AGM 2020

Dec 10, 2020

Slides

It is now 9 AM, and I am pleased to welcome you all to the 2020 annual general meeting of Surrey's Power Holdings Plc's held at the offices of DAC Beachcroft in London. As a result of the ongoing coronavirus coronavirus pandemic, and in line with government advice, the board has adopted a number of changes to the traditional running of the company's AGL. The company has made arrangements for a quorum to be present to transact the formal business of the meeting as set out in the notice of AGM. With other shareholders attending by webinar. At this time, I call the meeting to order. Let me introduce myself and also my fellow directors. I am Warren Feingold, chairman of the board. This is my first AGM of the company, and I am delighted to have joined the board at such an exciting time in the company's development. And during a year of extraordinary achievements. You will hear more about this after the meeting when the chief executive presents his review of the business. With me in the room are Philip Caldwell, chief executive officer, and Richard Preston, chief financial officer, and Tim Anderson, company secretary. And participating, by on the webinar are Steve Callahan, our senior independent director, Caroline Hargrove, non executive director, Aidan Hughes, non executive director, Juve Glock, non executive director, Powell Howe, non executive director. We also have members of our of our executive team present together with representatives of our legal and financial advisors. A few words about the agenda for this morning. First, we will address the business of the AGM. I will talk through the format and procedures for this shortly. Yes. After the AGM, we will have a company presentation where we will read out and answer questions related to the general business of the company submitted in advance or posted live on the webinar. If you would like to ask questions relating to the AGM resolutions or the company presentation, you may submit them now via the Q and A box at the bottom of your screen, and we will address them at the appropriate time in Lisa Rodon. Could everybody who's, on the webinar, Joel Muske, please? I think one or 2, people have got their microphones on. Now I shall return to the formal business of the meeting. The notice of this annual general meeting was sent to shareholders on 13th November 2020. I would like to note that in the notice that was sent out, there were 2 minor cross referencing errors, which were created on the final publication and print run of the notice. The 2 minor errors do not impact on the authorities sought in the resolutions. However, for completeness, They are in the introductory paragraph and in Resolution 8.2. These have been corrected on the notice of AGM made available on the company's website. Unless there are any objections, I will take the notice as red. Thank you. I will now briefly explain the procedures we will follow. I will go through each resolution in term. After each resolution has been proposed, we will read out and answer questions related to that resolution received in advance and those posted live during the webinar. We will also publish the questions and answers on the company's website after the meeting. When posting questions on the webinar, please give your name and state whether or not you are a member or a corporate representative of a member. To be fair to everyone who wishes to ask questions, please restrict the number of questions you ask. We will only permit questions from members, corporate representatives of members, and proxies. Due to the current restrictions, the voting for all resolutions at this AGM, will be determined by a way of a poll of proxy votes received rather than by a show of hands, and he will not be able to vote live on the webinar. When questions about a resolution are finished, I will share with you the proxy votes received and I will then announce and 2 special resolutions. We shall go through the ordinary resolutions first. Resolution 1 is to reappoint BDO NLP as auditor of the company. To hold office until the conclusion of the next AGM and to authorize the board through the audit committee to fix their remuneration. For the information of the meeting and because the audit fees aren't available, as we are not publishing an annual report yet, I set out BDO's plan fees for the period to 31st December 2020. The company is planning to pay a total of £140,000 in fees to BDO for the orders of the group. For the full 18 month period to December 2020, and the reviews of 2 sets of interim results. For comparison purposes, we paid KPMG a total of £89,000 for the audit and single interim review for the year ended June 2019. There have been no questions received, so we will move to the results of the poll. The numbers of proxies I'm holding in relation to this resolution are now shown on the slide you can see. I, therefore, declare Resolution 1 carried. Pursuant to Article 54 of company's articles of association. The board is entitled to fill a vacancy or add to the board so that the number of directors does not exceed 10. Any such director so appointed holds the office until the next following annual general meeting when they retire but are eligible for election. Accordingly, Mr. Warren Feingold, Mr. Uwe Glock, and Mr. Powell Howe stands for election. Taking each in turn. Resolution 2 proposes to elect myself, Warren Fine Gold, to stand for election as a director of the company. I was appointed a director by