Hydrogen Capital Growth (Frankfurt:65U) — Q1 Update

0:01 Good afternoon, ladies and gentlemen, and welcome to the Hydrogen One Capital Growth PLC investor presentation. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged. They can be submitted at any time via the q and a tab that's just situated on the right hand corner of your screen. Please just simply type in your questions and press send. The company may not be in a position to answer every question it receives during the meeting itself. However, the company can review all questions submitted today, we'll publish those responses where it's appropriate to do so on the Investor Meet company platform.

0:32 And before we begin, as usual, I would just like to submit the following poll. And if you would give that your kind attention, I'm sure the company would be most grateful. And I would now like to hand you over to the management team from Hydrogen One Capital Growth. JJ, Richard, good afternoon, sir. Hey. Good afternoon. Thanks thanks thanks for the introduction. Welcome to the Hydrogen One q one twenty twenty four results presentation. I'm JJ Trainer, one of the managing partners on the fund. Richard Hof. Hi. Hi, Rebecca. Richard and I are gonna take you through the results and plenty of time for q and a. Please do submit your questions, and it's it's always good to good to to answer those questions. The disclaimer statement, Here's the agenda for the call. I'll take you through the figures and trend trends for the quarter, and then Richard will talk to you in more detail about the portfolio and the... Some of the drivers of those of those results.

1:23 Just to start with the highlights, really good to see the NAV rising again 3.6% year over year to just over a pound a share, one zero four. NAV now, a £133,000,000 for the fund. What's driving that is is strong and continued growth in the underlying portfolio revenues just as a proof point for that revenues in the underlying portfolio up a 103% year over year to £81,000,000. And we've seen strong momentum and good news flow from several portfolio companies on the quarter, El Cajon, Sunfy, HH2E, and HYDROC. And Richard will take you through that in more detail in in a moment. Investments in the quarter, so these are follow ons, took £1,400,000.

2:10 Cash, and the remaining listed shareholdings, are around, 4 point, £5,000,000 at the end of the quarter, so we remain well funded. And overall, we continue to see strong industrial fundamentals in the hydrogen sector, particularly in The US and especially in the European Union. Just to remind everybody, and we've shown this slide a few times before now, what what the hydrogen opportunity is all about. The the graphic on the left hand side of the chart is a is a typical green hydrogen project. So renewable electricity, so wind or solar going into electrolyzers, which then split water with that electricity into hydrogen and oxygen. And the hydrogen gas across the top of the chart, can be used as a gas, and you can see the example there in in refineries and chemicals plants.

3:02 All the electricity... Oh, sorry. All the hydrogen can be recombined back into electricity using fuel cell across the bottom of the chart, and that that electricity can be used to move heavy objects like trucks and trains off off grid power generation. Why do you do any of that? It's to displace fossil fuels and and get fossil fuels out of the energy system to address energy transition. And you can see a very large potential here to to offset GHGs using hydrogen, the 20,000,000,000 tons per year figure at the bottom of the chart. So that's what this this sector is all about, and that's what this fund is fundamentally all all about. Quick summary of the fund. We're in multiple private positions, a highly concentrated portfolio in high conviction investments with top holdings accounting for over 90% of of the NAV in the fund.

3:56 Where do we invest? So revenue generating supply chain companies and develop a business... Develop a businesses with firm plans for production of hydrogen and, obviously, cash flow around the middle of the decade. We'd like to invest with industrial strategics and other We'd have portfolio diversity. It means global allocation right across the value chain, and we like to invest in businesses that have clear plans for exit either through trade sale or or IPO over over time. To look at the results in a bit more detail, we use IPEV guidelines for these figures reviewed and approved by the board per quarter and reviewed by the k... Also, KPMG on an annual basis.

4:43 NAV per share up up slightly quarter over quarter and up 4%, just under 4% year over year. These figures use a 14.3% discount rate, relatively high, which is higher than a year ago and and higher sequentially. And year over year, that that that increase in discount rate has reduced the NAV by 8p per share, which is captured in these figures. So, you know, relatively relatively prudent approach on on discount rates. Investments in the quarter, 1,400,000. I think as mentioned, those are follow ons in in existing businesses alongside other other existing investors. The chart here just shows the the moving parts in in the results q one twenty twenty four... Sorry, q one twenty four twenty four compared to q four twenty twenty three on a pence per share basis. And what we're seeing here is a rise in valuations in multiple private positions, totaling 2.1p per share with some offset from from fund costs.

