Good morning, welcome to Capsol Presentation, our third quarter results for this year. We have a presentation that will last for around 30 minutes. I'm here today with Ingar, our CFO, and myself, Jan Kielland, I'm the CEO of the company. This is the agenda for this presentation. Of course, introduction and the highlights for this quarter, and finance, and finally, some time for a Q&A. This is a slide you've probably seen many times before. This is our company at a glance. If you're looking to the map on the right, marked in blue, these are the countries we are currently involved. The main market for us is still Northern Europe and North America. However, we see so many requests coming from all over the place, and very encouraging from the Middle East and from the Far East.
We have a number of incoming calls every week now. It's increasing week by week, and now we're probably up to a range of 10 incoming requests every week. We have to be very careful to focus on the most viable and realistic projects. We have now, if we take the 50 most active leads in our portfolio, they are emitting more than 20 million tons a year, so the potential here is absolutely great. However, we see that again, Europe and North America is really the main focus for us. We have a very interesting technology, and we're developing our technology as we speak, and I'll come back to that a little bit later. We have a very competitive and cost-effective carbon capture technology. We license out our technology ourselves or to other, to others through our global distribution partners.
The technology is based on hot potassium carbonate, which is a chemical used in the solvent to capture the CO2, and it's been used worldwide for many, many years, and we can apply this to almost any industrial plant in the world. Key target for us is today, cement industry, the biomass, and energy from waste, power generation, and of course, large industrial facilities. As you'll see later on, where we have most traction in North Europe is in the space of waste to energy and biomass. We have our own experience from testing. We have been involved in more than 3,000 hours of testing this technology with a high uptime and high capturing rate. This was really started in 2003 with our predecessor. They saw the need for carbon capture. It will become a very important market.
They adapted the already existing technology to capture CO2, so there's no technology risk in this. They tested this out, they filed patents, they developed the technology. They spent EUR 40 million doing all of that. However, they were too early. They were 15 years too early for this market. When they filed for bankruptcy, we bought all their IP rights and patents in 2016. Since then, with the support of the Paris Agreement, this has been very fascinating and very interesting. Especially over the past 2 years, we see tremendous growth in this, industry. How this is a projection going forward. This is from the IEA prognosis a year back. We will have to double the activity every second year now towards 2030. 46% annual growth.
The last year, we experienced a growth of 44%, so this is kind of a unique opportunity for us, but it's almost also an enormous challenge for the industry. From 2030 to 2050, we have to get to a level where we capture 5.6 billion tons a year of CO2 every year. However, recent update from IEA has added on 2 billion tons of CO2 every year. The 10% here is probably be more in the range of 14%-15%. We see industries. Cement is a very important industry. It stands for 8% of the global emissions. We see chemical plants, we see power industry and biomass and other industries. All of them, every one have a component called carbon capture now.
For us, the market is almost endless, and that's why we have to do whatever we can to capture as many projects as possible, take the low-hanging fruits, but also to partner up with global players. This is a presentation of what we're offering to the market. We have a very cost-efficient capturing process, and capturing CO2 is all about the cost of energy used in the process. Since we keep the energy in the system, we're able to lower the energy consumption, which brings down the cost. In addition, we use chemicals that are available on the market. It's not proprietary to our process, so you can actually buy, acquire potassium carbonate anywhere in the world with probably one week delivery time.
This is a proven technology, and it's a safe operation. It's been already installed in 750 plants over the past 60 years globally in chemical processes, but it demonstrates that this way of capturing CO2, it works, and it's safe, and it's environmentally friendly, and it's no need for shutdowns. We offer our clients a low installation cost and a low operational risk. We have a capital light business model. We license out, we get revenues from licensing, and in that way, it can never be sold out. It's scalable, and we can take some CapEx, but we don't do that today. We have the ability to adjust our OpEx against what we actually do in the market. A highly scalable business model, we'd expect greater returns over time.
Now I would like to leave the scene to Ingar for a few seconds to take a few slides before I come back and talk about what happened in the recent quarter. Ingar.
Thank you, Jan. With this highly scalable business model, I'm going to go through a little bit on what are our long-term targets and how would that look on the financials. Long-term targets first. We are now building a leading global carbon capture tech provider. We are aiming for a 5% global market share on average over the period for the next eight years within technology licensing. Technology licensing only covers the technology license for carbon capture projects. The value of the market itself is a lot greater and we are, of course, looking at how to generate additional value when we do projects. Which building new revenue models around a solid tech platform and a solid client base is a viable thing to do.
