YT YouTube2Text

YouTube2Text → Transcripts → Investor Webinar May 2026

Investor Webinar May 2026 — Transcript

by Skytree · 7,331 words · 1,053 segments · language en · Watch on YouTube

Open in transcriber Summarize with AI Download SRT/VTT

Full transcript

0:00Good afternoon everybody.
0:02>> Good afternoon and good morning perhaps
0:07also
0:09for those of you from the other side of
0:12the ocean.
0:14Um yeah, seems like we have a nice
0:19participation number
0:22and still people are coming in the call
0:25but it is 3 minutes over so I guess uh
0:29we can get started. Floors if you move
0:31the yeah
0:33>> the box to the right hand side. Yeah. So
0:37uh well thank you everybody for uh
0:39joining in on this investor webinar. The
0:43last one was in February, so we were due
0:45a little bit and we were looking for a
0:47time uh to update uh you all as uh
0:50you're used to. Uh similar to uh to uh
0:55previous uh webinars, you can put your
0:58questions during uh the presentation um
1:02in the chat. We see the questions coming
1:05in here and then uh probably at the end
1:08of the session we will answer those uh
1:11those questions.
1:12So um
1:15looking at uh today's topics we start
1:18with um business update then a
1:22technology update and then a financial
1:25update the sequence that we usually um
1:28have in these uh meetings. I would like
1:31to start by u this picture of uh Winston
1:36Churchill. I'm sure you all recognize
1:38him and his famous expression, never let
1:41a good crisis go to waste. H the crisis
1:45we're talking about here is the CO2
1:48crisis. And from previous sessions uh
1:51you probably remember that we spoke
1:54about the CO2 crisis in the Netherlands
1:57in the greenhouse sector where the
2:00supply is diminishing uh through
2:04redirecting CO2 from use to permanent
2:08storage under the North Sea the example
2:10I always give of Shell 300,000 ton or
2:14Yara that is moving 800,000 ton to
2:17permanent storage from usage. That's
2:19that's a bit of a CO2 crisis and that
2:22crisis is deeply felt here in the
2:24Netherlands in the greenhouse sector and
2:26I'll come back to that topic um uh in in
2:30a few minutes.
2:32uh we've seen a crisis when the Russia
2:35Ukraine conflict broke out and gas
2:38prices uh increased drastically and the
2:41the price of CO2
2:44uh from burning gas in the summer where
2:47you don't need the heat was going
2:48through the roof. uh and also as a
2:51consequence uh fertilizer plants,
2:53ammonia plants stopped production like
2:55Yaga in the Netherlands which caused a
2:58CO2 crisis as if you don't produce
3:00fertilizer you can't catch the CO2
3:03molecules in the process.
3:06Now all of that is true but it's not
3:08really uh known or or felt outside these
3:12user groups that uh that actually use
3:15CO2. And now uh what recently happened
3:19is the close of the straight of Hormus
3:21still closed and also damaging LG
3:24production facilities in Qatar. Uh and
3:28this this is really fueling a deeper
3:31crisis than ever in the CO2 markets
3:34where you need CO2 uh for your process
3:38whether your uh water treatment, drink
3:41carbonation, food packaging uh or
3:44growing uh fruits and and and flowers uh
3:50processing uh meat slaughter houses,
3:53transport of organs, welding
3:56uh um even chip making you need CO2 in
4:01your process. And when uh the gas prices
4:05uh go up or LG is not available to
4:10ammonia and uh fertilizer plants, then
4:14there's just no production of CO2.
4:17Just to indicate to you how deep the the
4:20the crisis already is before this
4:23hormuse
4:25closure.
4:27uh happened is that the UK government uh
4:30decided to invest 100 million pounds a
4:33couple of months back already in a
4:36facility uh to produce CO2 for the
4:39industries that need it and I also come
4:42back uh in a few minutes what Dutch
4:44government is doing. I just wanted to uh
4:47emphasize to you that all this talk
4:49about CO2 crisis is um is very healthy
4:54uh tailwind for Skytree as uh no longer
5:00the the the the most prominent reason to
5:03uh purchase our machines is that the
5:05cost of a ton CO2 could decrease. But
5:09more importantly now is the argument I
5:13need an independent source of CO2 with
5:16stable prices. But supply security is a
5:20clear driver as we already see from
5:23large RFPs. We get in from a drink
5:26carbonator global drink carbonator that
5:29really wants to put our technology or
5:31similar technology everywhere and stop
5:33being dependent on these supply chains.
5:36Um we've given the example of Sky Park
5:39New Zealand in this audience before
5:42where 90% of the CO2 that is used in the
5:47country comes from a Thailand fertilizer
5:50plant and an Australian oil refinery. Uh
5:53prices of more than 500 euro per ton are
5:57common and uh is expected to further
6:01increase. So a lot of uh disturbance in
6:05the markets that we operate in which for
6:08us uh is u is a great support for our
6:12business model as uh I'm sure you're all
6:15aware that this has been a key focus of
6:17uh of Skyree from uh uh February 2022.
