Minesto (Stockholm:MINEST) Q2 2026 Earnings Call

0:00 Hello, and a warm welcome to today's broadcast with Minesto, who will be presenting the report for the second quarter of 2026. With us, we have CEO Martin Edlund and CFO Alexander Jahnke. Welcome. At the end of the broadcast, we will have a Q&A session, so if you would like to ask questions, you can do so by the form found to the right of the broadcast. And with that said, I hand it over to you guys. I'll be back when the time for the Q&A. The floor is yours. Thank you, Elliot. And let's start with our CFO, Alexander Jahnke. Yes. Hi, thank you. And hello, everyone. We will start with the financials for the first half of 2026, where I first will go through some key highlights of the profit and loss and then adding the cash flow before I hand over to Martin again.

0:55 So starting with profit and loss, Turning to our financial performance for the first half of 2026, we continue to see a positive effect of the cost optimization measures implemented during the past year. Operating loss improved to 15.4 million compared to 20.5 million in the same period last year. representing an improvement of approximately 25%. And the total operating expenses decreased by 18% year on year from 32.7 million to 26.7 million. Personal costs were redacted from 21.8 million to 18.0 million as a result of the more focused organization and increased efficiency.

1:50 Importantly, these improvements have been achieved while maintaining strong technology development, operational achievements in the Faroe Islands, which Martin is going to talk a bit more about later on, and growing commercial activity. And overall, we continue to strengthen the financial foundation of the company while preparing for future commercial deployments. And for the next slide, looking at cash flow and financial position. You can just change slide there, Martin. Our strategy remains unchanged. Disciplined investment in activities that advance technology performance and commercial deployments.

2:42 So operating cash flow improved compared to last period, the same period last year. with cash use in operating activities decreased from 25.1 million to 15.2 million. Investment remained focused and milestone driven, totaling 14.2 million during the first half of the year, primarily related to technology development and intellectual property. At the end of June, cash-in-cash equivalent amounted to 38.4 million. Our financial position supports our continued execution of operational and commercial priorities.

3:27 And so then to summarize the first half of 2026, it demonstrates the continued progress in improving operational efficiency, lowering our underlying cost base and maintaining financial discipline. At the same time, we continue to invest selectively in activities that create long-term shareholder value and support the commercialization of our technology. So with that said, I hand over to you again, Martin. Thank you, Alexander. I will not try to flip a lot of slides in front of you here today. We'll just basically show you one slide from one of the latest press releases on technical performance, then comment on the overall progress from a commercial and financial perspective and then open up for Q&As and we will, as always, not put a very strict timeline on that. If you have questions, if you have them in Swedish, we'll translate them for the benefit of the international audience and I'll do the best I can to to really give you our opinion and view on where we are regarding your questions.

4:55 So first and foremost, I would like to talk a little bit about our successful production over summer here. We've had what we label as an upgraded Dragon 4 power plant installed. And we've had it installed basically from in its non-upgraded version over spring. We upgraded it towards the beginning of summer and then have been producing electricity over the full summer period on a level and with consistency that is breaking all production records for these kinds of units.

5:43 What we've been doing and why we're doing this is obviously the general value of demonstrating and building confidence and learning more about fatigue and meantime between failures of the systems, what needs to be observed. General learning around that is an obvious factor in this. A lot of that is already sort of under our belt and with us. But we're also doing this because it is a clear request from customers in customer dialogues. SEV for most are very clear to us that they want to see see consistent production over time in order to live up to their, let's say, decision criteria that are set around them as a municipality-owned utility.

6:38 and they are very happy with the results that they are seeing over spring and now even more so over summer. And they are not alone. This is an ask in a range of customer dialogues that are ongoing. So even if we have, let's say, the internal tech teams and tech diligence teams with us on understanding the discrepancy between what we're actually producing and what the machines can give given small tweaks. That discrepancy is obviously a hurdle for us to reach the serious commercial breakthroughs. So this production where we are now is a significant component in the commercial progress as much as it is a technical achievement as such.

