Yes. Now we have arrived at the last presentation of today. With us, we have Dr. Martin Edlund, CEO of Minesto. Warm welcome. Thank you very much. Just do your presentation, and then we will have some questions after that. So good luck. That will be good. Thank you. I am going to try to bring some energy to this investment forum here by talking about ocean energy and the technology that we have been working with since it spun out from Saab Military Aircraft in Linköping more than a decade ago. I think it is a bold statement on the headline from Minesto here, claiming that we are holding the world's leading ocean renewable energy technology. I hope that I will be able to give you some evidence on that bold statement, and also show you why this is an extremely important and valuable contribution to succeeding with the global energy transition. So it is a kind of a unique investment opportunity if you look at the stock market and where we are on Nasdaq First North, where there is an opportunity to get on board a journey to create a whole new global energy segment. I am not going to show you any new figures on market potentials and such, but just imagine that the potential in the oceans for this is beyond nuclear on Earth, and we talk about 4% or 5% of the global energy need forever. That is what we have ahead of us. Obviously, a small pre-revenue company, tech company, in the suburbs of Gothenburg pushing towards this is quite an exciting and interesting environment to be working in and pushing forward with our team. What is it that we are doing? I am not going to go into the technical details. I think several of you and the audience internationally that also listens in to those presentations are, to a large extent, familiar now with this kite-based technology that we use. If you want to take a look at it, the homepage has some really nice videos and animations where you really can understand how this principle works, of converting the kinetic energy in the oceans, the linear movement, the flow, not the waves, and convert it into electricity. It is 800 times more dense than air, and it has no connection with weather and weather systems and seasonal dependencies. We get one of the world's only renewable energy sources that are not weather-dependent and can be installed and deployed in a way that creates a base load type of renewables. That is what we are moving towards. I will talk about the technology a little bit now on what we have been doing. This is potentially more interesting for shareholders that have been following Minesto closely, but I will try to keep it on a level that makes sense for everyone in this. What you see here is 14 days of production, where the yellow bars represent before the summer upgrade we did, and the blue ones is the upgrade after summer. What you can see here also is then that there are dotted lines that represent the tidal flow, the speed of the flow, how much energy you have in the water for that day of the 14 days you see listed here below on the x-axis. The big shift for us is that we have reconfigured the system to take more power out of the same power plant than with the yellow previous configuration. This is extremely important because now you can see that the blue line sort of follows the flow, the flow profile, the sinus-shaped flow profile. When there is a lot of flow, the dotted lines are at the high levels on the y-axis. You also see that the blue bars are high, not low. This is something that is no, let us say, surprise or anything that we internally perceive as any technical breakthrough, but it is an extremely important piece of evidence for our potential customers and partners in the Faroe Islands, in the U.K., and the other markets where we are on the verge of a breakthrough. That we now can show not only theoretically or indirectly that we really can deliver electricity on the levels that are needed for the Levelized Cost of Energy and for the project investment cases. The reason why it is like this is twofold. The first one is that there is more flow in the test site than was predicted from the start. We had to configure it to take more power out of it. So we are talking a 180 kW generator instead of 100 kW generator. The other one is that the hydrodynamics are better than the predicted simulation performance. We are now showing results on energy conversion that really motivates the title of this presentation. That is one of the key variables that go into the analysis of what your energy will cost once you build projects, once you move this forward. The yield, how much energy you get out of that site is absolutely detrimental. This is what we have now, what we put in front of our potential investors for the projects, the customers. It is also evidence that puts us on the yellow line here, in comparison to the remaining other solutions in this tidal energy sector that are on a level that we feel is, let's say, beyond repair. It is too high, and it is going to be very difficult to motivate how you will make those tidal converters competitive over time. I think we should talk a little bit about that as we move on. But before we do that, on competition and what is happening in this sector, I think it would be good to show you some slides. I see a nice slide. Yeah, here it is coming. It is a bit slow. Yeah. You can still see that the cost levels are higher than really large-scale established renewables. But what is important for us then, and what we have been working with for the last year or two, is to look into how the tidal energy component provided by Minesto, at our cost levels and with our ability to generate energy from the lower flows, what happens to the energy system when you, in a market with a lot of tidal, put our technologies at work together with other renewables. What you see here is real data, hands-on data, hour by hour, in a market where we have put tidal generation in three sites that we have developed, measured, and understand, and then we are looking into existing wind farms, three wind farms also at different locations in this market. You can see the aggregate. The black line is wind. It is weather dependent. It goes up and down, and there are a lot of valleys here where you do