Good morning and good afternoon. Welcome to Hyzon's 2022 Analyst Day. I'm Darla Rivera, Senior Manager of Investor Relations. We are live from our European headquarters in the Netherlands. I hope you enjoyed some of our highlights from our tour as we took attendees through our facilities earlier today. Presenting today are Craig Knight, Chief Executive Officer, Sam Chong, Chief Financial Officer, Parker Meeks, Chief Strategy Officer, Claire Corno, Director of Operations, Europe, accompanied by Mark Gordon, Senior Advisor, and Matt Murdock, Raven SR Co-founder and CEO. Hyzon issued our presentation that can be found on our website. As a reminder, our comments within this webcast may contain forward-looking statements, which may include expectations and assumptions regarding the company's future operations and financial performance, and are subject to various risks and uncertainties. For a complete discussion of the risks and uncertainties that could cause actual results to vary, differ materially from any forward-looking statements, please refer to our filings with the SEC, including in the presentation issued yesterday, which was furnished on Form 8-K with the SEC. Except as required by law, we assume no responsibility for updating forward-looking statements. During the webcast, we also refer to certain non-GAAP financial measures. With that, I am pleased to turn the mic over to our Chief Executive Officer of Hyzon, Craig Knight. Thank you, Darla. I think we have a clicking issue. All right. Darla was clicking, but I don't think she was pointing the right way. Thanks everybody for joining us today. I'll spend a little time speaking about how Hyzon will become a leader in the hydrogen economy. Hyzon has what we call a competitive moat. We have leading fuel cell technology and a first-mover advantage, which we'll exploit to position ourselves for success in the future hydrogen economy. Our core focus is on the higher margin value pools in the vehicle and the vehicle ecosystems. We focus on heavy commercial vehicles. We focus on the markets initially using back-to-base and very high daily utilization scenarios, and this catalyzes a massive addressable market for Hyzon in heavy commercial vehicles globally. We have a strong pipeline with partners and customers in four continents already. We build partnerships with companies that are very progressive and proactive in hydrogen ecosystems. We see the potential for Hyzon to benefit from attractive recurring revenue streams from different parts of the hydrogen ecosystem, and we will speak to that. Just a word on the technology. We got here because of almost 20 years of technology innovation and development and commercialization through Horizon Fuel Cell Technologies. It's a company that I was involved with since 2003, and we always had our catchphrase of "Think big, but start small." We actually see that this is entirely epitomized by our journey from little tiny air-cooled fuel cells to very large liquid-cooled fuel cells, which today are powerful enough to propel Class eight trucks down the highway. When you think of Hyzon, we want you to think of commercial mobility and, more importantly, the enablement of commercial mobility. What do we mean by that? It's making sure that the technology is robust, that the vehicles perform at or better than their diesel counterpart levels, and that the cost structures associated with using these vehicles are competitive and keep our customers competitive in their own businesses. Very importantly, a fuel cell electric truck is of little use without hydrogen, and we are very proactive in partnerships around hydrogen, and you'll hear about one of our key partnerships today. We work with our partners very closely to facilitate the build-out of hydrogen ecosystems that are based initially on back-to-base types of operations, which provide very compelling overall hydrogen ecosystem investment opportunities and provide great cost of ownership models for our customers. If you think about where hydrogen can capture value and where we create value for our customers, we work, as I said, with partners on hydrogen production, and other elements of getting this hydrogen into vehicles. Hydrogen is really a situation of very little demand today. It enjoys a very nice scale effect. As hydrogen scales, all the costs associated with hydrogen in vehicles improves, makes the cost of ownership more and more compelling over time, and this happens in parallel with electricity grids and fossil fuel supply chains being under a lot of upward cost pressure. We believe that we are already reaching the tipping point for significant hydrogen adoption based on cost structures alone, let alone the fact that we totally decarbonize the fleet operation. Very importantly, this core technology I spoke about before enables us to essentially offer an application based around that technology. To us, commercial vehicles are an application for our core technology. We chose to become a master vehicle integrator and to sell under the Hyzon brand. Why did we do that? We did that to accelerate the rate at which governments and corporations can decouple from diesel. We saw a reluctance of major incumbents to be proactive around hydrogen in years gone by, and we decided to become much more proactive and to aggressively facilitate the rollout of trucks, buses, all sorts of heavy vehicles using our fuel cell technology. We don't only sell Hyzon-branded trucks or buses. For example, in Q1, we announced the sale of two fuel cell systems into two other applications that were not powering trucks, for example. We will see more and more of these types of developments where industry players are looking to PEM fuel cell technology as the key enabler of their decarbonization pathways. These markets could include rail, marine, mining, stationary power generation, all sorts of backup power, and a lot of other places where combustion engines are used today. Remember, we're here to facilitate the decoupling from fossil fuels. We usually say decouple from diesel because we like the ring of that. I just wanna talk a little about the markets. We received some excellent news recently, and there's a little sticker in the corner of the presentation here. We received confirmation that the Hyzon repowered trucks in classes six, seven, and eight, in other words, medium to heavy-duty trucks, have been certified under the California Air Resources Board criteria, so that when customers are looking to buy these trucks from Hyzon, they can qualify for the voucher program that is in existence in California, which dramatically reduces the capital cost of the vehicle for the customer. You're talking about north of $200,000 per vehicle in just about any use case for a Class eight, and for port drayage, there are additional adders, and we believe that there are many applications in California which will all of a sudden look very, very compelling to our customers when they enjoy the HVIP vouchers at the point of purchase of the vehicles. There are other initiatives around Canada and the United States which are adding tailwind to the conversion to hydrogen. Also, everybody here in Europe is very much aware of the energy crisis that is impacting natural gas, electricity, and liquid fuels, and it's creating a level of impetus around the conversion to hydrogen that frankly is staggering and something that we couldn't have anticipated in, you know, even until very recently. We see strong support from European countries and the E.U., and there'll be some more references to that a little later when we dive into the European market. I just wanna provide a little detail. We won't go into infinite detail on this slide. People can absorb it in their own time. What we wanna make clear is that we focus on the non-commoditized part of a fuel cell vehicle and the enablement of the hydrogen ecosystem. We don't build a chassis or a cab or seats or doors and windows, like I always say. We focus on the fuel cell electrification and facilitating the production and supply of the hydrogen. Together, those parts of the total cost of ownership picture for a commercial vehicle represent around 80% of the whole of life costs. We'll speak a bit more about how Hyzon plans to capture value beyond just the fuel cell component of the vehicle. One thing to note is that fuel cell electric vehicles are already becoming very cost competitive. I mentioned how in certain jurisdictions like California and also in Germany and the Netherlands and France and other places around Europe, we're seeing very strong government support, and this manifests itself in rebates, in support for hydrogen infrastructure, and we've got an example on the slide of the total cost of ownership picture brought up to date recently here for California. Frankly, a fuel cell truck can already be cheaper than a diesel truck. This is not some, you know, dream about a ten-year out reality. This is right now, and it is on this reality that we know the tipping point will be based, where it no longer makes any sense for fleet operators to purchase diesel vehicles knowing they have a very limited life ahead of them, whereas a fuel cell electric vehicle is a future-proof zero emission vehicle. I get double duty today. I get to talk a little bit about technology. I wanted to make a mention about the increasing Hyzon content in our heavy vehicles. We are currently developing, and we'll dive into a couple of these details, additional components and sub-assemblies within the vehicle beyond the fuel cell system that enable Hyzon to alleviate supply chain challenges in some areas, to improve our responsiveness to the market, and very importantly, improve the efficiency of the vehicles so that our fuel consumption is optimized. Finally, to earn an attractive margin on a sustainable basis. We have concerted efforts going on in the fuel cell. I'll talk a little bit more about that in a moment. Battery packs and systems management systems, electric drive systems, power electronics, and hydrogen storage systems, integrated systems in the vehicle. By optimizing each of these sub-assemblies in a vehicle and the way that they all work together, we have the opportunity to make vehicles more reliable, cheaper, longer lasting, and providing us more attractive margins over time. On the fuel cell specifically, we must maintain our leadership position on technology. We are putting currently our 150 kilowatt stacks, which we call a 120 net kilowatt system, into our heavy trucks, and so far this is the most powerful single fuel cell stack that powers any truck anywhere, to our knowledge. This fuel cell is already suitable for quite a lot of truck applications, especially in the early stages of our commercial focus in back to base trucking. However, as we