Good morning, and welcome to Capsol Technologies, and our quarterly presentation. I am Jan Kielland. I'm the CEO of the company, and today's presenters will be, including myself, Inger Berg, our Chief Financial Officer, and Cato Christensen, our Chief Technology Officer. This is Capsol at a glance. We've shown this slide before, but there are changes. Again, what we say here, our mission is really to accelerate the world's transition to a carbon negative future. We have a highly competitive technology. We see that, and we experience that every day with increased interest in the market. We have a very safe and good capture solution, which is extremely cost efficient, and it's well proven. It's mature. We see that from our own experience with the demonstration units, but also this chemical process has been available in the industry for more than 70 years.
We have now a proven traction in cement business, in biomass, energy from waste, and we have strong interest for gas turbine solution that we have developed over the past six months. We're licensing directly to our customers or through our co- cooperation with partners. We are based our technology on patents. We are well protected. We have 11 patent families, which eight has been granted. We have our headquarter in Oslo and an office in Berlin, Germany. If you look to the map to the right, in the darker colors, that's where we have market leads. The encouraging part of this is, of course, we see that emitters on all continents are concerned about carbon capture and the climate.
They want to do something about it. We are confident that we can help them, solve them, get their own way to have good projects with our technology. Some of the highlights from this quarter. We now have a pipeline of 135 active leads with total emission of 42 million tons of CO2 every year. This volume is equivalent to the total emission in Norway, so it is a significant volume, and it's about 30% increase since the last quarter. We have signed up the 4th campaign for our demonstration unit. It will take place in Germany at the company EEW's plant, waste- to- energy plant, and we plan to get started during this quarter. We've seen strong interest in our gas turbine solution, Capsol GT. We are developing our technologies. This is the latest.
It's actually there to solve a major issue for the industry, particularly the oil and gas industry. It's difficult to capture CO2 from gas turbine at low, low cost. We know that the US market is becoming more and more important, and also the UK market is very important. We have now dedicated people working those markets. We have focused on our capability to handle all the requests we're receiving. We hire people, but we have cost discipline, but we're also using our partners to do work. We, we get more and more paid engineering. We get more and more sales engineering. In addition to staffing up, controlled way of staffing up, using our partners, we have to become more efficient. This is what we're working on every day. In all, I believe this quarter has been very, very good for the company.
There's a but here. This has really been the hottest July in human history. This is another wake-up call for climate action. We see the, to the right on this, slide, in red, you see the increasing temperature this year. It's very, very disturbing, and we have now 135 active leads in our portfolio. All of these companies are deeply concerned of what's going on, and I think that goes for everyone, today, in every continent, that the climate change is concerning. This needs to be a step change in carbon capture and storage. This slide is based on numbers from Rystad, where we see today we capture around 60, 70 million tons of CO2 every year. In 2050, that number needs to be almost 8 billion tons a year.
This is an enormous challenge for industry, and it's an enormous opportunity for us as a company. We see, assuming that all these licenses, all this technology, all this project came to us 100% with our offering of EUR 7-12 per ton installed capacity, this market 100% represents EUR 60 billion-EUR 80 billion. It's phenomenal numbers. We are targeting a market share of 5%-10%, so there will be other players, other technologies, but I think there's room for most of these companies and technologies that's being offered to the market today...We have a very cost-efficient technology, viable for all emitters. Cost is really the issue here, to bring down the cost, and the bulk of the cost is associated with energy cost, because it's energy-intensive to capture CO2.
That's why we focus on bringing down the cost, bringing down the energy consumption, and today, we think we have a very competitive solution, and we know that from the interaction with the clients. The operational risk is low. We know this from history. This solvent has been in operation for capturing sour gases for more than 70 years. We have our own experience. This technology works fine. Our plant can capture more than 90% of the CO2, and it's safe and environmentally friendly. It's based on potassium carbonate. Well, it's a non-harmful chemical. Many of the projects we're working with, they are in dense, densely populated areas, so it needs to be safe, it needs to be environmentally friendly. We have now in place a technology platform. This is also one of the reasons we changed our name to Capsol Technologies.