However, initially, we are looking at EUR 7-12 per ton installed capacity as a one-time upfront fee. Again, we are looking at building models which also would secure us recurring revenues from this project. The licensing model is, as Jan mentioned, capital light, it's scalable, it's replicable, which means you also get very good margins. We are targeting margins, I should rather say, from 40%-60% over the period. On the right-hand side here, you see how this would look in the financials, if we put the IEA numbers forecast as a basis here. But as Jan said, those are already been upgraded quite recently, so this is really the old numbers.
By 2026, we will see a revenue of around NOK 700 million and a pre-tax margin of almost NOK 300 million. By 2030, we would see almost NOK 1 billion in revenue and almost NOK 500 million in a pre-tax margin. A little bit on the cost side. How are we investing to be able to capture this position? Well, for us, investing really means investing in people, tools, and knowledge for us to be able to add increasingly more value to our clients. With OpEx levels at 40%-60% and very limited CapEx, the CapEx we have is only related to our CapsolGo demonstration units, which we'll talk about later. We see the cost numbers on the right-hand side here.
In light green, you see our estimated fixed cost, and in dark green, you see project-related cost. This is cost that only comes if we secure projects, so it's strongly linked to revenue. Our cost base, I would say, is fairly low, and our cost is very flexible and manageable and associated with revenues. That was my two slides, and I give the word back to Jan.
Thank you, Ingar. Investment highlights. The booming market, 46% annual growth towards 2030. We have a very competitive solution, and we see that now from the response in the market. We can compete with anyone. We are building a leading global carbon capture technology provider, targeting 5% of the market from 2025. We're investing to establish a leading position early. You've seen the initiatives and what we've done with the CapsolGo, but equally important is building the strong team. We have talented people on board now, and we are looking to become kind of a center of excellence for what we're doing. We need to support our clients on a continuous basis.
We have in place an experienced management team with different backgrounds, but all of them have a technical background, and we have more experience than 10 years, up to 40 years of experience. As said, we have a dedicated and professional team supporting us in what we're trying to achieve. To the highlights of the quarter. First, our three main offerings to the market. We have the demonstration units called CapsolGo. It's a demonstration unit. It captures 700 tons per year of CO2. The important thing with these units are that they help our clients to get faster to a decision for a full field development or a capture plant. The caps...
The CapEx for these units, which is we have invested in those units, is in the range of EUR 1.5 million-EUR 3 million per unit. The range here varies of course with the complexity and what type of equipment we install in those units. It's mobile. It's going to be transported from site to site for different clients. Also it will provide very interesting revenue to us, and Ingar will come back to that later. We see the market for these units is growing. We have to make sure that we always have contracts before investing in a new unit. We have the small scale plants in the range of up to 100,000 tons a year.
We believe this is a great potential for module-based plants constructed in a yard sent to site for assembling. We can offer a flexible delivery model. We can take a purely a license agreement for getting revenues, or we can, together with partners, offer as a service to the client. Finally, the large scale plants. One example is the Stockholm Exergi. It's a large plant. We do licensing of our technology, and we take delivery together with partners. We don't take any CapEx risk. We just get the revenues from the licensing of this, but at the same time, we get paid for engineering. We also will be paid for giving support to the project over lifetime. Now I talk about a little bit where we have focused our activity over the past three months.
Of course, Norway is important, but we see many more projects in Sweden, Denmark and Finland. This is a high priority market. We have a strong focus on bioenergy, carbon capture and storage and energy from waste. The main reason for that, why they get support from governments and so on, is related to burning biomass. You then get what they call green CO2, which counts as negative emissions. It brings down the emission in those countries starting off these projects. It's important politically, but it's also important locally, and it's important for those companies that actually take this step forward, do something with the climate. We won our first large-scale contract in Sweden with Stockholm Exergi project that happened in July.
It was a milestone for us that we could sign a big scale project and of course, following this, we have requests from all over the world when it comes to biomass plants. The project is unique in a sense that it achieved the funding from EU Innovation Fund in strong competition. There were 7 companies out of probably 150 or something that got this funding from the EU. It was a big achievement from Stockholm Exergi, and we are really impressed how they have managed to bring this project forward. It is the biggest biomass plant in Europe currently being planned for and with the operational start in 2026. The German market. Germany is the largest emitter of CO2 in Europe. It's a high priority market.
