Earnings Call: H2 2023

Jun 27, 2024

Good morning, ladies and gentlemen, and welcome to the Atome PLC final results investor presentation. Throughout this recorded presentation, investors will be in listen-only mode. Questions are encouraged. They can be submitted at any time via the Q&A tab that's just situated on the right-hand corner of your screen. Please just simply type in your questions and press send. The company may not be in a position to answer every question it receives during the meeting itself. However, the company can review all questions submitted today and will publish those responses where it's appropriate to do so on the Investor Meet Company platform. Before we begin, as usual, I would just like to submit the following poll, and if you would give that your kind attention, I'm sure the company would be most grateful. I would now like to hand you over to CEO Olivier Mussat. Olivier, good morning, sir. Good morning, and thank you very much. Thanks for everyone joining and attending and being followers of the Atome story and possibly investors. Clearly, this is the results. It's more going to be around backwards looking than forward looking. Certainly intend to spend very adequate time on Q&A. Please do submit questions and we will get to as many as possible. I will start with the usual slides about disclaimers as you all know. Right. The overview of Atome. We are a pure play green fertilizer company. Right? Our aim is to have the largest green fertilizer facility in production in the world from 2027. With our first project, now 145 MW Villeta project in Paraguay, which will be expected to produce around 264,000 tons a year of calcium ammonium nitrate and basically generate income from day one of production. This particular project, Villeta, has now finished front-end engineering and design which basically means that the basis for the engineering of the project is now finished. We have selected the EPC, which is going to be Casale, and who had actually executed the FEED. The offtake agreement is being finalized, and we expect to have it done over the next few weeks so that we can actually get to final investment decision with the investors and start the construction by the end of this year. Obviously, we also have a pipeline of project, which is of 120 MW Costa Rica project, which is essentially going to be roughly a copy-paste of Villeta, and a second project in Paraguay that we call the 300 MW Iguazu project. Both of these projects we intend to reach agreement for the power purchase, so the supply of power this year in 2024. Obviously all of these projects and all of these, let's say, unique business proposition that we have built together and the USP attached to our green fertilizer couldn't happen without a management team. I really thank them for doing a lot of work this year, and I will go into a few more details. Obviously, we're doing it to make revenue, to generate income, but we don't forget our climate impact. Project number one alone will be able to displace around 15 million tons of CO2 over its project life. Right. I will go into that a little bit later as well. Let's talk about the backward side, what happened in 2023. Clearly we are still a developer of projects, so we are in the expenditure side. At the end of the year, we basically ended with a $6.8 million loss, but importantly, nearly $5 million of these costs were capitalized. Right? Our accountants agreed with us that in the end, all of the money we are spending is going to generate and is the foundation for the project of Villeta and will become part of the project. We obviously this year we welcome a couple of new investors, including Baker Hughes, and we raised in 2023 around $5 million. At every single step of the way, the management team actually followed on the raises, and held its corner at the same share price as all of the new investors. From an operational point of view, we upgraded our power purchase agreement to 145 MW. For those who had been here since day one, we have started at 60 MW. That was then upgraded to 120 MW. Now, the total power supply is 145 MW for Villeta. We have purchased the land where we are going to be building the facility, and also did the environmental and social impact assessment on the land with the help of the IDB. Now we actually have the environmental license and the operating license granted, which means we can start construction as soon as FID is done. With the support of the Paraguayan government, we have been granted free trade zone. As I mentioned earlier, we have basically taken care of the FEED. We have selected the EPC, and the EPC agreement itself is also in its final stages and will be signed the moment we hit FID. We have also created National Ammonia Corporation in Costa Rica, which is our JV vehicle for the 120 MW project in the country, and the pre-PPA that was signed for the 300 MW in Paraguay. From an operational point of view, what happened since H1 2024, we did a placing for $2.5 in February, March. We have put a shareholder facility together with the support of Peter, our chairman and largest shareholder. For us, it's a very strong sign that as a management team, we will continue to be backing Atome, and we believe in the company, we believe in ourselves and our business model. It gives us a lot of flexibility as we are