Good Monday morning to all of you. Hope you all had a great weekend and welcome to this Q1 2021 presentation from Saga Pure. Last time we talked about how we depend on nature, that we are part of it, although it's not easy to see that in our everyday lives. We all need healthy food, clean water, pure air and abundant energy to sustain our current lifestyle. We all want progress and growth, but it's becoming more and more apparent that the progress must be something else then continuing in the same direction as we have done so far.
And while the more clearly we see the consequences Of our actions and the more apparent the right choice is, it still takes effort and energy to make that choice because change involves uncertainty and we humans, we hate uncertainty. In Saga Pure, we firmly believe that continued growth and progress is not only compatible with sustainability, but it is fully dependent on it. We believe that the solutions to the issues we are facing, by and large, are either available today or are being developed. And we firmly also believe that capital used the right way is the key enabler for these solutions to succeed. Pure Growth.
That's our mission. Simple, yet complex. We seek out and invest in the solutions that contribute to a greener future. Our combination of financial and industry expertise, along with our network, gives us a generous deal flow. Being co located with our main owner is also of great benefit.
During the Q1, we also listed on the main list of the Oslo Stock Exchange, making the share available to a broader audience. After a good Q4 in 2020, we also started off well in 2021. We did 3 strategic investments: Prime, Heimdal Power and ICT. Net profit from operations was NOK 148,000,000 out of which NOK57 million where realized profits from investments. This resulted in a return on equity of 16% And along with the completion of the equity issues we did, this gave us a solid cash positions of NOK 833 NOK1 1,000,000.
And please note that the investment in Heimdal is classified as current liability in these numbers. While the Q1 was eventful, we also had some exciting things happening in Q2. One of them was the listing of Bergen Carbon Solutions, April 19. We also announced the addition of Jurgen Kapelstaed and Rob Stevens to the team to strengthen our expertise within sustainable maritime and ammonia solutions. We also completed the investment in Heimdal Power, taking the cash position to about NOK750 1,000,000 per end of April.
As mentioned in our Q4 presentation, We are combining financial and industry expertise to hopefully create a winning formula. Although we are happy with the team we have now, We intend to grow it further over the course of 2021. The combined industry financial expertise is also reflected in the Board, where Kristine Spieten officially joined as Board member during Q1, adding valuable experience from the circular economy side of things. Here you get a bit of more taste of who we really are, At least formally speaking, besides myself, who is a hydrogen junkie, we have Espen Lounos, Chief Financial Officer. He has 20 plus years of experience from the finance sector.
He's been a CFO in the Ferncliff Group for a long time. And he's basically experienced most things the CFO can experience within his role there. We had Florian Melcher join us from January. He's got 14 years of experience from the finance sector, specializing in equity sales and analysis in renewable energy. Jan Frode has almost 10 years experience from the firm cliff owned companies.
He's done M and A, IPO, strategies. He also have background from Tandberg Cisco. Joerggen Festivals joined us in February as a VP, Renewable Opportunities. He's got 20 years' experience from this industry as management consultant. Then we have Joergen Kapalson joining us Now in June, he's partly joined already, but he's fully fledged employed from June.
He's got a decade's worth of experience from the maritime sector, specializing in low and 0 emission technologies for ship propulsion. Lastly, but not least, Rob Stevens, with more than 20 years experience from the ammonia sector, both within production, within applications and specializing in clean ammonia, energy and fuel solutions over the last period. As you can see, we all have an education and now also a decent job. Well, honestly, it's a privilege to work with this team. And while it's me giving this presentation, the content and also the results from Q1 distributed to a true team effort.
Our investment space is constantly being influenced by a number of factors, with short- and long term implications. As mentioned in the last presentation, we have the megatrends. They are certainly driving the market opportunities. Renewable energy is sort of the basis for the green growth that we're seeing now and is About to get an unstoppable momentum, basically eradicating the term grid parity speaks for itself. We see electrification happening all around us, making everything more efficient.
And it's happening both in the transport sector and in the industry sector. Then we have digitalization. It's kind of making its way into all the other sectors. And where it does, it's making things more convenient and saves us money and time in vast quantities and also now, of course, into the energy sector, as we will hear more about later today. People are moving into cities.