We have the small demonstration units, where we still see huge demand. It captured up to 700 tons of CO2 every year. The main reason for offering that to the industry is to help our clients to de-risk, to understand, get familiar with carbon capture. It's new to them, and hopefully, they will fast-track their projects, and hopefully, they will also select our technology. We have CapsolEoP, which can capture from almost any type of industrial emitter. We are targeting the larger emitters with more than 100,000 tons of CO2 per year, and we have a commercial model that we ask for a licensing fee in the range of EUR 7-12 per ton installed capacity. This means a plant of 1 million ton, we will get between EUR 7 million and EUR 12 million.
To the right, what we have developed over the past 10-12 months, is what we call the CapsolGT. It's capturing CO2 from gas turbines. There are smaller turbines that releases 12,000 tons of CO2 every year, and to the big ones, releasing 400,000 tons of CO2 every year. Here we see a potential for a higher revenue than for an EoP solution. We have seen huge response, particularly from the oil and gas industry, and there are thousands of these turbines in the US and Europe. We're focusing on large industries with high carbon capture and storage potential, and of course, in collaboration with our partners. Cement industry, we've seen increased traction over last quarter. Cato will come back to this in his presentation.
Cement is the largest single emitter in the world, stands for 7%-8% of global emissions, and it's hard to abate these emissions without carbon capture and storage. Biomass or bioenergy. Stockholm Exergi is one example. They recently announced a letter of intent with an Italian company. This is very positive because it showed that the project is moving forward. Bioenergy, if you're burning biogenic material as wood, it's accounted for zero emission. If we're able to capture that CO2, you will get booked negative emission, and this is so important for the path to reach net zero in 2050. Energy from waste.
This is already an industry that do a lot for the environment to reduce its emissions, but if adding on carbon capture to those plants, they will capture the biogenic CO2 and the normal CO2 from the waste, which also will lead to reduced and negative emission to some extent. It's very positive, and the market is huge. In Europe, we believe it's more than 400 plants that can benefit from having a carbon capture unit into their plant. This will be a huge impact. Of course, gas turbines. We believe natural gas is expected to be the longest living hydrocarbon-based energy production. Therefore, it's super important to have a capture technology that can help this industry reduce their emissions.
We also expand into new industries, and I'm sure on, on the next quarter presentations, you will hear about new industries that we're working on. We do this with our partners. We are very happy with our partnership, we will add on more partners in specific geographical areas, and also to make the outreach even stronger than we have today. We are targeting a significant long-term value creation with a scalable licensing model. Our strategic focus is technology, it's product, it's sales and marketing, and engineering and implementation. All of that needs to go hand in hand. We have to develop our technology to be in front, to become a market leader within the HPC. Also we have to develop our products.
We see this Capsol GT, which so far have been very successful. We will develop new products to help our clients reduce their emissions. Of course, what we see the incoming request today, we have to team up sales and marketing efforts. We have to be stronger in the some other markets. We now have good position in the European market. We are positioning ourselves in the North American market. We also have activities in the Middle East and Far East. These region will come on strong. Priority first, Europe, North America. Of course, we have to engineering. We have to match our engineering capacity with the incoming request from our clients and to support them. We do that by becoming more efficient. We also do that with our partners. Where are we in 2025?
We hope that any decision made for carbon capture, when they make the decision, they should be aware of our technology. We have ambition to become 50% more efficient when it comes to the time we need to do sales engineering and, and FEED studies and feasibility studies. We want to position ourselves as top five with our technology, globally within the space of carbon capture. In 2030, we are targeting a market share of 5%-10%. With our licensing model of EUR 7-12 per ton installed capacity, this will give a pre-tax profit of 40%-60%. We think this is doable. We think this is realistic, but we need to do the things we said on the technology product and blah, blah.
We have to have strong partners, we have to work closely with them, but we also need to have political support, and we need to have support from the industries we're serving. This was my introduction to this presentation, and Inger, you can take over for the operational review.
Thank you, Jan. I am going to take you through the operational review for the quarter. The last couple of years, Capsol Technologies has spent a lot of time and resources making sure that our company and our technology is established in the market. Now we are really starting to reap the rewards of all that good work. What you see on the slide here is our commercial pipeline. We use this to show the progress in the company from quarter- to- quarter. It's divided into several stages. You see the first stage, it's just sales engineering. This is typically where we have signed an NDA with a client for a specific project. We do initial engineering for the project to show, you know, high-level cost and performance.
