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Knox Energy Solutions AS
Investor Presentation • Mar 30, 2023
8165_rns_2023-03-30_03718abd-1835-4012-8018-2d9a2a659057.pdf
Investor Presentation
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Company update Year-end 2022
Jørn K. Lindtvedt, CEO 30 March 2023
We deliver high-capacity hydrogen transfer to ships
20-30X flow rate compared to truck stations
Our two high-capacity fueling solutions
SOLUTION A SOLUTION B
Integrated hydrogen factory and highcapacity fueling for coastal sailing
Distributed high-capacity fueling configuration for the maritime sector
Short term challenges offset by increased government actions
5 Kristiansand 4 Florø 3 Hitra 2 Rørvik 1 Glomfjord
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Zero emission focus emerging in maritime industry
Shipping included in EU Emissions Trading System, significantly increasing costs of operating fossil fueled ships
Increased focus on zero-emission fuels has led to NOK 1.1 bn in support from Enova to build hydrogen infrastructure along the Norwegian coast
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IMO to implement new measures from 2023: 40% of today's tankers, bulk carriers and container fleets will need modification by 20261
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~8.000+ vessels
Compressed hydrogen will have a dominant role in the maritime sector
Compressed hydrogen is an attractive target market1
1 Number of vessels globally for each category based on HYON estimates
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Compressed hydrogen gaining momentum in maritime sector
Torghatten Nord decided on compressed hydrogen for Vestfjorden ferry
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Salmonor with service vessel on compressed hydrogen from 2023
Egil Ulvan Rederi is building the world's first cargo ship on compressed hydrogen
Samskip with two hydrogen-powered, containerships from 2025
Tor Dahl's zero emission bulk carrier from 2024
Image credits: Torghatten Nord, Salmonor/HYON, Egil Ulvan Rederi, Ocean Infinity/Samskip, Tor Dahl
HYON joins consortium set to develop complete hydrogen value chain for maritime sector
- On 31 January 2023, HYON signed a Memorandum of Understanding (MOU) with Northern Xplorer, Norwegian Hydrogen, Multi Maritime and Hexagon Purus
- The consortium is set to complete a hydrogen value chain for Northern Xplorer's first zero-emission cruise ship featuring fuel cells and electric propulsion
- The goal is to develop the full vessel concept, including building specifications making the vessel ready for a yard-signed contract
- This will be an important step towards making pollution-free hydrogen available to the wider maritime market
The core of HYON
CEO Jørn Kristian Lindtvedt
Project Engineering Manager Øyvind Oppheim
Product Development Manager Sondre Rosfjord Askim
Management and technical team
COO Harald Bjørn Hansen
Technical Manager Kjellbjørn Kopperstad
Controls & Automation Manager Fredrik Østheim
CFO Jan Frode Andersen
Project Manager Arne-Kristian Krydsby Johnsen
Process Systems Manager Kine Temte
Chairman Otto Søberg
Board Member Silje Smådal
Board Member Jens Berge
Board Member Bjørn Simonsen
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Partners
HYON signs contract for delivery of mobile hydrogen refueler
An important step for future technological development
- Contract signed 17 March 2023 with Norwegian Hydrogen AS for delivery of a mobile hydrogen refueler
- Will be used for both maritime and land-based applications at plant in Hellesylt
- To be delivered Q3 2023
- Important step in HYON's technological development roadmap towards full range of fueling products to maritime users
- Agreement based on principle where Norwegian Hydrogen partly covers HYON development cost
- Financial terms reflect joint effort to prepare for more extensive commercial deliveries
Qualification roadmap
| Concept Design Heavy Duty Technology |
Develop Heavy Duty Technology |
Qualify Heavy Duty Technology |