They have moved very quickly to be kind of defensive when it comes to CO2 capture, to be very offensive. They have approximately 100 plants within the space of waste to energy. They're burning 46 million tons of non-recyclable waste every year, which have emission of 46 million tons of CO2. This is equivalent to total emissions in Norway, so it's significant, and they can capture CO2 from those plants. We introduce our, let's say, sales tool here, and we signed the first contract with the CapsolGo for the German market only a week ago. We will have the demonstration unit in Germany for at least one year. It is super positive for us. This unit will first be operating on a waste energy plant and then to a biomass plant, so we will test flue gases from different type industries.
North America, of course. The U.S. Inflation Reduction Act, it paved the way for really very aggressive buildup of activity in the U.S. It offers tax breaks for large scale CCUS plants, up to $85 per ton of captured CO2, which makes a number of projects in the U.S. profitable. Indeed already, without this new revised act, they are almost involved in 50% of all ongoing projects in the world. The American market is super interesting, and we see the increase by this act up to 13 times from today's level toward 2030. We have this quarter completed and delivered our first feasibility study for a large plant in the U.S., and we see number of requests coming our way.
However, it's important to understand that doing projects in the U.S. is compared to what we experience in Europe, so we need to do this alongside partners. Of course, we can work with any EPC or any industrial partner, but this is the way we like to pursue business in the U.S. We haven't mentioned U.K. in this update. This is one of the most interesting countries in Europe today. They have very high activity, and we are involved in a number of discussions and projects, but there's no real update in this quarter. That will follow over the next few quarters. This is a slide we put up here. It's because from doing all these projects and involved with the clients and partners, we develop our technology.
You can look at this more as a teaser, but we have done significant work. We call this another offering to our clients. We call this the CapsolGT, which of course, carbon capture GT. That's what we call it. This is something that we will offer to the market. It will be a game changer for a large market segment, and it goes towards gas turbines. This has always been a major challenge for the industry, but it's a major opportunity for us. You see the formula to the right there. This is open cycle gas turbine. We're adding this unit, carbon capture unit, and we capture CO2, but we also generate electricity. Electricity out of the high temperature flue gas.
This is a fantastic opportunity, and this is really we take the energy out of the flue gas, use the energy in the capture plant, and by doing so, we capture CO2, and we produce electricity. It's early stage, but we have done extensive work, and we will do much more work together with industrial partners to really have this as an offering. It shows how we are building a technology platform. We have the CapsolGo, we have the end-of-pipe solution, and now adding on this as a CapsolGT is the solution for the gas turbine industry. This will replace the traditional steam cycle, reduces complexity, introduce carbon capture as a revenue source.
Early stage, but this is the way we see the market is going, and we like to be in front of this. We have filed a patent covering this, so we are excited about where we are today. We hope that we'll bring more news to the market as we go forward hand in hand with our partners here. It's important for us to always have a view of our financial position. We received a green loan from DNB. We are very proud of that because they have qualified us, but also, they have qualified us as a green company, which is verified by DNB. It's important, and we like to be seen and be named as a green company. This is for the financing of our CapEx or the CapsolGo units. It strengthen our financial position and improve the company growth capacity. It's a statement to our commitment to drive sustainability. We are very proud of this. It's important to get and build this strong relation with the Norwegian leading bank. We go to the financial update and Ingar.
Thank you, Jan. Almost lost my mic there. Okay, so I'm going to cover the finances, including revenue models. First, we start with the income statement. What I want to highlight here is that for the first quarter, first time ever, we are recognizing revenue from our carbon capture business. We booked about NOK 4 million of revenue in Q3. This is revenue deriving from startup of our first CapsolGo campaign in Sweden and paid engineering studies. We will see increasing revenue going forward, and I will also get back to this. Operating costs are in line with budgets and expectations. We are ramping up, and we'll see higher operating costs going forward. Costs today are mainly related to personnel, to professional services, and that's about it. Of course, we have some operations.
