energy transition. So maybe a few words initially on how we view this enormous energy transition, which is probably a larger transformation of society than the Industrial Revolution, definitely in financial terms and in involvement and impact on humans. So that's a brief beginning. We could probably talk for hours on that topic. And then how does that relate to the challenges that Minesto faces? The pace we're moving forward, how sort of the opportunities and this huge opportunity also is related to risks and challenges for us pushing our way into this transition. And then finally, and the core aspect of this is then, okay, what is it really that we focus on and what we want to do moving forward? What do we do now and what do we do when we move forward? So four topics, and we're going to spend not the same amount of time on all of them, but a little bit on market verification and the total market as we see it. It's very far from a standard approach to analyzing and understanding how large a market is. It's very technically and ocean science-based to determine this. And we've made huge progress in this area, and I will show you a little bit on that. Then the second topic is probably the biggest for the day. It's to share the investment case and what we've been doing to really create a firm offer to project investors, which then is the customers of Minesto for the first small 10-MW array in what we call Hestfjord or the horse fjord if you translate it to English. The third topic, a few comments on brand building and creating awareness. And then the fourth one, also a few comments on strategic partnerships as a part of our ambitions moving forward. So the energy transition. Those of you who follow Minesto closely, you see that we are present in a lot of contexts around the world to promote Minesto and create this ability. One privilege of being part of this is also that you get a very close and inside understanding of what is really happening with this industry transition, and sometimes even sort of behind the scene comments from energy ministers and some comments perhaps that can't be made always in public. But there are a few things in this that it's not just the mainstream things such as, I mean, we're not going to reach the 1.5-degree target in 2050. That train has passed the station, but there are different scenarios now on how much of a temperature increase we will get. Some optimistic closer to two, and other less optimistic pushing us towards three degrees. But it's in this, there's also a very, very clear momentum. We are moving. Trillions and trillions of dollars are put into this transition where we are already today. But we are just in the beginning. We're in the beginning of seeing the negative effects of climate change, and we are in the beginning of this industrial transition. And we can talk about to 2050, an increase of more than 300% of electricity generation. And that means that all that we add has to be renewable at the same time as we swap out what we already have. So you can imagine that we need perhaps several thousand times more renewable energy than we have today to make this transition move, and there is a lack of electricity in this scenario, so everyone that contributes at reasonable cost will be invited in being a part of this push moving forward. What we learned so far on the transition and the markets where sort of we can see some of the industrial dynamics and economic dynamics of moving toward renewables, we can see that there are a few big challenges. One challenge is that we are not offering electricity when the consumers and the users need it, so there's a mismatch between supply and demand. The wind is blowing when it chooses to blow and the sun sets and so forth, and those are the main drivers. This is where absolutely 99% of the renewable investments are focusing today in those. And the larger the penetration of those renewables, particularly wind, the more problematic it will become. And I hope that we can show you some of those dynamics on a smaller scale, what we're doing in the Faroes. But it has impact on, for example, if we look at the energy prices and the ambition to invest when you have reached a high degree of penetration. So if the spot price on electricity varies with how much energy you offer, as with the wind curve here, you will see that when you produce the most, you will get the worst dollar for your electricity, which for tidal is not the case. We get a better average price for what we do. These are the types of analysis now that I believe we're going to see more and more analysis on a higher system level. We cannot just only compare individual energy sources and say that this is the cost of solar, this is the cost of wind. We need to add costs of storage. We need to add costs of long-distance transformation and distribution of electricity. And this means that the prices and the understanding of what the burden for society to move towards 100% renewables will be on a higher system level. And this is where sources that are plannable, more baseload type can play a role also at an initial higher cost position. And I think that's critical in what we see here. I also believe that in this transition, that we move from a lot of greenwash. There's