look at the broader market for heavy trucks, and we look at the demands of long range trucking, long haul trucking, we really need a more powerful fuel cell, and that's what we have been testing and which we'll be commercializing late this year, which is a 250 kW stack or 200 kW net system power. Our fuel cells are designed to be in trucks. They are designed to run higher on the power curve than what some other fuel cells are in the market. This 200 kW net system will power long haul trucking with performance at or better than diesel in almost any case. Hyzon is manufacturing our own fuel cell stacks from go to whoa, not only including the membranes but also the bipolar plates. We have an innovation center with a fuel cell center of excellence in Bolingbrook, Illinois, where we have already built our American-made fuel cells from membranes through systems, and we will continue to invest in the technology that keeps us in a leadership position in the performance of our systems. That comes from these core technology developments. On the Membrane Electrode Assembly, this is really where the magic happens in fuel cells, as a lot of people have heard me say before. This is very differentiated technology, and this is something that is a significant barrier to entry for any player who wants to get into fuel cell commercial vehicles. The capability to make in-house and innovate around the MEA as the core part of the fuel cell and where the reactions happen between the hydrogen and the oxygen. This is a very significant barrier to entry for new players, and we believe that the facility there in Bolingbrook really showcases our core IP, which we are explaining to the world is the key enabler of the hydrogen economy. I won't spend a lot of time on the other elements of the technology being developed, but we are working on electric driveline equipment, which the most important thing to the customers is it'll deliver at least the same kind of performance as what we have now with central motors, but with better efficiency. Every time you're more efficient, you use less fuel, your total cost of ownership improves. We have a global footprint we've spoken about many times before. We're here in the Netherlands, where we are assembling vehicles for the European market and some export for out of Europe. We've recently announced a small facility in Australia, and obviously we have several facilities in the United States, with the flag bearer being the Bolingbrook, Illinois Innovation Center. We'll speak a little bit about our strategy around manufacturing and operations. We have centralized engineering and development, and we are pursuing a centralized manufacturing of core key components and sub-assemblies, and distributed assembly in market on vehicles that the customers know, the customers like, they're already familiar with. With that, I will introduce Claire Corno, Director of Operations for Hyzon Europe. She'll speak a little more about what we're doing here, about how it's fitting into the market, and some of our expectations out of Europe in the near term. Thank you. Thank you, Craig. Welcome again to everyone here today and also to our viewers online. My name is Claire Corno. I've been with Hyzon now since July 2021, where I joined as the Director of Programs for Europe, and in February this year, I transitioned into the position of Director of Operations here in Europe. Prior to that, I worked in the defense industry in Australia and throughout Europe, delivering capability acquisition programs, both development and manufacture, to several countries around the world. Today, I'd like to talk to you a little bit more about the site where we are today. In Winschoten, the city just east of Groningen, we actually have three facilities, starting with our office facility for centralized services. These are our commercial services in the business with a close link into the U.S. We also have an experience center underway, which is the home base for our sales and BD team, and where we invite customers to come and experience the product for the first time. Then moving here to the facility where we stand right now, a 42,000 square meter production facility with two main production halls and some office facilities. We're working at the moment to expand the capacity of this production facility from where we stand today to 1,000 vehicles. To achieve that, we're focusing on several key success factors for the business here. Firstly, Hyzon is reaffirming its commitment to Europe. We have increased our stake in the joint venture from 50.5% to 75%. That will close in the H2 of this year. Secondly, importantly, we are executing a controlled manufacturing readiness plan to scale us from where we are today to where we need to be to meet market demand in the future. That will be in two phases. Firstly, starting with the production set up on a standardized line in the hall where we're currently assembling and moving forward to expanding line production. Starting with our basic building block and working to expand and multiply that as we move forward. Also, critically, as Craig has said, we have a fantastic global team, and we intend to leverage that to the full extent. The team here in Europe will be working very closely with our teams in Australia, China, and the U.S. to gain the synergies that we can from our supply chain, from our engineering development, from our centralized services, and also across the manufacturing elements. Finally, all of this is useless if we can't get it to market. For that, we're concentrating on how we maximize our early mover status, how we gain subsidy access for ourselves and for our partners and customers to take advantage of all the great work that the governments are doing at a federal and at an E.U. Commission level here. Focusing more on our manufacturing readiness program. We have fantastic technology within the Hyzon business, and we need to pair that with a fantastic operational environment and proven production environments as we move forward if we wish to scale at pace. To do this, we are starting here with, as I mentioned before, a phased approach. In the hall we're currently working in today, which our guests here visited earlier, we will start with establishing an initial line production following the static production that we've had to date. We will prove that as a building block for the future, both in our tooling and in the infrastructure that we're using, so that we can then multiply that as we move across into our second hall and then scale at pace. When I say proving tooling, proving our infrastructure, I mean making sure that we can achieve the throughput that we are planning for and also assuring for our employees that we can meet our high operational health and safety targets and also our environmental targets for the business as we move forward. Hand in hand with the actual infrastructure and tooling scaling, very, very importantly is establishing our financial and control systems both for inventory and for production, as well as making sure we can handle the various intercompany relationships that we're expecting between our global sites for both modules and at a vehicle level. Next to that, extremely important, establishing our quality systems, proving our quality systems both internally and for the assessment, selection, and monitoring of our supply chain as we move forward. Critically, the other thing this will enable is through control of our finance and inventory, through control of our build status, and through control of quality, that we can prove our compliance to the various regulations that are required of us here in Europe, and that we can slowly step away from our third-party dependencies for vehicle acceptance, so that when we are at full scale production, we can release vehicles from our site without having to go back for external approvals. To achieve this, as Craig mentioned, we can't do it alone here in Europe. We are very dependent on our international team, and that's the way we like it to be. We have several bases around the globe where we are both developing and looking to manufacture our product, centralized powertrain and module development out of the sites in the U.S. and around the world, and also homerooming of our various platforms. We are looking at having a home base for each of our platform developments, meaning as the teams work together, they can act as gatekeepers for each other. We can watch the control within our organization, control our quality of design, and then control the release into the manufacturing environment. This globalization will also help us to make a more robust organization. The more closely our work we are working together, the more easily we can counteract any external impulses which might come, any external influences which we might have to deal with. More specifically, taking that concept to three stages of the implementation chain. Firstly, looking at the sub-assembly of modules. As we standardize, not only can we improve from a technical perspective, as Craig mentioned, the reliability and the sustainability of our product in and of itself, but we can also improve its implementation throughout the operations chain. The more standardized we are, the more we can ensure that we have an optimized rate of product iteration through feedback from the global teams, firstly in design and then also as the same modules enter various production lines around the globe. Through that, we'll be able to reduce our production times and improve the overall quality of build. At the end of the day, for the modules, we globalize as much as possible and localize as much as necessary. Moving forward to final assembly. If we standardize our products as much as we can globally, we'll be standardizing the production tooling that goes along with those products. We'll be standardizing our internal training and documentation and standardizing also our quality processes. We'll be getting a faster feedback loop on the product itself and also a faster feedback loop on how well we're implementing our product manufacture and where we might need to do some adjustments. Finally, not to forget the customer experience. The more globalized, the more standardized our products are, the more we can ensure that we have a really clean handover to the customer. We can't forget we're trying to move these products into the market as quickly as possible, but we are dealing with new technologies, and we will need time to spend with the customer to familiarize them with these technologies and to make sure that we're giving them all the information that they need for a clean implementation in their fleet. The cleaner we are internally on our product development, our product documentation, and our production, the more bandwidth we