negotiating, obviously the equity and the debt at the Villeta project level. Obviously, I mentioned the FEED study completion, which has now been done, the appointment of EPC partners and where we are on the offtake terms, which we certainly expect to be announcing over the course of the summer. Admittedly, we are a little late compared to what we had hoped to do, and we were expected to have it done in June. We have a strong progress. Of course, the idea in this is that we need to make sure we have an offtake agreement which yields the most value for Atome and also for us, together as shareholders. From a target point of view, as I mentioned, the project financing for Villeta is expected to be slated by the end of the year, as well as the start of construction, as everything else will be ready by then. As far as the management team, for those of you on the call who don't know us, our Chairman and largest shareholder is Peter Levine, who has had a track record of success onto a number of companies. Obviously, specifically Imperial Energy that he created from very little, if not nothing, and then exited at $2.2 billion. Importantly, he was also the chairman of two very large engineering companies, Severfield and Keltbray. That's actually quite key for us because at the end of the day, fertilizer companies, fertilizer projects are chemical projects. They are industrial projects, and it's all about margins, right? It's all about making sure that we keep a very keen eye on costs that we don't overextend, and we also obviously match our expectations and our timelines. Personally, my background, as I joined Atome since day one of the strategy, putting together the strategy with Peter, has been very much on the engineering side. I started with GE and Power and Water, and then went to Schlumberger and have been in the finance world since 2008 when I joined Standard Chartered. Before Atome, I was with the private investment arm of the World Bank with IFC as chief investment officer of Global Energy, which was a $7 billion fund across debt and equity, and across renewable assets, battery, hydrogen, and hydrocarbon assets. On the team also, we need very strong local presence in Paraguay. Jim Spalding, who used to actually run Itaipu, so the second-largest hydroelectric dam in the world, where we are getting our electricity from. He was the head of the decarbonization strategy for Paraguay, former minister of finance, and also very importantly, on the board of the Inter-American Development Bank. The next step, of course, is we are going to be producing green fertilizers. We have to make sure that we have the best terms and have the best partners, and which is where Terje Bakken comes in, and he joined the company last year, as head of ammonia and fertilizer markets. His background was working with two of the largest fertilizer companies, in the Western hemisphere. That's Yara and EuroChem, where he was on the board of EuroChem and the head of fertilizers for Yara. Finally, on the board of Atome, we have Mary-Rose de Valladares, who's also been here since day one, and she used to be the head of the hydrogen partnership at the International Energy Agency for nearly 15 years. She was also very instrumental in making sure we're putting the best project together with the best partners. From a shareholder's point of view, as I mentioned, Peter is our largest single individual shareholder. We have been very fortunate to have the increasing support of Schroders, who, as we announced yesterday, has now increased its shareholding to 12.1%. Last year we welcomed Baker Hughes, the international engineering company, who is also a specialty maker in a number of hydrogen technical solutions, including compressors, where they came in at 6.3%. Finally, we have Trafigura, also one of the largest global commodity trader and, myself at around 3.6%. I will just go to the next slide. Obviously the whole idea is about green fertilizer and developing and delivering the world's first green fertilizer. Why is it, right? What we saw is that when everybody was looking at the hydrogen economy, there were a number of assumptions made, that the hydrogen economy will grow extremely fast. Mobility will happen faster than what it actually has, that there will be a huge market for ammonia, for green ammonia, you name it. What we realized is that everybody was looking at decarbonizing heavy transport, decarbonizing some segments of industry. But really, nobody was looking at the fertilizer angle. Yet, fertilizers is responsible for more carbon emissions than aviation and shipping combined. Secondly, while we have a choice of taking a flight, we don't have a choice, we need to eat. For us, it was very logical step to look very intently at fertilizer, because today, half of the world is fed by fertilizers which are derived from hydrocarbon. Obviously, by using existing technology, existing power supply, existing infrastructure, you can actually create green fertilizers at industrial scale. Clearly for us, the impact is very real, and it was all about how do we make sure we create green fertilizer today, and where we can be competitive with gray without the need for subsidies. Well, you have to look for low cost of power, baseload power, which I mean like hydroelectric power, you can run 24/7. This is quite important because