That creates both challenges, but also opportunities. And we're now also seeing how the urban landscape is getting greener. Circular economy is not just a buzzword any longer. We see continued efforts and systems being put into place to ensure consumer habits and that things the way things are managed and recycled is creating less of a negative impact on the ecosystems. We're, however, just in the very start of that trend.
Same thing applies for hydrogen. Until recently, it was the all other megatrends that were driving hydrogen forward. Now it's about to become a megatrend in and of itself. And lastly, we have green finance. We see both small and large investors reallocating their investments into the green space.
Then maybe reallocating a little bit again. But with the policies and influence we have seen now through Structures like the EU taxonomy system, we are confident that green finance is certainly here to stay. We also talked about how unforeseen events, called black swans, can thoroughly shape things up. While megatrends constantly disrupt the markets like ocean currents, other types of disruptions are notoriously difficult to predict. They come out of nowhere.
In that regard, 2020 has Sort of been a perfect storm of black swans. Or maybe 2020 was a big fat green swan in disguise. I showed this graph in the last presentation, and it's Ernst and Young's illustration of how progress has been post World War II, summarizing how that has continued to where it is today and what they believe is happening right now. The take make waste philosophy that we've been happily enjoying over the last decades is, to put it mildly, giving us diminishing returns. And continued growth cannot happen simply through optimizing the current growth curve.
We need to transition to an entirely new growth curve altogether. And while the pandemic has and is still causing lots of suffering around the world, it has literally supercharged the transition to green. And I've taken the liberty to somewhat improve on the drawing from Ernst and Young with the birds you see on this slide. But also as we have experienced, the green curve is not as smooth as it seems on this illustration. It's almost like a swan's mood is quite different from what it appears at a distance.
Our investment space is vast. There are different sectors within the categories we focus on, and our plan is to shed some light on various trends we're seeing within some of these areas. So you can expect this section to vary from time to time, both in length and content. Last time, we talked about current and future investments within renewable energy. This time we'll focus a little bit more on the infrastructure we need to accommodate for it all.
Solar and wind capacities is expected to grow tenfold, almost tenfold until 2,050. Closing in on 12 terawatts. Now what's 12 terawatts? Well, To put it into perspective, the total generation capacity of all dirty and clean energy production today It's about 7.5 terawatts. So 12 terawatts is a big number.
All this renewable energy, or most of it at least, needs wires to be transferred from one place to another. And it's estimated that investments in the grid will close to triple in that same period. And with digital having almost like a VIP card for entering every single sector out there, the time has come for that to enter this sector as well. Enel is an interesting example of how digitalization can increase the operational efficiency of exactly grids. In 10 years, they reduced interruptions by 65% through ambitious digital investment strategies.
And on the right here, you can see the split of where Bloomberg sees the digitalization and ANGRID build out will be. As mentioned, the take make waste philosophy we humans have gotten so used to is not sustainable. It has to change. And every year we throw mind bogglingly 2,000,000,000 tons of waste. Just a fraction of that is being recycled.
Plastics alone account for about 12% of the mountain of waste. And while we know plastics is a problem, we have come to really, really adore the product. And the projections that are there now predicts that the use of plastic will grow frighteningly in the years to come. And some have even looked into how that compares to the biodiversity we have in the oceans and found that by 2,050 there could actually be more plastics than fish in the sea on a weight basis. Now and while fish might not be everyone's favorite food, I'm pretty sure that most people prefer the sushi over Allego for their next meal.
Let's do more than just hope that we can prove these predictions wrong. Just the same avoided emissions is our preference with regards to CO2 avoided plastic production is our preference with regards to this topic. Then, bioplastics. And lastly, But for probably quite a bit of a time, chemical recycling of plastics, out of which Prime is one example. Is carbon getting as hot as hydrogen?
I never believed I would say that, but if you look at the development of late, it seems that it is. No big surprise that the CO2 emissions during last year's and still pandemic dropped. Actually, we saw the largest decline in CO2 emissions since World War II. However, in December last year, we were already 2% ahead of December 2019. So pandemics are obviously not enough to make a lasting change.
But money talks, Wood Mackenzie looked into this and found that the CO2 price needed for this to really, really happen is $160 per tonne. That's about 8 times the global average CO2 price last year. But we recently saw the carbon price in Europe surge past €50 per tonne for the first time ever, more than 6 times the prices seen in 2018 and a doubling of the prices last year. Reason? Well, high natural gas consumption during a cold winter increased the demand, but we've also seen now the investors entering the space.
