Cindrigo Holdings (LSE:CINH) — A European Sustainable Clean Energy Developer

0:00 Good afternoon, and welcome to CINDRIGO HOLDINGS LIMITED investor presentation. Throughout the recorded meeting, investors will be in listen only mode. Questions can be submitted anytime via the Q and A tab situated in the right hand corner of your screen. Just simply type in your question and press send. Company may not be in a position to answer every question you receive during the meeting itself. However, the company can review all questions submitted today and publish responses where appropriate to do so. Before we begin, we'd like to submit the following poll. I'd now like to hand you over to Lars Wallstrand, CEO. Good afternoon, sir.

0:29 Good afternoon, and thank you. And Hartley, welcome everybody to a brief presentation of CINDRIGO and who we are, where we're going, and our plans going forward. CINDRIGO is an active clean energy developer, owner, and operator, primarily focusing into the base load energy sector. Our main focus is Europe, at least to start with. And I think we have a solid platform both with our various portfolio companies, and I would also say very solid board and operating management team.

1:16 But let me start briefly on the market and the sector. Everybody talks a lot, of of course, about energy and so do we. Energy, we all know there is a huge need in the energy development going forward with everything being electrified and so on. More importantly into that is that we have two different type of energies. We have the base load, the base need capacity for the market, and then you have some other peak loads as well. But base load is a sector that we are focusing on both in electricity and in heat as we develop. We also, of course, see a huge growth in the replacement of fossil and other energy parts of it. So, yeah, some rough numbers there on on the screen, but we see that the replacement is three times as large and expansion that we know is great.

2:20 Our target is to build one gigawatt or thousand megawatt operation within the renewable energy base load sector. Where we stand today, we have two geographical assets. One in Finland, where we have a 110 megawatt waste to energy plant, ready built, constructed, ready to go into operation. When we talk waste, is based on forestry waste that we incinerate and then deliver heat and power out with this. Rico will get back a little bit more into detail about the Finnish operation.

3:07 The other part which an earlier stage development is in Germany where we have three large license areas for geothermal South of Frankfurt in the Upper Rhine Valley. Some 300 megawatt of also combined heat,

3:27 power, and also lithium that we target in this market. So the company today have a, I would say, very strong assets, both close to operation, and we expect them to be up and running in Finland around year end. In Germany, in a development phase that we would see for some five, eight years, the assets we have that could grow and expand. But other key asset I would say is the management team and the board. We have a extremely strong, I must say, both board and management team with a strong track record and also the board with a broad expertise from both the political side, the large energy side, new technology side, as well as from the listed and commercial development going forward.

4:21 So when we look at these companies then and the expansion, let's start a bit and then ask Riku to present a bit on Finland. Before that, I would just add one important point is that we are just now listed on London Stock Exchange on the main board and have the platform to continue with the expansion both for growth and for the green sector. We've been approved for the

4:52 green economy mark, which is a small number of the all the listed companies loan on that qualifies for this. So even in the waste to end of this sector, we are green given the the waste we incinerate. So then over to you, Rico, and tell us a little bit on who you are and what we are doing in Finland.

5:19 Yes. Hello from my side too. So I founded my first company as a 23 year old university student. And and since then, I've been working on on several companies mainly on on business management and sales operations. And and I think the energy sector is right now in a very interesting stage, and and there's lot a lot going on on on this energy sector. And and that's why I think it's very, very interesting to be there.

6:04 And and about the Kaipola plant, we're very ready to start. We have a very strong team in Finland, and and we're I'm very confident that that we, as a team, are are very able to to operate the plant as good as possible in the future. And we have been doing repair work and and maintenance work for a long time now. And and it's very interesting power plant. It's it's just about seven floors tall, and it itself already means that it's very expensive to start this kind of power plant.

6:59 But but as aside, we said, we are very ready, and and it's all up to our customer, when they are ready. They have told us that that they will need heat by the end of this year, and and so we are ready to to proceed with that one. At first, we will start to operate around 40% of the total capacity of that power plant, but we will scale up next year together with all our customers. Thanks. Go back to Ishtak now. My name yeah. My name is Ishtak Ahmed.

7:56 I am the head of Central Europe for CINRIGO for business development and operational management.