6:24And then we have excellent news to share
6:27with you. We are really happy and
6:29couldn't be more thrilled than
6:31announcing to you that only uh days ago
6:34uh about one and a half week ago the
6:37first confirmations came in of the large
6:40contract for difference or in Dutch on a
6:43top subsidy uh in the SD++ scheme. Um
6:50uh as uh mentioned in December as well
6:53to you, we uh applied for 93 million
6:57euro subsidies for the growers uh 11
7:02growers with 19 projects which
7:05translates into 63 million hardware
7:08revenue for Sky Train. As you know
7:10there's another 63 million revenue
7:14lifetime from uh services and sorbent on
7:17top of that what we always talk about
7:20the initial investment numbers to be
7:22consistent uh and and be comparable
7:25and um and this is the first wave uh in
7:30October we're going to apply for
7:33subsidies again in this in the same
7:35scheme u our target is there to apply
7:39for 150 million and there's already a
7:42list of growers that want to participate
7:44and these growers have to pay
7:47to collaborate with us to do the
7:50submission for the subscri
8:07the RVO. It's a lot of work and these
8:09growers have to pay. So these growers of
8:12this first wave, this is now confirmed,
8:14they paid us a consulting fee of 85,000
8:18euro and for the for the new scheme um
8:22we charge 10,500
8:26um and in the next couple of weeks we're
8:28going to sign up the next wave of
8:31growers and and obviously this is a a
8:35major milestone for Skyree as uh there
8:38are markets where we're not dependent on
8:41subsidy because the CO2 prices are that
8:43high. New Zealand being a great example
8:46or Australia or some other areas in the
8:48world. Uh but for the Dutch greenhouse
8:51sector, we need a subsidy to um for to
8:56pay to the growers the difference
8:58between the cheapest source which is
9:00burning natural gas and uh the cost of a
9:04ton of CO2 through our machines. and and
9:07our estimation is we need four or five
9:09years of subsidy before we with our
9:13technology are low enough in costs um to
9:17uh no longer uh need that. And then as
9:20explained to you before in webinars,
9:23there are various ways in how we cost
9:26down our technology, but we start of a
9:29very low uh level of electricity
9:31consumption, the lowest that we observe
9:33around the world. That's also what we
9:35hear from our customers around the world
9:38that we currently are championing this
9:41sector uh with uh not with prototypes
9:44but with uh machines ready for
9:46deployment. Um but we need to further
9:48cost it down so that in the future we
9:50don't need these subsidy schemes
9:52anymore. But the Dutch government uh has
9:56been very positive because they see the
9:59importance of what we do with our
10:01technology is offering these green
10:03houses continuity so that they can exist
10:06in the Netherlands to sec by securing
10:09their CO2 supply. But we also help them
10:12to transition to fossilfree food
10:15production which is another important
10:17driver behind the government's support
10:20for Sky Tree. Then thirdly, which is I
10:22think relatively new to most of you, uh
10:26we also combine uh the use of CO2 in the
10:29Dutch green houses with uh permanent
10:32storage under the North Sea, Portos and
10:34Aramis projects so that you can spread
10:37your investment in carex over uh the
10:40full season and not only use our
10:42technology in spring and summer when you
10:45need the CO2, but in the fall uh and in
10:49the winter you can continue to produce
10:51CO2 uh and use your your machines uh all
10:55year round. Um as these uh growers that
10:59are connected to the OKAP pipeline are
11:02physically connected to Porto and Iramis
11:05as well. So government is paying uh the
11:10growers to catch CO2 molecules from the
11:13air and use existing infrastructures,
11:16the Skyree machine, the OKA pipeline and
11:19the government funded storage sites uh
11:22under the North Sea um uh to create
11:26negative emissions and negative
11:28emissions the country can the Dutch
11:31government can put in their bookkeeping
11:33uh you know preventing uh bad things
11:36from happening if we don't meet our uh
11:38legal requirements for uh combating
11:41climate change, reduction of emissions.
11:44So u everybody is very happy uh with
11:47this whole scheme uh and the role uh we
11:50played and now we have proof of uh this
11:54what we always spoke about what we
11:55worked on for three years as these
11:58confirmations have been u sent in
12:01written form to the first uh group of uh
12:04growers u and to us. So
12:09happy moments here at Skyree. Um we
12:13changed the look uh a few times. They
12:16also became bigger unfortunately but it
12:19became bigger because we had to work
12:21within the formulas that we agreed with
12:24the Dutch government. So to to be
12:27successful in the Dutch greenhouse
12:28sector and here you see um uh this is
12:32the last version we promise because this
12:34is gone to the authorities also for
12:37permitting uh and we're getting close uh
12:40to finalizing designs and uh production
12:44as Flores is going to explain to you.
12:47>> Yeah, the next yeah topic.
12:49>> Yeah. So uh catching on very briefly,
12:52this is indeed the the the rendering of
12:55what the first Stratus machine will
12:57actually look like uh in the first
13:00deployment that we will do which will be
13:02at what we call Sky Park Arnham Na in uh
13:07in Bemo um later in in in the year. We
13:11are fully um in preparation mode in
13:14executing this. Uh and as you can see uh
13:17the the final result of the first
13:19stratus machine uh is a a very sizable
13:22machine uh 15 m tall uh and 18 m in
13:27length and in in width uh for this
13:30particular uh configuration.