And we might see the necessary tripling come faster than we thought only a short time ago. This is also making the suggested proposition from the Norwegian government not seem that crazy any longer, But 195, still above the predictions of where we need to go, and we'll certainly have some activities happening in this space. And there's hydrogen, hydrogen being the basic building block of the universe and a super clean energy carrier. This simple element can, in principle, replace most of the coal, oil and natural gas out there. It's going to take some time though.
Well, being very energy dense compared to weight, it's the opposite compared to the volume it occupies. 1 kilogram of hydrogen, which takes you about 100 kilometers in a passenger vehicle, It needs about 11,000 liters of space if you store it at atmospheric pressure. We don't do that. In a car, You store it at 700 bars, takes up about 25 liters in that stage, plus the tank, obviously. But if you cool it down to 20 kelvin minus 2 53 degrees Celsius, it turns into liquid and density increases drastically.
And the volume it occupies is halved about halved once again down to 14 liters. While that is a good thing, there are still some issues with liquid hydrogen. One is that it's extremely energy demanding to produce it. You need 12 kilowatt hours per kilogram to liquefied it today. There is a potential to reduce that to 6.4 Kilowatt hours per kilogram through scale and updated designs.
But there is quite a bit of investments needed for that to happen. The other challenge with liquid hydrogen and like with keeping anything cold, especially if you get close to the absolute 0, is evaporation, because as it heats up, hydrogen will turn into gas form and try to escape from your container. So 0.1 percent to 1 percent, sometimes even larger amounts of hydrogen per day will leak from such a system. You can potentially eliminate that through employing innovative tank designs with active cooling, where ICT is one example. And if you look at the liquefaction capacity today, it's tiny, tiny, tiny.
There is a lot happening in this sector. As you can see, there is already 100 tonnes announced of newbuild, And we'll certainly see a lot more here going forward. 1 of the sectors that we'll go to is maritime. Norway in 2 words, fjords and mountains. 13, cold.
Pure is even a Norwegian word. Add them all together and you end up with a coastal line which is equal to 3 fourths of the Circumference of the World. And it's been our access to the world for 1000 of years almost now and has given us access to many riches. The ocean is today also the biggest trading route for all goods out there. 90% of the world trade goes around the oceans with 3% of the global greenhouse gas emissions.
This is set to be reduced. International Maritime Organization has set target of reducing emissions 50% by 2,050, keeping in mind that the emissions have risen 40% since 2,008. This is a legit challenge. Further, getting the CERO coalition have looked into that we need to have 5% 0 emission fuels by 2,030 to be in line with the Paris goals. I'm proud to say that Norway is a pioneer within Clean Maritime Solutions.
If you look at the graph on the right here, you see we are a frontrunner both in LNG and in battery powered solutions. This is partly due to the experience that we have within the maritime segments, but also through ambitious targets and emission criteria set by the Norwegian government. This, of course, is not cheap. So being a filthy rich country helps in that regard. The new standards from IMO actually means that ships built in 2025 will have to be 30% more energy efficient than the ones built just a few years ago.
And they also acknowledge that the entire maritime sustainability toolbox is needed, I. E. Hydrogen and ammonia. Ammonia is one of the most used industrial chemicals in the world today. Most of it goes to fertilizer, but it's also more than that.
Ammonia is a hydrogen carrier. And it seems that it is on its way to become the bunker oil of the future. 25% Of the 100 plus sustainable shipping fuel projects announced recently are ammonia fuel related. So we might see significant amount of ammonia within this sector already by 2,030. Several projects for clean ammonia production have also been announced, both green and blue.
We're part of the one that Horizont Energia as announced up in the north of Norway. And keeping in mind that more than 95% of the energy used to produce fertilizer is related the hydrogen production. That means that you either need a bountiful source of natural gas with somewhere to put the CO2 nearby or massive amounts of renewable to produce all that clean ammonia. We've also seen ammonia making its way into The energy sector taking its first baby steps in that direction. In particular, Japan is leading the way on that one, But it's also being discussed with regards to Energy Systems on Svalbard.
So our approach to these different sectors is to both invest in early stage companies as well as in the established players. But having a growing number of industry experts on boards Let us make better investment decisions and we also have increasing capacity to follow-up on early stage investments. And the earlier we engage, the more important the industry knowledge is, which also brings higher risk and also potentially higher reward. Last time we talked about the fact that all the megatrends are in our favor. The stars are aligning and even the black swans are clapping their wings for green growth.