In this part of the pipeline, we have seen an increase of about 7 million tons annualized volumes, which is quite impressive for 1 quarter. The next phase of the pipeline is what we now call engineering studies. This is more mature projects, where we do typically from a feasibility study to a pre-FEED study. In this part of the pipeline, we have added on 3 million tons of volume in this quarter. The next stage is what we have called engineering to build, often called FEED studies. This is where you do all the work required to make a final investment decision and start building your project. In this stage of the pipeline, we have our Stockholm Exergi project, which is really done with the FEED study, and we are awaiting the final investment decision.
In addition, we have what we call Capsol GT, and in this context, fast track. As Jan mentioned, these mobile demonstration units are really designed to help our clients fast-track the project development. We have 4 projects, of demonstration campaigns, signed up for our Capsol GT. We added 1 this quarter with EEW in Germany. All in all, this brings us to a total growth in the pipeline of 30% in 1 quarter, which is on itself, very impressive. I would say even more important in the engineering studies, the more mature part of the pipeline, we have actually added 300%. We will see as we go forward, that the things we are working on are going to progress and bring more and more maturities.
You know, kudos to our business development team and our engineering team for this great effort. End of last year, we saw Germany, Europe's largest industrial economy and the largest emitter of CO2, really sort of turn around on CO2 capture. The latest proof of this is that we, in Q2, signed a contract with EEW to deliver a demonstration campaign with our Capsol Go unit at one of their waste-to-energy plants. You can see a picture of the plant here on the slide, where they are actually doing the ground preparation work for our unit coming in, and we expect to start operation. The company has 17 plants across Central Europe, most of them in Germany, which together represents about 5 million tons of CO2 emission. This is the price if we do this well.
You know, with our opening our office in Germany in Q1, and the progress in Germany is really encouraging, which this with this Capsol Go demonstration campaign. All our Capsol Go demonstration units, including our new liquefaction units, are going to operate in Germany. It's going to be a very important market for us in Europe. Stockholm Exergi, call it our flagship project, capturing 800,000 tons of CO2 per annum, largest in Northern Europe, twice the size of Brevik, supported by the European Union and using our technology. This quarter, they signed a contract with Saipem to build the plant based on our technology. This is an important milestone to progress towards final investment decision, which is when we get paid on our contract, we still expect this to happen Q1 2024.
One of the beauties with our commercial model, technology licensing, is that we can be a global company without necessarily having a big global organization. We can do a lot of business from Norway. However, we do see that focusing on key market pays off, and we will continue doing this. In Germany, we opened our first foreign office in the largest emitter in Europe. We see that that has brought a lot of incoming in our sales pipeline and, you know, all our CapsolGo demonstration units currently in Germany. In the UK, we have hired dedicated personnel on the business development side, sitting in Norway, but focusing in the UK specifically. We see also this paying off, several projects in sales engineering, and one large cement project expecting to start feasibility studies this quarter, meaning Q3.
The U.S., the world's definitely largest potential carbon capture market. We need people on the ground to be able to service that market, and in the second half, we expect to open a U.S. office. We are also negotiating our first CapsolGo demonstration campaign in the United States to make sure we are seen on the ground there and get an entry into that market. Finally, a few words about our CapsolGT solution. Jan has already covered this somewhat. It's a solution to capture CO2 from gas turbines, open-cycle gas turbines, which typically you see a lot of deployment in industry. At large LNG plants, for instance, like Melkøya up in Northern Norway, in pipeline compression, in electricity production. Our solution, we expect to be a real game changer for this industry.
Our technology inherently is very good at capturing CO2 from flue gases with high temperature, and these gas turbines have a 500 centi degrees out of the chimney, which we can use to make it a very, very efficient capture process. The way to go to market for this, we have identified to be together with the large gas turbine providers, and we are progressing in our dialogues to find the right partner or partners to bring this to the market. This will be a very exciting space to follow going forward, and we believe the potential here for revenue per unit capture is higher than on our other solutions because it is so competitive relative to alternative technologies. With that, I will give the word to our Chief Technology Officer, Cato.
Well, thank you, Inger, for that introduction. First of all, I would like to say that, you know, we certainly believe our technology is, is a competitive offer for, for many emission sources, such as biowaste, biomass, waste-to-energy, large industrial emitters, and so on. This quarter, I would say we have spent quite some time on engineering for cement plants, and we really see that, that our technology is, is a perfect match for capturing CO2 from, from cement. First, I, I would like to say a little bit about why, why CCS is so important in the cement industry. It was mentioned earlier by Jan that, you know, the cement industry is, is, is a very large emitter. It's probably the largest industrial emitter of CO2.