HYON Heavy Duty Pilot |
|---|---|---|---|
| Define technology gaps and conceptual design | Design and Prototyping | Product Qualification Testing |
Heavy duty Commercial size (>2000kg/h) |
| TRL 1-3 | TRL 4 | TRL 5 | TRL 6-7 |
≥2000 kg CH2/h
Income statement
| Note | 2022 | 2021 |
|---|---|---|
| 410 500 | 750 080 | |
| 2 | 5 292 783 | 1034 243 |
| 5 703 283 | 1784 323 | |
| 2 | 13 819 207 | 3 195 335 |
| 3 | 20 000 | 30 000 |
| 12 125 175 | 2 730 098 | |
| 25 964 381 | 5 955 433 | |
| (20 261 098) | (4 171 110) | |
| 3 890 | 0 | |
| 266 | 60 | |
| 4 156 | 60 | |
| O | 14 252 | |
| 24 657 | 150 | |
| 266 | 18 | |
| 24 923 | 14 420 | |
| (20 767) | (14 360) | |
| NOK | Note | 2022 | 2021 |
|---|---|---|---|
| Ordinary result before taxes | (20 281 865) | (4 185 470) | |
| Tax on ordinary result | ঘ | O | 0 |
| Ordinary result | (20 281 865) | (4 185 470) | |
| To majority interests | (20 281 865) | (4 185 470) | |
| Application and allocation | |||
| From premium on shares | (20 281 865) | O | |
| Uncovered loss | O | (4 185 470) | |
| Total application and allocation | (20 281 865) | (4 185 470) | |
Statement of financial position
| NOK | Note | 2022 | 2021 |
|---|---|---|---|
| ASSETS | |||
| Fixed assets | |||
| Intangible assets | |||
| Concessions, patents, licenses, trade marks | 3 | 0 | 20 000 |
| Total intangible assets | O | 20 000 | |
| Financial fixed assets | |||
| Other long-term receivables | 230 000 | 0 | |
| Total financial fixed assets | 230 000 | 0 | |
| Total fixed assets | 230 000 | 20 000 | |
| Current assets | |||
| Receivables | |||
| Trade receivables | 5 | 403 750 | O |
| Other short-term receivables | 5 | 1 258 911 | 182 646 |
| Total receivables | 1 662 661 | 182 646 | |
| Bank deposits. cash in hand, etc. | 6 | 25 241 219 | 1634 070 |
| Total current assets | 26 903 880 | 1 816 717 | |
| Total assets | 27 133 880 | 1 836 717 |
| NOK | Note | 2022 | 2021 |
|---|---|---|---|
| EQUITY AND LIABILITIES | |||
| Equity | |||
| Paid-in equity | |||
| Share capital | 7,8 | 555 675 | 342 000 |
| Share premium reserve | 8 | 23 070 485 | 11 793 179 |
| Total paid-in equity | 23 626 161 | 12 135 179 | |
| Retained earnings | |||
| Uncovered loss | 8 | 0 | (14 130 298) |
| Total retained earnings | O | (14 130 298) | |
| Total equity | 23 626 161 | -1 995 119 | |
| Liabilities | |||
| Current liabilities | |||
| Accounts payable | 1 068 911 | 561 925 | |
| Public duties payable | 963 330 | 241 205 | |
| Other current liabilities | 9 | 1 475 479 | 3 028 705 |
| Total current liabilities | 3 507 720 | 3 831 836 | |
| Total liabilities | 3 507 720 | 3 831 836 | |
| Total equity and liabilities | 27 133 880 | 1 836 717 | |
HYON's top 20 shareholders
| Shareholder | Country | Number of shares | Ownership |
|---|---|---|---|
| NORWEGIAN HYDROGEN AS * | Norway | 9 804 000 | 17.64% |
| Credit Suisse (Switzerland) Ltd. | Switzerland | 7 450 000 | 13.41% |
| CLEARSTREAM BANKING S.A. | Luxembourg | 4 634 409 | 8.34% |
| Longstreet Securities AS | Norway | 3 823 068 | 6.88% |
| MUEN INVEST AS | Norway | 2 876 147 | 5.18% |
| VULGATA INVEST AS *** | Norway | 2 394 000 | 4.31% |
| MYHREGÅRDEN INVEST AS ** | Norway | 2 394 000 | 4.31% |
| VINJE, SIGURD HEGGSTAD | Norway | 1 615 751 | 2.91% |
| Ghayoornia, Mohammad | Norway | 1 070 700 | 1.93% |
| NORDNET LIVSFORSIKRING AS | Norway | 968 940 | 1.74% |
| Nordnet Bank AB | Sweden | 964 011 | 1.73% |
| MONSEN, FRODE | Norway | 900 000 | 1.62% |
| SKAARE, ANDERS | Norway | 806 666 | 1.45% |
| LANGHELLE, KJETIL | Norway | 780 000 | 1.40% |
| MYKLEBUST, HERMOD | Norway | 700 000 | 1.26% |
| SILVERCOIN INDUSTRIES AS | Norway | 605 803 | 1.09% |
| NAUTNES, JAN-ARNE | Norway | 500 000 | 0.90% |
| STELLA INVEST AS | Norway | 478 000 | 0.86% |
| DAKUR AS | Norway | 427 350 | 0.77% |
| Lone Star AS | Norway | 375 000 | 0.67% |
| Top 20 shareholders | 43 567 845 | 78.41% | |
| Total other shareholders | 11 999 676 | 21.59% | |
| International shareholders | 13 799 302 | 24.83% | |
| Total outstanding shares | 55 567 521 | 100.00% |