7:31 And what is it then that we're showing that is no surprise to Minesto internally, but of value externally? If you see this graph, you're comparing 14 days of production from the previous configuration, the one that we had basically from the beginning with the D4 in yellow bars, and then the upgrade in the blue bars. And what is really interesting and most significant from a customer value perspective is what you see in the beginning of this 14-day series. So you have two 14-day series with very similar tidal patterns.

8:16 The dotted lines there show the flow profiles. So you're reading on the dotted lines, you're reading on the right hand side Y axis, where it's meters per second flow. This is the resource. This is the energy in the water that we want to convert. And this is obviously what we need to understand at any site and where we are, that if there is energy in the currents, we will have to be able to extract that energy, convert it from tidal flow energy into electricity. And the staples you see from 1 to 14 are the daily production from the early yellow machine configuration to the upgraded configuration in blue.

9:07 And from day two to day six here in the beginning, when we have really high flows, this is where you see a huge difference between what we have been able to produce before the upgrade and then after the upgrade. So what you can see here is that we can produce consistently over the high flows. And this is the result of an upgraded power takeoff. So the wing of the system generates the energy and the power takeoff should then take care of the energy and bring it back. And the third generation, the Dragon class technology has been much more efficient in collecting the energy through the wing than the previous DG generations that some of you remember.

9:55 But the configuration of the power takeoff and other components in the system has sort of migrated from the early generation to the next one. but we have over over winter and spring here we've been able to upgrade the generator significantly so it's more powerful so that we can take care of this energy without running the system too fast the turbine on board is actually the the brake that we want we want that to slow down the system by being pushed through the water obviously because that's where we collect energy And this is a significant difference when it comes to understanding real production and forecast annual yields. It's in these areas where we have the most energy, that's where the difference is the largest.

10:47 There are other things that can be talked about in this context also, but I think I leave it at that because that is what the customers really, really appreciate with this. What is good is that we also now continues to produce. We are in production with this unit and we're working on further improvements. What is interesting now when it comes to looking into let's say bottlenecks and what is stopping us from reaching even further is basically related to infrastructure capacity. So today the onshore control station with its transformers and inverters filters onshore, that is the interface to the grid, is now at full capacity. We've had to upgrade the cooling there and fans in order to really have it to work on its full capacity.

11:46 We also see that when we're flying in the most aggressive modes that the foundations then built five, six years ago should have been even stronger than they are. This is on one hand, of course, frustrating, but on the other hand, it's extremely good to acknowledge this because it means that the hydrodynamic performance of energy conversion and energy production with the unit is on a level far beyond what we actually could foresee in the previous generation of products. And this obviously migrates to any scale of the Dragon Class technology. With that and with a final comment saying that those upgrades on a little bit more heavier foundation or a drilled and grouted foundation or more capacity in the onshore control station or more capacity in cables, this is obviously...

12:48 not anything related to radical innovation or technical risks. It's just a matter of specifying your system for the capacity it has and not relying on the historic setup, which will be of no issue at all when it comes to delivering the first microgrids and the first arrays or dragon farms to optimize this. So we're extremely happy to be able to share this both externally and in more detail with our potential customers and in our broad range of customer dialogues. There's been a lot of speculations on trying to read more out of this graph than can be done. It's interesting to see, and there are some really interesting insights externally on this, obviously.

13:44 But we should be aware now that this is, as I said, this is electricity to grid. So it's not electricity produced at kite. And with the demo configuration, that there are a lot of areas here where energy is lost on the way that is absolutely not necessary in a commercial configuration optimized at start. So I think that's enough so far on the production results with the D4 upgrade here. Obviously, I will try to answer questions towards the end, also on the technical side.

14:29 But let's move on then to perhaps questions that are more directly relevant to an investor community than detailed technical stuff. And that's related to the strategic goals of Minesto and what investors refer to as sort of the main triggers when it comes to the perception of Minesto's value and our commercial progress. I mean, we've talked about, two distinct areas. We want to take a first significant order in the form of a serious project investments into an SPV that then can build and order Minesto systems or serious customer involvement in buying microgrid systems.