However, in February, we asked the question, How long is this Green Party going to last? The graph on this slide is the development of the market cap, the compound market cap of the companies you see in the table on the left there. Somehow we mixed up the Nicolan EO logo here, so forgive us please forgive us that. But in early February, This question here was on many investors' mind and some, including ourselves, went as far as using the B word. On the day of our presentation, we actually saw markets sending green tech companies tumbling down a hill, which didn't seem to have any end in near sight.
It had to come though, with money being recklessly thrown at anything green that moved. Companies who pitched an unworthy idea several years back. Have over the last 6 months been coming out of the woodwork like drooling zombies? And just because some of the companies that went before them managed to achieve a higher valuation, of which there was at least part reason for, they expect to achieve the same. It had to stop.
So this is how it went. Of course, being an aggregate graph of several companies within several different fields. It might not look that bad, but if all your investments were in the hydrogen sector in January, You will have seen your entire portfolio tumble about 50% since then. And we haven't Seen any mergers and acquisitions resulting from this correction yet, but I'm pretty sure that the company who raised capital before this Correction, can at least find some comfort in having a fat bank account. So the days for super easy capital seem to be over for now.
While we still see many companies lining up for listing on exchanges like Euronext Growth in Oslo, It is with slightly more sober expectations on valuation. It's turning into a buyer's market. So with what we've seen happening in the markets over the last quarter, What is our current take? Well, nothing fundamental has changed since February. We still know that renewable energy is here to stay.
It will cover our future needs. We know that investments within this field We'll continue to grow. Public funds are being challenged into this sector. And policies are also increasingly affecting the flow of private capital. Cheap energy, energy storage, Conversion of energy into other industry applications is acting just like cheap processing power and data did for the IT sector.
We know that the strongest companies will prevail. A correction like we're seeing now is helping to clear the air a little. And we also know that it's not too late to join the party. Some of the vendors down the road are most likely companies that haven't been formed yet. All right.
Let's look at some of the investments we made during the quarter and the highlights for some of those. Horizonte NRG is not a typo. It's the Norwegian word for energy. I know we've got a pretty simple language. While they have big ambitions, they are indeed starting out in Norway with a blue ammonia project Pure in the very north.
And since the listing in January, they've made good progress on this project. In particular, they have positioned themselves very well for public funds. They are now shortlisted for the IPPSI project support. That's like the hottest funding mechanism in Europe today. So we're crossing our fingers for that one.
And they also managed to get a grant from the Norwegian funding entity, Enova, to develop the Barnes Blue project further. They also signed agreements with key partners to realize the project. So they are on a really, really good trajectory with regards to their project. During the quarter, we also invested in the chemical recycling company Prime. As mentioned earlier, Chemical recycling is one of the pillars for handling the plastic issue we are facing.
Prime is one of the companies that are doing just that, And they are combining a high conversion rate along with the scale that no one else in the industry have, both crucial to the economics of such operations. And by utilizing electricity for the process, it potentially also enables a zero carbon footprint. They have secured both plastic waste streams and a site for the production and are planning to start in 2022. 19th April, BCS listed on Euronext Growth, gained lots of attention and traction in the market. We really, really like the technology that BCS have.
They convert a problem substance CO2 to valuable carbon nanofibers. And not only that, they do this with a groundbreaking efficiency with lots less energy than the conventional processes out there. Since the listing, they have announced several important partnerships, both with the Antwerp Harbour in Belgium. They also had a partnership with the Norwegian aluminum producer, Alcoa, in Norway. And they recently also signed an LOI with the Japanese Corporation, where they just sent the first shipment of cover nanofibers.
We are actively involved in developing this company and are excited to see the further progress. And just a small note with regards to The numbers you see on this slide on the status, the market value we have here is excluding the option. Sometimes the really big opportunities lie in, let's be honest, unsexy markets. Very few ever give any thought to the electrical grid, except when it doesn't work, or if it messes up a picture you want to take. The fact of the matter is that today's civilization is entirely dependent on it.
And with grid operators not always sure which way the electricity froze, it's kind of a no brainer that they need some help. Heimdal Power, they have developed a technology which enables the grid operators to actually see what's happening there. We like the technology and the team so much that this is our biggest investment so far, and you'll hear more from them in a minute. I mentioned last time that if you add hydrogen to a company name, investors will basically throw money at it. I also said that it would not be our money.