not have production. But with tidal aggregated at those three sites, you can see that we almost continuously bring energy to the grid. If you are clever in utilizing this characteristic, and you use a technology that do the energy conversion at the right cost levels and can reach the lower flows you will get really, really nice financial and economic effects on your energy cost and your energy system. If you are pushing towards high degrees of penetration of renewables, one first sort of warning observation is that if you push for a lot of wind and you live with those weather dependencies, you get the first line on top here. You get over capacity, and you get a lot of investments in storage. But if we can add the production profile that we offer with our technology, you see that we will reduce the total amount of installed capacity. We will really, really not have to overinvest and bring a lot of storage to the table. This is the level that is important for consumers and industries that are buying electricity where you want to push towards renewable. So this is a system where oil dependence is gone. This market is now ready to be 100% renewable, and which one would you choose if you had the opportunity? The cost difference is large. I know that the Y-axis does not go all the way down to the bottom, so the visual relative effect is a little bit larger than it should be. But the difference is around 30% here in total cost of the system. We are talking about world first installations here. So we are still on the higher cost levels. We are talking about installed costs and CapEx that are maybe twice the more established solutions. Despite that, this is what we can deliver. So you can imagine what that has with it, what it brings for the future when normal learning curves and normal engineering on cost side is brought into the picture. We will be able to deliver even more in this sense. It is important to acknowledge that this is not just because of the resource. It is because of the energy conversion technology that we own and have patented, that we have extremely high energy conversion performance, and that we can do it at a significantly lower cost, as I showed you earlier. This is at the core of this. I believe that if you look at Minesto, and we are working towards our breakthroughs and are working broadly on a lot of markets, I think it is fair to say that this industry, or this emerging industry that you might call it, is seeing a real consolidation and change over the last two to three years. For us in Sweden here, we think at Minesto, it is just some kind of unique thing where the crazy guys down there in Gothenburg are doing something there with that technology. But if you look at this globally, just a few years ago, to quote reports, if it was Bloomberg or an equivalent consultancy firm looking into how many projects and companies, internal ventures in large corporations, university spin-outs, and standalone ventures, we are talking about hundreds of companies and projects trying to find the right technology to get hold of and harvest this energy. That is in abundance. It is in all the coastlines around the world, basically. Those hundreds of projects are based on basically the same solution, all of them. Horizontal axis turbines, either floating or seabed mounted, which is literally a submerged windmill. But we have learned, and I think we have understood, where the inherent competitiveness of what we do lies in this sense. It has to do with sweeping a large area, being able to reduce materials to a fraction, a tenth of the material of what the other solutions have been using. But you can imagine that that high cost level, those heavy systems, so many large corporations moving into this over the years has created hesitance in the market. What we see now is that just for the last year and a half, they are on our phone, and they want mergers, they want us to buy those solutions, and that is a very good sign for us. We are now positioning Minesto, not only in our own minds and in a small community, as the leader, as the breakthrough technology in this sector. This is becoming reality for the industry sector. That is really, really exciting for us where we are now as a company. There are an enormous amount of support in the E.U., in different innovation spheres around this to push this forward. Everyone has realized that if we can compensate with new baseload type of plannable renewables, and also solutions that work where wind and solar might not work, we have a much better chance of winning the fight against climate change. We are a small company, so we are not naive and think that we can build markets with our own resources all across the globe. We are talking to lead utilities, large project developers in basically all the large tidal markets in the world to seek opportunities where there are subsidies, where there are investment opportunities, where more stars are aligned. This is a journey that we have been on now for basically a year or more, and we see more and more partners and opportunities coming alive. It is very much a matter for us now of picking the right opportunities, because the work to embrace and capture that opportunity is also something that really demands resources and work to do it. We are building a lot of things from scratch, legislation to rent seabed, new environmental impact assessment concerns that has not been raised before, and also to learn and talk about the effects of the energy system of having this plannable baseload type of energy. This is very interesting work for us in what we do. It is both small-scale projects. Just two examples mentioned here. Microgrids in Greenland with a mine where that is basically impossible to use any other renewables. Really interesting opportunity with also R&D-backed funding to work with that. Obviously, we need to do a good feasibility homework in order to reach that breakthrough. We are on a really national good level on a small island nation of integrating what we do into their basically only industry that is five, seven-star hotel business opportunities. Smaller scale projects, but would be really good breakthrough projects for us and give us an ability to build systems