the board on the 1st March. As such, I now stand for election by the shareholders. Questions? There are no questions. There have been no questions received, so we will move to the results of the poll. The numbers of proxies I'm holding in relation to this resolution are now shown on the slide you can see. I, therefore, declare resolution 2 carried. Resolution 3, who opposes to elect mister Uwe clock, who will stand for election to director of the company. Mr. Glock was appointed a director by the board on 18th June. As such, he now stands for election by the shareholders. Questions? There are no questions. There have been no questions received, so we will move to the results of the poll. The numbers of proxies, I am holding in relation to this resolution are now shown on the slide you can see. I, therefore, declare Resolution 3 carried. Resolution 4 proposes to elect Mr. Powell Howe, who will stand for election as a director of the company. Mr. How was appointed a director by the board on 18th June. As such, he now stands for election by the shareholders. Questions? There have been no questions received, so we will move to the results of the poll. The numbers of proxies, I'm holding in relation to this resolution, are now shown on the slide you can see. I, therefore, declare resolution 4 carried. The articles of association of the company require a third of existing directors to retire and seek reelection at this AGM. Accordingly, Mr. Stephen Callahan, Ms. Caroline Hargrove, and Mr. Richard Preston stands for reelection. Taking each in turn. Resolution 5 proposes to reelect Mister Steven Callahan as a director of the me. As the senior independent director, Mister Stephen Callahan has offered himself up for reelection annually. No questions? No no questions. There have been no questions received, so we will move to the results of the poll. The numbers of proxies I'm holding in relation to this resolution are now shown on the slide you can see. I therefore declare Resolution 5, Karen. Resolution 6 proposes to reelect Ms. Caroline Hargrove as a director of the company. Questions? No questions. There have been no questions received, so we will move to the results of the poll. The numbers of proxies I'm holding in relation to this resolution are now shown on the slide you can see. I therefore declare Resolution 6 carried. Resolution 7 proposes to reelect Mr. Richard Preston as a director of the company. There have been no questions received, so we will move to the results of the poll. The numbers of proxies I'm holding in relation to this resolution and I'll show it on the slide you can see. I definitely declare resolution settlement carried. We now come to the special business of the meeting to resolve as an ordinary resolution. Resolution 8 requests authority for the directors to be able to allot shares and securities up to an aggregate nominal amount of 11,314,103. Equating to just over 113,100,000 shares. This resolution complies with the investment association share capital management guidelines and current practice. Questions? Don't have questions. There have been no questions received so we will move to the results of the poll. The numbers of proxies I'm holding in relation to this resolution and now show it on the slide you can see. I, therefore, declare Resolution 8 carried. Approval of Resolution 9 will enable the directors to issue for cash, equity securities up to an aggregate nominal amount, of 1,714,258,8. Equating to just over 17,100,000 shares. Without offering them pro rata to existing shareholders. The resolution is being proposed as a special resolution, and therefore must be passed by a majority of not less than 75% of members present in voting. Questions? There there. There have been no questions received, so we will move to the results of the poll. The numbers of proxies I'm holding in relation to this resolution are now shown on the slide you can see. I, therefore, declare resolution 9 carried. Resolution 10 proposes the new articles to be approved and adopted in substitution for and to the exclusion of the existing articles of association of the company. The resolution is being proposed as a special resolution, and therefore must be passed by a majority of not less than 75% of members present in voting. I confirm it is the board's intention to comply with best practice for future general meetings. Virtual only AGMs which the changes in the articles enables will only be held in truly exceptional cases. Questions? No, no questions. There have been no questions received, so we will move to the results of the poll. The numbers of proxies I'm holding in relation to this resolution are now shown on the slide you can see. I, therefore, declare resolution 10 carried. That concludes the formal business, and I now declare the 2020 annual general meeting closed. Thank you all for your interest and attendance. This AGM webinar has been recorded and will be made available on the company's website. The results of the meeting will be announced to the markets through our regulatory information service and posted on our website as soon as practicable. We now move on to a business review of the company, including a presentation from our chief executive, Phil Caldwell. At the end of this presentation, we will read out and answer questions relating to the business review, which have been posted over the webinar or received in advance. As a reminder, if you would like to ask a question, please do so via the Q and A box at the