13:33Um now how have we gone about uh this
13:37from where we set off I guess uh not
13:41even so long as about 2 years ago when
13:42we were still thinking the machine was
13:44going to be significantly smaller. also
13:47by the way producing less CO2 and at
13:49higher energy consumption because
13:51>> higher price per ton
13:52>> higher price per ton. the the the
13:54machine has been optimized for lowest
13:56possible price per ton, not so much
13:58physical dimensions, but the physical
14:00dimensions by itself pose a challenge to
14:03us. Um because it's uh uh not only a
14:07very large machine which means that the
14:09weight is very very uh um very high but
14:13also because the different competencies
14:14required in manufacturing uh the in the
14:17inside um is um
14:21not able to be single sourced. Uh so
14:24what you can see here on the screen is
14:26that we have uh split out the module or
14:30the machine in seven different modules.
14:33Uh and each module has a different team
14:36both here internally working on it but
14:38as well as using different suppliers and
14:40contract manufacturers that are
14:42specialists in their uh relevant areas
14:45to bring this uh together. Um the most
14:48complex uh uh by far the most complex
14:52and in-house designed are the top three
14:55uh which you can see is the absorber,
14:57the dorberer and GPU which stands for
15:00the gas processing unit which is in its
15:03fundament the heart of the machine. Um
15:06some of the bars on the lower modules
15:09are less spread out. Uh they shouldn't
15:11concern you. These are significantly
15:13less complex uh uh elements of the
15:16machine. Uh enclosures being effectively
15:19only the housing and outside shed around
15:21it which is uh by its nature uh the last
15:25thing uh currently in design. But also
15:28here uh even though 25% still production
15:31will start in weeks from now uh just to
15:34give you an idea of what the pace is
15:36that this is currently operating at um
15:40by itself. So how will this play out in
15:42in what we attempt to do in uh in this
15:44first deployment? We expect that uh by
15:47the end of July uh
15:50the uh all of these modules will have
15:53been completed in the factory in
15:56production and will be ready to be
15:58brought to the location in Beiml uh
16:00which over the summer we will start the
16:02assembly and commissioning process that
16:03we expect to be uh completed uh um
16:07throughout uh the end of the first
16:09quarter. Uh well in parallel we have a
16:12second build that has started uh which
16:14is uh also be to be deployed this year
16:18uh at uh ULI in Germany that we
16:22mentioned before which is not a
16:23greenhouse project it's a project to
16:25produce e- fuels
16:27>> and by the way you will all receive an
16:30invitation
16:32uh once uh we go live in Bemo in the
16:35east of um of the Netherlands.
16:38>> Correct. the opening party.
16:40>> Absolutely. Um, so let's look and give
16:43you a little bit more insight into what
16:45does the machine actually look like from
16:48the inside. And I will be very brief
16:51about this, but I think it's it's very
16:52nice to give you an idea and not just
16:54looking at a very big shed outside, but
16:56what's actually inside. Um, on the left
16:59hand side here is what we call the
17:01absorption uh module. There is actually
17:04three of them next to each other of this
17:07size uh which will be part of the
17:09machine. And what will happen here is
17:12that air will be blown in a very high
17:14volumes through these uh uh structures
17:18here which are filters. uh and the
17:21sorbent it's the active uh capture
17:24material used in the machine will flow
17:26gradually from the top here to the
17:29bottom absorbing itself with the CO2 as
17:32it comes into contact with air. Once it
17:36reaches the bottom of uh uh of this
17:39chamber, it will be transported to what
17:42we see here is the disorption uh tower
17:45which is a setup of two vacuum chambers
17:49which inside there is our uh heat
17:52exchangers uh whereby we use heat
17:55preferably
17:56waste heat available on the location of
17:59a customer but if need be electrically
18:01generated heat uh to um start the
18:05removal process. Uh that very simply is
18:08if the uh absorbed capture material
18:11comes into contact with heat of a
18:13certain temperature, the chemical uh
18:16bond with CO2 is released and we capture
18:18the CO2 which we then transport to what
18:21we here have is the gas processing unit
18:24because we don't only capture CO2, we
18:26also capture water. So in principle here
18:30the dehumidification takes place as well
18:32as the conditioning of the CO2 to
18:35provide a pure uh 89%
18:39plus pure stream of CO2 uh to our
18:42customer
18:43>> 98
18:44>> 98 sorry I'm saying 98 correct yes
18:48>> now so what are some of the other
18:50elements involved uh this is the
18:52transportation unit which by itself in
18:54between these brackets will have the
18:56three absorption systems
18:58And here on this side it will have the
19:01disorption tower. Uh and here this is a
19:04mechanical bucket conveyor transport
19:06system. And so the uh the the capture
19:09material will be physically uh moved and
19:13transported from one module to the next
19:15with buffering capacity here on the
19:18side.