8:05 My background is from oil and gas industry. I worked twenty five year in different multinational oil and gas companies. I was involved in the large field developments from seismic, drilling, processing plants, facility construction, design, and operations. In 2022, I joined CINDRIGO with the aim to develop the geothermal portfolio in Central Europe for CINDRIGO. We evaluated different projects in Europe and different countries, different basins based on my island guest background and knowledge. So we had evaluation in Pannonian Basin, in Slovakia, in Ukraine, and Italy, Germany, and France regions.

8:54 And then finally, we decided that we have to go for the project in Germany. The reason was the technical conditions are more suitable. The subsurface conditions are suitable, plus there is a strong financial government support for geothermal energy development. So this was the reason we decided to develop our portfolio in Germany. We carefully looked different areas in Germany. Germany has three major geothermal basins. We call them Bavarian basins, the North German basins, and the one which we selected is the Rhine Basins. Now the reason to go for the Rhine Basin is higher temperature, so we have option to go for heat.

9:43 We have option to go for the power generation and also lithium concentrations. So these incentives, are naturally available in this region, compel us to select projects. So we selected three projects in the area, the name Ijs, Baums, and Weinheim. The total area is one twenty five square kilometer where we intend to develop our projects. This region has a long history of oil and gas projects, developments, and geothermal developments. In the past, there are over four four hundred wells, oil and gas wells drilled in the region. So we have plenty of data subsurface information available.

10:31 Then recently, we have 24 deep geothermal drilling in the regions and some very good substantial discoveries, which has further proven that we are in the right place. So for example, recently, there was two lithium projects being commissioned with high lithium concentration from one fifty to 200 mg per liter, which is significantly higher and which is higher in the Europe. The second project is the temp temperature based, very high temperatures at 4,000 meter.

11:07 The project, they have encountered 200 degree temperature, which means every one kilometer, the temperature gradient is 50. So this was the reason we selected these projects in these areas, and now we are looking for the developments. We have very strong development plan, which is a phase wise plan. Definitely, we are in the advanced stage of exploration studies, the subsurface studies. Now we are entering next year into the drilling phase. We plan to drill two wells, one production, one injection, which is requirement. We technically, we call them duplet. So we plan to to develop first duplet on one of the projects and then the second and the third third project.

11:57 In the future, we are planning to have at least five triplet. Initially, we aim for 90 megawatt heat, but gradually, we will develop to the power generation and also the lithium extraction. Yeah. And then we hand over to you, Snorri, to tell us a bit on the Yeah. On the surface work. Yeah. Thank you so much. Hello there. I'm Smore Enoson. I'm the chief technical officer and focusing on the surface operation and the plant design. I'm coming from Iceland, and and I have I have experienced geothermal since my whole whole lifetime, basically. I was born with with hot water on the on the tap at my home, so I have a lifetime of experience. But but, basically, yeah, I started off as a mechanical and energy engineer. So my professional life, started in 2007, and and my yeah. The whole time, basically, in geothermal, so I have eighteen years now.

13:11 I also have an executive MBA from the University and the Carlson School of Management. So I started my career in in Manwit working on one of the, well, largest power plant in Iceland or the largest one of the largest in Europe or one of the largest globally, I would say, like 300 megawatt electricity. Worked on that project for five years, mainly on on on design and some surveillance of contractors. And and in 2012, I started with a company that was developing a modular wellhead power plant. It only had had a pilot plant up up and running, but but we participated in building and managed

14:05 many of the surface equipment in in those plants. So we come totally based, like, 15 modular power plants ranging from five to seven megawatts. And in the picture here, we can see partly three plants, approximately 15 megawatts, total in in one one well pad. So this experience is something we want to build on. So we were the full EPC contractor from the well to the grid, and we were focusing on modular design and rapid deployment. Small power plants, like geothermal, has one of the smallest or the smallest footprint in the industry of of renewable energy or the energy. And fact. For example, it's approximately just 10% of the footprint of similar solar plants.