We booked a net loss for the quarter of about NOK 7.5 million. The balance sheet. Balance sheet today, cash, plant and equipment, and IP and receivables. We see cash, the main element here. We have about NOK 55 million in the bank. We have plant and equipment at about NOK 22 million and the rest is IP and receivables. A good cash position and a total book equity of NOK 88 million. The cash flow statement, and I'm going to start with going through the bars on the right-hand side here. We started the quarter with about NOK 60 million in cash. We booked a net loss of NOK 7.4 million. We invested NOK 9.4 million, which is, again, the CapsolGo units.
We did a share issue of NOK 9 million, so that balance out the investment. This share issue is the last of the outstanding warrants from the initial financing back at the start of 2021. Now there are no more outstanding warrants in the company. And then we have some further minor adjustments bringing us to end of period of about NOK 55 million in cash. We actually used about NOK 5.4 million this quarter. On an annualized basis, we see a current burn rate, and I would say operational burn rate, it excludes investments, share issues, and these types of things, of about NOK 3.3 million per month. Again, still ramping up the activities and expect to increase the burn rate, and that's it. This very important point.
We are fully funded to execute on our current business model, that being the licensing model that we have addressed. I'm going to show you some numbers here on the graph, on the waterfall, and these numbers are not to be interpreted as a forecast or a budget. These are committed numbers. It means that it's revenue that we have signed contracts for, it's cost and debt that we believe is fixed. Starting the period, this is, by the way, for the next five quarters, it's until the end of 2023. Starting off with the cash we have in the bank today of about NOK 55 million. Based on our current burn rate, we see a burn rate over this period of about NOK 50 million.
Again, this will increase or should increase, but it's very flexible. We can steer it, and we can link it to what we book on the incoming side of revenues. We have our green loan that Jan spoke about, coming in at NOK 23 million. We have debt service on this loan over the next five quarters of about NOK 6.5 million. We have confirmed investments of about NOK 15 million, so that's the remaining investments in the two CapsolGo units that we have built and one of them delivered, the other one in construction. We have not committed to any new investments. We will do new investments if the case is good, but that will be on a case-by-case basis.
We have a contracted net revenue, that's revenue on an EBITDA level of NOK 38 million. Which leaves us with about NOK 40 million in cash by the end of 2023. Again, we are flexible. We'll guide our spending based on how much revenue we see coming in, but I would say that our financial position is strong. A little bit on our revenue models. Our technology licensing business. On the revenue side here, we see EUR 7-12 per installed ton of capacity. Implementation of this is highly scalable. We can do it with partnership. We can get a good and large global reach with a relatively small organization as long as we can prove that we actually add value to our clients.
On this note, we are also looking into building complementary revenue streams that will give us recurring revenues on this installed capacity. Again, back to that, we actually have to deliver value to our clients to earn those revenues, but we see a lot of opportunities. EBITDA margins. That's actually, in our case, almost the same as pre-tax margins. We are moving from 40%-60% over time. Margins are mainly driven by capacity utilization in our organization. So that's important to get the number of projects up. CapEx for this model is virtually zero. It's balance sheet light and very scalable.
A lot of news and buzz around the CapsolGo units lately, and we see a lot of demands for this in the market. It's obviously not our main, will not be our main source of revenue. Still, I would like to present the revenue model for this, so that you can put it into your math. We have actually increased the revenue range targets for this by 50% since last time. We're seeing revenues by somewhere between EUR 150,000 and EUR 250,000 per month. This is based mainly on what type of equipment and what type of services we deliver when with the test program. Typically, a campaign, one contract will be between four and five months for these units.
Of course, annual revenue is dependent very much on the utilization rate, so how much we're able to contract this. Here we see EBITDA margin of also around 50%. The cost comes from delivering services to the clients with these test campaigns that we do. We're not just renting them a unit, we are coming in with a full program. We bring with us third-party independent consultants that writes report and make recommendations. We always have people on site, we and others. There are some costs associated with this, but we also bring great value to our clients and ourselves. On the CapEx side, these units cost between EUR 1.5-3 million. Again, the range, where you are in that range depends on what type of equipment we build into them.
Different clients have different requests and we are also trying to sort of have a bit of diversity in our units so that we can do different types of tests. Our first units are, I would say, in the lower part of this range, but we'll probably the next units, if we invest, will be somewhat higher. Not outside of the range, but somewhat higher in the range. The contracting on the CapsolGo, the project portfolio, I would say. CapsolGo unit one started commissioning in Öresundskraft in Sweden in September 2022. Contract duration five months. It's an energy from waste plant. The full scale emission of the plant is 210,000 tons per year.