19:20Uh
19:22the next module is what we call the TMU,
19:24the thermal management unit, which
19:26effectively is the unit which will
19:28provide the heat to the disorption
19:30system but also will use the heat
19:33already generated earlier as much as
19:36possible uh in a recycling pattern uh so
19:40that we lower the electricity and energy
19:42consumption as much as possible. And if
19:45need need be this will be a closed loop
19:48fully electrical uh system. But as I
19:51said preferably and especially also for
19:52the first project in uh in Bemo uh this
19:55will be uh the use of onsite available
19:59thermal energy. Um and as a last uh
20:02module here we have the control system
20:05which is effectively the electronics
20:08>> and software
20:10>> and software. Yes. So uh uh putting it
20:12all together without the cladding you
20:14saw in the previous render. This is uh
20:16uh what it uh what it will look like.
20:19And uh when we scale up and we move into
20:22different project larger projects um one
20:25of the key benefits we have of the
20:27architecture uh that we have chosen is
20:30that as we scale up we reduce the cost
20:34and we reduce uh in particular therefore
20:37the cost per ton for the customer. And
20:39the reason is is actually very simple
20:41and you can see it here quite
20:43intuitively. As we scale up we will add
20:46more absorption towers. Uh and for every
20:49three we can add one disorption towers
20:52but for the rest the rest of the machine
20:55uh effectively almost stays the same. uh
20:58uh so uh as we scale up linearly the
21:02capacity increases the costs do not
21:04linearly increase they decrease uh per
21:07ton of CO2 captured going forward
21:11>> until 2700
21:13>> until this we expect until 2700 kilos
21:16although it might actually be a little
21:17bit more than that and then we have to
21:19replicate these machines but it means
21:21there's significant uh advantage in
21:23scaling up uh for large projects that we
21:26have uh of which we have so in our in
21:28our pipeline. Um here are for you some
21:31uh some pictures of the actual
21:33production uh of uh of of um the
21:37different modules by which you can see
21:39that the gas processing unit for a very
21:41large part has already been completed.
21:43These are closeups of the uh the mesh
21:45panels which are the filters which are
21:47inside the absorption tower. Uh and here
21:51on the right hand side you can see the
21:53steel frameworks of uh the vacuum
21:56chambers that are part of the disorption
21:59tower. Uh and last not but least this is
22:02the first um uh location at at Bemo
22:06where the first machine will be deployed
22:08and where uh the ground works are uh are
22:11just about to uh to start up to to start
22:14laying the concrete foundations.
22:16>> Explain what what we're looking at here.
22:18Uh what we're looking at here is
22:20currently u a site of one of the green
22:22houses. You can see the back of one of
22:24the green houses which will actually
22:26receive the CO2 from uh from this
22:28particular project which is currently
22:30still a area of using for grazing by
22:34Shetland ponies. But don't worry the
22:36ponies will move to another facility
22:38where they continue to uh to foster on
22:40the ground.
22:41>> This is uh uh taking uh samples from the
22:44bottom. This is yeah the soil samples to
22:47test to test the soil to make sure that
22:49all of the calculations done for the uh
22:51the concrete uh infrastructure
22:54uh line add up effect
22:57>> the first physical work of our sky park
23:00R&M I made
23:01>> exactly
23:04>> yeah so this is uh actually one of my
23:07favorite uh slides has been used uh in
23:11several presentations internally and
23:13externally as Uh we've been audited uh
23:16on our requests by BSI, an external
23:20agency
23:21uh to see if we would be fit for
23:25certification for ISO 9,0001 and ISO
23:2927,0001.
23:31ISO 9,0001 being for quality uh in the
23:35way you are organized and 27,01
23:39uh for information security or cyber
23:42security. Um and those uh those
23:46certifications are are not a goal. We
23:49don't work toward a certification.
23:52Uh and and the reason why why I'm really
23:55proud of this is because the
23:57certification
23:59is a testament to how well you are
24:02structured and organized, how well you
24:04protect your uh sensitive um uh IP
24:09information about your IP, but also your
24:11infrastructure which is essential to
24:13operate. So your your business
24:15continuity.
24:17Um and the the the auditors uh that uh
24:20interviewed us and looked at all our
24:22systems and uh the way we work were very
24:25very positive. They said, "Well, we've
24:28seldom seen a company that is so well
24:30organized uh in in the early years of
24:33existence, you know, doing what you guys
24:35are doing, deep tech development in
24:38uncharted territory, in new markets with
24:40new tech, uh new people, new systems,
24:46everything built,
24:48changing the tires or building the plane
24:50while flying it is is a better way of
24:53seeing it. So I personally I'm very
24:56proud of uh of this recognition of BSI.
25:00It will result in the certifications and
25:03this really sets us apart as a project
25:05partner for large customers that don't
25:08want to deal with a startup for an
25:12essential feed stock in their uh
25:14business process. Uh just to give you an
25:17example, we're we're we're well on the
25:20way with Fonta for Sky Park New Zealand.