bottom of your webinar screen. Thank you. Okay. Thank you, Warren, and thank you everybody for attending today. I'd just like to give you an overview of of where the company is in implementing its strategy and also allow some some questions. First of all, please, Richard. I think most of the people attending are familiar with the company, but just to remind ourselves, SalesPower is a high growth UK technology business, and we're very proud proud of that. We have world leading, sold upside technology, which came out of Imperial College, and that's protected by over 50 patent families and trade secrets. We now have approximately 350, employees, highly skilled scientists and engineers based in the UK. And we have a very healthy, financial, outlook with over a 100,000,000 of cash on balance sheet. And we need to, beyond our previously published numbers, we've added to the order book and pipeline with recent contract wins with the likes of of Du San and Bosch and others. So we we have a a healthy order book and pipeline of over a 100,000,000. We're listed on the A market currently around 1,800,000,000 market cap. And we are, aiming to, implement a high margin capital light licensing business model, very similar to what was, achieved in the chip industry with Arm were Doing the same thing with clean energy. I think people are becoming more and more familiar with different types of fuel cells. And I just want to remind people again of the benefits of the sol solid oxide technology, that we have at service, which we call the steel cell. So our technology is highly efficient. So over 60% efficiency from fuel into power out, It's fuel flexible, so it can run on natural gas, it can run on hydrogen, it can run on blends of hydrogen and natural gas, it can run on biofuels, can potentially run on future fuels like ammonia. So it's an ideal technology for addressing this energy transition from the society we have today all the way through to achieving net 0 by 2050. What's unique about the service technology is the combination of ceramics on steel that enable us to produce a highly robust and cost efficient, steel cell. So by weight of of materials, over 90% of our our fuel cell is is conventional steel, that you will find in automotive supply chains like car exhaust, etcetera. And therefore, it's inherently low cost. We also use the most common of the ceramic materials, cerium, and that only constitutes a small percentage of our our biller materials. And once you have this technology, being produced largely on on ceramics printed on steel, We can also utilize, manufacturing processes that have come out of the the solar and the chip industry. So we have something that's highly scalable and highly mass manufacturable. Because of the robustness of the technology, we're also one of the few solid oxide technologies that can transition not just for stationary power applications, but into some of the transportation applications that we're starting to see like, heavy duty trucks and commercial vehicles and potentially into future applications like marine as well. So there's a a very good range of applications for our technology. I'm often asked, but what's the difference between the service technology and PEM technology. PEM technology is very dynamic. It's very power dense and is often used for, transportation. Primarily transportation. Solar oxide is high efficiency and fuel flexible and is used for stationary power. The advantage that we have is that combination of high efficiency, fuel flexibility, and that that robustness that allows us to play in both the stationary markets and the transportation markets. So we have this unique technology, but also the way that we bring this technology to market is also unique. And this slide illustrates the modular approach that we're taking. So from a common, cell, a material set, We then produce, stacks. Here, you can see a 1 kilowatt and a 5 kilowatt stack, and you can think of these as building blocks And then from those stacks, we can produce with our partners different systems for different applications. So right now, we have 4 partners at the licensing stage, Miora in Japan, and the top, unit you can see there is a 5 kilowatt system for combined heat and power that's on sale in Japan now targeting office blocks, buildings, etcetera. The next unit you can see is a 10 kilowatt prime power unit developed by Bosch. One of our key partners who are also able to mass manufacture the 5 kilowatt start that you can see in this in this, slide as well. And we had the announcements earlier this week, very exciting announcements of Bosch now moving on to scaling up of production in Germany. Weichai Power in China is obviously a very important, customer first as well, and Weichai is one of the world's largest commercial vehicle manufacturers, and also produces something like 600,000 engines a year. The application that we're targeting primarily with Weichai is this commercial vehicle market, which is getting a lot of interest now in in the fuel cell world. And what we've done so far is a 30 kilowatt system that you can see there, but we're looking at expanding that into 100 kilowatts or plus applications. And then finally on here, we signed a deal last month with Dusan, who are the world leaders in stationary power for fuel cells based in South Korea. And that's exciting for us because this that takes this technology into 100 of kilowatts scale up to megawatts scale. So here you can see illustrated all the