based on all the knowledge that we have accumulated over the last years. Obviously, the main market, the main area is Faroe Islands, where the utility is on board in many ways, but that there is a final shove needed to get them into funding the first of a kind project here, if it is a 10 MW build out in Hestfjord. A lot of consenting in place. Onshore grid is already, let us say, connected to the shoreline, and there is a very good understanding of the effects and dynamics I talked about how important this will be for the energy system. Obviously, many other markets, Southeast Asia, with utility scale, that is I think it is Indonesia that is mentioned in this down here. Huge challenges with the energy transition and enormous growth in energy needs. Just a few examples then of what we are working on. The focus ahead is obviously the commercial pathway, to keep doing what we believe in when it comes to really doing our homework, feasibility work, putting investment cases together. We have been working with the European Investment Bank and large utilities to shape investment cases and do the budgeting of the early projects. We believe we are humble when it comes to the scale-up, what is needed. We are also in talks with a lot of serious industrial actors on partnerships and investments to build production capacity. We believe that instead of doing that from scratch, it is better to work with others. One partner we have in this area is SKF, since a few years back now. That has huge value for us to work with a world-leading company when that comes to both service maintenance and preventive maintenance that SKF is providing. Obviously, the project partners and the funding side, this is a matter of executing on our business model where we want to really have strong partners that have first rights of their local markets. We know that the first projects will be smaller than what normally is looked for among project investors and utilities. If we can add to our collaboration and add to the first investments, the opportunity to control and take lead in the further large-scale build-out, that component helps a lot. In this, there is also a lot of work on soft funding. We, as taxpayers, are putting billions into the EU system in different ways to support the energy transition, and that is an area where we believe that we will be able to move much more successfully than over the last two, three years. Obviously, the next product delivery has to be into one of those customer contexts, where we also then can harvest on all the experience and what we built and learned over the last years with testing, and testing. I think I have used up my time and would welcome a few questions. Yes. We got a- Thank you. We got a little time left for questions, so we can go straight ahead. You are talking a little bit about different partnerships and perhaps customers on the way. Do you have any concrete site permits and funding in place? Can you name any one of those? Sites, we have a range of sites where we have done measurements and verified the sites. We are also in early stages of securing permits. The good thing is that for most of those sites, no one else is looking for them because this is the only technology that match that natural resource that exists. But we are holding permits in Wales for an 80 MW build-out that we have had for many years, a good site. We have an exclusive relationship with SEV on the Hestfjord site that is a 30 MW site. Then I can keep playing around with a lot of markets in Asia where we are in the same situation. There are also three or four public procurement processes started in different markets. Where there will be pre-consented sites to put systems into, which is good news. Yes. You talked a lot about innovation support. In the summer, Cannes Lions, did you won there. Has this win led to any customer dialogues or investor contacts? Yes. We're in those kinds of discussions daily with a broad range of actors, basically all over the world. We have also partners on the corporate finance side that we work with because it's a lot of work in that end, so it's not just something that management can deal with or the board. Yes. If you're just going to look more broadly, what would you say is the single biggest risk to the company right now? There are a lot of risks. I think that the perceived risks in the investor sphere, the project investor sphere is a hurdle to overcome. With all those projects, hundreds of billions being invested in first generation technologies, where we're coming in with something that is completely different. I think that's where we're putting a lot of effort and where we are now really, really happy with showing real hands-on results over summer to prove that we have the production performance and the shape and the trajectory of production that is needed to match that. That's a big one. Can you give us an expected timeframe when you can expect the first revenue from electricity sales? Well, we are already generating symbolic revenues from the test site. But to be fair, we are not looking for revenues from electricity sales. We're looking for revenues from product sales. We're building those projects, and we want to be diluted on the project, the SPVs and the project companies, and we want to sell our hardware into them. Obviously, for the first sites, there might be blended finance with grants and other reasons where it would just be stupid to give away assets and value, so you need to be careful with that short-term. It's really a matter of providing our core products and services into those project-based customers. Yes. We're going to go ahead with one last question, and that would be: what would you say to a shareholder who has been investing in this company for a long time and has been waiting for commercial orders for several years? I think that the opportunity is bigger than it's been ever. Well, I'm one of them. So we will turn this company into a global success. That's our job and that's what we're doing. Perfect. Then I say thank you for this presentation and for the questions, and I wish you the best of luck in future. Thank you very much. Thank you. It's a pleasure talking to you. Thank you. Thank you, everyone.