Good morning, everyone, and welcome to the presentation of Hynion's first half year report 2021. I'll be presenting today. My name is Ulf Hafseld, and I'm the CEO of Hynion. Also board member in two companies, and also Chairman in Hynion Sweden. Together with me, I also have our CFO, Vibeke Schønfeldt, and Slavica Djuric as a IR manager and CEO of Hynion Sweden. First of all, some highlights from the first half of 2021. I think we during the first half have made a significant commercial and organizational progress. I think we have seen that we are focusing on two areas. Firstly, one is to strengthen the supply side to ensure that we get the right cost level of hydrogen. The second one is to start building up the hydrogen station network.
We need to add on personnel so that we can do all the tasks that is associated with this. First of all, I will say that we are very pleased in this collaboration agreement with the HydrogenPro. That will secure us hydrogen source in Porsgrunn, and we can start opening the station. That has been important for us that we have a good collaboration in the Porsgrunn area, and we can actually have users that will come in and use the station. We need the hydrogen at a reasonable price, and that we will get with the agreement with the HydrogenPro. Second part of our strengthening our supply side is to buy two electrolysers from Ruter.
That was the old bus station, but the two electrolysers are good to go, and we see that we can come up with 250 kilo per day. We are evaluating a new location and think it can be very useful in the bus project. Third, we have made a joint venture agreement with the Greenlogix. That's a Austrian-German company with a new, very promising production method for producing hydrogen. It also produces carbon and all that from hydrocarbons without any CO2 emissions. I'll come back to that a little bit later. We also made an agreement to test the reformer . It has been a bit delayed, but we expect it now to be ready this autumn. We will set it to production as we get it. And of course, we need more transport units to make sure that we distribute earlier.
The reason for us focusing on supply side is that hydrogen can be rather expensive if you but it from the natural gas companies. You are the main suppliers right now. All the people talking about large-scale cheap hydrogen, they are still only plans and it's not available yet. It means that if we are to achieve our business plan, we have to have control the cost level of the hydrogen that means it producing it ourselves. We have started our network. We are very glad to see that Høvik is running well with two independent line. It actually means that these two stations within one. We have done this in order for the customers to always be able to get hydrogen when they come to our station.
Building the security for them tat they will actually get fuel to the cars. Actually, 53% more for first half year than last year it's very promising. We also purchased on the station from Linde at the airport. Just took it over from the 1st of August. And we are to get that developed and moving into higher volumes. We spent some time in Gothenburg and Porsgrunn to recertify the stations. Has been some trouble due to coronavirus restrictions. And lack of people and spare parts really, it means that we have used more time than we wanted.
Now we feel that we are in good roots and we see that during the third quarter this year, we believe they should be up and running both of them. They have additional projects in the pipeline that they run the target. We have for eight station by end of 2022. Organization has been strengthened. Both of these personnel. We are not moving too fast, but we are going as fast as we think is right. We have the listing on Euronext Growth. That was very successful and raised NOK 60 million frost with fenderized batching bands. We believe that we can expand though and move into our aid station network plans with a good production capacity to ensure that we have the right cost level of the idea.
We are glad to see that Høvik is generating more income. And that's because the car market is getting more healthy, I would say. We see a lot of sales of used cars. We also see that Toyota is strong on the advertising for the new. And we see that it's actually picking up more volumes. They Gothenburg had some test refueling of the trucks to Renova. And as soon as we get the session operation, you believe that there will be increased income from that site as well.
One thing we received last year was remains grants from Renova. That was a support scheme for operating idea stations. That is not been ended. And we cannot get that for 2021. When it come to the expenses in the company, we are building up our organization slowly, aligned with what we have of funding and working many, many years on a lean way of spending money.
We continue with that and see how we can use the money in the best way. What we see is that we need personnel to develop the company further, but we see also the hydrogen and the cost of hydrogen is a place where we can actually cut some cost, and that's what we are working on right now. Basically, we have NOK 56 million at the end of the period in cash in our balance, and that is going to be used in a very good way. I was mentioning this new production method that we have entered into a joint venture agreement with Greenlogix. I think this is a very promising method. I looked into it for many years to see if there is a company out there who will succeed in actually splitting hydrocarbons into solid carbon and hydrogen, and I think we have met them right now.