different applications that we're we're getting into with partners across Across the Globe. And it's no no, accident that we have this strategy. If you look at all of the recent announcements, post COVID, you can see that most of the major economies in the world are intending to have some kind of green recovery. China has now, announced it will be carbon neutral by 2060, which is a big step. Japan is one of the first countries to commit to adopting a hydrogen strategy. South Korea has a green new deal committing £46,000,000,000 of green funding and very significantly targeting 15 gigawatts of fuel cell power generation by 2040. And just to put that into context, that's 5 hinkley points based on fuel cell power systems by 2040. Germany, has announced €9,000,000,000 in stimulus packages for hydrogen and fuel cells And obviously, we have our partnership with with Bosch, and the EU as a whole has announced something like 550,000,000,000 for green projects. Recently the UK unveiled, a 10 point plan with up to 12,000,000,000, supporting green jobs and, you know, technology jobs in the UK. And then we're waiting to stay, but Joe Biden's recent presidential win, we believe should start to move, towards the US hopefully, coming back into the power support and therefore, agreeing stimulus as well. Now with our licensing model, we're able to play in most most of these economies at the same time. So we we're working, as you know, Weichai in China, Bosch in Germany, do stand in South Korea, and Honda in Japan. Next slide. But we see beyond where we are today, a huge opportunity for our technology. And if you think about Sarah's power as now one of the leaders in electrochemical technology, probably in Europe, if not globally, and you see the potential of our technology We've significantly grown the business from our heritage of power systems starting at single kilowatt level. And now, as you can see from the previous slides, scaling, it's 100 of kilowatts to megawatts scale. Now if you think about our purpose as a company, we're all about clean energy, to hit decarbonization and to to achieve carbon neutral by 2050, then we have to decarbonize all aspects society. That's the the buildings that we work and live in. That's transportation, and that's industry. So as a company, we're investing now for growth. What that means is we're going up in power as you can see, from tens of kilowatts to 100 of kilowatts to megawatts scale, we're starting to also scale up applications on the transportation side from an initial 30 kilowatts to potentially over 100 kilowatts and starting to explore future applications like marine. And very excitingly, we are also starting to look at the application of this technology for electrolysis, where you run the technology in reverse, you can produce green hydrogen. And the advantages that we see of the service technology in being high efficiency and robust and low cost also apply when you run the technology in in in electrolysis mode. So we see a huge opportunity for green hydrogen for industrial applications such as green steel, ammonia, and petrochemicals in the future. So we see Sarah's power is growing, not just in the stationary power side, but into these other markets and applications as well. And the way that we we do this is through licensing agreements, and most of our license agreements follow the same path. Where we we work with our partners to do joint product development. And at this stage, we charge about 50% margin based on engineering man hours and time and materials. So we're acting very much like a consultancy at that that stage. But we also give people access to our background IP, and we license, and for that, we we charge a license fee, which is a 100% margin, And then when our customers go to market, we receive a royalty per kilowatt. Now what that means is we can achieve very high margins to a licensing model, and also we're able to play in different markets, in different applications simultaneously whilst leveraging the balance sheets of some of the world's leading companies. Next slide. So I just want to say a little bit more about progress with with key commercial partners. First of all, we'll talk about Bosch, next language. So we've been working with Bosch, for over 2 years. And, what's exciting that we've been able to announce this week is the successful conclusion of the technology transfer and the pilot scale over the past 2 years with Bosch in Germany has now led to Bosch announcing plans to scale up production to 200 megawatts by 2024 and invest 100 of 1,000,000 of euros in the process of actually establishing these products at a manufacturing scale. What's important for us is this is a commitment to scale, which then provides future recurring revenues to royalties for the company. In the near term, the the value of the deal is worth 23,000,000 to us over the next few years. Our Bosch believes that the market for stationary power fuel cells could be worth €20,000,000,000 by 2030. And their applications that they're looking at, you you saw on the previous slide is power systems that could provide decentralized power for buildings, factories, data centers, EV charging, etcetera. So they see multiple applications for this for this technology. And we're very proud of our relationship with Bosch, and we've built on the initial agreement that we signed in 2018, to develop the 5 kilop manufacturing in Germany, and this this milestone shows the the strength of the relationship and also the