Sulzer AG (SUN) Earnings Call Transcript & Summary

My name is Anna and I'm the editor here at AW International and I'm delighted to be introducing what we hope will be a transformative discussion that could revolutionize the way you approach energy recovery device or ERD retrofits in desalination plants. In today's world, the demand for sustainable and energy-efficient solutions has never been more critical. Desalination plants, which are known for their power-intensive processes, rely heavily on energy recovery devices like Pelton turbines to reduce energy consumption. Maximizing the efficiency of these ERDs is not just an option, it's a necessity. However, the challenge lies in achieving this efficiency without incurring exorbitant costs or disruptive changes to the overall plant layout. Moreover, the introduction of an ERD retrofit that can significantly impact the operating conditions of the main feed pump, adding complexity to an already intricate process. To shed light on this crucial topic, we are honored to have Sulzer experts, Mario Alvarez Sánchez and Shane Hartley as our esteemed speakers. They will guide us through the intricacies of conducting successful ERD retrofit while emphasizing the preservation of modularity and addressing these multifaceted challenges. Just to note that if you do have any questions throughout the presentation, please pop them in the Q&A panel, which you can find at the bottom of your screen and we'll try our best to get through as many as we can at the end. So now that we're all here, let's dive right in. Please welcome Mario and Shane.

Hi, everybody. Welcome to this webinar. My name is Mario Alvarez and I have the pleasure to be one of your speakers today. Before moving further, let me tell you a little bit about my background. For the last 3 years at Sulzer, I have been responsible for the retrofit business in South Europe, Israel and [indiscernible]. This continues my previous experience of more than 11 years as Technical Solutions Engineer in Flowserve, taking care of the [indiscernible] business, mainly in Iberia. And several previous service roles as Application Engineer in SKF and Test Engineer for Spanish national railway company. I have the honor to share the stage with my colleague, Shane Hartley, that will brief you about his background as well.

Thanks, Mario. I'm Shane Hartley. I'm the Head of Engineering for Services for Sulzer Pumps UK Limited. I joined the company originally as a mechanical engineer apprentice back in 2008. And upon completing my apprenticeship, I joined the aftermarket team within the Services division as a design engineer. Since then I have held numerous positions within the team, working way up through the ranks to lead engineer, upfront lead engineer and like now current role as Head of Engineering. I've had extensive retrofit design solutions experience over the years. And I hold a bachelor's degree in mechanical engineering, studied through the Open University and I'm an IMechE registered member. I'm now going to pass it back over to Mario, who's going to run through the project's introductions and I'll speak to you later on about the hydraulic and the mechanical overview of this project.