still a lot left on that, but there is serious commitment to this transition. And I think for me personally, meeting all the hot shots in different contexts, industry, politics, it's an ambition also on a personal level for directors and managers. It's not just sort of something that you have to say because it has to be in your annual report. You're also doing it because of personal belief. And the talk is really clear. It's industry and the private sector that needs to fix this with innovation, with investments, with pushing the agenda and demanding renewables. And this is happening, and it's happening fast. So for Minesto now, it's really a matter of getting on board this train and be an actor that really contributes to the transition. And in this, the question is, will ocean energy, that's sort of the question if we narrow the competition down, will ocean energy be now a part of this journey? It's a huge opportunity and an untapped resource. But we have for decades seen first-generation systems, especially for what we do with tidal, that have really nice functioning technologies, but still there is no scale-up. And I think it's fair to say that we from Minesto, we'd hope that the first-generation systems would have moved along a little bit faster, paved the way for what we do. But when you look at the numbers and you do this in more in-depth, they have a challenge in being probably too high on the cost curve where they start and where they end. And this is really not just sort of Minesto dreaming or being incompetent in calculating costs. We are a different animal in this sector. And we start at a level that is roughly half of where the rest of the bunch are today. And we'll be able to push this down significantly moving forward. And when you dig into this deeply into your investment assessments, your cost structure, your operating costs, in the end of it, it's very much related to weight per megawatt installed or weight per megawatt-hour generated over a period of time. We have now proven concepts all the way up to the commercial scale megawatt devices on how to handle and manage our systems. Not just the energy conversion, all the cool dragon flying stuff that we're dealing with, but the hands-on operational aspects. We can tow our systems. We can use small vessels, and we can even brag about being in a dirt road surface, gravel surface area out in the outdoors in the Faroes, and if you add that to cost of society, if you add this and discuss barriers to penetration, we are a completely different animal in this sector. With that sort of very, let's say, niche-oriented overview of the energy sector, breaking it down and summarizing a little bit for what this means for Minesto, I think that what we're doing and what we really try to do is really to ride on this growing wave of transition, and for us, being in this, meeting all those actors with the huge ambitions and moving, I think it's fair to say that we need to do two things here related to sort of surfing this wave. And the first thing is, of course, to really provide evidence that we contribute with big impact. That our technology is not something niche-oriented for some faraway island, but that the numbers that we present on multi-gigawatt scale globally, that we also can verify them and have third-party verification of what we're doing. With hundreds of gigawatts potential with what we have, we are extremely relevant also from a big impact perspective. And also in areas where solar and wind are not that strong. And there's a lot of those areas on this planet where we will not see solar and wind dominate. And at the same time in this, we need to have the project investors, the customers to accept that our projects aren't gigawatt projects from day one. There are smaller scale projects for the iterations to move the company forward. I think it's fair to say that this sort of innovation context we're in, this is an actual challenge for us. At the same time, if you go to the International Energy Agency and the, let's say, oracles of this industry, there's an absolute, let's say, truth in saying that we're not going to fix this without innovation. Solar and wind storage that we have, it's not enough. We need to push new innovation, new solution into the energy transition in order to succeed. There are different numbers being thrown around. I think the International Energy Agency said in February this year that maybe we have 80% of the technologies in place. When you dive into that, you realize that, yeah, but you need a lot of supporting innovation to enable, for example, wind, offshore wind in areas where you have different seabeds and so forth. A lot of innovation is needed. For us then, to make this innovation context, to make that relevant, we also are in a situation where this high cost position of first-generation solutions, solutions that we may say are maybe not that innovative, that is not to our advantage. We need to overcome those views. Sometimes the trick is when we face those industrial actors is to say that, okay, well, I agree with you that tidal has struggled, but you have to take a look at what we're doing because this is completely different from what you've seen before. That's the ticket to take it forward. In having