It accounts for approximately 8% of the global CO2 emission. Cement is also really the, or literally the foundation of a green transition. You need cement for wind plants, for solar plants, for infrastructure, everything that is needed to build the green or to reach net zero. What's also special with cement is that, say, 2/3 of the emissions from CO2 emissions from the cement industry really comes from handling the raw material that's used. Only 1/3 of the emission comes from the energy use. You can electrify, or you can do fuel switching, it will only take you 1/3 down. You're still left with 2/3 of the emission, and the only really viable solution for, for those emissions is carbon capture and storage.
That's why also we see that if you look at, at estimates, around 2030, it's, it's estimated that, that, that around 30% of, of the CO2 capture projects could be in the cement industry. After 2030, the Global Cement and Concrete Association stipulates that it's required with 1 capture plant per week in the CCS industry to reach a net zero. The potential of CCS in the cement industry is obviously extremely large. Why do we believe then that our technology is such a good match for this industry? Well, there are several reasons. First, I would like to say, it's, it's a very flexible and easy-to-integrate technology.
The cement producer can continue producing the cement, we can construct the plant next to it and hook up and capture in a very short time. It's minimal production downtime, which is important. It can be run, our technology, the Capsol end of pipe technology, can be run on electricity only, renewable electricity only. We don't need to build another big heat plant or heat and power plant to produce the heat needed for the capture process. Another thing is that the CO2 concentration in the flue gas from cement is between 15%-20%, which is a rather high concentration, and our technology, it's a major advantage to have such a high CO2 concentration. I will talk a bit about that later.
For the engineering work we have done, this quarter, we, we see that for most of the, of, of the plants we have been working with, we can reach energy numbers as low as 0.6 gigajoules per ton of captured CO2, and that is electricity use. Compared to a traditional amine technology, that's quite good. An amine technology will normally use between 2.5 and 3.5 gigajoules of heat per ton captured. The 0.6 gigajoules that we reach is approximately 170 kW hours per ton. Why is it so beneficial for us with the high CO2 concentration?
For that, I would like to, to look at some, some, differences between the traditional post-combustion, absorption technology, used such as amines, and the CapsolEoP. The traditional post-combustion process normally uses only heat, or more or less, only heat, as the energy to do the capture. All that heat is used to regenerate the, the solvent. This heat consumption is really a weak function of the CO2 concentration. It, it more really relates to the, the amount of CO2 that you capture. If you're capturing 1 million tons, you need to boil off, 1 million tons of CO2, and that's where all the heat goes. It doesn't really matter that much if the flue gas concentration is lower or higher.
If you look at the Capsol EoP, on the other hand, the energy requirement is electricity, and a lot of that electricity goes to pressurizing the flue gas. And that pressure is a very strong function of the CO2 concentration, which means that if we go to a high CO2 concentration, we need much lower pressure for our process to be efficient. We can lower the pressure and use much less energy to compress the flue gas. If you look at these curves that I've included in the presentation, you see the traditional process, where you need mainly heat. You might reduce your energy or your heat consumption by 15%-60%, going from 4% to 15%-20% of flue gas concentration.
On our technology, on the other hand, if we go from 4% to 15, 20, where the cement is, we might reduce our energy consumption with as much as 70%. It's a, it's a major benefit for us. As you all know, the energy use is, is the main operational cost of CO2 capture. One other thing is that you typically, the, the cement plant will not have all that heat available for a traditional process. You can use some of the heat, but you will need to build an extra heat plant. With our technology, you don't need that. We can also use the, the heat available to reduce our, our energy consumptions even more.
We really see now that, that more and more of, of the cement industry, industry is, is getting their eyes open for, for our technology and, and, and seeing exactly that, that this might be a, a good solution for them. Right now in, in our portfolio, we have three projects in, in the engineering study phase. There's one project, about 700,000 tons, where we have been shortlisted as a technology provider, and we will start a feasibility study in Q3 this year. Another study for a 1 million ton plus plant, we are currently providing input to a third party, doing a feasibility study for them. The third one, we just started a feasibility study in July, and which has been going on during summer, and it's still, still ongoing.