will have to ensure we have time for the customer at the end of the day and clean training to hand over to them. All of this works hand in hand with the ways that we're actually moving to market. As Craig mentioned, it's been a huge wave moving forward here in Europe in terms of support for the energy transition. In Europe, it is no longer a question of when we might be doing this. It is no longer a question of how we might be doing this. It's a question of how can we do this faster. To that end, we need to make sure that not only we as a company can access all the possible government support, but that we work with our partners in the hydrogen ecosystem to enable them to have the best access possible to this governmental support. To that end, we work closely with our own long-term partnerships. For example, with MPREIS, where we're building a customer relationship and building a product baseline, which is intended to be for the long haul. We're working with customer consortiums. Where customers come together to educate themselves, we try and work with them as closely as possible to also share the information that we have with them, the ideas and the implementation strategies to get them access to government support. Also importantly, we work with partners like Russell in the U.K. so that we can make sure that we have on-base support for sales and after-sales, so maintenance and care of the vehicles over time, and make sure that they can get access to all the support that they need from the government. Finally, the last part in the infrastructure, obviously working closely with partners like TotalEnergies, where we can make sure that we're teaming up for the fuel and infrastructure partnerships over time. These are, in effect, great ways to establish our relationships and accelerate the hydrogen economy, but they're also accelerators for us to get trucks on the road at the end of the day. Finally, a little bit more on the subsidies themselves. Within Europe, there is a very wide range of subsidies, and these are only increasing over time, all the way from technology development at the lowest level, research and development, and the implementation of initial technologies into a product form, through to proof of concept, where we're seeing a large amount of movement in the U.K. for funding to actually take hydrogen ecosystem concepts and prove them in daily operations. Finally, through to a very large push in Germany, where we're seeing direct funding for the purchase and lease of vehicles and also the establishment of hydrogen infrastructure. Lastly, there is also support throughout Europe for the buildup of manufacturing capability, and as Hyzon grows throughout Europe, we will look to take decisions about what we may do in addition to the actual vehicle integration and how we might leverage that funding into the future. To talk a little bit more about how we are using these opportunities within the business to build the hydrogen ecosystem even further, I would like to hand over now to our Chief Strategy Officer, Parker Meeks. Thank you very much, Claire. It's very nice to be with you all today. As Claire said, I am Parker Meeks, Chief Strategy Officer for Hyzon Motors globally. My background pre-Hyzon, which today marks my one-year anniversary with Hyzon, excitingly enough. Pre-Hyzon, the bulk of my career was in energy and infrastructure. Part of my remit on top of strategy growth and partnerships is helping us determine how we can best bring fuel to our fleets. As you saw on the slides that Craig spoke to before, 50% of the total cost of ownership for a Class eight heavy-duty truck across its lifecycle is fuel. We can't sell trucks simply economically without knowing what the answer is for clean fuel brought to fleets where they need it, when they need it. Because of that, Hyzon has developed a strategy on how we work with partners to do that well at each step of the fuel value chain to bring that fuel to our fleets. Our philosophy is quite simple. We need clean, local, low-cost, scalable hydrogen available in the footprint of demand to bring to our fleets as they scale. What does that mean? We believe in low to negative carbon intensity hydrogen that is built locally within the footprint of the back-to-base fleets, the early movers that are moving on our trucks now. Low cost with great partners across feedstocks to produce hydrogen from what's available locally, and to do that in a modular fashion. As this market develops and evolves, back-to-base fleets will drive opportunities to have economic fuel available for those fleets. With a modular design with our partners, we can scale that fuel, scale that production, scale that dispensing as those back-to-base fleets grow and as long haul starts to open up. We believe, as I said before, in a multitude of feedstocks. You can make clean hydrogen very cost effectively today from a range of feedstocks, ranging across solid waste, biogas, and other forms of recovered methane, wind, solar, and other renewable power, in many other forms. We're working with partners to build these ecosystems across the full value chain, from production to short-haul distribution. Again, local within the footprint, say 100 km of that back-to-base fleet. Deploying fuel for the fleets of today with an eye towards scaling that fuel for the fleets that will come on stream later. To enable that first, we've partnered with production partners across the feedstock types. We can produce that clean, local, scalable, low-cost fuel. Raven SR you'll hear more from today. Tremendous technology to bring fuel to market from solid waste and from any form of gas. TC Energy is a well-known North American based midstream provider with great access to renewable natural gas for us to be able to work with them to site in hubs. Transform Materials brings the technology that can produce clean fuel while also producing acetylene and carbon black, so an ability to capture that carbon in a solid form. ReCarbon as well can take any form of methane. Woodside, global energy player who has talked about using solar and wind. With this, today, we can bring fuel to market with our partners, we believe, at or below diesel parity with the help of subsidies in some regions, and we believe we'll get there very soon without the need of subsidy. Hyzon brings to the table the ability to invest in those projects with our partners and to bring demand. Raven, again, I won't steal too much of Matt Murdock's thunder, but to go a little bit deeper, and make it real. How do we take solid waste, turn it into fuel? Well, simple example, one garbage truck payload can make enough fuel to fuel 30 heavy-duty trucks. Now, we can also take that Raven solution off the grid. It does use power to turn that waste to a fuel, but we can take it off the grid completely by spinning a micro turbine that Matt will go into more detail on. Fuels 15 heavy-duty trucks and makes it a completely self-sustaining system, not reliant upon the grid, which we all know is challenged in many parts of the world now, which will probably only become more challenged as more BEV vehicles roll out. We believe, again, that we can create economic back-to-base hubs, bringing fuel to our fleets today, and build a long-haul network with those very economic, fully utilized back-to-base hubs. This example shows the state of California. You see the blue dots that are highlighted and circled. With these six locations, one of which we've announced already that Matt will talk about more. Those six locations, we believe we can have fuel online very, very soon that stretches from Sacramento down to San Diego with an ability for our truck, which currently has a range of 300-350 miles, to travel that entire distance with fuel. We start with a phase I foundational set of hubs in a region. Back-to-base fleets fueled. Customers leading us to additional hubs in green. That creating the bare bones of a long-haul network that we fill in over time. This is the way to bring fuel to fleets locally, back to base, low cost, and clean, and to open up long haul with that. In Europe, we're very focused on bringing this concept over to Europe, so we're already in siting with our partners in eight different nations across Europe. We have over 10 locations identified that we're very excited to move forward. Again, that pipeline of locations in a country and across a region, we're focused on opening up fuel for the back-to-base fleets today and to enable a European long-haul network with our partners over time. What role does Hyzon play? Right. This shows the full life cycle of a project. You see the logos for Hyzon, where we think we bring value and where we play. The answer is we play where we can add value. That's in bringing demand. We bring the demand from the customer, from the fleets. We bring capital. As Hyzon, we believe it aligns our incentives for Hyzon to invest our capital in the production point, in the project itself. We structure leases with our customers. Our customers come to us in many cases saying, "We want you to bring the full value proposition, the full ecosystem, the truck, the service, the maintenance, and the fuel." We rely on partners to help us with the product development, with engineering, design, and construction of the production points of dispensing and with the operations. Right? We're a passive investor in production. We bring demand with our partners to secure against that production, and we bring financing and all-in leasing concepts that include fuel. Right? Creating the ecosystem, providing that full solution for fleets, and bringing our partners who do that very well across fuel. How are we doing in establishing those partnerships? Well, this shows a view across the three main regions that we operate in today, North America, Europe, and Australia, New Zealand. You can see we've made a lot of strides. In Europe, we have partnerships that check the boxes all the way from feedstock to production, to distribution and dispensing. We're still working to deepen some of those, have additional partners join the fold, but we can bring the full life cycle of fuel to market with our fleets now. In North America, the missing piece is dispensing. We're quite advanced in dispensing conversation with several leading brands and partners, and we're quite excited to announce a few of those dispensing partnerships very, very soon. In Australia, New Zealand, you may have seen our announcement recently with RACV. We're quite excited to get going with our partners in the ecosystem in Australia and New Zealand to bring these concepts there. What's equally exciting for us in the partnerships that we form to bring fuel to fleets is many of these partners also sell fuel today, sell diesel to the same fleets that need to transition from