25:23not only as a launching customer, but
25:25there's they're also interested to
25:27become a shareholder in a in a joint
25:30venture with us. Um, this is the largest
25:35company in the country,
25:38right? Uh, they're also the largest CO2
25:41consumer. They are they're a big
25:43enterprise. So, Asahi uh we're
25:47discussing with who wants to to talk to
25:49us throughout their locations in in in
25:52Australia and Asia in a multi-year
25:55deployment uh setting. So, this is not
25:58like, you know, a carbon removal startup
26:01that raised money that is looking for
26:04technology. We're really ready to do
26:06business in a very serious way with
26:08large enterprises that want our techn
26:12want to deploy our technology to secure
26:14their future supply to have stable
26:17long-term pricing and then you know as a
26:20bonus also convert or transition I
26:23should say to u a non fossil uh fuel
26:26source and if there are consumer bands
26:29uh then work on their reputation as a
26:31good company.
26:34So uh with this I think we go to the
26:37third topic uh financials. Uh Flores uh
26:40over to you.
26:41>> Exactly. So uh let me kind of give you a
26:45short recap of of where we've been in in
26:47raising this investment round as the A
26:50round has already uh been open for uh
26:53for quite a bit of time as well as uh
26:56the fact that we are uh closing with a
26:59consortium of investors which consists
27:02of global clean tech capital invest
27:05international and the European
27:07investment bank. Um the process by
27:11itself in particular the duration also
27:13of the required due diligence which is
27:15uh uh running at its uh uh at its at its
27:18very end u um at this point in time uh
27:22has uh effectively forced us to already
27:25close a little bit earlier. So uh both
27:28in uh the end of December just before
27:30Christmas as well as at the end of March
27:33uh we already executed two closings of
27:36this round uh whereby that means that
27:40the terms and the price per share are
27:42equal for all of the investors that
27:44participated in these rounds. Um and um
27:48the closed and transferred amount in
27:50both uh events has been uh 10 little
27:53more than than 10 million euros which is
27:57for the very for the largest part and
27:59and uh uh accounting for almost half uh
28:02the existing investors which includes
28:04the management and and and the backers
28:06that we have. Uh but also we're very
28:08fortunate to bring on board two new uh
28:11shareholders into the cap table. uh both
28:14having transferred two and participated
28:16for 2 million. One being Iconic Ventures
28:20uh and the other being Silylvanas which
28:23is a recently uh um established
28:26investment entity from a Dutch
28:28entrepreneur uh called Aford Fonder.
28:32Alongside him also a group of new angel
28:35investors uh uh joined the company and
28:37participated up to a million euros in uh
28:41that last period of uh of time. So I
28:44think we're very fortunate that even
28:46though uh it takes a little bit longer
28:48than we anticipated with the original
28:50consortium uh we found these two
28:52investors which I think are both very
28:54entrepreneurial and supportive uh of of
28:56of what we've done uh and also working
28:59towards uh and working with us in uh
29:02trying to close the rest of the
29:04consortium um which is at this point in
29:07time scheduled for closing in the middle
29:10of June. So about a month from now um
29:14after this uh uh this round uh we do
29:17expect uh and are aiming to do one more
29:21equity round uh which we will call a
29:23series B. Uh the reason for that is that
29:26we are uh uh very uh always planning
29:30very tightly when it comes to uh to cash
29:33flow and even though we have outlook in
29:35a lot of different scenarios that this
29:37would be the last equity round that we
29:39would do. Uh looking at the pure size of
29:42our machine and the nature of the
29:45investments that it will take to bring
29:47that machine into a larger manufacturing
29:50cycle. uh we expect it's very wise to
29:53make sure that we have sufficient
29:54capital buffers uh so that also the
29:57large companies and the large
29:58manufacturing companies that we want to
30:00work with as well as the larger
30:01customers we want to work with to
30:03offtake those agreements are not in
30:05doubt in any way shape or form about our
30:08credit credit worthiness.
30:10>> Yeah. And just to add one more thing
30:14here, Florence, what we also found is
30:17that larger customers uh are not so easy
30:23to agree payment terms with. I mean, if
30:26you work with a greenhouse, you say,
30:28well, this is the payment schedule, and
30:30if you don't follow that payment
30:31schedule, then we can't do business, and
30:33we want to get the cash from our
30:36customers before we pay our supply
30:38chain. But some larger customers just
30:42can't do that. Uh for instance, UNIL, uh
30:45we agreed the payment schedule with
30:47them. So, uh by now we should have
30:49received 500,000 euro in our bank
30:52account that you then can use to
30:54purchase components for their machine,
30:56but their internal rules are that they
31:00uh that they pay, but they need a bank
31:03guarantee from us. That means that we
31:05can't use that money. So in our models
31:08we are banking on a cash positive supply
31:10chain but in real life that would mean
31:13that we have to walk away from uh
31:15opportunities of very large customers
31:18that want uh bank guarantees. So that's
31:20also something I think uh
31:22>> we're considering
31:23>> that's absolutely something that we're
31:25considering. Uh uh just for your
31:28information uh uh the total amount which
31:30is um uh concerned around this what we
31:34call the third close is uh is 9 million
31:36that's so that will make the total a
31:38around 19 a little more than 19 million.
