Welcome to the Scandinavian Enviro Systems conference call. For the first part of the conference call, the participants will be in listen-only mode. During the questions and answer session, participants are able to ask questions by dialing star five on their telephone keypad. Now I will hand the conference over to the speaker. Chairman of the Board, Alf Blomqvist, please go ahead. Good morning, everyone. Today, I'm super proud and happy to announce a transaction that will accelerate the circular economy for the tire industry and thereby create a totally new green industry. Enviro has proven its quality and the demand for our recycled material. Now everything is about scaling our industrial capacity. Based on Enviro's unique technology, Enviro, Antin Infrastructure Partners, and Michelin have agreed to create the world's first large-scale tire recycling group in Europe. Having successfully completed this transaction in the midst of financial unrest proves how strong our case is, both from an industrial and a financial point of view. Next slide is the disclaimer, and I won't go through all the fine print there, so I think we can move on to setting the stage. Demand for recovered carbon black are rapidly building up. Michelin and Bridgestone, with a combined market share of 30%, estimate the demand of recovered carbon black by 2030 to be 1 million tons. This means that more than 3.3 million tons of end-of-life tires need to be recovered by that time. That requires a large-scale industrial capacity build-out. Following today's announcement, Enviro will take the lead here. Next slide, please. We are now ready for the next phase of growth by forming the world's first large-scale tire recycling group in Europe, targeting 1 million tons of end-of-life tires by 2030. Enviro is a Sweden-based technology company with a pioneering history that makes us the world leader in tire recycling. We reduce CO2 emissions by 93% while we also help to secure Europe's strategic autonomy of valuable raw materials. The deal is based on our proven technology and long and secure supply agreements for recovered carbon black and oil, resulting in high margins, predictable revenues, which are all perfect ingredients for any infrastructure investor. Next slide, please. A joint venture with significant value creation potential. Enviro, Michelin, and Antin have a unique combination for creating this new green industry. Enviro's unique and patented technology for the extraction of carbon black and pyrolysis oil from end-of-life tires, with Michelin's leading position in sustainable tires and Antin's financial resources and experience in developing and scaling tomorrow's infrastructure platforms. Next page, please. Antin, with EUR 31 billion under management, is our financial and infrastructure partner. Antin has a long track record of identifying, developing, and scaling infrastructure. We are very proud to have been validated after their very meticulous and long evaluation process. Antin will invest through their NextGen platform that invest in infrastructures of tomorrow. Michelin, our largest owner and partner since 2020, is the world's largest and most innovative tire manufacturer. Michelin has already developed the world's first tires for cars that are approved for road use with our recovered carbon black inside. Being the largest tire manufacturer also makes Michelin the largest consumer of carbon black. We move to the page for milestones. Page six, please. We have so far achieved our planned and well-structured strategic milestones, of which Michelin becoming our largest shareholder in 2020 was one of the most important so far. Today, we are extremely proud to announce our next very important milestone in our goal to enable the circular economy for the tire industry. Next page, please. Our technology is proven since 2014. With 1 million tons of end-of-life tires in 2030, we will recover 30% of all end-of-life tires in Europe every year. Our rollout is fully financed through one of Europe's leading and largest infrastructure funds. We have long-term supply agreements for both recovered carbon black and oil in place, and we will contribute to Europe's strategic autonomy of valuable raw materials. By 2030, we aim to reduce CO2 emissions with 670,000 tons. We aim to produce 330 tons of recovered carbon black and six terawatt-hours of oil annually. This will be a significant tribute to achieving a much better environment in the future. Next slide. The Large environment issues set to be counted by our technology. End-of-life tires are almost indestructible in nature, and thereby creating an environmental problem that the tire industry are desperate to solve. They are all realizing the need of being 100% sustainable. That means that no fossil-based material will be allowed, and they would also like to promote circular systems for their tires. Michelin is in the forefront committing to making their tires 100% sustainable and has invested in our technology. Michelin racing tires has used our material, and already today they have more than 53% sustainable material in some of these tires. Enviro has the perfect solution that reduces the CO2 emissions with 93% for carbon black, making steel green and produce renewable oil. Our technology is actively contributing to nine of United Nations Sustainable Development Goals. Next slide, please. Pyrolysis, tire differs very much in autonomy, but they do normally have a fairly high level of natural rubber in the range of 20%-35%, which means that we recover renewable products. 50% of the material we recover is pyrolysis oil. That oil has a bio content of 50%, which gives that oil a very high level of environmental regulatory credits. 