diesel to fuel cell trucks. They also become partners of ours to bring a channel for us to bring solutions to fleets with a fuel provider that they already know and trust. One of the key points in this whole chain is in dispensing. Here we talk about production and the solutions that we have in place today with partners to bring production online. Optimizing dispensing is the critical sort of final piece to have this full infrastructure roll out well. How do we put in place innovative concepts in dispensing that are economic in fashion, and help us maximize the availability of hydrogen? We see a multitude of solutions available to bring dispensing. We certainly will do hydrogen-dedicated dispensing, particularly for our behind-the-fence, on-premise refueling fleets. Many back-to-base fleets that we're focused on today fuel diesel behind the fence, and they want that same experience. That's how their operation works well, and we believe that's part of hydrogen's value proposition. Putting hydrogen dispensing behind the fence to fuel fleets is very similar to the way diesel is put on-site today as compared to putting a multitude of high-speed BEV chargers behind the fence if you're gonna try and do BEV trucks. Additionally, on the public-facing side, we believe there is an opportunity to, with our partners, to bring a multifaceted approach to leveraging their existing stations. Gas stations add hydrogen. Many of the gas stations and diesel truck stops today are in the right spots. They're where trucks travel, and we're working with our partners to identify those existing assets, low-cost way to add hydrogen dispensing to existing gas stations, diesel truck stops that are also potentially putting in BEV charging. Additionally, there are a growing number of all of EV charging stations. Many of those are in the right spots as well. We're working with EV charging station networks to identify what locations might make sense to add hydrogen fueling to that. There's an opportunity for fuel cells to play a role in that design that I will get to next. Finally, in some locations, there's an opportunity for a hydrogen dispensing station to also provide an ability to help balance the grid. When you have hydrogen storage on-site already to fuel trucks, and you provide a fuel cell for power at that same location, you can additionally capture power off the grid at low power prices with an electrolyzer, add that hydrogen into storage, and then deploy power on the site whenever that grid balancing need needs to take place. You'll see across the bottom of the slide, we have partners from many different parts of the fueling industry that we're working with to help optimize deployment of hydrogen infrastructure, leveraging existing assets as much as makes sense. What could that energy plaza of the future look like? We actually believe that we are on the cusp of a multi-fuel world, right? Diesel trucks will still run for some period of time even as we start to phase them out with fuel cell trucks. There will be BEV vehicles charging as well. There will potentially be CNG internal combustion vehicles charging as well. Both we see an opportunity for us to work with our partners to make the most economic stations of the future with multi-fuel. Additionally, to deploy fuel cells on-site to potentially optimize the operation of that station. What do I mean by that? Imagine a world where we have a multitude of high-speed chargers on a location, because we all know charging takes a long time. How are they trying to fix that? 500-kW to megawatt chargers are the future, right? The grid may not be able to handle all that power at one time if 10, 15, 20 trucks show up at once to use megawatt chargers. How do you solve that problem? We believe fuel cells have a role to play. If you have hydrogen on-site already, you have an electrolyzer on-site as well, you can again grab power whenever power price is low, make that hydrogen on-site, put it in, into storage, and then when that power boost is needed, a fuel cell is often the best answer to provide that power to help support battery charging, particularly when storage times are more than four hours. The point is we at Hyzon see a multitude of roles that Hyzon can play, and that our technology can play, not just in trucks, but in the ability to bring fuel to market, and the ability also in some ways support the future of a multi-fuel world, including supporting BEV charging. How could this scale up? I showed a chart before with California of three different phases. If you take the example of Europe, you know, we see a world where our first focus is on demonstrating this technology in the European context. One to two countries to get started, validating the various forms of feedstock to produce hydrogen. You know, fueling the first few hundred trucks. Back to base focus, putting the technology into use here. That's scaling with our customers, with our back-to-base fleets across an additional set of countries, expanding as those countries in Europe opens up, subsidy enables the technology to perform, crossing over the 1,000-truck threshold and scaling the capacity both with new hydrogen production locations, but also modularly scaling the initial locations that see that demand growing. We're quite excited to bring this with our first locations very, very soon in Europe and to start the localized production of hydrogen to enable long haul. Doing that in a model that, again, brings it all back together, where Hyzon is able to bring with our partners the vehicle, maintenance, fuel, all wrapped up in single financial structures to help our fleets make a full transition. To go deeper into one of the areas that we're most excited about, which is waste to hydrogen, I'd like to invite up to the stage Matt Murdock, CEO and co-founder of our partner, Raven SR. Thank you, Parker. Good afternoon, good morning, everybody. Thank you so much for coming. It is a privilege to be here, so thank you so much, Craig. Really enjoy this. My name is Matt Murdock, and I am, as Parker said, the CEO and co-founder of Raven SR, which is committed to converting waste to fuels. This has kind of been a vision of my family for many years. My great-great-grandfather actually took waste from agriculture, converted it into steam, and built the first steam-powered tractor in California, which eventually became a company that many people know as Caterpillar. From there, my second cousin also then began looking at this waste problem, trying to find a green alternative to incineration, trying to figure out a way to clean this planet while at the same time providing clean fuels. As you can see on the slide in front of you, many iterations of this technology developed since the 1980s. It's one of the things we like to point out at Raven is that this technology has been used, has been commercialized, has been put into service, and has successfully processed multiple different kinds of feedstocks. It's one of the focuses that Raven has is to do both sides of the equation of both producing clean fuels and also cleaning the environment at the same time. As you can see on this slide, this technology, this information is focused on multiple different feedstocks, which makes it very unique. We can process biogenic, we can process plastics, we can process wood, we can process biomass, all at the same time. There's a fun little list I invite people to look at afterwards of all the different waste that's been processed, including NASA waste that Dr. Galloway did back in the eighties and nineties. It's really been one of those processes that is agnostic in many ways to feedstock. I can really geek out on some of this, so I'm gonna try to stay really light and at about 60,000 ft on the process. It's one of those areas that's important because as we look at where the economy is, we ask ourselves, "How are we gonna provide the hydrogen? How are we gonna provide the clean fuels?" Since many areas are limited in what they have, and we have this kind of feedstock or we have this kind of location. Well, Raven SR has a process that can take different kinds of feedstock all at the same time. In brief, we can take gases, which jump right over the first stage reformer and go right to our second stage reformer, and I'll address that in a minute, or we can take solid waste. We take that solid waste wet, we exclude all oxygen from the process, and then pyrolyze or gasify those solids into a raw syngas. When that raw syngas leaves our first stage reformer, it goes into the second stage reformer. In that process, about 20% of the solid carbon drops out in what we call a biocarbon as opposed to biochar, primarily because there's no oxygen and no nitrogen that are gonna be used in that process. We also use no catalysts, which makes it very unique in the sense that we can process different kinds of feedstocks at the same time. We process it wet without catalysts in a reductive chemistry, making it so that we can operate much closer to urban areas. We can operate much closer to where feedstock or fleet demand might be. That raw syngas, though, goes from our second stage reformer into our first stage reformer into our second stage reformer, at which time we end up with a really high quality syngas rich in hydrogen. I'll show that in a second. That's one of the things that we talked about at Raven, is that we're very unique in making superior syngas regardless of the feedstock. The feedstock can vary from plastics to biogenics, but we consistently hit a syngas of really high quality, and then what will change would actually be the quantity. From that syngas, which is essentially a building block, can go into multiple different third-stage reactors. We can go into sustainable aviation fuel, methanol, and as we're talking about today, hydrogen. This is where Raven actually shines and is again demonstrated after years and years of Dr. Galloway's work in his previous iteration of processing multiple different kinds of feedstock. As you can see just briefly on the slide is that we have about 60% hydrogen in our syngas, about 30% carbon monoxide, and then that goes into the third stage reactor, setting this up nicely for Fischer-Tropsch or water gas shift for hydrogen. We don't have NOx or SOx. We don't have the particulate matter that's typical of what many people think of as gasification. We like to talk about how the fact that Raven is a non-combustion process. It's important because Dr. Galloway, as I said in the beginning, was trying to solve a problem of waste and trying to do it in the most green possible way so that he could protect the environment as he was cleaning the environment at the same time. By being non-combustion, we actually process all of our waste into a fuel. Most gasification systems, pyrolysis