quality of the service technology and of our people to be able to work at at such a high level. Next slide. Our next very important partner is Weichai. We've been working hard with Weichai this year, Obviously, with COVID nineteen, we've not been able to work on-site as much as we would have liked to have done. But both teams are working remotely, but very effectively, and we have, achieved the 1st prototype of a 30 kilowatt bus to demonstrate the technology, and now the joint teams are working on a small fleet of 5 busses with a 30 kilowatt range extender in in China. With you to complete that around the end of q 1 next year. And with the successful completion of that, we intend to move forward, with a joint venture to produce those systems in China, later in the first half of twenty twenty one. So we're still making good progress, with WHI and that that commercial vehicle market is a very exciting and very large market, potentially for service. We signed a relationship with Doosan last year worth £8,000,000, which was to develop a first system together. Again, as as with lots of our partners, we've progressed to this next stage where do sound of taking a license to also manufacture the core stack technology. And again, it's a big step to scale up to 50 Megawatts initial capacity by 2024. The deal to the company in the near term is worth up to £43,000,000, of which 7,000,000 is per contingent on performance. But again, it's really what excites us is the scale of the opportunity Dusan may be less familiar to you, but as I mentioned, South Korea has very ambitious targets to be world leaders in fuel cells. And Dusan currently have 70% market share of the Korean market. With Dusan, we intend to jointly work together to scale our technology into the 100 kilowatt plus power modules, which can then, target this power, utility scale market. So, we're very excited about this opportunity to do so. And we see that as adding significant value to sellers over the coming years. Next slide. And then this partnership, we've only announced this morning. So it's been an incredibly, busy end of year for the company. What we wanted to do, if you think about servers, is we are starting to establish ourselves as the technology of choice or the world leader in solid oxide. And we see the market opportunity for solid oxide has we've only just begun. If you think about everywhere today that you're using conventional combustion engines or thermal power systems, There's potentially an opportunity to use the solid oxide technology. Therefore, we're very pleased to have signed a strategic partnership with ABL in Austria. They are one of the leaders in powertrain and system engineering globally with over 11a half thousand people in 26 countries. And the intention behind this is by partnering with ABL we can significantly accelerate the markets and the partnerships that we can originate for the service technology and therefore, providing greater pull and greater demand for manufacturing of our our core cells and staff. Together, the companies have a significant intellectual property portfolios. ABL already have extensive knowledge of SoFC Systems, and obviously Sarah's has a very strong portfolio as well. So together, we're combining forces on system engineering, not on core sellers that, but on system, and that should generate significant benefits in customer acquisition for Sarah's going forwards and helps us scale the business. And just to illustrate the business strategy here, if you think about what we've done this year, on the left hand side, we've started to have commitment from partners like Bosch, like Doosan, to scaling manufacturing of sell and stack. But on the right hand side, we've all also starting to broaden out the system level partnerships and the applications that we can get into for the solid oxide technology from servers, going up in power from CHP into high power data centers, heavy duty vehicles, distributed power generation going to utility scale. And we also announced the first, the first development into marine on the back of our relationship with Doosan. So you can see the map on the right is broadening out in terms of more and more people wanting to use the service technology. We think that the partnership with ABL will help accelerate this and also accelerate demand for the licensing of our core manufacturing. Excellent. Just to give you a picture of what that means for the company, We're really in this middle middle stage here as you look at this graph. So over the past 4 or 5 years, we've significantly grown top line revenue moving from this engineering services into this licensing phase, and we can expect that to continue in the next few years as we as illustrated by some of the deals we've recently signed. But what we have now is the commitment to scale, from partners And that gives us, confidence of achieving royalties from 2024 onwards, and that's really where we get the recurring revenues and the scale of the So in the next few years, we expect to, announce more applications for the technology and also, more scale up of the business in general to this licensing model. Next one. And I think we've been, there's a couple of things worth saying. I I think we've been very fortunate at Sarah's to be in such a growth area at a time where lots of, parts of society are struggling and and we don't take that for granted. But I think also it's been a it's been a fantastic year for the for the company, and What's really made