Well, we found a hydrogen company we deemed worthy of throwing some money at, not just because they don't have hydrogen in their Name? It's because they have a technology that we really, really like. They're developing a technology which addresses one of the big challenges with storing and transporting large amounts of liquid hydrogen. With the active cooling system they are developing, we see this as a potential game changer on how cryogenic gases, not only liquid hydrogen, is being transported and stored. They are still at a very early stage and they have some Important company milestones we expect them to reach soon, which will also trigger the completion of our investment in the company.
Son of 9 mothers, heaps of superpowers, Guardian of the Rainbow Bridge, which connects heaven and earth. No, I haven't mixed up my speaking notes with the teaser for the next Avengers movie. This is the CV of the Viking God our featured investments have taken their inspiration from. And while the CV of the coming speaker is somewhat different from that, it's still an impressive one. And with that, I'm excited to give the floor to the CEO of Heimdal Power, Brag Vorheem Jonsson, to explain to us how they are taking the grids to the digital age.
Okay. Thank you, Bjorn. So I'm glad to be there with you in Oslo, We will turn to be in a more vaccinated world. So my name is Projekt Johansen and I am the CEO of Enel Power. And we are living in interesting times.
And Handel Power is working on upgrading one of the most interesting infrastructures of Global society, but as Bjorn mentioned, maybe not the one that people think about every day. And I have to say next every time we have to change the slide here since I'm not on location. So slide 2. In 2019, I was in San Francisco to receive the award of being a global top 100 meter company. On the same day, in the same city, Pacific Gas and Electricity, PG and E for short, George, filed for Chapter 11.
PG and E, the major grid company of California, got to blame for several forest fires when their hot wires Sagged into the bushes below and ignited catastrophic flames. A power line can expand and sag towards the ground with 10 to 20 meters, it gets hot enough. Everybody in the business knows this, but nobody knows where and when that happens Because the power grid has no sensors, the power grid is run blindly. Slide 3. Hennebel will fix this.
The power grid needs to be digitized, but that is our mission. We were founded in 2016, have offices in Oslo and Stavanger. And in 4 years, we have made Several prototypes of our technology have proven our solution. Last year, we We have installations in 6 countries today. We are well financed by both industrial and financial owners and we're especially happy to get Saga Pure as an active owner and we are already benefiting of their competence in Next.
As Bjorn mentioned in his presentation, The energy industry is transforming at a pace which is quite astounding. You, as investors, are probably involved in many companies and projects at Greenshift, At least through Saga Pure. What I can assure you is that whatever you are trying to do, you are dependent On the power grid, the power grid is the heart and blood of anything and everything we do in the modern civilized society. Today, we see that green projects look for proper sites to establish geographically in a region or a nation. And one of the main criteria we're looking at is the power grid and the capacity to deliver and being future proof.
The power grid has become a competitive advantage or disadvantage for a region or a nation to attract green business. Next. The energy system is mankind team. You are part of that machine every time you plug in Today, we get much information from our consumer part, Especially since many homes, buildings have automatic metering systems, lots of sensors, lots of IoT. And the energy industry can also The production and transformer station parts mark yellow in this slide.
But the red dots Mark the largest part of this system, the thousands of kilometers of power lines, which are not instrumented at all. No sensors, no data. It is run blindly. Data from the production or consumer end of the power grid can say nothing about the real time state of the power lines. Edison and Tesla investing house invented the power system 120 years ago.
And for 110 years, it has worked Just fine. For the last 10 years, everything has changed. Next, slide 6. The last decade, we have seen an exponential growth in electrification of society. Extreme weather has become more extreme.
And most importantly, the amount of variable renewable energy production for wind and solar has made a total new demand for dynamic management on the power grid. Today, our customers are asking if we can help them monitor which direction the power is going in the grid, which direction. The whole energy production, consumption and flow is now decided by the weather more than anything else. Add to this that people refuse more power lines being built, that the Western civilization has Aging infrastructure that needs to be monitored and better to extend its lifetime or else you will get a tsunami of upgrading. And finally, that the politicians and governments understand this fundamental challenge.
A new directive is being formulated to make this industry modernize itself. To build new power lines, which has always been the solution, are very costly, time consuming and in conflict with people in nature. There is, however, a much easier, faster, and smarter solution. Next. To digitize the grid, you need 2 components.
