Hello, everyone, and welcome to this Q&A session about Cavendish Hydrogen second quarterly result. This is the first Q&A session as an independent company after the spin-off from Nel Hydrogen in June 2024. Today is the 29th of August 2024, and my name is Robert Borin. I am the CEO of Cavendish, and with me today, I also have CFO, Marcus Halland. This morning, we published a presentation of Cavendish Hydrogen second quarterly results, and the main points from the presentation were that Cavendish was listed on the Oslo Stock Exchange in June 12, 2024. We had a record high seven installations during the second quarter 2024, and in total, nine installations in the first half of the year. We have acquired a strategically located site for the high-capacity pilot station testing.
And finally, Cavendish is well-funded and ready to conquer the heavy-duty fueling market. Now, we look forward to answering the questions this quarterly report has brought forward. And Mikael Dahl, Head of Strategy, will manage the questions. So Mikael, please go ahead.
Thank you, Robert. For those who wants to ask questions, please use the Raise Hand function, and we'll call out the name and activate the microphone to the one next in line. Please make sure to activate the microphone on your end. Note that we will keep camera for the ones dialing in disabled.
Also, we will not comment on outlook-specific targets, detailed terms and conditions on contracts, as well as questions on specific markets. So please go ahead with questions. And again, questions can be raised by raising the hand in the meeting. Good. It seems to be a question from Anders Rosenlund. So, Anders, I will activate your microphone, and you need to do the same on, on your end. So, so Anders, please, unmute.
Okay. Can you hear me now?
Yes, we do. Perfect.
Yes, we do. Thank you very much.
Excellent. Thank you. I have one question, and I appreciate your initial comment that a lot of stuff that you don't want to comment on, and I've noticed that Nel has the same introduction before the Q&A, but that can't prevent us from asking. So, I was wondering if you could say something about the cash development throughout the year. You're thinking about cash development or not throughout the year, but the next 12 months, and how that will develop. And also, I'm just curious why you can't comment about specific markets.
Regarding the cash development, we have a solid cash balance at the moment, and the assumptions that we communicated before we entered the listing process, they are more or less unchanged. So we have sufficient cash to run our operations for the foreseeable future and also to develop the next generation high-capacity product.
Then regarding the specific markets, that is, yeah, I think also we said in the presentation that, for example, Italy, that's a promising market where we see a lot of activity and prospects, and also Europe in general with the AFIR regulations. We will comment on you know, higher-level stuff like that, but specific details and specific customers would be difficult to enter into.
Absolutely. Absolutely.
Okay, thank you.
Yeah. Yeah, again, if there are any questions, just raise the-
Yeah
... the hand in the Teams function, and if there are no more questions here, the questions can also be emailed to info@cavendishh2.com.
See, there's a new question coming up from Anders again.
Okay.
Well, unless,
Oh, so, sorry, Anders. Come again?
Yeah. Okay. The orders that we should see going forward, are those one, two, three station orders, or is there a pipeline of larger orders, multiple double digit or multiple double digit orders that are in being negotiated or being discussed? Because a lot of these orders that we've seen over the last several years are rather small. Could that change?
Yeah, I wouldn't say that the orders have been rather small over the year. We have had a variety of orders, I would say. We have a tradition and a track record of doing business with some of the really big blue-chip customers out there. And we, of course, intend to keep that kind of customer relationship going forward.
It's hard to comment if all orders will be of a specific size and shape, and I think that is something that the future will bring to us. But, of course, we prefer working with larger frame agreements, of course.
Okay, thank you.
So anyone other than Anders this morning or this afternoon? Good. Then, as I said before, if there are any. Oh, is there one more question?
We have a question here.
Okay, good. Great.
So that's from Vegila.
So I'm unmuting you here. Please unmute your microphone, and you can raise the question.
When do you think to reach a positive EBIT?
That's also something that we will probably not guide on, but in order to reach a profitable result for Cavendish, we need to increase our volumes. So we need to see some improved scale. And that is something that we expect will happen when we introduce the next generation high-capacity product. So we think that that will be kind of like the catalyst into also reaching break-even and profitable figures. Mm. And a question more-
Yep.
Vegila.
Thank you. In the Olympic Games of Italy, 2026, what do you wait to reach there?
Did I understand the question correct around if we are also engaged in building something for the 2026 Olympics?
Yes.
Okay. Well, just as we delivered a station that was fueling the official Olympic car in France, in Paris, a couple of weeks ago, we are also building a station in the Bolzano, or the region around Bolzano in the northern part of Italy. This station will also be fueling vehicles during the Olympic Games there to make sure that also the Winter Olympics will have a lower carbon footprint, at least in relation to their transportation.
Thank you.
You're welcome. Thank you.
Then there's a question from Lars- August Christensen. I'll just unmute you here. Your question. Just the signal should be good to go now. So you need to unmute on your end.
There. Can you hear me?
Yes.
Have there been any more news regarding the Trans-European Transport Network, or any more news regarding more subsidies into the industry recently? And how do you view it going forward?
Well, I mean, in regards to news, I would say that it might be well worth recapping some of the timelines that we are looking into in relation to the Alternative Fuels Infrastructure Regulation. Here in April this year, the infrastructure regulation became binding for the member states, and by the end of the year, the regulation is or the member states need to supply their deployment plan for build-out. Of course, this is something that we, as a company, look forward to a lot because we believe that this is gonna be the spark, sort of, that sets off the true high-capacity build-out in Europe.
On a positive note, also, we saw that our initial evaluation of around 400 stations needed for build-out along the Trans-European Transport Network and in the urban nodes was a bit on the low side, at least according to Hydrogen Europe's evaluation, which has now come out at 428 stations, and we're talking about stations to be built between 2025 and 2030.
All of these stations then being eligible for EUR 1.5 billion subsidies in total. It's, of course, also part of this deployment plan, of course, also how this subsidy and funding will be distributed locally in the different countries. We are really looking forward to this event. It's gonna be a big event in the hydrogen mobility society. Thanks for the question.
Thank you.
Well, I guess everything is crystal clear.
Yes. That, that's fantastic. So, again, unless there are any last-second questions coming... No? Then, as I said before, I mean, the main points from the presentations this morning were that Cavendish was listed on the Oslo Stock Exchange, June 12. Earlier this year, we had a record high seven installations during the second quarter and then nine installations in total.
We acquired a strategically located site for the high-capacity pilot station testing, which is an important part in the progress towards developing the next generation product. And finally, Cavendish is well-funded and ready to conquer the heavy-duty fueling market. So with those words, I would like to thank everyone for logging on to the Q&A session here, this afternoon, and hope to see you at our next report in November again. So thank you, everyone.