15:19 Microgrid that can sound micro, but it's still A size of a deal like that is in the range of 30 to 50 million Swedish SEK, Swedish kronor. So it's not a micro deal for us by any means, I would say. And the other component in this is obviously to strengthen the owner base of Minesto to really be able to take on large markets, large infrastructure projects from a manufacturing, from a balance sheet perspective, from a technical capability perspective to get industrial partners, owners in Minesto.

16:06 We are working extensively in in-depth dialogues relative to both those triggers. And we get, through the IR mail, I mean, we get questions frequently on okay when will it happen when will it happen and I think that I will not try to speculate on that or guess or give you any heads up on value changing press releases that would not be that would not be appropriate but I can say that again the the strong electricity production, also with the smaller units that we have in now, significant impact on those two triggering strategic areas.

16:51 We have also a situation where we are seriously involved now in several markets where we actually have to select and prioritize. And this is extremely important because this is not about a press release on a first commercial big step. It's about making 100% sure, if possible, that we are aiming in the right direction, that the conditions around this commercial opportunity are the best possible to really prove the commercial viability. So we do not want to end up with a site that is not perfect for a first cost-effective and performance-rich installation. So we are looking in depth into a lot of contexts now offering our feasibility studies and that is quite an interesting and novel area to break new grounds in.

18:00 We also have and I've been acquainted now with our new board member from France, Philippe, with a background from Mitsubishi Heavy Industries and Vestas. renewable energy technology side and much more than that. It's fantastic to have Philip on board and work with him to meet with his network and broad industrial contacts through Europe. That strengthens Minesto and it further strengthens the focus on these two strategic goals. Strengthening the industrial base, reaching large deals It's also so that those two things go hand in hand when it comes to looking into strengthening the owner base and to get commercial breakthroughs hands on.

19:00 We see that it's often the same actors that take interest in both. both in project investments and in TOPCO investments, because they are in the market where this technology can open up an extremely valuable resource. And obviously they need to secure the long-term endurance and they want to be involved potentially in the upside of what we're doing. So those activities go hand in hand with many of these actors that we are engaging with. And we will get questions on what about the cash flow situation and what does it look like? And there are several scenarios for Minesto moving forward.

19:50 And it's not... meaningful to me to speculate on them. It ranges all the way from a strategic new main owner into the company that will take lead and move this into the global context quickly to a lot of scenarios below that. I can say that most of those scenarios will be to the advantage of us that are current shareholders of Minesto, because also the smaller steps on the commercial side will strengthen the shareholder situation for Minesto and open up new opportunities. So what else then? Yeah, let me comment on... on the most important project development, which obviously is what we're doing together with Seb to prepare for the first rollout in the Hestfjord project, as we call it, where the first phase is a 10 megawatt build out.

20:52 This is today, when we move this into reality for the years ahead, with a financial closure obviously ahead of us. We will be, I would say it's a low odds on us being the first actor in the world to create a title array, which then will be a dragon form. And I think that's also an explanation to why the technical progress, the partnerships, the perception around the company is so important for the actors coming in. And there is a need of a lead investor. What can trigger this would be grant funding and obviously full commitment from our local partners. Any of these three would be an enough, let's say, trigger to release funding and have us move forward, we believe.

21:56 And for the Hestfjord, it should also be known that the PPA context around this is actually set by legal conditions in the Faroes. So the price levels we are talking about here are certain for us, and they are on levels that are equal to subsidized prices in many other markets, which means I'd say that With the support of SEV on onshore infrastructure and as a given buyer of the electricity by law and with the substantial development work we've been doing and now showing the right production curves and patterns, there is nothing really that needs to be put in place for this project to materialize and get kick-started.

22:49 So that question is something we get often. Is there anything missing in this? Well, we need to work on the perception of different types of stakeholders that needs to invest. But the reality is that nothing is missing for us to move forward. OK, some final words on products and technology. The technology is ready. The Dragon 12 is ready. It will be shaped into what we have presented earlier as a Dragon 12X with some minor tweaks to improve it. But it is the same system that is already verified that will go into these arrays if there are any doubts on that end.