30% of what we recover is carbon black. Carbon black is a vital component of a tire, which without a tire would only last 100 km. Our recovered carbon black has substituted 100% of virgin carbon black in different products since 2016, and it's now inside Michelin's most high-performance racing tires. Our batch process can handle that we use tires with different anatomy since we can tailor our output quality. We go to page ten, please. The batch process is core in our technology with excellent controllability allowing for optimal output quality. Our energy consumption per ton produced recovered carbon black is at par with comparable continuous processes. The scale out-up of capacity from 4,000 tons in our existing plant to 34,500 tons in Uddevalla will mainly be done through an increased number of reactor lines. The Uddevalla scale up of the reactor size is the smallest relative increase we have done so far. We have previously done a large number of reactor scale-ups without any problems. The pre- and the post-processes are already verified and tested. Page 11, please. Our unique and patented technology and leading position has been validated for high quality since 2016 through successful product applications, starting with Volvo and more recently with Michelin. We have also certified sustainable solutions by ISCC. Our recovered carbon black is the world's first certified recovered carbon black. Our oil is compliant with both ISCC EU and RED II Directive for refined oil. Next page. End-of-life tires. Our business comprises of three different markets: end-of-life tires, carbon black, and oil. On the end-of-life tires, we have more than 1 billion tires or 80 million tons of tires reach end of life every year. Another 4 billion are, you know, in landfills and stockpiles worldwide. In Europe, end-of-life tires is the most fully collected waste stream, with approximately 95% of all European end-of-life tires being collected. Today, 46% are being granulated, and 41% is used for energy recovery. We aim to take a large part of that. We aim to process 1 million tons of end-of-life tires per annum by 2030 in Europe. Next slide, please. The carbon black market. Virgin carbon black is produced by the incomplete combustion of heavy petroleum products. Carbon black is a huge market and is expected to grow at a rate, you know, more than 5%. The tire industry is the single largest consumer group with 74%, followed by the rubber goods industry with 20%. It is a very consolidated market, very similar to the tire market, where the six largest have more than 50% of the total market. None of the existing virgin producers have any recovery operations and are solely relying on the petroleum bi-based production, while we know that all tire manufacturers are desperate to fully replace petroleum-based materials as soon as possible. Our conclusion is that this is a nearly endless market for us to capture. Next page 14, please. Tire pyrolysis oil is a very valuable product, much in demand due to the specific biological content. We have commercial agreements with Michelin and a U.S. oil major, and Preem has just finalized their production tests very successfully. The oil has several applications with different price points that will involve over time due to the environmental regulatory credit developments. Base chemicals for plastic feedstock, as base oils for industrial applications, such as lubrication oils, processing oil, and rubber ingredients make the process all completely circular. Another circular solution is as feedstock for virgin carbon black to produce green carbon black, but with the old virgin technology. Few sweet renewable content for vehicles, and yet is highly attractive for old oil company that needs to reduce their fossil footprint. This segment generates the highest prices today due to the regulatory credits for fuels. Next page, please. The strong mega trend of sustainability increases in combination with a stronger regional focus. The industry is leading the way. Michelin is committed for 100% sustainability by 2050, but has already today 58% in some tires. This development will continue. My opinion is that it will go much faster than anyone has anticipated. EU will invest EUR 800 billion for the Green Deal Industrial Plan, putting Europe's net zero industry in the lead. The Russian war has emphasized the risk of global supply chains and focused the need for increased strategic autonomy of valuable raw materials and products. Enviro's technology to recover valuable raw materials from end-of-life tires increases EU strategic autonomy in respect with more than 300,000 tons of carbon black and 6 terawatts of oil. The EU's 10th package of sanctions against Russia eliminates 760,000 tons of import of carbon black to EU. Enviro will be able to substitute half of that volume by 2030. All in all, this matches very well into Enviro's future strategy. Next page 16, please. After having proven our quality and created the demand for recovered carbon black and oil, we have now the financial and strategic partnerships in place to start the rollout of our 1 million ton capacity. 