systems, they're combusting or burning part of their feedstock, reducing their overall efficiency. We actually produce the entirety of it, 20% dropping out by dry weight as biocarbon, and then the rest going into syngas. As opposed to incineration, we don't have the dioxins, the furans, the carcinogens, the particulate matters that are typical of many other processes. It gives us the ability that because we're non-combustion, we don't have typical operational problems of tar, slag, hotspots, and it actually makes us much cleaner. Again, we can operate much closer to where demand is. It's also great for neighborhoods, whereas in some districts where there are low-income regions that have problems in the neighborhood, this is a great operation that keeps it, so it's actually we're actually cleaning up the environment where we are. As we talked about, one of our strides is to be grid independent. Raven is electrically heated. It's not a combustion system, but it does take energy, so we are electrically heated. To find that source of the electricity, there are many different means, whether it be renewable, or whether it be more biomass or methane. There are many different ways where we actually are designing the system to be autonomous and set apart, so we can process the waste on location and generate all our own electricity. This lowers our production cost. It makes us more independent. We don't have to worry about brownouts or being a burden to the grid around us. As we've talked about, this is actually the design plan for our system that will be going into Richmond. We were targeting quarter four of this year, and it'll probably be the beginning of next year due to global supply, like that we're all discussing. This system can be built fairly quickly. Raven SR has the capacity, both to build some of our own equipment as well as the relationships that we're building with other vendors, that we can put this system in place quickly. Because we're non-combustion, because we meet so many of the boxes, permitting is much less of a challenge. There's still 1,001 things that have to be checked off. However, all those conversations are going well, and going forward, and permitting is actually not a critical path for Raven SR. This system here will be processing about 70 wet tons of biogenic waste, and I say that specifically, green waste, that will be producing about 5,000 kg of hydrogen every single day. This will be online, as I said, by the beginning of next year, Q1, hopefully. We will be selling this fuel into the market, and Hyzon is gonna be one of the offtakers providing fuel onto their fleets. Additionally, we also have what we call the G-Series. We're very clever in our naming. The S-Series is solids to fuels. G-Series is gas to fuels. The G-Series can take landfill gas, low methane landfill gas, renewable gas, flare gas. We can take those gases that are out there and operate, again, autonomously as close to the source as possible and build them much smaller, and much quicker. That picture you see on the inset is actually our second stage reformer, which has multiple patents on it. We actually fabricated ourselves. We just posted this morning on LinkedIn, a little picture of them standing it up. This will be tested and commissioned, fully commissioned in August of this year, and we're going to be setting up a G-Series some place in Northern California, hopefully before Christmas. It might be Q1. We're still looking for a home for that. This G-Series can be built very quickly and provide fuel off of any of the gas sources that we're looking at. As I said, one of the things about Raven SR is not only are we committed to creating clean fuel, but we're also committed to cleaning the environment. There's a lot of discussion about green, and if anybody knows me or has ever seen me present before, I tend to get on a little soapbox about green. I think green needs to be much larger and holistic in our approach of what we're talking about when we talk about being green and helping the environment. We do say we're producing clean fuels, but that one system in Richmond, California that we're producing is gonna produce 5,000 kg of hydrogen a day, which is enough for 97 million mi in a hydrogen car or about 12 million mi in a Hyzon truck. It's pretty significant what we're gonna be doing. It's gonna be operating about 340 days a year with some downtime. From that process, we are actually eliminating waste that's coming into landfills. We're avoiding emissions that come from organic waste, of which is one of the leading causes of greenhouse gases. We're also sequestering biocarbon. We're actually capturing our CO2. We also have the avoided emissions by people actually driving in hydrogen vehicles. There are some process emissions that come off the tail gas of a PSA, for example, but most of that is gonna be a much cleaner and cleaner fuel and cleaner location. I give this kind of a nod. We're sitting in the Netherlands, and Kate Raworth is actually an economist here in the Netherlands, and I know some people in the Netherlands probably have seen this graph before. In discussing fuels and discussing our environment, we have to think of the holistic picture of what we're talking about. This is one of the reasons that Raven is a little bit unique in the sphere that we operate in. We're living in a world today where our planetary boundaries are being hit. Fresh water withdrawals are significantly increasing. We find climate change going on in multiple different areas, as well as an impact within the local economy. Raven SR is trying through its technology, not only, as I said, to eliminate waste and providing clean, a cleaner environment, but producing clean fuels, kind of, if you will, tackling the problem on both sides of the equation. One of the things that we also face quite often is this discussion about electrolysis, and electrolysis being green hydrogen. This is my soapbox, and it gets a little bit taller as I talk. Electrolysis is essentially using clean energy to break the water molecule. Water is a precious resource, not to mention the fact that actually electrolysis takes much more electricity than a Raven system. It's not sequestering any carbon, and at the same time, we actually have a carbon intensity score or carbon pathway that's negative as opposed to fuel cells or electrolysis is roughly about a six. We try to look at this as electrolysis is a great process in certain areas, but when it comes to a discussion about what is a better way to produce clean fuels and also what should be considered green, I contend, Raven SR's pretty darn green. It can be used in multiple different feedstocks. One of the questions that comes up, though, is what is the cost of hydrogen? Parker and Craig have both talked about the total cost of ownership and how 50% of the cost is gonna be wrapped up in the cost of the hydrogen and the availability of the hydrogen. Our system, just to give you some rough ideas, is about $37-$38 million. It'll process about 50 wet tons a day, and we can sell that with our cost of hydrogen, I should say, is about less than $2. At that point, we actually have an IR of about 23%-24%. It's got a recurring revenue every single month, we keep on moving on. It's got low operating expenses, and so it's a really great business model to be moving forward and gives us the ability to be stable so that we're not just here when government subsidies are around, but we actually can provide the fuel day in and day out. Raven also has a series of strategic investors, Hyzon being one of them. Hyzon relationship began about 2.5 years ago when Chairman Gu and I actually had Mountain Mike's Pizza and talked about the distributive model of co-producing hydrogen closer to fleets. The two of us hit it off as he came to visit our engineering unit and discussing about how can Raven and Hyzon work together to provide fleets closer to where the need is, while at the same time providing fuel where the fleets are. That's how the Hyzon-Raven relationship really began and kicked off, and I got to go to Craig afterwards. It's a great partnership. We also have other partners like Chevron and Ascent Hydrogen and ITOCHU and Samsung, which give us the ability to have a really deep bench of good advisors, people who aren't in the energy field, and actually cover a very large spread of the globe. Speaking of the globe, right now, currently, these are some of the projects that Raven is currently discussing. Some of these are actually Hyzon projects. Most of them are, some projects that Raven has been talking about, other people who are coming to us. We are going to be doing a project very soon in the Aragón region of Spain, where recently we're in line now to receive a European grant with a Hy2Market project, which is gonna be great and opens up a lot of other European companies, countries that are doing a hydrogen valley. Some projects in Australia and North America, obviously. The wonderful thing about the Raven-Hyzon relationship is that as people become interested in hydrogen, interested in processing waste, and what do we do with waste? The next question is, what can we do with the hydrogen or who can use it? I've got a fleet. I think one of the speakers earlier is talking about many of these companies actually have a lot of trucks. This is a wonderful opportunity where Raven can say, "Let me introduce you to Hyzon." The flip side is, as Hyzon is moving forward and putting out fleets, people are saying, "Okay, great. Where are we gonna get the hydrogen?" Hyzon can come back and say, "Well, here's Raven. Let's talk." This is a really great partnership that's been developed over the last couple of years, where we actually can work together and complement one another. Going back to the point is that Raven is seeking to be on-site fairly quickly. We're hoping to have a G-Series online this year and our first S-Series in production by next year. The following year, some of those projects you saw on the map are gonna be lining out in 2023 and 2024. We're hoping to get multiple projects on the ground as quickly as possible to resolve the provision of hydrogen. Now I'd like to introduce Mark Gordon, a good friend and also Senior Advisor. Thank you, Matt. I'm Mark Gordon, former CFO of Hyzon. I've been an energy analyst for over a couple decades now, portfolio manager with Goldman Sachs and Soros Fund Management, among other places. The world's richest man once called fuel cells fool cells, and I'm here to tell you that his point of view is misguiding and foolish. We are in the midst of an energy crisis right now, and hydrogen is the only way that a viable long-term solution can be found for security of supply, decarbonization, and a solution which will have favorable costs. When I say that we're in