23:42 And what needs to be upgraded and changed. I mean, there are options to this technology that we can, I mean, depending on who the investor is, but where we are now, you can say that it's basically some of the infrastructure components that go into an array like this that have not been tested in alignment with our systems. Because no one has built an array. I mean, there is no real tidal array existing anywhere in the world. So there are a few areas where infrastructure needs to be validated in this context. But we're talking about concrete pillars. We're talking about electric components that already exist, but needs to be customized to this environment.

24:29 Apart from that, there is no need for more innovation in order to put the shovel in the seabed, I would say. But this is then a question where the discussion around bankability also comes in. We get that a lot. Is the technology bankable now? When does it become bankable? But what does really bankable mean for this sector and how do you define that? I would say that it's obvious if you look internationally that new renewable energy technologies such as ours, the tidal sector and others, I mean, as long as you haven't built arrays 10, 20 megawatts and run them for several years, conventional bankability is not there because we're talking about .

25:23 large low risk projects with pension fund money going into it basically to build those enormous infrastructure projects. But it's no doubt that after maybe six, eight, 10 first megawatts, that there will be substantial debt finance coming in already at the second phase of Hestfjord, the 20 megawatts that will follow the first phase. And this is, I mean, this is because there are actors that are willing to put that finance into this context because they have a strategic agenda around it. I had very interesting meetings with Great British Energy, and we have our dialogues with the European Investment Bank, and there will be several actors of that type that will take that role.

26:14 So the conventional term of bankability is something we have to be careful with when we move forward in terms of how to fund these projects. Some of those comments that I'm making here are answers to questions that we get. We try to be very, very selective with giving detailed answers to individual shareholders that request answers, but we use these forums to look into the questions we're asked and hope that we are doing an okay job in answering and responding to those questions as well. So my final comment here will also be a reminder that we have been testing now and demonstrating and reconfiguring and working with our technologies for several years, also the Dragon class.

27:10 And what resides within Minesto that we are not sharing is a level of technical skill and performance that is far beyond what you see in the actual products that are producing today. And that is a source of value and competitiveness that will be used as we move into the future, but not something that immediately will be put into the different contexts. It's to make the title market larger, and it is to increase the distance between our performance levels and competition as we move forward. So as I said, and I will repeat it, I believe that there is no doubt that we are taking the lead in this sector and that the first serious commercially viable tidal energy farm will be based on Minesto technology and nothing else.

28:15 So with that, we're open for questions. Thank you so much for that presentation. Can I even stop sharing here, Eliott? Yes, no worries. Yes, there we go. So you maybe can put me up on the screen. Yes, you're up on the screen. No worries. So people can see me sweating here. Exactly. Well, thank you for that presentation. We open now up for a short Q&A session. And as mentioned earlier, if you would like to ask questions, you can do so by the forum found right at the broadcast. The first question reads... Based on what you know today, how likely do you think there will be a new rights issue this autumn? Would you say the likelihood is high or low?

29:07 People maybe don't know, but I am an untrained interrogator myself, and these kinds of questions where you're left with two options, it's good tactics, but I will not fall for it. So I will not speculate on rights issues. There is obviously a likelihood that there will be rights issues in the future for Minesto. The cash position now is sufficient to what we plan to do for the year end. But there are a lot of reasons for and against different types of funding. All doors are open and we are working with all relevant options. Thank you for that.

29:52 Next question is, has the electricity purchase agreement with SEV been renewed during the summer? If not, what does the future of the collaboration look like? The PPA with SEV is renewed, and there is also ongoing discussions on, let's say, input from us and SEV to the legislators in the Faroes to further strengthen this. It's not easy to comment on that yet, but that is a firm commitment from the Faroese society, and there are even legal clauses that let's say, requires SEB to offer electricity to novel technologies such as ours.