15:02 And yeah. So I came to CINGS LIMITED two years ago. So looking into the development and and developing the how how we move forward with the with the strategy. I think it's a little bit on the next slide if you have that up. Yep. You're on that slide Thank you so much. So we like like Istia was saying, we drilled the first set of wells and and first area, so we will focus on focus on on, like, stage development similar like we have experienced from otherwise. So the basically, the brine comes from the production well, and we extract the heat through heat exchanger, which we like I said, if you simplify, we call the heat plant.

16:01 On the heat, we can, yeah, we we send it to the district heating system, selling it to both municipal and and to the to the industry close by for process heat. Electricity, yeah, so can be generated as well. And and then there's the then there's the lithium potential that Istja was mentioning earlier because of the high concentration in the area, it seems to be very viable to extract lithium during the process. So from the first pair of wells in the first stage, we start with, like, 30 megawatts of heat, adding five megawatts electricity and and the lithium extraction system, and then we roll it out consecutively.

16:57 So to reach 9,200 megawatts to begin with on

17:04 each site, so in total, 300 megawatts. So a key advantage of the geothermal is also that it provides, like, this constant baseload output, meaning, like, night and day. It's a constant constant production, though it's it's really important for the operating a grid.

17:28 It needs to be constant. It's not like the not like the solar, which is which is only when the sun shines. So the sun shines always for us. So as I said before, we are targeting, yeah, the 300 megawatts in this in this stage development. And from my experiences in the EPC, we want to have a very experienced EPC partner that is that is, yeah, used to dealing with transferring energy completely from the well into the grids and are operating themselves. So we we have a good partner and a EPC specialist that we will utilize for the heat and power generation.

18:23 And then we have separate potentials for the lithium extraction based on the concentration that comes from the brine. So thank you. Thank you. And then maybe, Doug, you could also give us a little bit background on how this ties into the financing of of the primarily, I would say, thermal, but also on the corporate level. Yes. Thank you, Lars. Thank you very much. Good afternoon, everybody. It's a pleasure to be presenting our plans going forward and also after releasing. I think what is very important here before we go further is that we have the right time issue for the company to entering the Basel energy sector in Europe, and we are on the right place to the right time. That's very important.

19:14 I'm the CFO and Finance Director for the company. I'm coming from leading senior positions in companies like Watt and Folleys, LUDEO and so forth. And I also have a very long experience and history in leading energy companies and industry companies. I'm also building power plants of all kind from water and hydro to nuclear and also combined heat and power. And in addition, I also been financing both infrastructure and energy projects all over Europe, both from the banking and finance side and also from the other side, from the industry side of the table. In CINDRIGO, I'm the Finance Director. I'm, of course, responsible for the corporate unit, but also responsible overall for the funding strategy and the capital planning and capital structure of the company that's of instrumental importance.

20:09 And in the end, this everything is about investment program for CINDRIGO's growth projects. And I think when we move over to the next page, Germany has a unique positions as a growth and as expansion point for CINDRIGO. You know that the alternative projects has very, very strong merits for financing. And if you look into Germany, there is very, very favorable market conditions for starting and running and developing these projects in Germany. And I think also, if we look into it, it's absolutely one of, I think, the strongest support scheme available in whole Europe for these kind of projects.

20:56 As you can see there, we both had the KFW and Remunis that is going for insurance up to 90% of drilling costs if they are empty or very low energy. We also have the Federal Support Scheme, DEW, regarding the 50% subsidy for pre dealing. And we also have government underwriting or and CapEx subsidized in this respect. And on this side, when after commercial operating has starting, we also have the long term tariff structure that is very, very strong and fundamental for Germany, both regarding the cover revenue support with a twenty year cover offtake agreement between EUR $2.50 for megawatt hour. And we also have regarding the heat revenue support up to EUR 40,000,000 to 60,000,000 for megawatt hour.

21:50 And also, as mentioned before, is the lithium production that is an add on, and we will take very, very good care of, I think. So if you summarize the listing on the New York in New York, sorry, the London Stock Exchange and also the strength of the projects that we have been presenting to you today, in addition to the unique support scheme that is available in Germany for our projects, it's very clear that the strength and the capabilities for raising both investment capital and also institution capital and building up this in a structure in our investment program for financing the projects when we know moving forward.