said that, I think it's fair also now to state that we are now positioned as the leading ocean energy technology in the world. It's taken us more than a decade to go from something funny on the side to be on the front of brochures that represent this sector, to be invited to be lead tech presenters in a lot of contexts where we are, such as being on the Swedish industry delegation to Japan last week when the Prime Minister had to abandon the Korea trip because of the turmoil there with Wallenberg and all the big boys. There's one Swedish tech company that got a chance on stage with the governments, one, and that's Minesto. That's good. It's taken some time to build momentum on this, but it's taking us into this position where we need to be. Because in the end of the day, those first projects, the Hestfjord project that we're aiming at is really now about really reducing the perceived technical risk and get the relevant commitment financially to do this for the first farm. Okay, that's sort of the context. What is it that we're focusing on then? The first thing, I mentioned it, we need really to be firm with how huge this market is. I mean, we're sitting here in a small workshop in Högsbo, in a suburb of Gothenburg, and we're talking about a market of hundreds of billions of euros in value in the installed base. Of course, we're asked to validate and confirm that this is the market. Since everything that we've seen before in this is more niche-oriented, they need higher flows, they need very, very narrow operating conditions. I've not seen one single colleague in this sector to show a market potential close to what we're showing here. Not even close. Take away a zero and that's the aggressive ones, and that's a huge advantage. You can say, wow, we monopolize a global natural resource, fantastic. But you can also imagine that it is associated with challenges because you need to have some third party to back your data up and really validate that this is where we are. But there's no way around this for us. When we see what the technology can provide, how the oceans move globally, this is as far as we have come in understanding the market, not just from some fancy Google, NASA's opinion on this. This data comes from really hard work over many, many years from a bottom-up approach that we conduct ourselves together with local research institutes in maybe 10, 20 of the markets. We also have our own internal resources experienced in doing this flow modeling and reading and understanding this data. And this is not the end of it. There is much more out there that we have not revealed yet. And some of you may even recall that we started out communicating about half this global potential maybe 10 years ago. Now we've doubled it. And the reason is that there are so many areas of the ocean that are still not in detail mapped. If you take Indonesia here now, where we have actually initiated a collaboration with an entity sponsored by the Indonesian government, where our operating data now is added into their view on what is a valuable resource or not, and we will at least triple the potential in Indonesia compared to what they believe they have, and this completely changed the agenda for whether this is valuable to Indonesia or not. But of course, if this guy from Gothenburg walks in through the door and says, I promise you guys, this is huge, has one sort of impact compared to this university-linked expert actor sponsored by USAID to do this mapping. One of the reasons why the mapping isn't is, of course, that it's huge. This is the world's largest ocean nation. You will not be able to see the Faroe Islands in the resolution on this map almost. And if you count territorial waters, Indonesia is the largest nation on earth even in size. But there are thousands of islands with narrow straits where there's no measurements. And those areas are often where you find this resource. So the closer we look, the more we will find. And for us, creating those scenarios around this to have them to say that, yes, this is a priority, we want to move here, we want legislation on renting seabed and environmental permitting for those areas to get that going, the scale and the contribution to the total solution will be important. So we need to add other layers of understanding to this. Where is the wind blowing? Where do we have the diesel generators today? Where is there no grid connection to larger islands and so forth? Based on that, we can build also large-scale business cases to attract the ones that want big impact. This is coal and diesel, 99%. They've had renewable goals for decades to become 20% renewable. They went from 17% to 16% renewable the last 20 years. Those are the challenges where we are now focusing on, I believe, also in politics and international dialogue. Being positioned to help fixing those problems, that is valuable technology. It means that we need to be probing, we need to build relationships, we need to get commitment from local actors to be involved in this. Minesto, we cannot sort of sponsor and fund all this fact-finding, and the value of it will be higher if third parties are doing it. So when you see our project lists, it's not about us breaking every rule of the game on how to do marketing for