we are dealing with fertilizer plants, chemical facilities need to be running 24/7. We went out to look for green power, low cost green power, baseload power. Also what we saw is that the largest fertilizer import market is in Latin America. If you can produce domestically green and you can be at par or cheaper than what is imported, which is typically gray, i.e., from hydrocarbons, you actually have a very strong commercial proposition. The other side is what we saw is that there has been an increasing push to actually now have penalties globally on the fact that these fertilizers, the existing fertilizer market, is highly carbon intensive. What was announced last year is that there will be basically restrictions on imports through Carbon Border Adjustment Mechanism in Europe, in the U.K. From 2026 in Europe and 2027 in the U.K., import of hydrocarbon-based fertilizers will be taxed. Clearly, there will be a green premium through that enforcement of the tax. At the moment, everybody has been talking about subsidies, so that's the carrot. Then there is a stick, and the stick has been much more important. Now we know for sure that obviously there is an increased imperative in going for green fertilizers because the food industry is under immense pressure to decarbonize. Where are we playing in that? Well, our first product will be calcium ammonium nitrate, produced from Paraguay in Villeta, which basically will lead to about 90% of carbon footprint reduction on the use of fertilizers. I mentioned earlier, Villeta alone will displace about 15 million tons of carbon over its lifetime. To give you an example, that's the equivalent of one Drax plant, when it was still a coal plant. It's not insignificant. Our process is pretty straightforward. We are relying on existing technology. You take a lot of power, 145 MW is actually a lot of power, from hydroelectric capacity, which is the Itaipu Dam in Paraguay. With that, we basically create green hydrogen. Power plus water, where you separate the H2O into H and O. Once you have your hydrogen with a Haber-Bosch process, you create ammonia, because that hydrogen is green, because it comes from renewable energy. You have green ammonia. From that green ammonia, you actually go and through further processes, you actually go from ammonia to ammonium nitrate, to calcium ammonium nitrate, which is a fertilizer that everybody can use. It's an existing fertilizer market, and it's bags of fertilizer. We don't have to deal with the logistical issues of transporting hydrogen, which is very difficult to transport in large quantities. Ammonia, which also has issues because of the requirements and the health and safety requirements of moving ammonia. For us, it was extremely clear. Moving into green fertilizer was the one thing that would clearly generate and give us access to the biggest market, and also to give us the biggest return on our investment. From a business development criteria, I've talked about three projects in there. Actually, what is the, let's call it, I wouldn't say the secret sauce, but clearly what is our business model when we go and we copy, paste, copy, paste, copy, paste to replicate across a very large pipeline? It's really about having long-term feedstock agreement for power. Clearly the type of power, the quality, the price of power is absolutely key. That allows you to take a very low tech risk approach on the systems you are going to be putting together. The other side is also leveraging existing infrastructures, existing markets. Our business is very focused. We don't want to end up having to build port facilities, build infrastructure, build transmission lines if we don't have to. That only increases the costs and lengthens the timeline of construction. Also making sure that from day one, we use the best-in-class environmental and social processes. A number of projects that you may have seen, whether it's in the hydrocarbon world, the renewable world or the mining world, have been unduly delayed because this has been left to the last minute. This is not something that we will do or that we are doing. Of course, making sure that we have offtake agreements which match the supply of power. Of course, it's about aligning yourself with your host government and finding the right partners. At present, we are only showing three projects and one which is extremely advanced and if not the most advanced in the world. Clearly, we have been behind the scenes, building up a pipeline of projects that hopefully we will be able to mature to a point that we can talk about it and then expand the footprint of Atome. From a project point of view, Villeta, which is the most important one for us this year, which obviously, and I've talked about it a little bit before, so 145 MW power purchase agreement, which is now done, executed, and ready to go. The land which was acquired, the advisors and the EPC contractors appointed, the environmental and operational license granted, the free trade zone granted, the FEED study completed. Also importantly, as we started the process with Natixis and IDB on the financing side, we have been actually very pleasantly surprised by the support from the lenders, who are seeing us really being way forward compared to a lot of the pipeline of projects that they have seen. Also that we are ticking all of