5:49 On the right hand side, that's the development of the of the nav since the IPO in 2021, and we will characterize that that gentle progressive rise as as organic growth in the portfolio as as those companies deliver on their business plans. So respectable bottom line performance, what's not in these figures is the impact of exits that is ahead of us, and we have several portfolio companies with with with with advisers appointed to achieve to achieve those exits on behalf of our investors. In a bit more detail, just a chart showing the largest increases and the decreases in in that by company in in q one compared to q four twenty twenty three, work... Working from the bottom of the chart. So upwards, Nano Sun is being in the process of being restructured.

6:44 That business is now renamed Swift Hydrogen, which is now a 100% owned by HYDROGEN ONE. This is being restructured after a slowdown in The UK hydrogen for transport sector, and that business is being held at a at a low value pending relaunch as as an I... CURRY as a IP holding business. Strom valuation also reduced due to increased Netherlands corporation tax rates and some phasing issues, some timing issues in in the order book. And then all of that more than offset by increases in valuation at HYDROC where there's a mark to market, positive mark to market from a new investor. HH two e from a consolidation... Corporate consolidation, which introduced a new SPV for our investors, and El Cajon, where the funding line closed, bringing in Baker Hughes and HYDROWTH and the go ahead of of new of a new plant in the Estonika at Elko One.

7:39 So those are the results, and those are the... Those are some of the some of the movements that under... Underlie those results. And with that, I'll pass you over to Richard on portfolio in a bit more detail. Thanks, JJ. I'm just gonna break down and summarize the funds and give you a few examples to to talk through. You've seen this slide before, summary of the funds, two thirds invested by theme into companies, engineering businesses that are making stuff, the fuel cells, the electrolyzer makers, two thirds of the of the business in Mainland Europe and a third in The UK. You've seen that before.

8:16 A little bit more detail that that JJ showed you earlier about, you know, how that... The portfolio breaks down. But as we know, you're 97% private assets. Very, very small position in the the shrinking part of the listed portfolio. So that's just a quick sort of snapshot of of of the portfolio. And then just another reminder of some of the co investors that that that we're we're working with, producing companies, storage supply chain, application businesses down the left hand side there. A few new names in their Rackon Capital Partners became a larger shareholder, in the quarter with them, in, Gen two Energy. And as we've mentioned before, we've had Hyundai and Baker Hughes, new names, coming into down at the bottom there. But these are all familiar names that that people have seen before. The emphasis here being that that we are not alone in terms of quality global investors, mainly strategics that are driving the value of the of the businesses in the hydrogen sector.

9:16 A bit of news flow summary. Quite a bit of detail here for the first quarter. If I can just highlight q one, HH two e launched Tearback, one of the first 100 megawatt green hydrogen projects in Europe. Plant expansions with with Strom pipelines in Netherlands, Sunfire electrolyzers in Germany. Q two, Gen two launched the project in Norway, another 100 megawatt project. These are material businesses that we're we're backing here. Went offshore in The Netherlands with the Hope project. Q three, Sunfire awarded another 100 megawatt contract for refinery project, a €169,000,000 in grants coming in for that. HGEN awarded new grants as well. Q four hydrogen offtake agreements announced, Germany, Norway, h h two e, HGEN 45,000,000 funding from from Hyundai.

10:08 Onto some examples in the portfolio. So Sunfire sorry. We're in HYDROCK here. Sorry. We've we've jumped around here. Yes. So so with with HYDROCK, we've got...

10:27 Yeah. It's... This is the... That we're entering the end of the pilot phase, having demonstrated the thermal plasma electrolysis ability to decarbonize methane and flare gas. And this is going to prove to be very a big seller with oil and gas companies around the world. The multi torch HYCOM unit is now in advanced development. You can see some of the testing going on there with Centrica and CEMEX. So we're now moving to the commercialization phase with with with CEMEX and EPI plan projects, a continued exploration and project planning with SHV, Centrica Hyundai, and Wintershall. Thermal plasma electrolysis or TPs now classified in the UK government's low carbon hydrocarbon standards, qualifying it for for for additional grants going forward.