22:36 I think I will stop here and leave the word back to you, Lars, so you can close the session in prudent way. Thank you. Okay. Thank you. As I said, we stand today in a very strong position, I would say, for our continued growth. And just carry back to a picture here of when we listed last week, then it was was honestly quite impressive to come into the foyer of non stock exchange and being met with this picture with CINDRIGO all over and and a powerful start. But this was, of course, a good milestone, but important is the work starting now and the real work going forward.

23:25 And I I think, like, just try to summarize it, Who we are? We are an energy, not only developer, owner, operator, and going into operation. We also know why we're focusing. There is a huge need in the market in general and in clean energy in particular and and then also base load. So the market is there. We have the position. We know that the assets we have today, some 400 megawatt 100 in waste energy and 300 in geothermal gives us a solid platform to grow from in this industry.

24:13 And, also, as I said, the operating team, as I hope you could sense a bit both on with Rico in in his background and what we're doing in Finland and where we are close to operation, but also Istiak and Snorri that has built a lot in the geothermal sector in the drilling, understand the business, understand how to grow.

24:42 Hopefully, supported with us, Hitesh, with some commercial background and hopefully able to package it and and build. And and I would say, as I said in the beginning, a very strong board with a good, broad experience and background in in both the industry and in in general going forward. We have, as I said, 400 megawatt today. Our target is that in a few years, add another 500 megawatt under contract that we con could continue and grow. But as mentioned that one of those duplets or two wells in any unit would cover some 30 megawatts.

25:28 We have 10 such units to expand with on our current license areas. And, hopefully, we will find other both renewable energy improved and, of course, geothermal in particular. But short term, our focus is, of course, to get Finland going and to get these businesses in Germany that we already have to grow into the future. So if you summarize this, would say, CINDRIGO, we have the platform. We have the people. We have the experience of doing it. We will short term operate Finland. So we would see the benefits in the short term on the activities, both of the extension now in Germany, get Finland started, get a good cash flow out of Finland in the short term, And in the midterm, then go into the drilling, the development in Germany case after case after case.

26:33 And in addition to our current portfolio, we are definitely looking at other opportunities both in geothermal and in renewable in in broad. So I I would say, CINDRIGO today, we will meet the performance development short term, hopefully, well recognized in the market as well from a share price development and what we are doing in the short term. In the midterm, one to three years, we will see the development and the expansion of Germany and its various milestones. And long term, both our own development in this current 400 megawatt and possibly more, and hopefully, some other broadening part of the renewable energy sector. So I think we stand strong, and I think we have the assets needed.

27:29 We have the key components ready to really move from all the preparatory work we have had for a long time right now and and with full speed going forward. With that, I would just leave it open to questions, and I think you were introduced how to submit questions in in general, and we try to answer on this as well. Absolutely, Lars. Look. Thank you very much to you and the team. As Lars said, ladies and gentlemen, do please continue to submit your questions just using the q and a tab situated on the right hand corner of the screen. Just want the team to take a few moments to review those questions submitted today. I'd like to remind you the recording of the presentation along with a copy of the slides and the published q and a can be accessed via your investor dashboard.

28:15 As you can see, we've received a number of questions throughout today's presentation. Thank you to all the Charlotte, if I may just hand over to you to read out the questions where appropriate to do so, direct them to the team and I'll pick up from you at the end. Absolutely. Thank you. So the first question is looking at the lithium production on the geothermal side of things. Is this type of production very costly? And is it also realistic, or is it more of a theoretical kind of production potential that we can look forward to? I will leave it for you, Snorri, to say talk about primarily, we know that we are in a lithium rich area, and you could elaborate a bit on that. And I would say not that costly. It's it's carved out of the the the brine, but may maybe a few words on that, Istik.

29:09 So if we look at the market now, lithium per production cost is around 2 to €3,000 per ton, and the market now is operating at I mean, the the income or the profit is around 8 to 10,000. So I think it's it's a quite financially viable investment. Yeah. Brilliant. Thank you. So on to the next question. It's looking at production in Finland. It's been delayed. Timings have been pushed back, you know, as from what's been previously announced. And should production can we is there any more can we provide a bit more information on the reason for those delays and how it's kind of being communicated to the market?