the boxes that as infrastructure lenders and investors, they expect to see. So far, as far as we're concerned, we have a project ready to go, and as soon as the offtake agreement will be signed, then things will accelerate significantly so that we can actually close the financing this year and start construction. The major milestone that happened over the past couple of months was the announcement of the end of front-end engineering and design. It is the first time and the first one in the world for that scale of project, and it basically goes around the plan design, the processes. It describes the timeline, the production capacities, the warranties that go with it. As I mentioned, the job done by Casale and Orbas has been immense. We're talking of over 100,000 engineering hours, over 600 documents and reports. This has been a lot of work to do. We've been thankful that AECOM has been our owner's engineer supervising all of the work. Thanks to the quality of the work of Casale and Orbas, now we have decided to continue with them as EPC. Currently, the EPC contract, which we are finalizing, will set out all of the engineering, the procurement, the construction strategy, the commissioning, and the schedule. It's all about making sure that we can reach commercial production within a defined timeline. As we have said, the expectation is that we will reach FID by the end of this year, start construction by then, and then by 2027, we will be in operation and producing and delivering fertilizers. The second project, which is the 300 MW of Yguazu, obviously it's a larger project. It's a bit more than double of Villeta. It's taking a lot of the existing work that we have done with Villeta and also clearly shows the alignment that Paraguay has with us and what we have delivered to date. I think, again, we are thankful for that partnership. Now, we have also finished what we call the electromechanical study. Again, we're following exactly what we did on Villeta. The electromechanical study, in collaboration with ANDE, the power utility, is about showing where will this power be delivered, where are the best possible location, for how long, and how do you make up the power over the next 20 years. That work is done, which then allows us to go into the negotiating phase and to enter into the power purchase agreement in the second half of this year. As soon as that PPA will be signed, then we will go into pre-front-end engineering and design to basically further scope the project on the market and on the location. In Costa Rica, I think we've talked about it a little bit earlier this year. About, well, now nearly 18 months ago by now, we had met the team at Cavendish and we entered into a joint venture last year to create the National Ammonia Corporation. The idea there is very much to copy-paste Villeta so that we can really accelerate that project. Costa Rica, for us, has been very interesting since day one. It is the other country in Latin America which has a predominantly green grid. We have a lot of the same qualities that we are seeing in Paraguay. Also we are seeing a lot of the same behavior with ICE, the power utility of Costa Rica, and we are very thankful to have them as partner as we are now in the final stages from a contractual point of view that will hopefully get us to a PPA by the end of this year, so that we can indeed start work on the pre-FEED, now that we would have finished the power connection studies, the roadmap, the legal review, and then have a strong basis with an executed PPA to do all of the techno-economic work that is needed after that. This slide, obviously, is kind of an interesting slide, which was put with the help of Longspur, which shows really what the project means and what it means on valuation ranges. We are conscious that because this is a first in the world, and whilst you have a number of fertilizer companies which are publicly listed, like Yara for Europe, like Fertiglobe in the Middle East, or CF in the US, how do you really understand Atome and the Atome story and the value creation? For us, it's very much an infrastructure driven way. It's all about de-risking projects, increasing the value of a project that we have, and then when you get to these inflection points, you bring the right partners at the highest possible valuation. As I mentioned earlier. Obviously, we're talking to lenders and to equity investors at the asset level. This gives you a little bit of an idea of how these projects are viewed. For us, for Paraguay alone, our focus returns are over 20% when you consider the price of fertilizer and also if you consider the green premium that could come with it, then it increases the IRR. From us, it's all about getting into a very rapid commercialization post FID, getting a valuation marker as well for my equity investors at the asset level. We need to go and build out, because once you have created a very solid foundation by actually deploying the first project and bringing it to completion, you're obviously de-risking the rest of your portfolio and then further value can be given to that portfolio and therefore to the equity of the company. In summary, I think that's kind of the outlook. What have we done so far? We've finished the FEED study. We've appointed the contractors. We expect to have the contract and the project funding