11:18 Sunfire. Sunfire. No. Sorry. Back to Sunfire. Sunfire is the largest holding in the fund. This is a leading alkaline solid oxide electrolyzer business with HQ in Dresden. Sunfire recently announced the close of a year... A €500,000,000 funding round, including a 125... €215,000,000 net of equity, including capital from HGEN via the conversion of of convertibles. This leaves Sunfy as one of the best capitalized electrolyzer names out there and is well positioned to grow its capacity with gigawatt scale. And you can see one of those huge units on the right hand side there. These are being sold to... In grid scale applications of elect... Electrolysis in Europe, and that's a good example there. And that's. Elkogen originally invested 20,000,000 into Elkogen. Just... We own just under 10% of the business.

12:10 Late last year and early this year, Hyundai and Baker Hughes and others invested a further €140,000,000 of capital into this latest funding round. And the investment will be used to expand the HGEN's manufacturing capacity to a 100 megawatts to meet the increasing demand, and you can see the plants and the facility under construction now commence manufacturing facility in Tallinn. So we should see see some some real activity going on there by by the end of the year. It should take about eighteen months to two years to to to complete. And the investment by Hyundai also comes with strategic intent to set manufacturing in South Korea, and we're looking forward... We're looking forward to updating you on that in the future. H h two e. The the main thing that's happened here has been a restructuring that we were talking about in the press release earlier on. Basically, we're we're we're moving the SPVs, the special purpose vehicles assets up into the the the topco company.

13:07 So h h two e owns the investment rights into a portfolio of of all of these green SPV projects, now including the Lugmene project, which we hadn't previously got access to as it was in a separate SPV. We... We've announced an agreement to consolidate the... This rather complex SPV structure in... Into the Topco. And after the consolidation, all these project SPVs will be directly a part of that that Topco business. So we we benefit there from from additional assets coming into our own ship.

13:41 And then Cranfield is developing... We're we're trying to emphasize the technology aspects of the fund here, developing hydrogen powered turboprop engines for clean flight. The main project has been project FRESON, the aircraft there on the right hand side, the the nine seater Britain, Norman Islander, is is is to run on hydrogen. Crenfell also signed a letter of intent to supply the hydrogen fuel cell, a propulsion system to the Dronex Black Swan cargo drone aircraft as well, which we hope to show you more about in coming quarters. But this quarter, Cranfield announced a fur... Further agreements to build out the commercial rollout of hydrogen flight with airport projects in The UK, Exeter, in Kerrville in the Orkneys, and and the Brisbane Norman conversions in The US.

14:30 And the graphic on the the right hand side is a technical depiction of the hydrogen electric engine for the British and Northern Ireland there. And what's important here is that the motor, the fuel cell, and the hydrogen fuel and heat exchanger is all in the wing of the plane. Packaging everything, a way to keep the airframe open for passengers. And and a lot of other testing you'll see of other competitors, hydrogen aircraft, the cabin, trust trust us, is completely full of kit. But this is a real sort of commercial breakthrough going forward. So the portfolio is is revenue generating. The the... What about the the the revenue generation since since investment on the left hand side? Revenue growth by company since since we invested.

15:17 The early investments into... And Bramble, Sunfire, and and others have grown 10 to 14 times since since investment, with the more recent investments into HYDROGEN, one to six times. Revenues, in aggregate on the right hand side, a 103% generated, 81,000,000 in revenues over the last twelve months to q one two thousand twenty four, up a 103% from the equivalent period in q one twenty three on a pro form a basis. So m... The emphasis here being that in the meantime, these businesses are real and they're generating generating revenues. So just to round out, well on track this quarter with a robust NAV liquidity of about 4,500,000. Lots of levers for pull to upgrade the the NAV over the next three to six months. No gearing in the funds or in any of the portfolio companies. Want to emphasize that. Two portfolio companies have appointed investment banking advisers for potential exits and sale, and we're looking forward to updating you on that in the coming quarters.

16:19 And the larger industrial strategics continue to join the portfolio, Hyundai this quarter, Bittol, ING, Centrica, and Neste. And portfolio is formed of well established revenue generating businesses, hydrogen projects with attraction... Attractive takeover potential. So we're still really excited about what's going on and a lot more to come in the coming quarters. So so thanks very much. Let's get into some of your questions. Perfect. JJ, Richard, that's great. And thank you very much indeed for your presentation this afternoon. Ladies and gentlemen, please do continue to submit your questions just by using the q and a tab that's situated on the right hand corner of your screen. But just while the company take a few moments to review those questions that were submitted already, I would like to remind you that a recording of this presentation along with a copy of the slides and the published q and a can be accessed via your investor dashboard.