What they have shown for many years actually is trial processes and small plants that's actually producing good quality carbon, and this is actually nanofibers in single wall quality. We see that the hydrogen is in a good quality, and now is the time to move to the next step and actually build a pilot plant capable of supplying, say, a taxi fleet up to 200 taxis or a small truck fleet, a few 100 kilos per day. I think this is very interesting because now we can produce hydrogen from natural gas. We can do it from biogas even. We do not create any CO2, and that is a very good thing because if you do create hydrogen in the normal way from steam reforming, you get a lot of CO2.
They have to capture the CO2, then they have to bring it to a place and store it somewhere if it should be a real blue hydrogen and no CO2 emissions. With this method, we can actually skip the whole CO2 problem. We don't produce any CO2. We just get carbon in solid form, and can take that out and sell it as construction material and other areas. This is very exciting for us that we can see a new way of producing hydrogen. It also means that there will be abundant resources for the production. The best thing, of course, is that it's a cheaper way to produce hydrogen. We get income from hydrogen, and we get income from carbon.
It means that like on the electrolyser, you have both hydrogen and oxygen, but it's very seldom that you can actually sell the oxygen because oxygen produced from air gas separation is very cheap, and the supply is already in there. Here, I think we can see that there's a raw material that people are asking for on the carbon side, and we can actually get a good income from both streams of the production. If you use biogas, then we can even give a negative greenhouse gas contribution. It actually takes CO2 out of the circulation. We see also that the cost of hydrogen can be low, and we can compete with current diesel prices. Next year, we plan to have a pilot in operation by summer next year, and really excited about that.
Looking at our station network, we have Oslo with Høvik in operation since November 2019. More than 7,000 car refuellings has been performed, and it's working very well. Porsgrunn, under recertification. We have sent a few tanks to Netherlands to retest them, to recertify that they can be in operation for five more years. Gothenburg is now in the rebuilding, and I think pretty soon we are going to fill it with hydrogen and start test fueling. Arlanda, in operation, as I said. All instruments were taken over from Linde this first week in August, and it's now in Hynion operation. Further, we will expand, as I said, up to eight stations next year. We have good plans and ideas where they will come. Further move up to 30 stations in the Scandinavia, North Europe area.
It really depends on where the market is coming and where the volumes of the vehicles are coming in the first few years. Talking about the market, of course, there's a push for clean fuels, I would say. We've seen all the way from the EU at a high level down to European Green Deal and countries and regions going for zero-emission vehicles only. In Norway, we've seen a tremendous move into battery electric vehicles, which I think is really good. Still, there's a necessity to have hydrogen with us if we are to meet the tough targets that the world really needs to meet these days. Looking into EU's Fit for 55, that's also putting increased emphasis on hydrogen. There's a timeline there going on with these emission goals.
They said in June that the new European Climate Law enters into force, that means that there should be 55% reduction of emission from cars by 2030, also 50% reduction from vans by 2030. Of course, from 2035, no emission from new cars. That's really tough. People I talk to say it's impossible to imagine that you can do it without having also hydrogen in the portfolio of your vehicle fleet. What is interesting is that this also implies that there has been a new Alternative Fuels Infrastructure Directive that has been worked out by the Commission. It's part of the package that is mentioned in July here, it's presented to all the member countries. Of course, this is not taken from thin air. It's been developed over several years actually with member countries and organizational bodies and so on.
It really states what all the member countries have to do with alternative fuels like battery electric, for LNG, and for hydrogen. Talking about hydrogen, there should be in this what they call TEN-T Core Network and also the comprehensive network, minimum one hydrogen station per 150 km and one station per urban node by end 2030. That comes up pretty fast to 1,000 stations, and it means that all countries in the EU, including Norway, will have to have a hydrogen infrastructure. That means that it's actually creating a political foundation for all plans that is not something we are just now talking about. It's a part of a bigger plan. EU wants hydrogen to be part of the zero-emission fuels, and it's very clear that the member states will have to comply to this.