30:04 No. It's correct that it has taken longer time than we originally anticipated. There were issues and not getting into all the history, but with with our operations started for for Ukraine and the war in Ukraine, of course, we had to halt and then restructuring and then to to build up and not to blame anything on COVID and other things, but definitely it slowed it down. I think what's important, we are through that platform or that work right now. We have the listing as a good platform going forward. We have the assets. We have the people. So I'm confident that we will see a good development in in the near term. But, yes, it took longer time than we had both planned and hoped for.

30:56 And so are you confident in production taking place later this year with commercial to a commercial level? Yeah. We have a clear dialogue with the taker, the buyer, the off taker of the entity that we are producing in Finland, and we have been informed that they are planning to start their operation before year end. We are ready. And as Rikku pointed out, we have done all the homework. We have done all the repair work. Our plant is ready to start, but we need to have a taker of the heat of a minimum capacity. And as soon as they are ready, we are ready to start. And we, based on their information then, confident that we should be able to start before the year end. More importantly, I would say is that as soon as we start, if that's in a few weeks time or it's a month time, whatever, the ongoing steady cash flow out of that business is then running for some close to 40 megawatt, the first running twelve months, growing with our customer and with other customers there as well. So, yes, we are ready, and all the information we have as of today is that that customer should be ready before year end.

32:23 Lovely. So you you spoke a bit about future development plans and actually expanding a new projects. Can you provide us with a bit more information on that? Are there any projects specifically that you have got your eye on that you or areas that you are, you know, really interested in or will be looking to target? No. That's that's correct. We definitely have our eyes on many things, but we are definitely also focused on our current projects because they are so solid, so strong in itself. We don't want to run too wide and spread us too thin at this point. We definitely short term, the focus is to get Finland up and running, to get the next phases of Germany, the extensions that we expect to come during this year, and then get into the operating construction part of Germany.

33:22 But, yes, we are definitely keeping our eyes open, but also realistic that don't run too wild and crazy out of this. We have enough growth potential, I said, on our current licenses for four or five years, but we would be happy to add to that as long as we have the capacity to expanding and and order to have the funding coming both from Finland as well as from the funding on on the projects that we're looking at. Brilliant. So, actually, the next question was how does the CINDRIGO board plan for the next five years for the future? I think actually you just quite succinctly covered that with that answer. So we'll move on to the next question, which is, so how will the this is potentially for you, Doug. How will the agreed lockup with shareholders now go on to the timings and consequences and the effects of that?

34:15 I think maybe we should let Lars take these questions. He's set off it and he's the right person to answer it, I got you. I think the the lockup is primarily to have an ordinary trade. Now when we as someone asked them, have been a bit delayed and taken a little bit longer time, make sure that we can build and we deliver clear performance improvements so that we would be able to build the buy side. Because the way we listed, we didn't did a large, broad, huge capital raise into it. We raised some 2,000,000, which is money as well and important, but more of a validating thing.

35:02 We just don't wanted to secure that we are building this step by step and then for a three month period, a lock up to get the market to know about us, be able to come out and communicate it so that we could build the balance between the buy and the sell side and hopefully with a good liquidity and and growing price as well. Okay. Kind of following on that old shareholders were given warrants and the ability to purchase new shares at twenty p, locking in existing shares for up to three months. So given the listing price of 12p, the question is it likely that the share price will of CINDRIGO will be much lower than 20p by the end of three months or more, which could result in a practical penalizing of existing locked up shareholders.

35:53 Do you have any plans to mitigate this issue or potential situation like this occurring? Didn't really hear. Could you repeat the question? Yes. Sorry. So all shareholders were given warrants and the ability to purchase shares at twenty p. Given the listing prices at twelve p, there's obviously a a difference there in the price. What's how are you going to kind of manage any potential situation arising of that of that that share difference? Okay. Fine then, No. It's correct. And I think that warrant to the locked in investors is, we would hope, a very good benefit as we develop.

36:43 The only thing we can do is, of course, perform and deliver on what we have said that the company shall do, get the company up and running, getting cash flows out of Finland, getting extensions into Germany, continuing this. And and hopefully, we would see that that's recognized in the market and the value out of it. And and with that that plan, also be a good upside potential for those shareholders investing. So the only thing we can do is really perform and and get this to develop. And, of course, communicate and be out and tell about it. And with that in mind, for the next kind of what the next big milestones or catalysts that shareholders can look forward to in the next six months?