17:12 JJ, Richard, as you can see there in the q and a tab, we have received a number of questions from investors throughout your presentation this afternoon. And thank you to all of those on the call for taking the time to submit their questions. But, guys, at this point, if I may just hand back to you just to read out those questions and give your responses where it's appropriate to do so, and then I'll pick up from you at the end. Thank you. Great. Thanks. Just to get the ball rolling, there's a question from Mike Hay around why is discount... Why is the discount rate risen so much over the last twelve months, and do you expect that trend to continue? And then alongside that, there's a question around the low share price and when do you... You know, if and when do you expect expect the share price to bounce back. Let let me take those two together because they are, you to some extent linked, actually. So the discount rate that we use, which is at the moment just over 14, actually takes market interest rates looking at looking at bonds bond bond yields at measured points in the future and looking at those bond yield... Bond yields in the countries where the investment sits. So Germany investments use Germany bond yields, UK use UK bond yields, etcetera.

18:18 And we take all of those inputs to calculate the the discount rate for the fund. And, of course, interest rates are relatively high and are are a bit are a bit sticky at this point. And and so the the aggregate of all of those inputs is that we have seen an increase in our discount rate again this quarter. Now when when will that reverse? Really, this is in the the land of of government policies in those different countries, and and central bank policies. So we're not really well placed to to to address that. What we would say is is that inflation rates are slowing. So inflation is still there. It's still relatively high, but the the rate of growth has slowed. And over time, that that does tend to to roll into lower interest rates in in the market.

19:07 We do think that the the the rise in interest rates and discount rates has had a negative effect on the listed fund sector. And, you know, coming to the question around our our our share price, we we are trading at a relatively low point compared to our NAV as are many other listed investment funds in The UK market. And we do think that as interest rates come down, that they would... They... That there would be a follow on effect to the share prices. What can we do about that? We we we firmly believe that that by continuing to be good stewards of the of the invested businesses, driving that... Driving them to create value for our shareholders, and then reporting that back to shareholders with results as as as as we've done today, and ultimately providing the exits for our shareholders. All of those factors together should should we think improve our share price over time.

20:00 Question from Gary b. How do you assess the potential impact of regulatory changes and policy shifts? It's just a split off screen. I I think broadly broadly speaking, yes. The the the policy towards green hydrogen doesn't move quickly, so we've got a bit of a chance to to factor that into how we manage the portfolio. Generally speaking, the attitude of European governments is more forward thinking and progressive in terms of putting their money where their mouths mouths are for funding the hydrogen sector. So that's why two thirds of the portfolio is currently on Mainland Europe. And, for example, a good example would be the Europe... The the inflation reduction act in The US. Future investments, none at the moment should be pointed towards North America. So we we take into into account directly where where we allocate the the the the the geographical locations of the of the assets through government policy.

21:03 So question from an... Andrew L. Andrew, thanks for the question, which is around, I guess, the differences between between The UK investment environment in the in the EU, and and there's a comment in there about Brexit. Look. I wouldn't make the link with Brexit. I would just say that The UK hydrogen policy in in some areas is not is not as advanced as as policy formation in the European Union. And particularly in the transport sector, we we made reference to us... To a a quite a slowdown in in UK hydrogen for transport around our nano sun swift investment. And, you know, there's no doubt that that the UK government's decision to postpone the the phase out of of fossil fuel from from internal...

21:49 In in in in the transport sector. It has had a knock on effect in The UK hydrogen transport sector. Now that that is not the situation over in Europe. And, you know, we're particularly keen on the investment climate in the hydrogen space in in in Germany and the Scandinavian countries.

22:06 And, you know, you can see a lot of our portfolio is configured to to those areas. There's a specific example we can give on on swift swift hydrogen with that one because our our objective has been to to maintain ownership of the intellectual property, the IP, and the patents. So we we can we can redevelop that business in a different way. And I've been talking to businesses on on the Mainland Europe, in France so far about potential joint ventures partnerships to reinvent that business. So that will be taking IP that was admitted in The UK and and commercializing and monetizing it in in in better markets as as as as you as as you say. So there's a couple of questions on the strategy to reinvest divestment proceeds.