In addition to the above engineering studies, we also see a lot of traction in the sales engineering pipeline. The last 2 months, we have gotten 4 new projects in there, accounting for approximately 6 million tons of CO2. Definitely we see a lot of traction in the market for this. To sum up, you know, we, we believe we have a very good offering for cement industry, easy, flexible technology to integrate, low energy consumption, and, in addition to, of course, the traditional things that, with an environmentally friendly solvent. Yeah, for that, I would like to welcome back Inger to present you with some numbers.
Thank you, Cato, for that insightful insight to the cement industry. I am going to bring you through the financial review for the quarter. As highlighted earlier in the demonstration, we are seeing a lot of demand for our technology and services. This is, of course, overall, very, very positive, also bring some challenges. During this quarter, we have had much focus on how do we ramp up our engineering capacity to meet this demand, and we are doing this mainly by three things. One, of course, hiring more engineers. Two, by investing into systems and procedures to make sure that we can do more with less. Three, working with our partners to make sure that they can support us with muscle and engineering capacity to meet our client deliverables.
In the quarter, we booked a revenue of NOK 5.2 million, million, up 24% from last quarter. We had a pre-tax profit of NOK - 15.2, and we secured additional debt financing from DNB for our CapsolGo demonstration and liquefaction program to make sure we are fully funded on our current business plan. Revenue in the quarter was driven by one CapsolGo demonstration on contract in Germany. The cost was mainly related to personnel and through commercial and technical services that we buy from third parties to be able to deliver to our clients. The next quarter and half year, we expect to see a revenue ramp up as the second CapsolGo unit comes on contract in Germany, and our new liquefaction unit also comes on contract in Germany, hopefully both in Q3 this quarter.
We will also see additional revenue coming in from the engineering studies we have secured, and in the medium to long term, of course, start to see revenue from our licensing. This is where the, you know, the substantial, the real revenue will come from. With this, we expect to be able to break even on our organic business plan in 2024. We are maintaining strong capital discipline. On the right side here, you see the, the waterfall. This shows the cash flow for Q2 2023. It shows that we had a total cash burn of about NOK 5 million . We had the revenue booked in the quarter of NOK 5.2 million, as previously mentioned.
In addition, we secured prepayment from one of our clients to also, about NOK 5.2 million, bringing the booked revenue plus the prepayment to about NOK 11 million. We had some higher than average quarterly cost, operational cost. This is mainly related to 3 things. We had our variable compensation payments for last year paid this quarter. We had hiring costs with for headhunters, et cetera. We moved into new offices to facilitate our growth, which also had some associated costs. We do have a comfortable financial position. At the end of the quarter, we ended with NOK 34 million in cash. Over the next 12 months, we have a committed revenue, committed investment, and with the current burn rate, we'll end up with a buffer capital of about NOK 30 million.
expect to bottom out on cash about the end of this year, between NOK 10 million and NOK 20 million. We do expect both revenue and cost to increase relative to this graph. However, our cost is quite flexible, and it's scalable with commercial activities. A few concluding remarks before we open up for a Q&A. In the long term, Capsol Technologies has the ambition to build a leading global player providing CO2 capture technology. We want to make carbon capture from large point source emitters more affordable and widely available to more companies, which is essential if we're going to meet our goals and the global goals.
We want to be top three in our four core segments, and we want to achieve a market share of between 5% and 10% globally, with a licensing revenue of between EUR 7 and EUR 12 per ton, and a pre-tax profit margin going from 40%-60%. We need to be present in some form or another in all the major carbon capture markets. What should you watch out for the next 6 to 12 months? What would be considered value triggers? One is that we are awarded more engineering studies. This shows that companies really believe in our technology, and is willing to spend time, resources, and money to see if this technology is the right thing for their project.
New awards of CapsolGo demonstration projects, making sure that our technology is demonstrated at more and more facilities, which is, you know, a big generator. Of course, licensing agreements. This is where our real revenue, our bread and butter, will be. Signing of licensing agreements will be a big value trigger. The same with project final investment decisions, which is typically when we start to get paid on our contracts or licensing contracts, when the project makes an investment decision to go ahead. Then finally, to sign up new partnerships to make sure that our technology is available and to as many people and companies as possible. Why should you invest in CO2 Capsol? Carbon capture is absolutely required for the world to be able to reach its net zero goals by 2050.