2022 focused mainly on finding an ambitious financial solution in scaling. That we definitely have succeeded with. 2023 is about launching the joint venture and starting the construction of our Uddevalla plant. That will be followed with the start of preparation for new sites to enable rapid rollout. In 2025, Uddevalla will be in full production, and we'll validate a full-scale rollout by modular and standardized plants. In 2020, we aim for 1 million tons of end-of-life capacity in Europe. Next slide, please. All the contracts that we have are designed to be fully bankable and creating infrastructure rating. That means that we are going from being a listed venture to being almost directly an infrastructure-classified investment, the highest classification you can have as an investment vehicle. We see that we will have stable and predictable agreements, and they verify the quality for Enviro's recovered carbon black and TPO. Otherwise, we would not be able to have these long-term agreements. The contracts will be fully bankable, which reduces the equity capital requirements for Enviro and our partners. Long contracts secure partnerships that can continue to develop our products. The large industrial scale enables at last our customers to start to invest in circular economy for the tire industry. Next, page 18, please. The third step after the quality and the demand is to roll out our large-scale industrial capacity, starting with Uddevalla. Uddevalla will, after the process has been optimized, be used as a blueprint for the continued standardized and modular rollout. We have received our environmental permit in record time, six months. Uddevalla's initial capacity will be 34,500 tons, and construction will commence during this year and is expected to be fully operational in 2025. Next page 19. The joint venture have already a handpicked and well-prepared international management team. They are in place, and they have all the relevant experience from scaling renewable and energy platforms before. Page 20, please. Enviro has formed a joint venture with Antin Infrastructure Partners. Michelin will join as partner as future plans are being built. Enviro will ultimately own approximately up to 30%, but the initial investments will be financed by our partner, Antin. The joint venture will have infrastructure characteristics with stable and predictable revenues and attractive debt financing terms. Page 21. The joint venture is operationally independent, which enables Enviro to focus on our own technology, our core, our research and development, and marketing and sales of our products. The marketing and sales are closely connected to our product development. The joint venture is responsible for securing new sites throughout Europe to secure feedstock and to roll out the new plants. This is a very efficient way forward for Enviro. Page 22. Enviro's financial upside comes from three different areas, which gives full upside participation, but limited downside risk. First of all, we get full cost coverage for the services in development, the construction, et cetera, which reduces Enviro's cost burden until plants get commissioned. Asset fees, similar to royalty, linked to performance and profitability for each plant, will provide Enviro with a stable and predictable long-term earning space. On top of that, the value creation from our 30% in ownership, highly cash-generative business with strong return on equity due to favorable leverage on infrastructure. Significant value creation for the joint venture owners as the business matures and gets reclassified from next generation to mature sustainable infrastructure with that kind of high multiple valuation that you normally have with that kind of investments. Having announced this amazing rollout platform today, Enviro's next state strategic milestone will be having Uddevalla up and running. Thank you so much for listening to this transaction that we have now launched. Thank you very much, everyone. If you wish to ask a question, please dial star five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial star five again on your telephone keypad. The next question comes from Rikard Rönnblom from Private Investor. Please go ahead. Yes. Thank you very much for the presentation, thanks for taking my question. My question is about the financing of the Uddevalla plant. You write in yesterday's press release that the plant construction is subject to a final investment decision by the joint venture. My question is, as of right now, is there still no investment decision made for the financing of the Uddevalla plant? A follow-up question. Yeah, sorry. Yeah, you can go ahead. No, no. Okay. No, it is like in all industrial roll-outs. Every separate investment decision will be taken separately. So far, what we have released right now is the joint venture, the financing structure, et cetera. The final investment decision on Uddevalla is not yet completed. Okay. I have a follow-up question. In the latest press release yesterday, there are no investment amounts mentioned. The question that I have that is there at this point, is any investment or capital committed or guaranteed for building the Uddevalla plant? In the shareholders agreement, we have agreed on the ambition, the plan to build 1 million tons of capacity. That is what we have agreed on. Every separate individual investment decision will be a separate decision. Those decisions are not yet formally taken. Yeah. This is more of a letter of intent. There is no capital committed or actual capital guaranteed. It is exactly what I said. Okay. Thank you. Thank you so much. As a reminder, if you wish to ask a question, please dial star five on your telephone keypad. There are no more questions at this time. I hand the conference back to the speakers for any closing comments. Thank you so much for listening. As I said, this is an extremely important milestone for us. With this decision, with this joint venture, with this cooperation between the three parties that have been developed in detail for a very long time, we are now taking the lead in making all of Europe a more sustainable place. We also start with a totally new green industry, making tires circular for the tire industry. Thank you so much.