by the end of this year, with significant help of the offtake contract, which is really the main driver that everybody from an investor point of view, from a project finance point of view, is waiting. By the end of this year, we will certainly go and target to have a 300 MW PPA done and dusted, as well as in Costa Rica, have made significant advancements, which will help us get into the pre-FEED. As I mentioned earlier, go one step above when it comes to the valuation of the pipeline. With this, thank you for that. We can move to the Q&A session. Of course, this presentation will be available on the Atome website. Olivier, that's great. If I may just jump back in there then. Thank you very much indeed for your presentation this morning. Ladies and gentlemen, please do continue to submit your questions just by using the Q&A tab that's situated on the right-hand corner of your screen. Just while the company take a few moments to review those questions that were submitted already, I would just like to remind you that a recording of this presentation, along with a copy of the slides and the published Q&A, can be accessed via your investor dashboard. Olivier, as you can see there, we have received a number of questions throughout your presentation this morning, and thank you to all of those on the call for taking the time to submit their questions. Simon, at this point, sir, if I may now hand over to you to chair the Q&A with Olivier, and if I pick up from you at the end, that would be great. Thank you very much. Thanks very much. Olivier, due to the company change in direction from hydrogen to now green fertilizer, do you see any further future changes in direction for the company or is green fertilizer now the focus? It's a good question and thank you. When we created Atome, we were very clear since day one that we were going to be looking at ammonia and derivatives and that there was going to be an element of hydrogen when it comes to mobility. That was back in 2021. What we have seen since is that at least on the hydrogen part of the business, the mobility was just an end use of just hydrogen. That market was going to be extremely slow. Which is why we really went in and we totally focused on ammonia, but especially agriculture. As I mentioned earlier, what the realization is that today, 80% of all ammonia is focused on agriculture. If you want to go and make sure you have a market, start decarbonizing the existing market instead of trying to create other markets. From a fertilizer point of view, what you will have seen, of course, is as we hired Terje, for us, it's become very clear. We are very unique. Up until about a year ago, we were the only one really focused on this, on the green fertilizer aspect. We are still the only one publicly listed, so giving the opportunity to investors into that window. We've seen three companies appear since last year, which was one company called Fertiberia in Europe, focused their projects in Europe, obviously having to rely on a fair amount of subsidies because the price of power in Europe is three times the price of power that we are having in Latin America. The sales price of fertilizer is actually lower in Europe than it is in Latin America. Another one called Atlas Agro, which is backed by Macquarie, which has given it an indication of investment of around $350 million. Just last week was announced a company which is backed by KKR, and both of these companies are private. We know we are exactly where we need to be, and I think a number of investors in the hydrogen industry have also realized that we were right earlier and that we are exactly in the right direction. Thanks, Olivier. There are a number of questions on offtake. I know you can't go into significant detail on this because you're still finalizing negotiations, but let's start with a couple of them. Do you expect to receive a green premium for the output from Villeta? Is the first one. Second one is, will offtake agreements be part of your copy and paste for future projects? Let's start with those. Okay. Clearly, today, we know that you have very small quantities of contracts today which have a green premium. I think there was one that was signed between OCI and Macallan, the whiskey producer. When was it? Maybe a year ago. They're not massive quantities, but you have increasingly discussions and realization of green premium. In our offtake agreement, what we have is indeed a line of sight of green premium, but it doesn't form the basis for our offtake agreement. What we are going to do and what the discussions that we are having with a number of offtakers that have basically put terms on the table, the heads of term that we are negotiating, is very much a position where they will offtake 100% of the production of the ETAF over the next 10 years, with a specific price formula and some protection mechanisms as well for us. This is actually really novel into the industry for fertilizer because while in the power industry, so if you look at LNG projects or liquefied natural gas projects, they have long-term contracts which are indexed on a basket of coal, oil, gas into specific regions, and pretty much you agree a specific number, and you have that visibility. In the fertilizer industry, it has been historically a lot more volatile because farmers buy fertilizer at the