Over this period, we see a potential market in technology licensing only of about EUR 60 billion-EUR 80 billion. We have a technology that meets the challenge. It's safe, it's energy efficient, and it's mature. As one evidence of this, we have been selected for the largest project in Northern Europe, Stockholm Exergi, and we are seeing now an accelerating demand from projects all across the globe to evaluate and use our technology. Finally, we have a business model which is designed such that it's scalable and able to capture value from this vast market that we see coming, with a target of a 5%-10% global market share by 2030. That was it from me. Now I would like to invite Cato and Jan for a Q&A. We'll answer any questions there might be. Let's go.
Thank you so much.
Sorry
... all the three of you. I have the first question here, I think will go to Inger. It says: "Hi. Between Q4 2022 and Q1 2023, you increased your target from 5% market share to 5%-10%. What is the reason for this, and is it realistic that Capsol should have a license for up to 10% of the world's CO2 capture?
Well, the reasons for this is that we, we wanted to. Based on what we see incoming, we wanted to show that ambition, that, you know, 5% is one target, but we believe it's viable to actually reach as high as 10. It's a very hairy goal, but we need hairy goals. Okay. Should I start from the start again, or?
Uh-
Okay. So, in essence, a hairy goal, with we're doing everything we need to, to reach.
Okay, the next question goes to Jan. Your pipeline growth is accelerating this quarter, both for projects in sales engineering and for paid work. Is this a reflection of accelerating demand for CCS in general, accelerating demand for Capsol offering in particular, or both?
... I think it's both. When we had our capital markets update in May, we saw the increase in activity by 50% every year. We experience now a 100% in increase, so I think we're ahead of the curve, but we don't have control over our competitors. We believe we are in a pole position to benefit from this market. We also believe that our partners will see more activity. Of course, we take this as very, very positive.
Next question is: Is Capsol's technology suitable for carbon capture on Melkøya?
We don't know. We haven't been involved in that project. Now a decision is made, so it's kind of a hypothetical question. In general, we have developed our CapsolGT to handle emission from gas turbines, especially open-cycle gas turbines. That's what they have in Melkøya. We are in discussions with a number of opportunities around the world, so we hope that this will happen, that we can use this on a real scale. That's what we're working on. For Melkøya, it's difficult for us to comment. It's since it's already been decided, we haven't been involved whatsoever.
Next question: In your Q2 highlights, you mentioned an increased focus on expanding engineering capacity going forward. Does it mean that you're sold out, and should we expect this to be a limiting factor in your sales pipeline growth in the second half of 2023?
It's, yes and no. It's a challenge, but we are, as I mentioned in, in the presentation, we are doing several initiatives to make sure this is not a limiting factor. It means, to an extent, that we are even more than before, a bit more selective in, in what we actually do work for. Of course, putting up paywalls, making sure that the projects that pay for, for engineering get the priority because they probably are more likely to, to succeed. Not a limiting factor, but impacting and challenging.
One more question: You said that your board will make a decision on uplisting to the main list of the Oslo Stock Exchange during Q3 this year. What is the rationale behind a potential uplisting?
Yeah, that release was sent earlier this year, this message. We know that by more international exposure, more traction in the market, more activity, this justify being on the main board. Also we see investors from... that require us to be on the regulated market. All in all, we think we have to take a decision on this. We are preparing for it, so the board can take the decision, and we sent out this announcement that we do changes to the board. These are two things, of course, we are growing internationally, so we want to add on the right capacity and take competence at the board level, but also to fulfill the requirement for being listed on the main board.
Additionally, we also will propose to the shareholders to convert from a AS to ASA, which is a requirement. Still, this is a decision that has to be made by the board. Timeline, it could be accelerated, do it within fourth quarter, but it could also be done early next year. This is... well, more than that, I can't really comment.
There's also a question here regarding CapsolGo and the US. You mentioned a CapsolGo contract in the US. Would this be a breakthrough in this market? Could you elaborate on this project?
I, I would say so. It's, it would be our first sort of, you know, asset on the ground in the U.S. We have found that the CapsolGo units are, you know, great promotional tools. In addition to progressing the actual project they're on, they generate a lot of media attention and attention in general. This is something that we see as an essential part of our entry into the U.S., is to make sure that we have a CapsolGo demonstration campaign there quite soon.
One comment, the way we work, we believe this will happen. We have done the engineering work necessarily, necessary for building a unit and put it into the US market. It's different specifications, so we have done the work, so we are ready for taking that decision when we have the right opportunity.
Super. Thank you very much. That was all the questions that we have received.
Okay.
Yeah.
Thank you all for listening.