You need a software system of algorithms and design that can analyze, predict and manage Behavior of the grid and present this to the user in a meaningful way. And you need sensors Directly on the power lines that send a pure data stream real time. With sensors installed with the proper software, you can create a digital twin Of the entire grid. And that, provides a range of services for our customers. Trail detection and prediction, Capacity monitoring and increase of capacity, actually 25% increase on average in the power grid, which is a lot.
Re routing and power if online falls down, energy flow forecast, bottleneck analysis, congestion costs are in the billions Of the major countries in the world, predictive maintenance, planning and diagnosis of the grid and extreme weather analysis. All of these services Accounts up for massive savings and new income for the grid operator. All grids and power lines are unique, so the exact value Chris will differ, but we are talking 1,000,000 in increased income and 100 of 1,000,000 in savings. Let me give you two examples. Next.
One main service is the capacity increase. In the North of Norway, one of our customers has strengthened 2 lines leading from a wind farm. Normal procedure would be to build new lines. That's the normal procedure in almost any case. With our solution, they did not need that.
With a few sensors, capacity increased from 190 to 240 megawatts, Saving the company and the society an investment of SEK 200,000,000. That saving was from only 2 distribution power lines. They have many more lines that they need. Slide 9. Next slide.
Another main service is lion tail conditions. 40% of the lion breakdowns and consequently blackouts in Norway are caused by buildup of ice on the lines. This is the same problem for many countries that had ice and snow, either in the mountains or in the lowerlands. So today, this ice building happens blindly and with no warning. With our sensors, we can monitor and warn about icing when it happens on the line.
But even better, our learning system can also predict icing before it happens based on the weather forecast. The longer our system gather data, the better it becomes. Next. I just have to add this picture too. This is a neuron of a statnet power line in Norway.
I just have to put it in here because sometimes engineering can be durable. Next. This is our sensor platform which we call a Neuron. It contains several sensors and have room for more sensors in the future. The Neural is built to stay on line in any weather for decades.
It takes the energy it needs from the magnetic field, So no need for battery and no need for maintenance at all. We have made our neurons for mass production and mass installation. Next. It is very easy, fast And safe to install neurons today. We have over 100 installations and no incidents or accidents.
Even though the installation is done on live Wires, which means that you don't have to turn off the power when installing. It takes 5 minutes to train a land man to install it and it takes 5 minutes to do the job. So this is really easy. But we also have plans for the future. So later this year, we will introduce an even faster and smarter way And yes, it will be by John and yes, we are patenting patent that process.
Next. Who benefits of the digitalization of the line? Well, obviously, our customers, the grid owners In addition, we have the energy producers, wind and solar, for example, but any energy producer really, But want to get their energy distributed with minimum of investments in the grids. On the other side All the value, Chen. You have to have big consumers such as data factories, electric ferries And many more that need a more dynamic, reliable and transparent energy flow.
And finally, you have me and you and society A government that wants to better plan the green shift and sustainable projects. Today, we can spend a year To get information that we need from the power grid, with a digitized grid, this should take an hour. Slide 14. The power line upgrade is a global challenge And results in the global investment budget of US14 $1,000,000,000,000. 38% of that alone is for grid and reinforcements We're Henkel can solve a lot.
And the largest area replacing aging assets, there we can save 1,000,000,000 If we extend the lifetime with our type of solution. Our solution is global. There are no changes we need to do either on software or hardware to implement it in any country on the balance. So Haven Power, of course, have global ambitions and growth plans. Next, Our home market is Europe.
Today, we have installations in 6 countries, but that is only a start. We are in dialogue with all TSOs, which means the transmission grid owners, and we are starting to approach the hundreds of DSOs, which is the distribution grid operators. The market is enormous. We won a big contract in Austria An open bid with all loan competitors and we recently made our first installation in Switzerland in Swiss print. We actually get requests now from all over the world.
And with our new investments, from Saga Pure and others, We can now speed up our sales and market activities. Next, I've been working with sustainable projects for 20 years and this means a lot to me. Handel Power contributes to at least 4 of the United Nations Sustainable Development Goals. You can read more about this in our ESG record on our website. We are also a perfect fit to the EU taxonomy and will help our customers keep to these demands.