a small resource-scarce company. It's really about building this understanding of the global potential and finding a global partner that can wave the flag and push in that area. So the first priority for us is really the Faroe Islands. And when you translate this market potential into value, which in itself is quite an exercise, I mean, what packing density can you have? How much of the energy flow can you really take out of the flow in order not to disturb other things? So several dimensions to it. But this is a conservative view on what the installed base is worth: EUR 650 billion of the installed base, and of course, continuous service over time, upgrades, and reinvestments over time. This is not going to happen quickly, but it's important to push the first projects to show that this exists, and you see how unbalanced it is. Most measurements are done in North America. This is the largest market. Limited measurements in South America, great potential, but it's not even included in the potential. Here, a lot of nations, less developed countries in Southeast Asia, where there is a lot of more potential than what we can see here, and where we need to be to really get the hands-on customer interaction going is where we are in the Faroe Islands, so this is based on data generated locally, processed by us together with the local utility SEV, and our estimate of what we can access with sort of a sound financial case attached to it: 200 MW. With that as a starting point, we have now spent several months to use the results and data from the D12 to build the investment case for Hestfjord's first phase based on a real machine, real production data, so that we can reduce the technical risk of that investment case. Because, of course, the biggest impact is, okay, how many electrons, how much energy do you get out over a year with this technology that you bring to the table? From fancy illustrations, which can take us only so far, we're moving into much more hands-on descriptions on the investment cases and what to get out of it. The first 10 MW phase is what we're now discussing with local investor consortiums and what we want to take forward in this fjord here. A brief comment on how different it will be depending on what system we're putting in a fjord. This is data. We showed this at the AGM statement this summer, real data from the smaller Dragon Class system, the Dragon 4 that we call it, where we have exactly the same situation as we have with the Dragon 12. We have an extremely good simulation results compared to reality. And what we can do with this simulation system here now is that we can see if we change the wing or the power takeoff system, the length of the tether, we can have variations in output. And this is what this sector is calling, and it's the same in wind. It's a power curve where the power generated at a certain flow rate is plotted. You can see, for example, then at two meters per second, we are at rated power on the blue line. The blue line here is a modification of the wing. The wing is a little bit larger than the existing D4 in order to reach into lower flow characteristics. You can imagine how important this is for market size if we can adapt the wing and the configuration between wing and turbine generator to match different flow profiles. This is at the core of the investment case when the investor sees this is the flow, this is the kite performance, and when you add that together, you know how much electricity you get out to sell. In this case, it is as with many tidal sites, there are sinus-shaped production patterns. You have peaks when the tide rushes through the strait and back. There are peaks. It's sinus-shaped. Four peaks or 3.8 peaks a day is what we are dealing with here. And we can see here that with this wing, the blue wing here and a 100-kW generator, we can overrate it a little bit in periods, but it flattens out here. But in this sector here, we're losing a lot of energy because we're flying badly. It's like having your sails set in the wrong way deliberately. Because if we wouldn't do that, we will burn the generator. So we knew this, but we're using, you see the wing over there, this is the wing from the DG100. That was a 100-kW machine. To save time and money, we're using the same power takeoff for the Dragon 4. But really, if we would have sort of designed this completely from scratch, we would have had a machine with a 200 kW generator. And the reason is that the new wing that we've been testing now for a few years is so much more hydrodynamically optimized, so you can collect so much more energy with the system. And in order to capture the energy, you need a larger generator on board. So this is the kind of sort of optimization work and fine-tuning that we're involved in in order to set the financial case straight. That's the kite. And then, of course, we need to be pretty damn sure that we are in the right place in the world. So you put up measurement devices. It's been doing over time. It's very good to be in the Faroes because the fish farmers are also interested in this. They want the opposite from what we want. The salmon should be exercised a little bit swimming in their cages in the water, but not too much. We want fatty salmon. It tastes better, so