that possible is our people. If you think about the resilience of the service people to continue working both remotely and on-site in production and tests, to to deliver to these major, partnership programs with some of the world's leading companies, it's a fantastic achievement. And we're very proud to say that we've actually, grown as a company during COVID. We've actually onboarded about ninety people into service, which is now no small achievements. So we're now 350 people. As I mentioned at the beginning, I think we're one of the world's most best and and largest, electrochemical technology teams anywhere. We grew revenue again to 20,000,000 We've grown order book to over a 100,000,000. We had direct a strategic investment from Bosch and Weichai about 88,000,000 We have over a 100,000,000 of cash on balance sheet, and we now have evaluation that's starting to be reflected in the market of 1,800,000,000. So it's been fantastic year for us. And I think the recent developments and deals that we've just announced literally this week and in the past month really sets us up for a very strong 2021. So just, in terms of the outlook for the company, we've never seen so much demand for technology that addresses climate change. And you you've seen from the previous slides, every developed country in the world, post COVID is targeting an acceleration of technologies that can address climate change. So the market for this is is only growing. We now have 2 commercial partners as significant investors, which gives the company strength and stability in Boschai, and we've had strong momentum with partners this year, and particularly with recent announcements of Doosan and Bosch moving into mass production. I think it's fair to say that we are now establishing ourselves as the world leader in solid oxide technology. If you look at the partnerships that we're signing now, we're definitely becoming the technology of choice. And, you know, we are highly differentiated and able to practice this license and business model very well. Giving us, a very high margin business. But we do see a big opportunity, so we are investing for growth we are expanding into higher power and other applications, as I mentioned. We have a new engineering partnership, which we announced today with AVR, which will help us to access new customers. And we are developing electrolysis technology, having already, invested over the past year in the initial stages of that. We're very confident with this technology in the solid oxide electrolysis application, and we're looking to invest and accelerate in that going into 2021. So just to leave you, we have a high margin clean energy technology license and business, which is at a very exciting stage for the company and well positioned for future growth. I'll now take any questions. Thank you, Phil. The first question comes from Nick Roberts, who asks. Please can you provide details the status of the Sarah's Weichai joint venture in China, including a rough time frame for implementation of manufacturing capabilities. I I think we covered that question in the presentation. So as I mentioned, we are now, producing the the small fleet of child busses in China, and we are due to complete that by the end of of q 1 next year. We're also in discussions with Weichai on the business plan for the joint venture, and we hope that those two things will come together and, later in the first half of twenty twenty one, we're working towards forming the joint venture. Thank you. James Bartow asks, has a relationship with Cummins Diesel? Died completely following its takeover of Hydrogenics? I think it's a it's a good question. I wouldn't say it's died completely, but what what we we have pointed out before is where we have current joint developments. So We're just completing the program with with Cummins in the US Department of Energy, which was to develop a 10 kilowatt system. And that that's coming to a natural end, but we don't currently have a future contract with with Cummins. I think, you know, Cummins have made the acquisition of Hydrogenics. So I think a lot of their attention is is on making that work at this stage. But I think, you know, the the relationship and the door is open, for for the future. Thank you. Simon Ray asked When do you think Sarah's will make a profit? He adds, I appreciate there's been massive investment in SFC to date. But we've yet to see the license profits like Arm that you mentioned regularly. Yeah. So I think if we the the slide that I showed, I think, probably illustrates what our expectation is there. So if you look at servers probably versus any of our our North American quoted peers, we are currently generating gross margins of around 70% Whereas most of the industry operates at margins of around 20%. And we are growing revenue significantly, and we have a healthy order book. So on the power system side, if we keep on growing revenue at significant rates, then I think you can see a path towards profitability in the next few years. Based on further licensing as we get towards royalties. Now real profitability comes once we have market loan post 2024, and that's where you really get the the model of of Arm type license, royalty revenues kicking in. But I think as a business, we are continuing to grow commercially, and we are choosing to reinvest most of that margin into growth in the company. I think it's an interesting point because, I think it's, you know, this is a growth opportunity probably the