It says it's at 1 million, that's a bit less. With the revenue range we had at the last slide, this would translate into EUR 750,000-EUR 1,250,000. Well, EUR 1.25 million for this campaign. The next campaign for unit one is in discussion, but we see a lot of interest in these units, and we believe we'll be able to have high utilization. As we announced earlier this week, CapsolGo unit two will start its demonstration campaign one in Germany in Q1 next year. This campaign will have a duration of 6 months, plus an option to extend. We cannot disclose the client yet. It's a big German energy company.
It's energy from waste, and the revenue range here, again, multiplying the months with the range we provided in the last slide, it's between EUR 900,000 and EUR 1.5 million. Campaign number 2 is for the same client, but for a combined heat and power plant, and the same revenue range and also the same option for extension there. You see these units gives us a nice revenue, but well, more importantly, they give us a fast track to winning the large projects, and it adds a lot of knowledge and capacity and capability to our team. A bit on our roadmap, short to medium to long term.
In the period we are in now, in 2023, 2022 to 2023, as said, we are going to deliver 2 mobile demonstration units, well on our way to doing this, as mentioned. We are going to secure 4 small projects and 2 large ones. We are going to secure key industrial and global commercial partners to help us really extend our reach on licensing. In the next period, we are going to work on capturing market shares, so that 2024, 2025, we're going to probably add additional demonstration unit if there is a good case for that. We are going to secure 8 small projects and 4 large ones. We will look at implementing new business scopes and capturing more revenue and more profit per projects.
Again, linked to if we can actually add value to our clients, of course. In the long term, 2026 to 2030, we are going to scale revenue. We are going to target the 5% market share. We are again going to consider extending the scope per project. We are going to consider also expanding our scope in the value chain and potentially teaming up with financial players here to use our knowledge to allocate capital in infrastructure in this space. Final slide, the key takeaways from the quarter. We signed our license agreement with Stockholm Exergi. Big project, big win, a big verifier, and a de-risker for CO2 capture, a major event. Q3 marks the first quarter with revenue. The company recognizes revenue from project engineering and from the CapsolGo operations.
Again, I would say, a very good event. The first CapsolGo demonstration unit was commissioned at Öresundskraft Energy from Waste, marking our first sort of physical operations with these units. It was delivered on time and on budget, which is, I would say, a great achievement by our team and our partners, considering how volatile and hard sort of the supply chain issues are at the time. Now after the quarter, we have a few subsequent events that we will also would like to highlight. We secured the green loan agreement with DNB, marking the company as bankable, very important. We entered into the contract in Germany for two demonstration campaigns for our CapsolGo unit, giving that unit full utilization in next year and potentially beyond.
Finally, with the loan and the contract and everything else we are doing, we are in a very strong financial position, ready to grow, ready to expand. Thank you. I think we'll turn to the Q&A. Jan, if you could, join me back.
Yeah, sure.
That'd be good because we have a few questions here.
Thank you.
Start with the first one, which is, could you elaborate a little on the CapsolGT solution? It seems like an interesting initiative given the promising momentum in gas power CCS projects.
Ingar?
Certainly, Jan. As Jan mentioned, it's sort of. We came up with the solution through projects worked with our clients. Our technology has a few particularities with it. One is that we compress the flue gas on the way in, which has traditionally been seen as a disadvantage. What Capsol has done with our technology development is sort of turn this into an advantage and reducing the energy consumption below what competing technologies have from being above it. Then you have pressurized gas on the way in, which, as a by-product, makes it a lot easier to capture the energy in that gas if it has a high temperature. This is what we saw with the CapsolGT development.
There's a lot of waste heat in these open cycle gas turbines, and we saw with our sort of particular process, we could very easily capture that heat and put it back into a generator via our expander that's connected to the compressor. Sorry to get a bit technical. It's not something that other technologies could easily do. It's because it's very hard, very costly to capture from these gas turbines because the CO2 concentration in the flue gas is very low. It's 2-3%. The lower the CO2 concentration, the more flue gas you have to put through the plant, and the higher the cost and the higher the energy.
We see this as a sort of result of the technology we have and that we're building the capacity and the knowledge around it. We work with the big suppliers here, and they are very interested. We put this in as a teaser because we now have patented it, so we have protection. Still a lot of work to do, but a lot of upside here. Very exciting.