Basically it is going to be a very clear message and statement that this is going to be required from all the countries. The move is coming. As seen from the studies being done, that is a huge gap between the required and the planned hydrogen stations. I have to say in 2030 is about 3,700 there's a need for. Already in 2035, it's a gap of 750 stations. We will take part and fill a little bit of that gap at least. Looking into the study for hydrogen and use, we see that it's some areas where hydrogen is a bit better than battery versions, I think especially when you're driving long and with heavy loads and so on. For instance, the SUVs, then you see that's advantage.
The light green are the hydrogen fuel cell vehicles, while the darker ones are the battery, and the ICEs are the lighter ones. It means that hydrogen should, after some initial years, be able to compete with most of these technologies. In some areas, it will be as good as the other ones, and in some areas, it will be a better choice. We have looked a little bit into it. For instance, taking a very popular car in Norway these days, the Audi e-tron 55 and compared it with the Toyota Mirai just on consumption per 100 km, what they give in their WLTP. You see it is almost the same energy level. When you have such a heavy car like the Audi e-tron, they consume a lot of energy on normal driving. While the fuel cell cars has really become more and more energy efficient.
If you see from the picture below where the Toyota Mirai actually have a world record of 1,127 km on just one filling. That's extremely good and very low energy consumption. People will, of course, not drive like that, but it's just an example saying that if you drive carefully, you can really come a long way with these cars. With a range of 650 km and refueling in three to five minutes, it's really easy to replace the fossil fuel cars of today with hydrogen cars. It would be more a choice for people to have a battery car or a hydrogen fuel cell car. What it comes up to is really where can I fuel? That's what we are going to do something about to help people to get the fueling points.
We also see there's a strong regulatory support for zero-emission vehicles. I don't think it'll be any weaker. We have in Norway this zero import duty on all these incentives up to 2025 of 50,000 cars. That was the same as the battery electric vehicles had up to 2017 of 30,000 cars. You can also see that they have been prolonged, and they still have a lot of the incentives. I think it shows that the hydrogen cars can be very energy efficient and give very long driving distances. Of course, trucks are a perfect match for hydrogen fuel. They are driving long distances. They are usually carrying a lot of loads, and there's no need to fill them up with a lot of weight from batteries. You can actually use hydrogen, which is a much lighter version.
I just made one easy comparison, said that, okay, in the areas where you have toll roads, where you can be freed from paying these toll road taxes, if you drive a hydrogen car or a hydrogen truck, then you can actually save a lot of money and compensate something on the probably higher fuel cost in the beginning. It means that if you, for instance, take Oslo, Lillehammer, 150 trips per year, these are examples showing that it'll be almost the same operational economy for these two trucks. We see that the trucks are slowly coming in. We are working with Renova in Gothenburg to have a refueling of hydrogen trucks that they have been made the prototypes, the conversion. They also tested the batteries, which they said it cannot work for us.
They will be fueled to a full extent from as soon as we get the station in operation in Gothenburg. We also talk with a lot of other truck companies, and we think that there will be some volumes coming in from next year already. It means that on the truck side, it has been just prototypes so far, at least in our region, coming to mainstream in the next decade. We see offers coming in for trucks now. They're still quite expensive, two to three times a normal truck. It means that the cost has to come down in order for most trucking companies to start buying them. We believe that there will be huge numbers coming in, probably two, three years from now on. I think you will see a lot of hydrogen trucks coming into the market.
Buses have been there for some time. I think in my first bus in 2004 already. Tested in various demonstration projects. Now the costs are coming down. Still they are, of course, with a lot of buses, public procurement processes. We will, of course, participate where it's possible to participate. We also see for the trucking projects, we are a partner in the H2 Truck Project and also STRING project, where we will introduce the first hydrogen trucks in Norway. STRING is also a corridor down to Hamburg. Cars, I would say, is coming from scarce to abundant over the next decade. Right now, it's Toyota and Hyundai that will sell hydrogen cars to you or lease them. I think almost all car manufacturers have some hydrogen cars developed, some are farther ahead than others.