30:40 And we also have an exclusive relationship with SEB regarding the Hestfjord build out. So I would say that that's one of the areas where we are on really solid ground. Yes, thank you. The record high electricity production generated by D4 during the summer has been made possible through an upgraded PTO. Can this PTO be used directly for the D12 to achieve a similar increase in energy production or does it need to be adapted? Well, it needs to be scaled. The same design configuration is fully proven and it scales well. So it's more a matter then of whether we choose to spend resources on such an upgrade.

31:30 There are also other limitations related to the D12 production performance that are not generator-specific. I'm talking about the bottlenecks on foundations and on shore control stations, and there may be a few other bottlenecks which makes that investment non-rational. But the good thing is that this generator configuration, cost-effective, high-performing, with a strong partner, is the current, let's say, generator of choice for the build-outs moving forward, also for D12s. Thank you. Earlier this year, you highlighted two important trigger areas for 2026. Commercial progress through orders, contracts and project investments and changes on the ownership side. Can you give us a clear update on both areas and tell us what you still expect to achieve during 2026?

32:26 I think that I have commented on those two areas quite a lot during my talk here. Just to repeat, we have substantial dialogues in those areas with multiple actors and we are, as we communicate, this is the highest priority for us to take the company forward. More than that, I'm not willing to speculate on. Thank you. Based on the current cash position, do you expect Monesto to reach the next major commercial milestone without raising additional equity?

33:17 Again, it's on the same theme there, Eliott. I think that we can move on there. Absolutely. Let's see... Is Dragon 12 technically ready to be included in a commercial Dragon Form order today? If not, what still needs to be demonstrated? Yes, I commented on that as well. The core technology is definitely in place. We will have to upgrade concrete pillars and some of the electrical infrastructure. So on a kite level, yes. On an array level, some customizations and new solutions need to be brought into the picture. And with new solutions, I don't mean new to the world, new to the Minesto context.

34:07 Yes, thank you. For a typical 10 MW dragon farm, approximately how much revenue could Partit generate from Monesto, and how much Partit equity would Monesto itself normally need to contribute? When it comes to the financials around the case, I would like to... I'm not sure what we have published and not, to be honest, on that side of it. But we're talking about a level of energy, the price of energy at around 140 euros per megawatt hour. And we're talking about price levels above...

34:58 above 200 euros per megawatt hour. And you can, depending on the site and a lot of factors, for 10 megawatts, you will generate somewhere between 20, 30, maybe 35 hours. gigawatt hours per year. So then you have to do the math on your own there. It's a substantial cash flow from a 10 megawatt array with electricity prices that are either subsidized or what we talk about. And the cost, the investment costs, Minesto's up-front approach here is that our contribution should be minimum from a project investment perspective.

35:58 But obviously, if we find funding sources, EU, owners that come in and wants us to push for the first array, there are many actors that will view the first array as a part of product development because it's to demonstrate the real product. It's the systemic product that is really what investors will invest. so you can see the first six megawatts in that way. But you will have to talk about, for a first array, at least three million euros per megawatt in capex, everything included, from commissioning to site development, to insurance, to installation, to the hardware and infrastructure.

36:46 Yes, thank you for that. You mentioned that the chart shows energy to grid, not energy at kite, and that they're still possible to optimize this part. What percentage of improvement would you guess might be possible here? I don't have to guess, I know, but I will not share that with you today. And it has to do with a division between what we can, let's say, change in the system that we control and then the infrastructure around it. But it's significant. It's significant. Thank you. In Asian markets like Taiwan, Philippines and Indonesia, what are the main challenges to move to the next steps, finding appropriate partners, securing permits, financial, political, local support, etc.? ?

37:41 many of them are immature markets. We are there because of the enormous demand, the huge need for new renewable solutions. And because there are other types of funding solutions available that are not available for industrial countries. And obviously, if you take countries like the Philippines and Indonesia, they have in total hundreds of gigawatts of capacity, both for large and small farms. So that's why we're there. But there are limitations in industrial maturity. There are limitations in infrastructure. Some of them to our advantage, no ports, no technical fleet of work boats always available, which we're learning to adapt to and we use that to our advantage.