31:42Um
31:43but uh we understand also from from your
31:46perspective that at the current
31:48valuation the effect on dilution is uh
31:52uh is is very real. uh uh so at the same
31:56time when effectively this is still our
31:58our a scenario. So we are uh we are
32:01fully continuing with this scenario. We
32:03have started to work on potential
32:06alternatives to this scenario in finding
32:09ways to limit dilution at the current
32:13valuation for all existing shareholders.
32:16Um and
32:19the way for us to do it is to ensure we
32:22have sufficient runway to uh do a series
32:26B at a higher valuation
32:28>> and earlier
32:29>> and earlier and there are effectively
32:31for us two events which allow for us to
32:34raise a series B at a higher valuation.
32:37The first one being that we have a
32:40substantiated
32:41project, a pipeline of opportunities
32:44turned into actual contracts which
32:47through the granting of the SDE scheme
32:50we have now uh surpassed. Uh the second
32:53will be the deployment and uh assembly
32:57and commissioning of the system in
32:59Arnham Na. uh uh so uh at this point in
33:04time we are speaking to other investors
33:06that could participate in such a series
33:08B that we just don't for which a series
33:12A is just outside of their investment
33:14mandate. Uh we have I think quite a lot
33:18of confidence that we will be able to um
33:20to achieve that uh if we are able to
33:24extend the runway sufficiently to do it.
33:27Um which is why uh we are looking at
33:31trying to uh um beef up our existing
33:35runway and cash position as much as
33:37possible. Now, we've had uh Rob and I
33:40have had a lot of conversations with a
33:41group of existing shareholders uh in the
33:44last couple of weeks. Uh and we are very
33:47close to already having 3 million uh
33:50committed. Um as part also of this third
33:54close at the same valuation, which is at
33:57this point in time still 36 million pre-
33:59money. Um and at the same time we are
34:03working with uh quite a bit of
34:05opportunities to of nondilive cash
34:08sources such as venture depth revenue
34:11from consulting that Rob mentioned. uh
34:14do we will receive prepayments from
34:16customers. Uh we will definitely receive
34:19prepayments from Sky Parks for which we
34:21are the customers and which we are
34:23obtaining funding for and we are getting
34:25in uh subsidies. But in particular, we
34:28are expecting to start issuing in the
34:30next couple of weeks a convertible bond
34:32on the NPEX exchange market uh for which
34:35we expect to pull in uh a significant
34:39amount of uh funding. And if we are
34:42successful in that combined with uh
34:45increasing the existing investor
34:47commitment beyond the 3 million that
34:49we've currently envisioning, we might be
34:52able to significantly limit this third
34:55close. um by just limiting the amount of
34:58money or issue shares that we will issue
35:00under the same valuation to the
35:02consortium and move to a series B uh
35:05earlier. Uh we think that by far this is
35:08the best scenario for existing investors
35:11from an anti-dilution perspective and it
35:14is therefore um a open invitation to all
35:19investors uh in particular the ones uh
35:22in in in the stock that we have not yet
35:24had very active conversations with
35:25around this topic to participate in this
35:28round at this low valuation. in
35:31particular now in hindsight now the SDE
35:34uh subsidies have been granted and
35:36there's no longer a risk associated to
35:39that um and participation at this point
35:42in time happens at equal terms. So
35:45everybody gets the same low share
35:48valuation uh as the new investors would
35:51do. And we think that if we are able to
35:54attract sufficient funding and and
35:56exceed our 3 million window at this
35:58point in time that with the additional
36:00uh runway extension mechanism and tools
36:03that we have, it gives us our best
36:06option of limiting further dilution
36:09while we maintain to have the fallback
36:11scenario of uh uh the 9 million to be
36:15closed in uh in June. So correct like
36:18we're actively uh pulling the plug on
36:21that.
36:22>> Absolutely not. So we can always do that
36:24deal but you know it might be smarter
36:28for everybody here in the call from uh
36:31return on investment perspective to um
36:34to limit that uh round uh and postpone
36:38it and then get more money in on a
36:42higher valuation and then the valuation
36:44is like two times or more. the current
36:47valuation, right? That's what
36:48>> the longer we can extend it, the higher
36:50we can uh we can ask our valuation, but
36:52our target is at least three times the
36:54current valuation. Yeah.
36:55>> Yeah.
36:57>> Okay. So, that brings us to the end of
37:00our monologues uh today and we can turn
37:04to some questions. Uh first question we
37:08have here is from Victor. Uh I'm not
37:12sure if you know the answer to that but
37:14the question is what is the uh number of
37:20certificates in the stack floors?
37:24>> I don't know by heart the number of uh
37:27of of certificates or depository
37:29receipts. Uh I think at the end you
37:32probably want to calculate what your
37:33shareholding is. So I would advise you
37:36to maybe email me your direct question
37:39and I can give you a very precise
37:41answer. Uh but overall the existing
37:43share capital today after the two
37:45closings but before the third close is
37:48that we have approximately 17 million
37:51shares outstanding in our share capital.