22:53 So so James s and and Neil s essentially asked the same question. So thanks to both of you. I mean, the... We... The activity in the fund currently is is to is to deliver those exits in a... In an attractive kind of valuation way for for for our for our shareholders. I mean, the net... The natural next thing to do with those funds is to reinvest in in growth propositions. I mean, this is... In the end, this is a growth growth fund. We do have the authorities in our prospectus for a share buyback, and the board, I'm sure, would would look at that at at the time as and when those funds come in. But but the orientation is very much towards reinvesting for growth where we see the best value creation for our our investors over over time. Do do you sort of cover that on the recent funding rounds for the portfolio companies? It's great to see how do you manage exiting part of of your... It's it's the same. How do you exit from from these positions? It's it's it's it's IPO, probably not in the near term, but more likely trade sale is is the exit for most of these positions.

24:00 There's a question from from Vipav. So thanks for your question on the on the underlying financial performance of the of the portfolio companies. Like, what what... If you like, what's underneath the revenue? What are their earnings and returns and things? So so most of these businesses... And their their financial characteristics are very similar to the listed hydrogen sector. So they're revenue generating businesses, and we very firmly invested in in in in in businesses that... In that state. And the net... The next development for for these portfolio companies will be will be to go into a positive EBITDA position, some of them potentially this year and and others over the next next several years. And then once you're through the EBITDA stage, then you'll get into into earnings and and and return on capital employed.

24:45 I think it's important to to say in that that that we don't we don't believe that we need to wait for businesses to be in positive earnings territory to deliver an exit. It's it's really not unusual for for for for for growth growth companies in technology sectors to have strong revenues and and negative negative p and l. And we we firmly believe we can deliver the deliver the exits with businesses in that in that state. Another question from Ivan. Do you expect to be able to pay dividends now that you are revenue positive? Well, I think we need to be... Sorry. No. That was from Old Rich. I I... That... I think that that you think you've been earnings. This is this is not intended to be a dividend paying funds. We we can pay back dividends. It's... But it's about harnessing the rapid growth of the hydrogen sector, capturing the the multiples of capital we expect to make on our investments, and then reinvesting those possibly with some some dividends paid, to sort of demonstrate confidence in that process.

25:50 But it's not really, a sort of a wind farm, solar farm type investment, so, that... That's not really what this sort of fund is about. As a question... Oops. Sorry. Jumping around. Is it... As a question for Barry... So thank... Barry, thanks for your question on on the cash position of the of the fund and and the cash requirements going forward. And we look at our annual cash burn, so on costs and fund administrators and and fees and so on, is is around three, three and a half million pounds. And we've got £4,500,000 on the balance sheet currently. So so we feel we feel in a pretty comfortable position on the cash, Barry. So thanks thanks for question. I wanna get back to Ivan's question. You focus on rapidly growing revenue. Are are corresponding costs growing less rapidly? It's a good question. The way to think about the portfolio in the companies at the moment is the nature of those costs. So it's about building a factory, high cost, and then looking at the revenues to generate the the earnings and the return for that factory with the cost just increasing on a per unit basis is the typical sort of manufacturing model.

26:56 So the the costs are growing less rapidly because a lot of it's front end loaded in the investment to generate those revenues in the first place. And, Oliver, obviously, thanks, again, for your questions, asked about how do we manage exits from businesses, you know, following the the recent funding rounds. I mean, Oliver, there there are three... Fundamentally, three different types of exits that that we could we could pursue here.

27:24 There's an IPO business, so listing it into the into the public market. There's a trade sale, so selling it as a private entity, partly or totally to, for example, an an industrial or another another big investor. And there's also something called a secondary where where you sell shares in the business to to another investor around around the table who who would want to top up. And out of those... And we're looking all all three of those, frankly. The the the the IPO piece, we we think, is is not a story for 2024 given the state of the market. And so we will see IPO exits as a little bit further away in the future. Trade trade sales is something that's very firmly on the table today, and, you know, we would look to to to demonstrate NAV and get premiums to NAV as, you know, as and when we deliver those.