if they exercise too much with too high flow, it's not good, but some flow to get rid of the pollution in the water. So those measurements, it's measurements on the flow directions, so we know where to put our rows of systems so that that is aligned. We want to be with the right water depth and the right flow is. We're in Hestfjord up there, and we selected this place. We don't need to be in the hotspot to start with, so we are there because it's more protected and it's closer to shore. We're talking about 2.5-km cables at the largest distance. Where we want to start, connection to shore, and the flow profile and what that is equivalent over a year time of flow, so now we have sort of the core of understanding here of how much we can generate, and of course, since we've now built systems, well, finally also, and the environmental aspect. To be in the Faroes, where we've been for years now, is a huge strength. Same people making the decisions. We can use the data from the existing setup to reduce the environmental risks, to get permits to take the 10 MW step much easier in this year than in any other context. We've also learned that for the Faroe Islands, they are quite keen on keeping their view clean and nice. I think that the impact here compared to here is, I mean, it's a bit of a joke and, of course, where you don't see it, but it's the truth of the impact, and we have not seen any problem with interaction with marine life at all. When we operate, we fly fast. They swim over, under, aside it. When we're in park mode, they are even there curious to see what it is. We have them on camera, seals and dolphins where we are, which is also a huge strength, so what we've decided where we are now, what we are offering in this is a hands-on description of the site, cable routes, and the specification, functional specification, and the performance specification of the dragons that we're putting in. It is basically the same machine as we have in Vestmanna and that is verified. There are a few tweaks to it. We crank up the generator a little bit more to avoid the peak shaving, to get all the energy out of it. We could have brought it even further, but this is sort of an optimum point as we see it. We're reshaping the wing a little bit. All aspects of handling and flying, control systems, software, hardware, everything can be migrated from the system that we operate in Vestmanna. The site is also extremely good in terms of distance to shore. We do not have to take the first step. We don't have to engage with sophisticated deliveries of subsea transformers or anything like that. We can run cable to shore and get a really cheap configuration, also robust in that sense. This is the machine, the way it will look. I don't think we've shown this before. I think we have a fantastic engineering team that generates this in-house. A few years ago, we had to send this out and it will cost you a fortune, so it's not only the color that is the same. It's 99% of design solutions being reused. We haven't given it a proper name yet. We call it the Dragon 12X, but I think we should avoid that, really. It can sort of mix you up with other less innovative entrepreneurs, and it's not only about, sorry, it's not only about the cool, sexy dragons. It's a lot of work over the years that maybe we don't talk enough about, but all the balance of plant infrastructure, everything related to the electric infrastructure is core in this. And in all of this, there's always something that needs to be a little bit tweaked and customized to what we're doing compared to what's off the shelf. And we've managed and mastered this now over the last three, four years completely. So there's no white space on the map design-wise. We can migrate the content of our containers, customize them again to what we have here, but the same type of setup is what we're going to use. With the drill pile, with how we lay cables and what cables we need, the installation of the systems, and then how to get the control data to our office, to our customer, and to deliver Grid Code Compliant electricity. And this is also, if you look at this sector, who's prepared and who's not prepared to take those steps. But I believe that we are in a very, very strong position in this area because nowhere in the world has anyone provided a test site to Minesto. The sector at large, they go to marine energy centers and test sites where a lot of things are already prepared. But we're flying at lower flows, higher water depths. So what we've been doing in Wales, what we're doing here in Vestmanna in the Faroes, we've had to build it from scratch. But that has also made us now prepared to deliver complete systems. And we're offering this setup, we're offering this as an investment in a market company. It's called Dragon in Faroese, Drekin. So we put the market rights for the Faroes in this company. We've founded it as Minesto, and then we're offering investors at a certain value of the company with a certain financial setup. This is, among others, where our advisors from EY come in to make this an investment that is as low risk as possible with a flexible investment as possible for the local consortia that comes in here. We need in the first phase around EUR 30 million to build