37:55>> So Bea thanks for asking uh the
37:57question. Um uh the question is looking
38:01at the larger size of uh stratus is this
38:05departure from the distributed deck
38:08vision. Um the answer is simple bea it's
38:12not uh we still very much believe in
38:15decentralized as we mostly called it but
38:17also uh distributed uh direct air
38:21capture. Um
38:24uh but uh it is a larger machine. Uh
38:27that means that only uh sites that have
38:31sufficient uh square meters don't have a
38:35permit issue uh you know because they're
38:37not in a in a living community.
38:41uh uh and and and uh have sufficient
38:44power available um uh to run the machine
38:48will qualify as customers and then uh
38:53those are typically not the very small
38:55green houses uh which we see uh in our
39:00pipeline uh and specifically the new
39:03wave of uh green houses that we're
39:06talking to for the October 26 SD the E++
39:11submission those are you know even
39:13larger uh green houses. Um and what we
39:18also uh see is that sky parks are um uh
39:25sort of addition to the distributed
39:28concept.
39:30uh because
39:32sky parks like New Zealand or Iceland
39:34also here in in the Netherlands we
39:37aggregate demand within
39:41a certain geographical area so that the
39:45CO2 users don't have to buy a machine
39:48have to have the land each of them
39:51individually
39:53um we can ensure we have sufficient
39:56power but also uh you So if our machine
40:00does 900 ton a day, sorry, a year and
40:04you need a,000 ton a year, you have to
40:06buy two machines. That's not very uh
40:08capital efficient. So what we also do is
40:12what we call aggregate demand. So you
40:14have a group of CO2 users that make use
40:17of one uh deck hub based on stratus that
40:22can be a 70 to 100 ton a year machine or
40:26it can be two or three. So uh the sky
40:30park concept is leaving the completely
40:34uh uh distributed deck vision a bit but
40:39the technology itself uh is not
40:45uh there's a uh a question around the
40:48annual report. I think the annual report
40:50is almost done. Florence
40:52>> the annual report is done. It is uh
40:55submitted to the shareholders for an
40:57approval in the general shareholders
40:59meeting which takes place this Friday
41:01and after it's been approved and all
41:03formalities have been taken into account
41:05we can distribute it w more wider
41:07amongst all of the shareholders. Um the
41:10current price per share is as I said we
41:12are currently raising at 36 million pre-
41:15money which equals €211
41:18per share. Uh so it's very precise at
41:21this point in time because we're in an
41:22active fundra that would change if we
41:24would indeed be able to close uh this uh
41:27this this uh series A in a limited
41:30fashion and then move towards a series B
41:33uh for which we aim a uh at least three
41:36times rise in valuation. If you would
41:39that uh take that into account that
41:41would make it uh more than €6.33
41:47per share at that point in time. But at
41:49this point in time that is speculation
41:51uh once we actually are in talks of
41:55sufficient um level of concreteness that
41:59allow for a valuation uh and an
42:02investment amount in that uh in that
42:04scenario it will be discussed with their
42:06uh with the investors.
42:09>> Yeah. So uh question around Bosch uh is
42:14are they renewing uh their interest uh
42:17in uh in partnering with us? Um I don't
42:23even know when the last contact has
42:25been.
42:26>> Last contact's been for a couple of
42:28weeks. uh some things have changed
42:30strategically in Bosch which uh for them
42:34uh all of a sudden uh made their
42:37appetite to move the uh development and
42:41investment uh project with us uh into a
42:44lower uh lower appetite. Uh the
42:48conversations are still ongoing. Um but
42:51at the same time uh also our perspective
42:55has changed a bit. So uh what was for us
42:59very interesting in the collaboration
43:01with Bosch uh effectively were three
43:04things. Uh one was the ability to cash
43:06payments that they would give to us
43:08which would be
43:09>> non dilutive non which would be an
43:11alternative to the investment. Now
43:13closing an investment round would
43:15mitigate that particular uh uh problem
43:19although with with dilution. Uh the
43:21second was uh access to technological
43:25resources in particular helping us uh in
43:28the deployment of our first system where
43:31the technology risk and the deployment
43:33risk is the highest. Um given that at
43:36this point in time we don't have
43:38formalized an agreement yet uh but we
43:41are on track in delivering the project
43:44our dependency on that has uh uh been
43:47reduced significantly because we are
43:50progressing on our own merits uh in our
43:52uh own timeline as planned. Um slight
43:57delays but nothing uh nothing too uh too
44:01out of the ordinary. uh and the third
44:04is uh to jointly uh move into uh the CDR
44:09market uh and where on the one hand we
44:11are speaking about a CO2 crisis which is
44:15very tangible for us in to deliver uh
44:18CO2 to real economy companies that
44:20actually need it. Uh there's also I
44:23think something of a crisis going on in
44:24the CDR landscape in the last couple of
44:26months but maybe you want to
44:28>> Yeah, it's a good point. Uh so just to
44:31remind you, Bosch was not focused nor
44:35interested in what we call the CCU
44:37markets. Uh which caused frictions in
44:40the in the in the dialogue uh from from
44:42from the first point onwards as Borch
44:46has a strategy to get into the market by
44:492030
44:51uh and then only focus on CDR on
44:53permanent CO2 storage. And we said well
44:56that's fine. We also want to do that in
44:58a joint venture with you and and but we
45:01we don't want to wait until 2030. But
45:04first we have to take our technology in
45:07production in order to cost it down to
45:09mature it to further develop it. Uh and
45:12also we we can't just keep on investing
45:15until 2030. Uh and then promise to
45:18investors that someday there will be a
45:20return. It's just not our reality.