28:14 Set... Secondaries, we would also consider. They are typically done at NAV NAV or even potentially the discount to NAV. You really would only really do that to to to... For for cash management in the fund, and so that that wouldn't wouldn't be our our our first choice. So, Oliver, those are the the... Basically, the three the three routes that are on the table. And out of those three, trade sales seems more likely to us in 2024. Paul asked, does your market cap value compared with your NAV indicate that your NAVs are overvalued?

28:44 No. It indicates that that that that the the the the shares are are undervalued because the... And that we can justify that by saying that the NAVs, we we don't make up. The NAVs, we have to have audited by KPMG, by our board, by our. They are very, very strictly monitored with all all third party inputs to make up the DCF values of the businesses of which the other inputs, very high discount rates that we've we've been discussing. So we believe that is the reality. The the the the difficult thing here is the sentiment in the market at the moment towards The UK, towards towards Brexit for UK businesses, to... Towards interest rates and the economy in general. That's... Those are more more of the... What's feeding into to the valuation of the share price. The NAV is what we believe is a a very defendable valuation for these businesses.

29:41 So I... Ivan... So thanks. Thanks for your question. Ivan asking about, can you summarize policy position on hydrogen from governments around the world and which of your companies are best placed to capitalize on these policies? I have... It's kind of a big question, but I just sort of say that in the aftermath of the the the Paris agreements to get to near net zero by 2050, most governments around the world, OECD governments around the world have have taken on hydrogen as part of their policy formation to deliver that that that that net zero. And I think there's particular recognition of the role that hydrogen can play in the industrial gas sector, so in in chemicals and and so on, and also in the transport sector. So there's there's very wide uptake on that.

30:28 And if you add up all of the all of the funding, the government funding around the world that... That's on the table for clean hydrogen, 70,000,000,000, potentially a bit more than that. Recent example in the European Union, the the the EU have something called the EU Hydrogen Bank, which... Where where hydrogen projects can can can bid for for for for funding support for hydrogen projects. And the EU Hydro Bank recently announced seven, I believe, funding packages totaling about eight about €800,000,000. Around the world, where do we see the best policy formation for our activities? I think, you know, historically, Japan and South Korea, the the European Union, particularly Germany and Scandinavia, and in The United States, particularly in California, but but I think more broadly now in The United States as a result of the inflation reduction act. So, look, those are the those are the regions that that that we will see best best positioned. And, you know, I think about a third of our funds in The UK and the rest of it is is deployed into the EU.

31:39 I think last question from James, to what extent, if any, do you look at the evaluations of listed companies when valuing portfolio? And are we taking that into account? Yes. We do. It's it's actually part of the process. We look at the EV to sales of a of a set of comparable companies for every every private company in the portfolio after you've done DCF valuations, and we compare it to that. So, yes, yes, the weakness in the listed sector is is factored in, and still the private companies are coming out below the listed company multiple. So we're we're we're we're very happy that we've got a conservative valuation policy.

32:16 Jake, we're not seeing any more questions. Absolutely. Back to you. Richard, JJ, absolutely. That's all of the questions, and thank you very much indeed for being so generous of your time then addressing every question that came in from investors this afternoon. And, of course, if there are any further questions that do come through, we'll make these available to you immediately after the presentation has ended. They're just for you to review to then add any additional responses, of course, where it's appropriate to do so, and we'll publish all those responses out on the platform. But, Richard, perhaps before really just looking to redirect those on the call to provide you with their feedback, which I know is particularly important to yourself and the company, if I could please just ask you for a few closing comments to wrap up with, that'd be great. Thank... Thanks very much, and and thank you everybody for coming on listening listening to us today. Listen. We continue to be absolutely thrilled about the hydrogen sector globally.

33:01 Things are moving fast. Things have slowed down in The UK over the last year, but we're shifting the focus of the funds to the continent of North America and beyond. And the the the projects are get... Are getting bigger and better. There are more and more strategic investors coming into the market. A lot of what is not sort of published in the main the main domain. So please please keep with us in Hydro One, and we'll keep on delivering. Thanks very much. Perfect, Richard. That's great. And thank you once again for updating investors this afternoon. Could I please ask investors not to close this session as you'll now be automatically redirected for the, for the opportunity to provide your feedback in order the management team can really better understand your views and expectations. This will only take a few moments to complete, but I'm sure it'll be greatly valued by the company. On behalf of management team of Hydrogen One Capital Growth PLC, we would like to thank you for attending today's presentation.

33:56 That now concludes today's session. So good afternoon to you all.