38:37 So it's important for us to get a few projects going, the shovel on the seabed in these areas with strong local partners. And it's even more important there than elsewhere that we have the major stakeholder with us. And I believe that the progress clearly shows that they want to and that there is an interest and that this will happen. Especially Indonesia and Taiwan, I would say today. Yes, thank you. The next question reads... You have said that the customer engagements have multiplied and that the organization is being adapted to meet customer needs. Are these changes connected to specific customer projects that are already moving towards commercial agreements or investment decisions?

39:34 It's very much related to the type of resources and assets that we see that different now partners and business partners have in different markets. And we see that if we can build our operating capacity based on existing installation vessels and bring, let's say technicians locally to bring them to the Faroe Islands and work together with us and we train them. And then we have to send a few of our guys over for commissioning and critical phases and early phase development. But in order to scale this and also to create value for the local stakeholders and investors, we really need a system that is flexible around this.

40:26 And it's also an area where today in Europe, it's very large scale marine operations with offshore wind and the oil and gas sector. And to be fair, it's not very well adopted to the inshore smaller scale needs of the tidal sector for the years ahead. And when I say small scale, it's sort of on an energy industry relevant scale. For us, obviously, a 35 million euro, 10 megawatt project is not an insignificant small scale. It's a very, very important project for us and for many customers as well. But that's not the kind of marine operational infrastructure assets that are readily available today in Europe.

41:19 So we need to find partnerships here locally to be able to build this more quickly and in a more effective way. Thank you. Let's see. How will Monesto's kites handle typhoons and earthquakes? Are the kites safe underwater from natural disasters? The forces that will be induced into the kite system with extreme weather or earthquakes. An earthquake, you can never know what structural integrity damage that will do to the seabed and where the foundation is. But in general, our systems are built to take enormous forces and to take forces that are not always you know nice and calm and controllable there are vortexes and there are bursts of energy in the tidal currents which means that if there is any system that you can claim being robust to harsh weathers and natural let's say disasters like earthquakes it's Minesto Dragon Kites.

42:37 It's also dynamic anchoring. I mean, it's on a string, which means that if you get a lot of vibrations in the seabed, it will not transfer to the unit, which it will do if you have a seabed mounted system. The heavier, the worse it might be, actually. Yes. Earlier this year, You completed the advisory work with EIB on the 10 megawatt investment case. Is there anything you can share about the key outcomes? I would like to say that we passed with the highest grades. We were there to be offered help and consulting and we got a lot of that.

43:24 But we also got from the three different consulting firms that were procured and handed to us from EIB, they had to acknowledge that the specifics around title is something that they rarely come across, and when they do, they don't see this level of sophistication. So I'd say that our investment cases, they are... sanctioned by EIB with the highest grades. That's our take of this collaboration. And we will benefit from that as we move on into different discussions on EU funding, EU loans and collaboration consortia projects and whatever it might be. And obviously in the chair commercial dialogues as well.

44:13 Yes, thank you. What exactly is Minesta working on in Finnmark? Is this a microgrid project or a potential large multi megawatt dragon farm? Is there already a customer or power buyer involved and what is the next concrete milestone? I will not comment on the specifics on Finnmark but obviously the Norwegian offshore sector is a world leader and bringing them on board in a context like that locally in Norway to be then multiplied over the world is it's an achievement that would be very very good for us and there are Let's say there are conflicting trends or circumstances around Finnmark and North Norway.

45:04 The electricity is extremely cheap. And at the same time, there is a lack of electricity and there is a need to electrify, for example, the LNG the LNG production up there with Milköy. So there is a need to demonstrate electrification, but there is also a price challenge for us to face if the electricity should be sold on a commercial market. But this is one of, I mean, this is one of 23 areas we are, but I wouldn't say that Finnmark today is a top 10 engagement for Minesto. One of the reasons also why we are in Norway is related to different kinds of funding schemes from EU where Norway is involved.

