Jarle Dragvik
Chief Executive Officer

Good morning. Today, I am accompanied by Martin Holtet, who will present the financials and Michael Caspersen, who will give an update on market outlook. As introduction, what does HydrogenPro do? HydrogenPro develops, manufacture, and sell, and commission equipment for green carbon-free hydrogen production. As an original equipment manufacturer, the company's focus is on its core technology well suited for renewable energy sources. High-pressure alkaline electrolyzers and gas separation skids are our core product. We address markets for decarbonization of selected large-scale industries, segments already using gray hydrogen or where decarbonization is hard to achieve through electrification. I will not go into details on pros and cons for the most common technologies for splitting water and produce carbon-free hydrogen, but highlight HydrogenPro's focus on technology for driving down the levelized cost of hydrogen.

With our unique and proprietary electrode technology, we reduces the operational cost by lower energy need in the hydrogen production. First, our electrodes represent lower CapEx as we use no noble metals, which, by the way, increases continuously in price. Secondly, the electrodes are more efficient, using less energy, reducing the production cost of hydrogen. And we deliver pressurized electrolyzers, which is very responsive to variations from renewable energy sources. I do notice that some colleagues are also developing pressurized systems. We have installed 220 megawatts and are in process of installing another 100 megawatts of pressurized electrolyzers. The projects we have installed are among the largest green hydrogen projects in the world and very few other OEMs have similar references, which is one of the first things prospect customers are asking.