Thank you. We have questions regarding Stockholm Exergi. What is the schedule of payments from Stockholm Exergi?
I can, we can say what we said in our press release around it. I think that we get paid on final investment decision. The schedule for Stockholm is a bit different than what we'll see going forward. We have said that it will be lower than what we're projecting in the future. As a counter to that, we'll get very early payment. You want to add? No, that's-
We have a question that is a follow-up to Stockholm Exergi, I believe. What is the size of paid engineering for the same project?
Well, depends on how to understand that question. We are not doing any paid engineering there today. We are working on services to the project.
You have earlier mentioned large partnering agreements that you are negotiating. What is the status of these?
We have, you know, going back a couple of years, we reached out to a number of, let's say, global players. Recently over the past two years, they're coming back to us and interested in forming an alliance with us. Of course, we need that to reach out to geographies and to certain industries. We have ongoing discussions, but for us it's vitally important to, you know, not give away too many options to the counterparty here because they are large players, they want exclusivity, they want to take control of our business. It's a fine balance there and we are fighting there so we can have this growing business independently over a long period because obviously such arrangement will have a long duration.
We are very careful to protect our shareholders for such an arrangement. Again, the opportunity is enormous, so we are well on the way to get into such an arrangement. We're not in a hurry, but we like to see it happening and we like to be there, to be out in these industries. We looked at the geographies, India, Far East, these are markets we don't understand today and we need to team up with someone being present there. It's a key important thing for us to have such arrangements in place and ongoing discussions. We hope to conclude that within a short period of time.
Okay. Next question is regarding CapsolGo. What is the mobilization period for CapsolGo from one customer to another?
I would say that's about a month.
Mm-hmm. Okay. Thank you. Short answer. Last question. What are your biggest risk factors moving forward?
Phew. I think we always have the black swans that can take us, but we don't have anyone in sight. Realizing we're a small player in a market where we have big players, and the more we qualify our technology, the more traction we get, the more interesting we'll become seen on the radar screen from these large players. This is a threat to our being an independent company but may not be a threat to our shareholders. We try to move as far as we can, building the company center of excellence and capture 5% of the market. We are competing on that, and we don't see any real threatening technologies. There are a number of good technologies. They will take time to mature.
There are others there with similar technology within, I mean, space. We're competing with them, but at the same time, not always competing because this market is so big and we see our clients very often take a decision independently what sort of technology they want to use. We don't see any obvious threat, but one concern, of course, is to get the best talent people on board, and this is a general challenge for the industry, to find talented people.
I thought it was the last question, but we have some more questions coming in. Could your solution on gas turbines be used on oil and gas installations in the North Sea, so you would not need to build electrical cables from land?
That is one potential use, yes. Still as we mentioned early days here, so, looking at specific studies, but doing carbon capture offshore rather than building expensive cabling, taking away green electricity from the domestic market, sort of high level, it makes sense. Yeah.
There's another question regarding Stockholm Exergi. How much will you make on the Stockholm Exergi contract? There's a second question: When did the joint development with Stockholm Exergi start?
I can take the first one, and you can.
Okay
Take the second one. We are not disclosing how much revenue we get from each project. We have covered this in our press release about the project, so I suggest you go back and read that and make your assumptions.
Okay. Second part of the question, we got started interacting with Stockholm Exergi in July 2018 when they sent out a request for information. At that time, I think there were about 36 companies receiving such a request. They soon reduced that to four companies and a second round of information provided in July 2019. Since then, we have been in discussions with Stockholm Exergi to really discuss and present the advantage of our technology. For us, we stated to them all time that this is a kind of groundbreaking happening for us to sign the first big contract. We encouraged them to choose our technology, and they did that based on the environmental issues. It's in the neighborhood of, you know, people living in Stockholm.
They did that on the ability to run on electricity because they have to supply district heating to their clients. They had a number of good reasons for doing that and also, of course, the risk of having harmless chemicals in the process. It's been a project that took several years, but this was the first really. You know, they took on the yellow jersey in Sweden for moving towards carbon capture. We see now a huge following in Sweden, and they all want to do carbon capture. It's for a country to have a kind of a first mover, it was important for Sweden, but it was also very important for us.
Thank you so much. That was all the questions.
Okay. Thank you and have a nice day.
Thank you.
Bye-bye.