absolute last minute. Because it depends on how much it rain, how much sun there was, you name it. We spent a lot of time "educating" the fertilizer companies into what we need and also how do we find an arrangement as long-term off-takers, where they will guarantee to take or pay our production for long-term. How we can basically, let's call it, share the upside when the upside is created on the green. Is it going to be the basis for the next project? Clearly. This is part of our special formula. The whole idea is also to find an off-taker which becomes a strategic off-taker. Project one is going to have its dedicated offtake agreement, but clearly this is part of a blueprint and for the further projects. Thank you. Question on the Costa Rica grid. Is Costa Rica's power from hydro or is that from other sources? The Costa Rican power makeup is actually mostly hydro, and then you have a large amount of wind and solar. You actually also have one HA4 plant running at the moment because there wasn't enough rain over the past El Niño. Indeed I think it is above 96% renewable. In the discussions that we have had with ICE, it's all about the partnership on how we optimize that power with them. Having hydro is absolutely key. This is also part of our strategy since day one. Doing hydrogen derivatives projects on solar and wind alone is possible, but brings a whole raft of issues with them, and also increases cost if you have to produce and if you have to have 24/7 supply to reduce the cost of your end product. I'm explaining a little bit too much on this one. The answer is yes, Costa Rica is mostly hydro. This is also why we are going after that type of power. Okay. There are a number of questions on project funding, and in particular, your thoughts on ongoing equity stake for Atome. Yeah. Perhaps you'd like to. For those of you who have looked at, let's say, infrastructure projects, renewable project, power projects. Your ability to put more leverage into a project, and what I mean by leverage is also more debt rather than equity, it depends on the quality of your power purchase agreement and the quality of your offtake agreement, one. Number two, on the experience and the number of basically financing that you can show. That they are comparable. As a green fertilizer project, and as a developer, we will be the first one. Which means that whilst if I was doing, let's say, a solar plant in Latin America with a long-term offtake agreement with an industrial, I would expect somewhere between 70%-80% leverage. 70% of debt, 30% of equity. When it comes to our project, we expect something a bit more reasonable, around 60%-40%, so 60% of debt and 40% of equity. That said, because we hit exactly in the middle of a fairway of basically food security and climate, the development finance institutions such as IDB, IFC, DFC, also KfW, DEG, have expressed a very, very strong interest into the project, and we've spent a lot of time making sure we're restructuring it in the best possible way so that they can give us the best possible term. That's the debt side. We are very encouraged in the way it's going. Of course, once they will know for sure what are the terms of the offtake agreement, we will be able to shave a little bit more on the structuring and on the pricing. When it comes to the equity side, I think most of the infrastructure and hydrogen investors that you would have heard about are also into the same vein of understanding long-term power purchase agreement, long-term offtake agreement. For them, we have a number in the data room as well. When we talk about the type of partnership and how they come into the project, clearly, coming into the project and the SPV of a project is one thing, but being able to show to them that, hey, we have actually a line of sight on project two and project three coming very quickly, enables us to have, let's call it, a wider strategic discussion about potentially investing in project two and three and helping us accelerate these projects. Thank you. In terms of the construction of facility and plant, are these going to be fixed price contracts? When do you think you'll actually be breaking ground? Yes, fixed price, absolutely. I think it's also one of the reason that we've taken more time than what we expected, is that I don't think anybody has missed the issues around inflation last year, and which has spilled a little bit over this year, but not that much. Whilst I think with our partners, clearly we are in a zone which hasn't seen as much inflation as others. If I have to look at what's happening into the U.S. or into Europe today, where the hydrogen sector has been overheated because of the IRA, because of the European Green Deal, clearly we wanted to make sure that we would be isolated from that as much as possible. I would say we spent an extra 4-6 months on engineering, doing value engineering to reduce the costs. Number two, working with the potential suppliers to fix the cost, and so that we have basically fixed price, turnkey/guaranteed maximum price. This is very much the EPC that we have discussed with Castalia and Novas, that they have agreed to work on that basis. When we look at the various technology suppliers, including, of course, Baker Hughes as one of our investors, it is also very clear, and they have also accepted that it will be