37:30 I would say the near term would be, I would say, the German extensions that we we have one as we already announced in conjunction with the listing, and you have two more projects that are should be now in in November, hopefully, that they would be extended. That's the first, let's say, term material. The other would, of course, be to get firm date from our customer in Finland, not only end of the year, but how do they spell end of the year? Is it December 31, or is it early December or or whatever? But I think that would be the next when we have better certainty on that time.

38:18 And then third, and which is probably far greater than for these first two, is that Finland really starts its operation. And I would say next material would be when we see that it's not only operating, but we see the revenue and the cash flow out of operation to being reported as well. So I think there are some very solid points in the near term six month period as you as you asked about. And how do you structure the offtake for heat and energy? Are the offtakers local utility companies, or do they also include other types of customers? Depending on if you refer to Finland or Germany, but they are indirectly the same. The offtaker of heat needs to be relatively close to the plant, no matter if it's the waste energy plant or if it's the geothermal plant going forward. Of course, you can like Iceland and could probably talk about that. They are distributing the heat several kilometers or or even tens of kilometers to different areas and so. But, basically, I would say that if it's a Finland, we need to have the offtakers in the industry area where we are.

39:44 The offtaker of power is different because the offtaker in Finland and we're connecting to the grid. So we sell the power to a grid station through Nord Pool who then distribute it to their customers. And it's similar, I would say, the geothermal. There are two types of heat offtakers. One is the municipality. In some of these areas, we are then with a memorandum of understanding or or a lie with the municipality who will take the heat as the part of their district heating network to their residential area. And then it's also into the process industry that would need steam or heat, where we also have MOUs with with takers. And that's, of course, why the areas chosen are off takers.

40:42 The geology is correct, and we thereby are confident on the development on on these projects. Brilliant. How does the company plan to mitigate geopolitical risks as the focus is predominantly the EU and Germany? Have you considered more lucrative and longer term potentials like America? No. I would say from a mitigation reason is one of the key reasons why we're in Germany. As Istiak mentioned, it's a very attractive geology. It meets and it's a long history and and good confidence both in the temperatures to pressures, lithium volumes, and so on.

41:30 The real risk and the high risk often in geothermal is, of course, are you at the right spot when you drill? Do you get the heat? Do you get the results you're looking for? And and the first is, of course, has to do a thorough research before you go. But then Germany has, as as Doug mentioned, a very strong need to replace their fossil fuel or energy today, and also with the growth you see required in Germany. So they have set the target as as Dara mentioned of that. They want in five years to have 10 terawatt of geothermal. And they are not only talking. They are walking the talk.

42:18 They have implemented very strong both risk mitigation and performance benefits after it. The first part is that on the drilling, we will then, with the help of the government's program, get insurance that if anything would go wrong, the costs are covered under insurance, and we could then move on other areas. And it's such a large area, so we could continue into others. We're quite confident that we'll not run into that risk. But from a financing perspective, it's, of course, extremely important. And the same is that the government also says that they are willing to come in and underwrite the funding or secure the funding, which is also another risk mitigation if you if you look at it. And the third step is that as as is talked about that one of the world leading construction companies within the geothermal have agreed on a long term framework agreement with us to be the preferred developer on the on surface work where they have said, we're building it. We're carrying in the cost, the engineering cost, the equipment cost.

43:38 If you pay a third, I e 30% during construction, then they defer 70% the bulk of the cost where they then are totally aligned with us till six months post COD commercial operational date. So when they have delivered a fully functioning, fully operational cash generating plant, then we pay six months later to them that deferred cost. So I think it's extremely good risk mitigation, which also is proven, I think, with other support mentioned from the government in Germany. They cover half of our development cost predevelopment, as I said, underwrite, insure, and then give us very favorable long term agreement as off taker, either the municipalities or when we do power, the government gives us a twenty year high tariff power prices. So I definitely think it's with Germany and that theology, it's extremely good risk mitigation.