45:55 And we have today some stronger options within EU jurisdiction. And when I say EU jurisdiction, it's from a funding perspective. I know very well that Norway is not a full member of the European Union. Yes, thank you for that. Given the rapid build-up in defense and the growing importance of autonomous underwater systems, do you see any potential dual-use applications for Minesto's core technology beyond power generation? And would Minesto be open to partnerships with defense companies to explore applications such as underwater drones or autonomous marine systems? We... We are... I mean... We are in a situation where some of the solutions we develop from control systems and from working with high pressure subsea environments, we could obviously venture in a lot of directions.

46:55 But I think that from my experience and from several similar contexts over many, many years, I think it would be very, very dangerous to try to deviate into, even if it's lucrative and the timing is where it is, I think that that is something that you could potentially tease large technology powerhouses with if they want to buy the whole company, that this technology is dual purpose or even more than dual. So that side of it, I think, is not what we are working hard on by any means. But we understand the value of technology and technology diversification, obviously. It's actually my old PhD thesis, Technology Diversification, the title buried since 100 years back.

47:47 But... Energy is also, let's say, if not defense, but it's national security related in many ways. So projects that we're doing in the Arctic region, we're looking into new opportunities in Greenland and in Canada, and there are very, very interesting connections and potential customers in the defense sector related to that. So that's the strongest connection today, I'd say. Yes. Canada is launching renewable energy projects in huge scale as we speak. In what way is Minesto in Canada and exploring Hudson Bay?

48:37 Can you repeat it, Eliott? I didn't follow you all the way through there. Yes, no worries. Canada is launching renewable energy projects in huge scale. In what way is Minesto in Canada and exploring Hudson Bay? Hudson Bay, I don't have on the top of my head any specifics on the tidal or ocean current potential in Hudson Bay. In the Bay of Fundy, there is a tidal resource that there have been attempts over the last 20 years to capture, but with enormous energy and turbulence and rough conditions. So that's an area where we've been a little bit hesitant to move, where others have have actually not been able to reach all the way through.

49:30 But Canada, we're working mainly through the investor side today. and also via the Swedish government actually as a part of the dialogues with industry collaboration with Canada. And Canada is, if not number one, it's at least one on the top three list of markets in terms of deployment capacity for our technology. and it's both large arrays and an enormous amount of microgrids in the non-grid connected areas in the north, in the east and in the west. So this is something where we're working together with international fish farming companies to look into it. We're working with the with the First Nation operated power plants to look into opportunities, and we're working with large Canadian investors to seek ways forward here.

50:34 So I hope and I expect us to talk much more about Canada for the years ahead than we've done in the past. Yes, thank you. Have Minesto looked into the options to create some type of financial structure where Minesto and its shareholders via fresh dedicated capital could become an investor in a project development company for example Drekken etc. Thus showing real skin in the game. We're talking about let's say hybrid investments but it's not for let's say private investors, the 20,000 shareholders of Minesto.

51:20 It's more to invite maybe 10 local players, industry and local pension fund and governments to do it. But if there are any more thoughts on that, you could easily send some ideas to the IR mail. But we believe that the real value will be on the TOPCO, on the tech level for Minesto. And that's where where we feel that sort of the risk investments should be put in. So the answer is then probably no to that question when it comes to a broader offer that is not planned at the moment. Yes, thank you. We are nearing the end, but we can go with a final question.

52:10 If we would have this Q&A again 12 months from now, what three concrete achievements would you need to have to have happen for you to consider the coming year commercial success? 12 months ahead. No, but I mean, it's obviously that that the expectations from our owners and from the board and from the management team, basically anyone around Minesto suppliers, is that in a 12-month period that we've strengthened our industrial base and that we are moving into some serious build after having sold systems and arrays, microgrids at scale. That's the obvious expectation. And I think it is...

52:59 a fair expectation also. Yes. And that was today's last question. So with that, we wrap up the broadcast. A big thank you to Martin and Alexander for the presentation and the Q&A. And thank you to all who submitted the questions and tuned in. I wish you all a pleasant rest of the day. Thank you. Thank you, Eliott. Thanks, Alexander.