I believe that in the next 10 years this will become even more important to take care of nature and developing sustainable solutions which are good for people and the planet and the digitized grid Does that. Next. Finally, we are growing fast and recruiting new people rapidly. This is our management team. Many of us have succeeded with other startups before and we know What it takes to create success.
Next, final slide. Haydel Power works with the most important infrastructure in the world. We are taking a pole position to digitize the grid globally. When our customers choose our solution, they get max power, max uptime, max control At the minimum of costs. Thank
you. Thanks a lot, Brager. It's good to see that there is digital hope for the electric grids going forward. And hopefully, this will help ensuring that the Grid part of our electric bill doesn't run off entirely. It's already half my electric bill at least.
So summing up, while things are getting greener, it's surely not a straight road. But hey, what's the fun in straight roads anyway? It's not like the need for green technologies, though, is any less now than what it was 3 months ago. We see momentum continuing to build, driven by commercial interests, conscious consumers and governments putting ever stronger climate friendly and green policy measures in place. In addition to evaluating a number of investment opportunities in companies with high potential, we are also now spending time developing our current investment, helping them succeed.
To ensure financial robustness and flexibility, we will also Pure. We continue to maintain a strong cash position and we will continue to hire additional industry experts over the course of 2021, helping us navigate the bumpy and winding green exciting road on our mission of pure growth. And with that, it's time to Have a Q and A session. You can ask both me and Brage questions. Some of you have sent them in already.
As last time, we have Aspen Blo Nord, Saga Pure's CFO, which will lead the session, and we will try to answer Your questions to our best ability.
Thank you for the introduction, Bjorn, we have received some questions from our viewers that are Listening to the presentation, we have some for Heimdal and some for Saga. I think we can start with the one For Saga, what about shipping industry? Will you invest in this field?
So we didn't hire Jorgen Kapostan to sit Eidley in the office, he knows this industry extremely well. He knows technology extremely well. So you can have a dialogue both with company owners and also the machine engineers. So we are definitely looking at opportunities within that space, evaluating a couple once already. And if and when we invest, we will be sure to let you know about it.
Thank you, Bjorn. Then we can move on with another questions regarding Bergen Carbon Solution. Why will not Saga buy the remaining options in BCS given the great returns to the investment?
So as part of the listing, we agreed to not exercise our options for the 1st 3 months after the listing. Our options are exercisable until around mid October this fall. And with options, you typically want to wait and see where things go, and then you have the choice to exercise.
Then we have another question. What shares did Saga sell during the Q1? I can just give a brief comment to that. It was mainly the Chairs in Everfuel and Visten. Then we can move further.
Maybe Brage, you can answer to some questions here. How is Heimdal Power's competition positioned? Are there similar technologies from big players like AOB or Siemens Energy?
Yes. So Siemens and Agba Bear does not have any direct to ours. We have other direct competitors. I think it's 2 or 3 players in the world today. And then we also have indirect competitors, which are doing simulations and indirect measurements.
So, but we know our competitors very well. We actually are working with them in some respects. And so the big players, ABB and Siemens, they don't look at this kind of technology and camera solution yet.
Thank you, Brager. I've also received a question if you have a plan To list Heimdal Power on the exchange anytime soon.
Yes. So right now we are very strongly financed And, have no immediate need for doing that. But this will continuously be evaluated and It will depend on both market development and what we need for capital to expand.
Thank you. Also another question for you, Brage. What is the investment required to digitalize The grid in comparison to install new power lines?
Yes. Thank you for that. Thank you for that question. It is about 5% to 10%.
Thank you. And then on I received some additional questions. Bjorn, for you. Please say a few words about the dividend policy for Saga Pure.
So we didn't propose any dividends for 2021. Over the course of the last quarters, we have raised significant amount of capital to be able to make investments within the green tech space. However, the board is now asking the general assembly for the possibility of doing that if they see that dividends is fit. But for the time being, we are mostly focused on making hopefully good investments and return for our shareholders that way.
Thank you, Bjorn, then I think we have answered to the questions we have received.
All right. Great. And with that, it's time to round off for today. I hope you found this an interesting session. And we are still only 1, 2, 3, 4 people in the room here, 1 participating digitally.
So I'm cautiously optimistic about our next quarterly presentation at the end of August where we might have A bit more audience then, but we are of course making the best out of it. So thanks everyone for following the webcast and have a great day.