the 10 MW. And the Drekin company will then be the owner and operator of the site. Minesto will sell six dragons in the first phase to make it 10 MW and also offer service and maintenance spare parts into this context. SEV, the utility company, will offer a PPA on an R&D level that is higher than the normal price. And we will immediately start working on the build-out and next phase from the Drekin perspective. So that's the setup that we've selected. And Drekin's ambition is then, of course, to populate all the sites identified and beyond. So that's the thinking around it in a timeline moving forward. So this also means that we can talk about the higher system-level cost of energy for the whole of the Faroe Islands, and this data is growing further. We've shown a little bit of this historically, but this is even more in-depth now, where there are two driving factors. Apart from lack, you don't see what we have and it's stable energy, but the total investment capacity needed, 400 MW in total to make the Faroe Islands Net Zero with tidal, 480 without tidal, so when we start talking about the cost of certain technologies, you have to burden wind in this case with overcapacity investments, and for storage, it's an even larger challenge. We're only scratching the surface in understanding the cost dynamics of storage here. So this is for pumped hydro case where we take away the storage need basically. Just the first phase of storage investments is half the total tidal investment. So I'm pretty sure, even if we haven't seen the detailed numbers and are all the way through, that there are some significant advantages to the consumers in the Faroes to walk the tidal way moving forward. So that's the case. And I mean, you're more than welcome to ask more questions, and we will offer more public information on the details around this as we move on. And I think that Thomas from EY will comment a little bit on it also. But just to wrap up here, maybe I'm already over my time budget here. No, it's okay. It's just that I'm getting bored of myself, so I think time flies slowly. Yeah, the brand aspect and the recognition aspect. I must say, on a personal level, it's still a little bit frustrating when someone comes up to me from people in high positions and say, "Oh, so you are those guys doing those wave energy stuff?" No, we're not doing the wave energy stuff. We're doing something completely different. We're doing the tidal, da, da, da, da. So we're still there. After many years of work, we're still sort of in a situation where the energy sector and the decision makers need more; they need to be fed more understanding of what it is that we're doing to trigger this. I think the Indonesian case is wonderful, where Minesto is mentioned in the reports to the government, where it's clearly stated that this new technology offers a potential several times larger than what we thought we had. So we open up this. But there's much more work to be done in this. I mean, we had the World Economic Forum in Davos. They had on their commercial film for their energy sessions. They stole our films and put it out there, and we didn't complain. That was perfectly fine, actually. But that's the kind of work that we're involved in. We can't sort of pull this weight all on our own. But being a part of Swedish trade delegations, being a part of the COP meetings, being there together with the Wallenbergs and Vattenfall and the big boys, it helps to create legitimacy for a small company and a novel technology. So we will keep pushing this. And I think that the difference of having a commercial scale machine, a megawatt machine, to not having it is making that job 100 x more rewarding and valuable. We are taken seriously in all contexts where we arrive today, not just with sort of a smile in the back, for real. So we will keep pushing this, and there is a full agenda on this. It also includes involvement of suppliers. We have a few large suppliers that are also involved in some of the work moving forward to really push this. And of course, to wrap this up, strategic partnerships and strengthening the resource base. When we talk about large-scale energy infrastructure projects, all the investors on the project side, the customer side, I mean, they want to see your balance sheet. They want to understand the security of supply from your end. It would be naive to think that Minesto would be able to sort of pass those tests in shining armor on being a tech company where we are today. We can strengthen Minesto's balance sheet. We can move on, and we can attract financial resources in different ways. But our aim is to get deeply involved with strategic partners that also can provide OEM manufacturing or downstream the value chain on the site development side, where we can provide some of the knowledge and insights related to the specifics of Minesto. And those guys potentially doing oil prospecting today can be involved in this at a very large scale. Also offer service maintenance moving forward. So I think this is a very clear strategic intent from Minesto to seek strong partners moving forward in different forms. Downstream the value chain, but also on the OEM side. Project developers, utilities, power producers, and then off-grid users.