fixed. Actually, the formula that we have with our EPC is that if we make cost savings along the way, we will also benefit for some of the cost savings during the construction period. Clearly, as I mentioned earlier, right, we have now shortlisted, if not selected, most of the technology suppliers along the value chain. Which means that they are all ready to go the moment we press the button of FID. It means that can we start work and break ground by the end of this year? Absolutely. Actually, I was looking at google maps yesterday, and if you look at the Villeta site, you see now how the Buena Vista substation, electrical substation is. You see just across the road, the Villeta site and the outline of the Villeta site, as we had to start clearing some of the land to do some testing for the environmental social impact assessment. As I mentioned, everything is ready to go. Now the remaining miles in front of us is the offtake, which will then allow us to accelerate the debt and the equity conversations. Thank you. Final question, Olivier. Where do you think the output from Villeta will end up? Where do you plan to sell the product? If you remember, so Villeta is expecting to produce around 264,000 tons of calcium ammonium nitrate. The nitrogen market, fertilizer, nitrate fertilizer market in Latin America, well, in Brazil, Paraguay, Argentina alone, is around 30 million tons. Clearly, we have a market at our doorstep, which is already a very healthy and premium market on grid. As I mentioned earlier, because we have bags of fertilizer, to ship it into Europe can actually be quite cost competitive, if we have the right green premium in Europe as well. For us, from our point of view is we strongly believe that, we will not only be able to sell it into the local market at a good price, but actually we're seeing more and more a green premium being discussed even in Latin America. I'll explain to you why. If you look at the Yara website, they have signed with a potato grower company called Papas in Argentina. Because potatoes is actually one of the vegetable which uses the most fertilizer. They have an angle as a food company to decarbonize some of their production. If I am in Brazil and I am a citrus producer in Brazil, so oranges, for example, the reality is, they will sell these oranges to Tropicana, and Tropicana will then sell that orange juice into Europe. The push from Tropicana on its farmers in Brazil is very high to also decarbonize. We don't necessarily need to actually ship our fertilizer into Europe to actually have a line of sight on the type of green premiums that are expected to be found in Europe. Thank you very much indeed. Jake, hand back to you. Perfect. Olivier Mussat, thank you very much indeed for being so generous with your time and addressing all of those questions that came in from investors this morning. Of course, if there are any further questions that do come through, we'll of course make these available to you immediately after the presentation has ended, just for you to review, to then add any additional responses, where it's appropriate to do so. We'll publish all those responses out on the platform. Olivier, perhaps before really just looking to redirect those on the call to provide you with their feedback, which I know is particularly important to yourself, and the company, if I could please just ask you for a few closing comments to wrap up with, that'd be great. I think the closing comments, the biggest comment I can make is, number one, thank you all as investors for believing in us. We know that the markets in the U.K. haven't been easy. If I look at some of our other hydrogen companies on the LSE, clearly I think our investors believe in us more than they do for other companies. We certainly as a management team want to thank you for it. We are doing our absolute best. Obviously, we are personally incentivized because we have put our own money into the company just like you have. We may be late on a couple of things because we set ourselves incredibly aggressive targets, but just rest assured that the only reason we are late on some of the aspects is because we are still trying to negotiate the absolute best deal for all of us. Then the last comment I will make is to thank actually the entire Atome management team. We are all joined at the hip, and I'm very thankful for the work and the expertise that they bring, because clearly we can tell you from behind the scenes, we as a company are increasingly recognized by the entire, not only fertilizer world, but the hydrogen world. Again, thank you. Thank you for being part of the Atome story. Well, I guess watch this space because clearly, the moment we will be signing the offtake, we will announce it. Olivier, that's great. Thank you once again for updating investors this morning. Could I please ask investors not to close this session as you'll now be automatically redirected for the opportunity to provide your feedback in order that the management team can really better understand your views and expectations. This will only take a few moments to complete, but I'm sure it'll be greatly valued by the company. On behalf of the management team of Atome PLC, we would like to thank you for attending today's presentation. That now concludes today's session, so good afternoon to you all. Thank you.