an energy crisis, I'm not using hyperbole. The fact of the matter is the diesel price today is at an all-time high, as is the gasoline price, and that is despite the fact that the oil price is not at an all-time high. The reason we have such high product prices is because the crack spread or the refiner's profit, the spread between crude and products being diesel and gasoline, are at an all-time high. When I started my career looking at energy, the crack spread was around $10 a bbl, and today it's gone to $60 a bbl. No one thought that this was possible. The reason it has happened is because the refining industry does not wanna invest in new refineries when they know it takes billions of dollars to bring one online, and it will take seven to ten years to bring that online, and then it needs to produce for 20 years. We're in the midst of a green transition, so why would you spend that kind of capital on something where the demand may not be there? We have effectively hit a refining wall, and this is now a structural issue. With this refining structural issue, if you're a producer of oil, would you really wanna bring more oil onto the market when all that's gonna do is increase the refinery crack spread even more? This structural issue is creating an issue with the oil price that's here to stay, and what it means that there's a further accelerant to the energy transition. We need to transition off of oil, not just for decarbonization, but because humanity needs low-cost energy. The Russia-Ukraine situation only makes this structural problem even worse. We need a solution, we need a solution now, but the solution is not a pivot towards the grid. Moving towards the grid just will create a larger problem than what we have today. People in Europe are now paying over $0.40 a kW hour. That's a regressive tax on the voters, and many people do not wanna live with that kind of inflation. The natural gas price outside of America is at an all-time high, just as the crack spread is at an all-time high. Is the coal price. The reason both natural gas and coal are at all-time highs is partly the conflict that we have between Russia and the Ukraine, but it's also because there's been little investment in natural gas and in coal. Those are 61% of the power that supplies the grid globally. If we wanted to expand the grid, we'd also have to spend a huge amount of money on copper, and copper prices are at all-time highs today. To pivot towards the grid would actually create an even larger regressive tax on individuals, and it will create more uncertainty of supply. It is not an intelligent choice. This graph right here came out about two weeks ago, and what it shows is it shows the likelihood of blackouts in America this summer, and it's quite alarming. We're seeing issues with the grid increase all around the world, and that as renewables proliferate, you have this intermittency issue, which makes grids more unstable. Furthermore, grids are generally old and need to be upgraded. The situation in Europe is even worse than the situation in America, given the Russia-Ukraine conflict. If we transition the fleet en masse to battery electric vehicles, this will further exacerbate the problem with the grid. BEVs will not work with blackouts, so we do not wanna depend upon that for mobility. Now let's talk about decarbonization. What is the best way to decarbonize? If we move towards the electric grid, it's actually fossil fuel intensive. People don't wanna focus on that because it's not the roadmap that we have been highlighting. Renewables are carbon neutral. Nuclear is carbon neutral. But the overall grid is not carbon neutral. On the hydrogen side, we can use SMR, which is a carbon emitter, although it is relatively lower carbon emitter. We can use electrolysis, but that is grid dependent, or we can use waste to hydrogen, which Matt Murdock brought up before, and that's actually carbon negative. Let's focus on this carbon negative carbon reduction idea. In America, if you use the United States grid and you moved everything to BEV, you would get a 30% reduction in carbon. If you moved to fuel cell vehicles, you would get a 45% reduction. That's for America. If you were to do this in China, moving to BEV would actually increase the carbon emission because the Chinese grid is so coal intensive. What's going on right now is that half of all the BEV vehicles in the world are being produced in China. In China, you know, we're on a weighted basis as we move towards BEV, we're actually creating more emissions. Now, with fuel cell vehicles, here we're showing the U.S. grid, and this is coming from a recent research report. If we actually, you know, used waste to hydrogen, as Matt Murdock was talking about, we would not have a 45% reduction in carbon. We would have over 100% reduction in carbon. If you want to improve the decarbonization picture of the world, the way to do it is with hydrogen and using waste to hydrogen to produce it. Here's the energy transition. You can either go on the grid with the grid, or you can go with waste to hydrogen. The grid is dependent on hydrocarbons and will remain dependent on hydrocarbons because you cannot roll out renewables to such an extent that they do not have the base load there. There's the intermittency issue. If, however, you rolled out waste to hydrogen, you would have a carbon negative solution, and waste is abundant and self-replenishing. Now, if you're gonna go with the grid, that requires a huge amount of copper, and we have not invested in copper over the last few decades. That will create a huge issue. However, if you go with waste to hydrogen, your fuel is actually something that no one wants, which is garbage. You are solving the landfill issue if you actually go with waste to hydrogen. Now, I said this before, I'm gonna repeat it because it's very important. Higher electricity prices are a regressive tax that promotes social unrest. I would think now here in Europe, everyone has understood that moving towards an energy that's dependent upon the grid is a very disturbing proposition because it basically creates inflation for the people. Now, if you use waste to hydrogen, you are not dependent upon this centralized source of electricity. What you have is a distributed source of power that is produced locally for maximum energy independence. As Hyzon builds fuel cell facilities in Europe, in Australia, in Saudi Arabia, wherever, what we're gonna have is we're gonna have locally produced hydrogen and locally produced fuel cells for a deep source of energy independence. We will no longer be dependent upon the Middle East or Russia. One last point, which might sound like a frivolous point, but given the current situation with a war that everyone's focused on, it's important to remember that centralized power is susceptible to electromagnetic pulse attack. If you took out the grid and everyone was running around using BEVs, we wouldn't be able to have any mobility. Waste to hydrogen really is the optimal solution to decarbonize and to provide security of energy supply. Now let's think about batteries versus fuel cells. Batteries are grid dependent. Fuel cells are independent of the grid. Batteries have this issue of power fade. If you buy a brand new Tesla and you own it for a few years, over time, your acceleration deteriorates. I mean, it's a little bit of a frustrating experience, and your residual value of a battery electric car is effectively zero because the battery is worthless. With a fuel cell, there is no power fade, and your residual value of a fuel cell is very large. You can recycle that platinum, no problem. Batteries, as you all know, have a huge disposal and recycling issue. You put them into a landfill, they put carcinogenic, substances into the ground. Fuel cells do not have the same type of issue. Batteries have issue with hot and cold weather. Fuel cells are weather agnostic. Batteries have recharging that's required. No recharging needed for fuel cells. Pretty clear what's a better solution here. The reason why this has not been the answer thus far is simply a lack of imagination of a better world and simply because the fuel cell technology has not been here until now, here with Hyzon, with the world's leading fuel cell. Now, batteries have come down in price over time, but that has all changed now as we have seen huge cost inflation with some of the key materials for batteries. So that is a real security of supply issue. Do we wanna move from oil, which has security of supply issues, dependency on the Middle East, dependency on Russia, to another commodity that has material security of supply issues? From an American perspective, there are no battery manufacturers in the United States. That's another issue that, you know, people need to take into account when they think about moving towards BEV. America does have now a fuel cell manufacturer. It's Hyzon. It's the only American MEA manufacturer out there, and it's something that's so critical. Hyzon is at the vanguard of providing energy security for America. One other thing to think about is when we get to scale, what's gonna be cheaper? Well, we know that batteries are very expensive, so if you were to build a Class eight truck, which will use a 750 kW battery, that will be, you know, almost twice as expensive as a fuel cell system that has a much smaller battery but, you know, has a fuel cell and has hydrogen storage added to it. At scale, a fuel cell vehicle will be cheaper than a battery electric vehicle. One other thing to consider, batteries are very heavy. They're so heavy that for a Class eight truck, a battery can weigh between five-eight tons. That takes away about 20% of the cargo space. But what it also o r their carrying capacity is what I should say. What it also does is it increases the wear on the roads, and it increases wear on tires. The three largest costs for a vehicle are the fuel, the driver, and the tires. A BEV truck will have tremendous wear on the tires. Also, as we all know, BEVs, you know, take a long time to charge, and they have range issues, both of which are not something that fuel cell vehicles have an issue with. There's a very common misperception and that misperception is that BEVs actually have an infrastructure advantage, and that's because the only BEVs we see now are automobiles, and you can plug them in at home. When you come to the commercial vehicle category, the category where Hyzon is focused, you need to build out a fueling infrastructure. You can build out fueling infrastructure either for BEV or for hydrogen. If you build it for hydrogen, you effectively need to replace the current diesel infrastructure. You just need to replicate all the diesel pumps out there and make them hydrogen pumps. In the case of BEV, you're gonna