44:52 And on on the German funding, when do you expect to have that all in place for the first phase of development? We are now, as I said, in the the exploration phase, and we're looking for the extension of that exploration phase on all three license areas. And that exploration phase will require some close to a year, I would say, of of further work. And then it it's very simple in in that industry, which is relatively cash intensive. A project, as we said, each such duple we're talking about fully developed some €50,000,000, whereof to the heat structures some 30,000,000.

45:43 So, of course, before we put risk on that $3,050,000,000, we need to make sure that we have down the groundwork. And I would say that one extra month, one extra research, one extra report reduces the risk significantly. And even if we're covered under costs and insurance, we still would want to have the operation and get the revenues soon after it. So the funding, I would say, mid next year, we would hope that we have the the pieces that much in place that we could both look at the German funding through KFW, their development bank, which is one very important part of this, and then possibly with other external funding as well. That's the combination of being listed at the main board position we are with the cash flow from Finland and the well done preparatory work should be a good basis for be able to raise that capital. So I I would say capital mid next year sometime.

46:54 And looking at Finland, can you say a bit more about the EBITDA potential? I can, but I will not. But no. We we're not giving forecast into this. What we are saying is that we will start with some smaller capacity, some 40 megawatt, which would be then give or take some 30 heat and some 10 of power. And we have given that we are having contracts for the heat around 60 per megawatt hour, and we're on the spot market on on electricity in Finland. So then it is what the spot market is at the time we're delivering.

47:43 And can you give any guidance of when you expect the or when the company hopes to be cash flow positive? Yeah. I would definitely say that Finland should definitely be cash flow positive early next year. And I believe that that would come for the group as well. During that year, we would definitely go through into a cash positive. So there's a question that we received this as shareholders received a document sometime earlier this year with a valuation within that of approximately £2.40 of a share price target when COPALA is fully up and running.

48:30 How does this correlate to the listing price? Yeah. I don't think our company has provided an any such information. It must have been different of the analysts or or independent analysts. So I think we we know what we are focusing on is to build the business, and the market will hopefully recognize this and will follow the development. So I will not comment on any specific share price other than in the dialogue both with our sponsors with FCA and other stock exchange. We have said that we would come on a pricing that would support the development and the continuation of the company.

49:17 Brilliant. Apart from emerges, is there any other third party analyst reports available? I believe there is a report from the the broker with Capital Plus. I know that there are others that we have been in dialogue before, and I I assume all should come with an update in the short term after the listing where they would have more basic facts given the listing prospectus provide facts and data that probably had been speculated before. So, hopefully, we would see this. And and over time, I would hope more analysts would come out and follow the company. The more we would be out meeting with investors and the more attractive we see on the market.

50:13 And then just as one final question, which I think I can answer myself. They be able to review any documentation of the questions? And yes, the the questions will be published in with a written a written format following this presentation. So there'll be a recording of this call and a written copy of this q and a session that'll all be available via IMC on this this this platform following the presentation. But I think that is all questions done, so I'll hand back over to you, Paul. Charlotte, thank you very much indeed. And just to to confirm that, thank you for covering up all the questions, Lars and team. And, of course, you'll be able to review all questions submitted today. And as Charlotte said, we'll publish those responses where appropriate to do so on the investor meet company platform. Just before redirecting investors to provide you with their feedback, it's most greatly important to the company. Lars, if I could just ask you for a few closing comments, please.

51:05 Yeah. Thank you. And if you will see the questions, you will see that we are not hiding any questions either. We are there to to answer. But to summarize, thank you for taking the time listening to us. And I guess say that we are quite confident on where we are, the team we have, the assets we're having. And I definitely would see that there are some question where near term activities that will support our performance and development as well as hopefully more information even on the mid long term that would support where we're going. So if there are any other questions, then we're always open and send an email or whatever, and we'll try to respond as fast as possible. Thank you for taking the time.

51:55 Fantastic, Lars. Thank you and the team for updating investors today. Can I please ask investors not to close this session? We automatically redirect it to provide your feedback in order the team can better understand your views and expectations. This only takes a few moments to complete and the most greatly valued by the company. On behalf of the management team, I'd like to thank you for attending today's presentation, and good afternoon to you all.