45:23Um, so
45:26Bosch now is still with this with their
45:30plan for 2030 CDR,
45:33then potentially collaborating with 280,
45:38the Google spin out as they told us. But
45:41then the CDR market in 2030 really uh I
45:45mean that's a market that is mainly
45:47depending on carbon credits.
45:50uh 90% I don't know the exact number but
45:5490% 90 it was around at least it was
45:57around 90% 90%
46:00of all purchases of carbon credits so
46:03far pre purchasing or purchasing
46:07commitments was done by Microsoft and
46:10they stopped purchasing so 90% of the
46:14current market of carbon credits
46:16vaporized
46:18now For us, it doesn't matter because
46:21we're not focused on CDR business. We're
46:24one of the few debt companies that never
46:26sold any carbon credits as we explained
46:29to you as an audience many many times
46:32that we firmly believe that there's a
46:34great market for CCU. Actually, I had to
46:39calculate the market potential for our
46:41machines for the due diligence uh with
46:44Invest International.
46:46Um and uh and our analysis is that the
46:49market for our machines in in merchant
46:53and greenhouse markets is 200 billion
46:57euro. Then there's another 200 billion
47:00surfaces, right? And and we have to see
47:02what the market will be in 2030 for CDR.
47:06So maybe it was a good karma that we
47:09didn't proceed uh as it might have been
47:12a big destruction of our core strategy.
47:14But that's easy to say at this point in
47:17time looking backward.
47:19>> Yeah. And maybe put some some some
47:22further context that when we say proceed
47:25is because we were at the threshold of
47:27Bush uh coming to us and saying uh we
47:32don't want to work with you um if you
47:36retain your strategy focused on CCU. And
47:39our position was we will not change our
47:41strategy diverting away from CCU
47:45>> only to have a relationship with Bosch.
47:48We think that we have the right
47:50strategy. We are willing to convince you
47:52and your board that we have the right
47:54strategy. Uh that is also if you speak
47:56what is the contact that we've been
47:58having over the last couple of weeks. it
47:59has only been focused on that and also
48:01to provide the champions that we still
48:03have within their organization that want
48:05to move forward with us with the
48:07ammunition of using that internally. Um
48:11but they're struggling uh and their
48:13struggle is not over at this point in
48:15time because also from a Bosch
48:16perspective deck is not their main
48:18priority. uh they have a lot of
48:20difficulty uh surviving in the uh
48:23electrification of automotive uh for
48:25which they are not one of the front
48:27runners and uh we think that uh it might
48:30very well be that they will come back to
48:32us uh in the coming period to continue
48:35our conversations. Uh we think that at
48:38that point in time also given our
48:39progress we would need to come up with
48:41different terms in our ability to do
48:43that.
48:44>> We won't do that deal
48:46>> not under the same terms at this point
48:48in time. Uh so uh but it's it's it's at
48:51this point still out in the open. So
48:53sorry for taking a long time and being
48:55slightly vague on it, Bea, but there's a
48:58lot of context around it that I think is
49:00very important that you really grasp the
49:02granular at a granular level.
49:05>> Yep.
49:06So we don't have any more questions
49:11which is great. We the last time we also
49:13ended a little bit earlier.
49:15>> So we might even start to shorten uh
49:18these webinars. Uh so let me conclude by
49:22thanking you again for uh uh being
49:25present in this live broadcast. Uh as
49:29always you will get uh a recording and
49:32as always if you have individual
49:35questions and if you want to participate
49:37in uh this uh round uh feel free to
49:42contact uh Flores.
49:44The next one will be midsummer where we
49:47have a lot of exciting announcements
49:50again.
49:50>> Exactly. Exactly.
49:51>> Thank you all.

About this transcript

This page contains the full transcript of Investor Webinar May 2026 by Skytree, generated from the public captions YouTube serves with the video. The transcript has 7,331 words across 1,053 segments, with the original timestamps preserved so you can click any line to jump to that moment in the embedded player.

What you can do with it

Use the transcript to take notes, quote the speaker, build a study guide, generate a summary with ChatGPT or Claude via the YouTube Summary tool, or export it as a timed subtitle file with YouTube to SRT. You can also re-open it in the transcriber to translate the transcript into 100+ languages.

Free YouTube transcript tool

YouTube2Text is a free YouTube transcript generator — no signup, no daily limit. Paste any YouTube link and get the full transcript instantly, with timestamps, click-to-jump, translation to 100+ languages, AI prompts for ChatGPT, Claude, and Gemini, and exports to TXT, SRT, VTT, or Markdown.