need somewhere between six to twelve times more real estate to build that out. You also have to increase the grid, build more transmission lines, use a lot of copper. All of this is questionable whether it can be done. Truthfully, hydrogen is what has the infrastructure advantage. We have an infrastructure advantage, and at scale, we will be cheaper than BEVs, building out the actual vehicles. The quotes on this page are recent, in the last two weeks, and they deserve to be read. The head of the IEA, he says, "Now we have an oil crisis, a gas crisis, and an electricity crisis at the same time. The energy crisis is much bigger than the oil crisis of the 1970s and the 1980s, and it will probably last longer. That's from the head of the IEA. Now, the Saudi energy minister, just in the last two weeks, he said, "The world needs to wake up to an existing reality. The world is running out of energy capacity at all levels. This is a reality." What is needed is for us to rapidly move off oil. It's not just because of decarbonization. It is because we're having a supply crisis. We are living right now at the moment of history with the highest gasoline and diesel prices ever, and the situation is likely to get worse. There has been little investment in the oil industry, and we're in the midst of a war in Europe that might last for a while, and we haven't even felt the full impact of that. What is needed is a Marshall Plan to move us off of oil, and that Marshall Plan will be foolish to include a movement towards BEVs, which will depend upon the grid and which will cause a regressive tax to individuals. What is happening is that hydrogen is experiencing an increasing competitive advantage. As oil and electricity prices go up, and hydrogen prices come down, our competitive advantage becomes more sustainable and more compelling. Hydrogen is not just about the green transition. Hydrogen is a solution to the energy crisis. Today, it's very easy to see how with $5 diesel and $5 per kg hydrogen is cheaper from a fuel perspective. That's because a hydrogen vehicle will get 120% to 2 x the mileage of a diesel vehicle with the same amount of energy. A gallon of diesel is roughly equivalent to a kilogram of hydrogen. Intuitively, it's very easy to see how hydrogen on a per mile basis from the fuel is cheaper, and the service is gonna be cheaper as well. As we all know, for obvious reasons, there's fewer moving parts. It's a little bit more difficult to intuitively see how hydrogen is actually cheaper than electricity. If you go with that same $5 per kg, and you take your NEXO or your Mirai, and you think you're gonna get 50 miles to the kilogram or maybe a bit more, you spend about $10 to go 100 mi. A Tesla gets about 3 mi per kWh, and in Western Europe, we're at $0.40 per kWh. A Tesla will take $13 to go the same distance. I'm using $5 here in my example for hydrogen per kilogram. Matt Murdock has already told us that the cost of hydrogen is lower than that for him, and we can imagine a situation where Matt scales and costs come down even more. What we need is for governments to focus on this and come up with the right solution. The solution would be a Marshall Plan that moves us toward hydrogen as quickly as possible that will provide security of supply. There is an argument out there by the BEV crowd that hydrogen will never be viable, and that argument is, well, you know, BEVs are more efficient. This is a specious argument. When you think about it a little bit harder, it makes no sense. Sure, if you take electricity, you run it through an electrolyzer, you create hydrogen, and you run it through a fuel cell, that's less efficient than taking electricity and putting it into a battery and then making a battery electric car run. But the premise there is that you're always starting with electricity. If you move to waste to hydrogen, then you have a lower cost input, and people do not focus on the cost of electricity. I mean, at $0.24 /kWh, which is the price in California, we are talking about $400 a bl of oil equivalency for electricity. In Europe, at $0.40 plus/kWh, we're talking $700-$800 a bl oil equivalency. The cost of electricity on a barrel oil equivalency is really, really expensive, and that is the essential input for a BEV. What I'm saying is to come to the lowest cost way of getting to energy, you wanna move off of electricity towards waste to hydrogen, and then you will have a lower cost input. Hydrogen will win on a security of supply basis because it's produced locally and, you know, the fuel cells can be produced locally. It is greener because waste to hydrogen can get a negative carbon score, and it is cheaper. In conclusion, what I will say is that if there is a certain battery electric BEV company out there, and they wanna move off of batteries, Hyzon's willing to entertain selling them some fuel cells. With that, I will hand the floor over to my replacement, Sam Chong. Thank you, Mark. You're welcome. Hello, ladies and gentlemen. My name is Sam Chong. I am the Chief Financial Officer at Hyzon. It is a pleasure to be with you here today as I discuss our recently announced Repower program, which is an addition to our existing new truck sales. Repower is a new program in the U.S. where we make hydrogen fuel cell trucks from used truck chassis instead of from new truck chassis. We take selected used chassis and install a new fuel cell electric vehicle powertrain and other new associated components. Through this process, we are able to transform a diesel truck that is emitting carbon and other pollutants into a zero-emission vehicle with a new lease on life. This is an innovative product offering that is customer-driven. Many of our fleet customers recognize that the energy transition is real. They are taking actions based on legislative and regulatory mandates towards clean energy, as well as ESG initiatives that are motivating fleet operating companies to adopt a progressive view towards decarbonization and emitting less pollution. They recognize that the need to start fleet implementations of zero-emission vehicles is now. In a time of unprecedented supply chain disruptions, our Repower program offers an accelerated path to market. Customers may choose to bring their own trucks or to have us source used vehicles for them. This program is possible and has received very positive feedback because it is consistent with Hyzon's brand identity of being a disruptive hydrogen technology company with proven proprietary IP that is sought after in the marketplace. Our customers know that when they field test and then order a Hyzon fuel cell truck, that their purchase, that will be the first of many in their path towards decarbonization, pollution reduction, and a longer-term lowering of their total cost of ownership. The physical transformation of a Repower truck is pretty straightforward. We remove a truck's diesel components, including the engine, transmission, diesel tank, cooling system, filtration system, and radiator. In their place, we install the fuel cell stack, fuel cell tanks, electric motor, and other new components that make the truck into a zero-emission vehicle. This slide offers an illustrative visual representation of the Repower process. It's the same truck with a new powertrain, new fuel source, and a cleaner lease on life. Repower is a win-win for both our customers and for Hyzon. There are significant reductions in lead times. It is also a cost-effective way to easily utilize an existing asset for our customers. For Hyzon, this program offers a means to accelerate market penetration and to increase the total addressable market for our hydrogen fuel cell trucks. We believe that the key statistics are quite compelling. There are over four million Class eight trucks on the road today to potentially leverage as supply sources in the future. We estimate about a 12% acquisition cost reduction for customers and approximately 12 months faster delivery time versus for a new truck. As you can see by the logo on our truck, Airgas, an Air Liquide company, will use one of our Repower hydrogen fuel cell trucks for trials in the Los Angeles area. Based on our existing discussion with other fleet operators, we expect that Airgas will be the first of many new customers. Here you will see an illustrative example how we see fleet conversion buying patterns. Since hydrogen fuel cell trucks are a new technology, we start with customer trials, which usually should lead to orders. Now, with an emerging technology and ramp up of our production capabilities, we start with seed sales, followed by batch sales of incrementally increasing volumes. Hyzon and our customers are seeking to develop long-term relationships whereby we provide cutting-edge technology to customers ahead of other OEMs who are still trying to protect incumbent diesel market positions in the face of decarbonization, clean air mandates, and seminal transformations in how consumers and corporations view ESG initiatives. On this page is an illustrative California pricing of our Hyzon Class eight fuel cell vehicles. There are a lot of numbers here, but I'd like to point out to you a few key facts. First, subsidies and incentives account for 41%-57% of retail prices before sales tax. For those in the audience not familiar with these incentives, you are reading them correctly. These incentives and subsidies can range from $180,000 to $285,000 to a customer to purchase a hydrogen fuel cell truck in the state of California. We could see here that the incentives as well as what California would like for our fleet companies to do is very evident. Moving on. This is then a companion piece for the illustrative total cost of ownership analysis on a Repower versus diesel. I will walk you through some of the charts here. In the middle, you'll see here a large local fleet on a cost per mile basis on a five-year ownership basis. On the left, it's for the same fleet on a five-year lease basis. On the right is for a large drayage fleet on a five-year lease basis. We have a five-year lease or five-year ownership analysis with residual value as a starting assumption. We've also priced in a very healthy 9% lease financing rate in case of leases. We've assumed 70,000 annual miles driven, hydrogen at a cost of $5 per kg at seven miles per kilogram driven, diesel at $6 per gallon at 6.5 mi per gal driven. For drayage, we've also included a container fee of $20 per container. The punchline here on the right is that drayage fleets are already TCO favorable compared with diesel. In the middle, you'll see that large local fleets are at parity on a direct purchase basis. To the left, once one figures in the higher cost of lease financing that we have conservatively assumed, that parity is slightly below because of the higher purchase price