I think that we'll see when the new tailpipe regulations come into force by 2025. I think we'll see that they really have to scramble up and do a lot of things. We know, for instance, like BMW, they said that they'll have a few X5s coming out next year and go for mass production in 2025. I think we'll see more and more cars and car producers come into the market. The Chinese also working on hydrogen cars and have agreed that they will launch a series of that. Larger number will come, and we will be ready to refuel that. We have been working closely with Hyundai and Toyota for many years, and we also see that taxis might give early volumes.
Unfortunately, due to the corona, the taxi companies were in a tough situation. We think that will recover and that can be a very useful early volume tools. Vans has actually not been available really because the car company said this is the lowest margin they have on any car. It seems like the development has moved further. For instance, Stellantis said that they will have a hydrogen van already this year. We think that they can be very useful also for bringing in early volumes. We will engage with potential users and have a dialogue with car companies and see what we can do to have a fleet of vans also coming in. Next is about moving forward. I thought just to mention a little bit about the difference in building a refueling network for battery electric vehicles and fuel cell electric vehicles.
For the BEVs, you really get the flying start. It's easy to plug in in every socket you can see, and you can get it charged, and it's easy. You can put up some quick charges, and things will go well. It gets tougher. You have to have more and more quick charges, more and more space, more land. You have to make sure that your service department is up and running so that all these quick charges are working well. Still it will take you about 20 minutes to get 200 km driving range on this. Some places you can get it faster, but it's not sure that that pole is ready for you when you come there. Of course, we see that from being completely free, people were so happy buying these BEVs and they could drive around and charge for free everywhere.
They now have to pay more and more, unless they charge at home or at work where they can get a cheap cost. The cost of electricity means that you are now up at the same price as petrol if you only use the quick charges, and some places even more expensive. For hydrogen, it's a little bit on the other side. It's a bit tough to get going. We need more investment to have a fueling station for. As we can add on capacity, it goes according to normal business models. We can actually see a reduced cost all the way, which we think that can be a benefit for the users. For us, we see that from a general tough start, we see that the cost per delivered kilowatt hour is definitely decreasing.
There's a potential for having at least the same price as petrol. I think that it's a little bit different approach overall when it comes to the build up of infrastructures. We can start easily. Still if you have 10 stations in southern Norway, for instance, people can do most of the driving with the hydrogen car. It sounds like we can't hear you.
Now you can hear me. We have a couple of questions here. I will try to [Non-English content]
I think that both Porsgrunn and Gothenburg is now very soon ready to start checkout with hydrogen. They have so far been filled with nitrogen to conserve them while they have been idle. Now we start with testing out all the systems with hydrogen in the next two weeks, I believe. That means that we will see if there are some small things to fix when we move up in pressure, checking that everything is working according to the procedures. At the same time, we are working with the approval from the local authorities. We are not 100% sure how fast they are working, but we'll do our best to make sure that this process will take as short as possible. It's not easy to say, but we feel that we are in the right level.
For instance, in Porsgrunn we had the first inspection by the external Kiwa inspectors. It's a technology inspector saying that they gave us some points that we have to look into, and we are of course following his list to make sure that everything should be fine.
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I think we need more capital. For our listing, we have the higher level that we really wanted to have to make sure that we could do all we planned for in the next two years. Of course, not so we believe that we have to take step by step. We have a good capital position right now and are doing quite a lot. Have been able to buy some stations rather cheaply that can do a good job for us for quite a few years. We think that we will have to go to the market and invite more investors to come into the company over the next half year or so.
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The current plan is that it will be nine persons fully employed, and then we rent in some in addition. Maybe one to two in the rental basis. It depends on how many projects we are going to perform, because we also rent in people for taking direct project activities. Okay, anything else?
I don't see any more questions.
Let me see. There's not been anything in the chat or anything.
No.
No. Okay. I think we have made our presentation, and thank you everybody for listening. I wish you a good day.