likes we've never seen before, and I think Sarah's is is one of only a handful of companies that can really exploit this opportunity. So I think we as a board see this is the opportunity now to invest in this company to make sure that we remain as a world leader and and grow significant. So I think the model is working. I think that's illustrated with our financial track record, which, I'm very proud of, and I I think is is second to none in the industry. And I think it's only a matter of time before we do actually see the realization of of the the model coming forward. As our partners go to scale. Thank you. David Cronin asked could still sell work well in combination with heat pumps for space heating. That's a good question. And and probably one better for for Mark and my CTO, but the we have looked at this before I mean, the one thing about heat pumps you have to appreciate is they will require power demand, but you do get a coefficient of performance. So the idea of combining fuel cells with heat pumps is is not an it's not, it's not a new one. It's been looked at before. And it could be actually quite complimentary. Thank you. Chris Halstaff, asks, under what circumstances would you consider moving from AIN onto the main market? And what difference would that make I think it's a it's a question of of maturity and timing. I think the Yeah. I I imagine there's pros and cons of both, but I I think the the main advantage of moving to the main market would be higher, higher liquidity, higher profile, particularly for international best. So it might make sense at the appropriate stage to consider that. But but that all depends on on where we are at the company. Thank you, Phil. There are no more questions. And then just one more So there's one more question that's just come in from Michael Burton. Can I ask on your strategy versus others such as Plug Power, which is more pushing the vertical integration strategy? Which is the right approach, or would the vertical integration model, spread you too thin at a time with such a steep growth trajectory? I think that's, we we have a a very unique and highly differentiated technology, and I think there's very few companies that can actually pursue a licensing model. When you look at the PEM technology that most of our our peers have, it's a lot more established. It's a lot less differentiated. It's a lot more commoditized. So a vertical integration strategy obviously makes sense. But when you have something that's unique and well protected such as the steel cell, it does lend itself to the license model. And as we've we've discussed in this presentation, that enables us to scale the business in multiple verticals and multiple geographies simultaneously. And I think also we, you know, we in service, we talk about scale and speed, and we believe that the license and model is the best way for us to achieve scale and speed of adoption of our technology so that we are recognized as the industry standard. So there's pros and cons of both models but we believe that this is the right model for our technology. Stephen Chapman would like to ask. Do you see any future collaboration with ITM or similar green hydrogen opportunities? Our goal in the value chain, we believe, is the technology provider. So in the same way that, you know, we have licensed this technology to a number of power system companies, some of which have moved from technology technology. If you look at Doosan, they've gone from a lower efficiency technology, with phosphoric acid and now, selecting service for high efficiency solid oxide, that's a natural progression. Our our our aim with the electrolysis side would be to have an offering that we could also license to partners. We're not at that stage yet, but it might make sense for people who already have electrolyzed the technology to look at moving towards a higher efficiency technology in the future. John Musis would like to ask, what are your intentions to address the opportunities in the United States? I think that when you look at our partnerships, people sometimes, you may overlook the the scale of some of our partners. So for example, doosan fuel cell also operate through some fuel cell America and are already a significant player in the stationary power market in the US. Similarly, Bosch has significant global scale and operations in the US. So I think already with some of the partnerships that we have, we are already staffed and to address the US market. I think that maybe with the Biden administration, you'll start to see more and more interest in these kind of technology coming forwards in the US as well. So it's obviously a key market for us, and I think there's one where there's there's future opportunities, but already we can access part of that market to the the partnerships that we've already established. I have any one more, question which is more of a a comment, which is from Roger Freeman who says, as a shareholder from a class of 2006, Can I congratulate all 350 of you for everything this year? Thank you very much. Appreciate that. Well, thank you very much, Phil. Thank you to everybody who's participated in this meeting and presentation. I know the circumstances are less than ideal for the way this is this is working this year. I hope next year we will be able to physically get together in the same room and revert to an all traditional, style of the AGM where we can all, talk to each other in person. So I look forward to seeing you next year. Thank you.