of the fuel cell vehicle. I would focus your attention on the middle to say that based on these assumptions here, and based on the very strong incentives that the state of California, that the local authorities, as well as on what customers and investors are telling us, is that in terms of TCO parity, we are here now today. Which is why that our Repower program, in addition to our new sales, is a very compelling proposition. With that, I'd like to turn it back to Craig Knight for closing remarks. Thank you, Sam. Thank you to everybody for your patience as we've exhibited some of our trademark enthusiasm for a few of these things. We had a bit of an introduction to the Hyzon strategy and how we believe we will become, through careful execution and leveraging our core technology, a leader in the hydrogen economy by making hydrogen viable. The visible signs of success in the next few years that you can all expect to see will prove the Hyzon technology, that it is valid, that it gains acceptance with customers in different parts of the world. We will also prove that we can dramatically expand the addressable market by bringing to market our 200 kW net fuel cell system. We will validate the market itself. We will deploy heavy trucks, refuse trucks in multiple continents. We will deploy repowered trucks in the U.S. market as well. We will also validate the market and show that customers are moving from the sales we characterized all along in the last two years as seed sales, those one and two-unit purchases that customers make. We will validate the market in the sense that these customers go from one or two trucks to 10 or 20 trucks, to 50 or 100 trucks. We will be able to do this in multiple jurisdictions here in the next couple of years. Finally, we will show how hydrogen is viable. We do that with the help of our good friends at Raven SR and our other partners in hydrogen ecosystems. Finally, one thing that's most important of all to investors, we will show that we know how to earn and optimize margins in our business. Quite often, people in growth businesses, new technology businesses, forget the fact that we're here as stewards of our shareholders' money, and I can assure you that I never forget that. We will use our money very carefully to develop the market, prove the technology, and then create a profitable long-term business. The increased Hyzon content in the vehicles is one of the secrets to optimizing margins, and we will have more news on that in the coming six to twelve months, and more news on all these other things that validate market and prove technology. With those things, I believe we will successfully show that Hyzon is a leader in the hydrogen economy through core technology and by making hydrogen viable. It's really that simple. Thank you, everybody. Thanks for joining us. What's next? Over to Q&A. Do we have questions that have been submitted, Darla? We'll open the floor up to questions first, and we have a microphone over here with Darla, and she'll be happy to come and hand the microphone to anybody that might like to ask a question. Dodging going on. There are perhaps a few benefits greater in an armed conflict than having reliable equipment and short supply lines as Russia is learning painfully right now. Is Hyzon currently in discussions about integrating its technology into vehicles used by armies, navies or even an organization like the U.S. Coast Guard? I must admit that I'm, you know, certainly not focused on facilitating any kind of confrontation. However, fuel cells naturally find applications in replacing diesel engines. You know, fuel used in military operations is a diesel fuel. This is standard universal fuel in military operations. Naturally, we're aiming for decarbonization. We would certainly like a whole lot more harmonious world, to be honest. It is not a focus area of ours, and we are here to decarbonize all of our commercial and governmental and personal impact on the world. You know, hopefully, when people aren't fighting over resources because we improve energy independence, and we improve energy resilience through hydrogen, hopefully there'll be a few less incentives for people to have conflict in the first place. Thank you. I have a question about the total cost of ownership. Mm-hmm. You showed some very interesting slides and my question is, you know, what is the revenue opportunity, though? How does it break down? Is it just a truck sale or are you taking different parts of these components along the total cost of ownership spectrum? Fair, fair question. Naturally, our role is to make it easy for our customers to transition from fossil fuels to zero emission alternatives. For us, hydrogen. With that being our role, they really just want to look to us as the solution provider in dealing with that challenge. It's incumbent on us to wrap around our core technology, a vehicle offering that the customer accepts and finds attractive to use, and that's why we work with, you know, European cab chassis in Europe and American cab chassis in the U.S., et cetera. We use an accepted truck format. Now, in putting together a complete fuel cell electric vehicle, there are all sorts of other components, and we've talked about increasing the Hyzon content in the vehicle to increase our margin in the vehicle itself. One of the reasons why it's so important that we take hold of the technologies throughout the vehicle is because we need to provide an operating lifecycle performance characteristic on the truck or bus or whatever it may be that meets or exceeds the customer expectation, and this could be five years, could be 10 years of operation. You have a lot better capacity to ensure that things are going to go as planned if you have some control over the technology that's embedded in there. Increasing Hyzon content gives us the opportunity to earn more margin than we would if our only claim to the margin was the fuel cell technology. In addition, there is currently almost no on-road use case for vehicles that creates a meaningful hydrogen demand. Let's expand it a little wide. On-road and mobility. The most prevalent mobility application for a fuel cell is forklifts. A very busy forklift will typically use between one and 1.5 kg of hydrogen a day. One of our heavy trucks will use 30, 40 or even up to 50 kg of hydrogen in a day. A personally owned car, like Carl's Mirai, will use two or three kilograms of hydrogen a week typically because he's not in the thing driving around 24 hours a day. If you want to see hydrogen travel the kind of experience curve that yields massive cost savings with scale. You must create demand scenarios that have scale behind them. Heavy commercial vehicles that are driven many, many hours of every day are the answer. They provide the scale to encourage partners like Raven SR, to encourage our other partners in hydrogen ecosystems to invest in capital equipment because they know the offtake models are very sound. In a commercial vehicle, I can tell you almost to the kilogram what every single vehicle in a commercial fleet will use by looking at the routes and the topography. You just know it. This is highly predictable, so it's a good investment, and people will fund this. Hyzon takes advantage of being the first significant demand generator. We will enjoy margin from hydrogen in our fleets, and we don't mind enjoying hydrogen margin on other people's fuel cell electric vehicles too. We have no objection to that. Thank you so much, Craig. One question. Wondering what are some of the financial expectations for Hyzon's interest in hydrogen infrastructure? Is there any new capital needed for Hyzon to make those investments? Fair question. I will highlight that in the original deck that we put together to, you know, to circulate the Hyzon business model and our execution plans, we did have a significant amount of capital allocate to hydrogen infrastructure. We do expect to use some capital for hydrogen infrastructure when we pursue, especially the early-stage projects with hydrogen ecosystem partners. However, we will not use Hyzon's balance sheet to build out networks of hydrogen stations and networks of hydrogen production facilities. We will leverage our place in helping to create demand and participate as a passive investor, you know, at some scale. We expect that with our offtake models and the very predictable demand scenarios on the fuel, there are plenty of fixed asset investors around the world who are very keen to invest in sustainable technologies, in decarbonizing heavy mobility and sustainably produced and deployed hydrogen is definitely a hot topic for many, many investors. We don't expect to need to use our capital to a vast extent, and we do expect to use third-party capital. We have set up a subsidiary quite some time back, I think even before Parker joined, but you heard the Parker talk about Hyzon Zero Carbon. This is a subsidiary set up specifically to execute the projects around the ecosystems, and this entity will access its own capital underneath Hyzon. Other one over here. Last year at ACT in Long Beach, California, Hyzon announced that SoCalGas was interested in converting a Class three truck to being an FCEV. Has the truck been delivered to SoCalGas yet? If it has been, then what has the feedback that Hyzon has received regarding the performance of the truck? That's a fair question, too. Unfortunately, it's one that came with a few surprises. We learned the truck of interest was not a Class three truck, it was a Class 2B truck, and that introduced a few technicalities in terms of on-road regulatory requirements. We had to rewind that project a little and figure out a different way to execute that one because there are certain DOT compliance activities that are not valid for Class three but are valid for 2B. There'll be more to come on the 2B. I can't say much right now. We have a solution, but it meant that this project got pushed back, got delayed, unfortunately. Can I offer a couple of tiny clarifications also? When Sam was talking about total cost of ownership around port drayage, this is a phenomenal opportunity, and there are carrots and sticks being applied to that sector in at a massive scale. We expect that to be an enormous and rapidly, you know, adopted application. Also, we talked about the CARB certification. That's the major hurdle for suppliers of zero-emission vehicles to qualify for all of that funding in California. So that's a very, very big thing for us. Then there was a reference that Mark made to Hyzon being the only maker of fuel cells or MEAs in the U.S. I wanna clarify, the only maker of truck fuel cells, fully vertically integrated from MEAs down through fuel cells. Clarification. With that, I think we're done. I'm getting the signal. Thanks for joining us.