Thank you, Shane. The main purpose of this webinar is to present you an interesting success case. Sulzer was awarded last year, so interesting that has recently won the plant industry award for the best retrofit project in 2022. So we hope it catches your attention. Main topics that will be discussed are the following, desalination, specifically plant retrofits driven by energy savings and modularity; Sulzer state-of-the-art solution to answer any market demand and project-specific challenges to deal with the hydraulic and manufacturing complexity. As you can see in the proposed agenda, we have structured the presentation in 3 main blocks. In the first one, we will try to provide some context that we'll share which are the main ideas, why do we need to desalinate, the different process centered around reverse osmosis and plant overhauls and finally, project specific backgrounds and requirements. While the context is set up, we will detail to you what kind of solution proposed and implemented by Sulzer from the different key perspectives: hydraulic, mechanical and manufacturing. And finally, we will wrap up the presentation providing an executive summary of the project and corresponding benefits, including energy savings. Okay. So let's start with the first part, setting up some context. Why do we need to desalinate? Short answer is, freshwater is scarce, given the combination of 2 main factors. Freshwater availability, which is only around 2.5% of the total water on earth considered as -- only 0.6% is suitable for human consumption. And the second factor is water demand exponentially increased over the last years, is predicted to continue to grow in this way in the future. Considering these situations, different technologies have been developed to desalinate, meaning the different processes that removes the amount of salt and minerals from seawater to produce freshwater, suitable for human consumption, agriculture and industrial processes. Looking at the future of water needs and the perfect storm that is brewing, we clearly identify potential problem. Water is expected to become a new commodity, if it's not already one. From one side, there are big areas densely populated that will require increased water supply in the next years. On the other hand, changes in the precipitation patterns are defined in new areas with potential shortages. All these together with documented increased water demand predicted for next years leads us to a clear conclusion. We are going to need more freshwater in the incoming future. Now that we have provided some background of the actual future demands and the possibility to produce freshwater by desalinating seawater, how do we do it? Several processes have been developed and implemented over the years, considering 2 main types, depending on the physical principle supply, thermal processes that consist of some sort of distillation, evaporation and maintain processes that desalinate moving fluid through a semi permeable membrane considered osmotic pressure. The details of each process exceeds the scope of this presentation. And finally, reverse osmosis is considered as preferred technology due to its simplicity, cost associated and development of the different pieces of equipment involved in the process. Focuses on this reverse osmosis process as the preferred technology to produce freshwater from seawater, let's have a look in more detail. Physical principle applied is osmosis, considering 2 liquids with different concentration separated by semi-permeable membrane, the fluid moves from low to high solute concentration until chemical potential equilibrium is reached. If we reverse the process by applying a pressure on the concentrated solution, we get the desired effect, very low concentrated liquid in one side, freshwater and very high concentrated liquid on the other typically called brine rejection. This pressure applied is called osmotic pressure and depends on seawater salinity, process and other factors, being typically in the range of [ 50 to 81 ]. As previously briefed, this technology has several advantages over the others, being lower operating costs and high water quality produced, the most important ones. Having a look at the typical plant layout, the process is quite simple. We pump the seawater with the intake service pumps and feed it into the pretreatment to eliminate solids, large particles and biofouling. Then we move it into the core of the plant in which main feed pumps increase pressure up to the required osmotic pressure, water goes through membranes, resulting in 2 different streams. The low concentrated desalted product, water, we're going pressurize then and then from there, to consumption. And the second stream, the high concentrated rejection typically is used to recover some energy and has become more important over the last few years due to its energy savings potential. Let's provide a little bit more insight on the reverse osmosis process. It's mainly driven by energy, being by far the highest portion of the OpEx. Considering the actual situation and in general, energy costs, specific consumption, meaning cost per cubic meter produced has become a key indicator and one of the main focuses, both in new plants and existing ones. As mentioned in previous slide, we have a high-pressure steam coming out of this rejection from the process. So we need to find ways to use this energy to reduce the specific consumption of the plant and therefore, to reduce energy costs and environmental impact. Over the last years, different technologies have been applied to recover energy from the process. Since reverse osmosis started to become the trend first [indiscernible] were implemented with around 6 to 7 [ units ] per cubic meter as specific consumption. There are practically no plants with diesel technology anymore, which was replaced by a more efficient one, Pelton turbines, that could reach around 3.5 [ units ] per cubic meter as a specific consumption. More recently, the development of isobaric devices reaching a specific consumption of around 2.3, 2.5 [ units ] per cubic meter, has replaced the existing Pelton turbines. Taking into account what we have just commented, new developments obviously consider isobaric devices in the original specification. All plant layouts have gone through overhauling retrofit processes to adopt them to these more efficient energy recovery devices. We already described the typical configuration, mainly pump injects high pressure seawater into the membrane. And depending on the membrane efficiency, we get 2 streams, freshwater stream, around 55% of total flow and rejection stream that moves the Pelton turbine to recover part of the excess energy either to have the possibility to use a lower power electric motor to try to make the pump or to use the power generated to go back to the grid. Considering the possible retrofit of all plant designs, the idea is to remove existing Pelton or old energy devices to implement typically isobaric or more efficient ones. This has an impact in the plant process. There are some modifications to be made in the main feed pump and the new service, which the pump is required to reinject part of the steam coming out from the isobaric device. Now we will have the different streams entering the membrane, one coming out from the feed pump, the other one coming out from the booster. Taking into account this last point, typical plant retrofit allows 1 line to feed 2 membrane racks at the same time since we have these 2 things. In this particular situation, modifications on main feed pumps are less demanding, simply adopting original operating conditions to whatever is required on each case. Recently, we are finding more and more that plant modularity is key and maintain the same lines with the same production is required, allowing operators to start and stop different lines on demand. This has a bigger impact on the requirements for main feed pumps as now the flow required would be around 30%, 40% less than original one and maintain existing plant layout, baseline type piping, et cetera, becomes that much more challenging as it is required to implement lower flow hydraulic into the existing casings. Just as a side note, please consider that typically, main feed pump service is covered by [indiscernible] pumps, which is, what you could find in 95% of the plants, which saw minimal [ exceptions ]. The same apply to different [indiscernible] that it is what we have considered for the presentation as it is the standard and what was available in the plant we are discussing. Now that we have set up the context, different processes, technologies, energy recovery devices, plant overhauls, we have a basic understanding of what is going on. Let's discuss in detail about the project itself, Rambla Morales desalination plant overhaul. This desalination plant was built by a group of agricultural producers back in 2005. The plant was operated for about 1.5 years, 2 years and then for 15 years was out of production, only basic maintenance work. In 2020, one of the main desalination EPCs invested around EUR 100 million, purchasing the plant with the intention to overhaul it, adapt it to the best possible condition and to build an adjacent photovoltaic solar power plant that will eventually feed the plant at least partially. Plant consists of by production lines of around 10,000, 12,000 cubic meters per day and the idea was to preserve the modularity as the 4 lines initially considered for irrigation and the remaining 1 for human consumption. The main projects drivers, apart from modularity are efficiency, energy savings and costs. The requirement goes in line with what we commented before and includes the removal of existing Pelton turbines, implementation of isobaric ERDs, new pumps for recirculating pump and the modification of existing pumps to meet new operating conditions as per default original operating conditions, 1,074 cubic meters per hour with a total developed [ head ] of [ 668 ] with an efficiency stated at 85% and power absorbed a little bit above 2.5 megawatt. And the new operating conditions, 60% of the original flow being at 630 cubic meters per hour with the total developed [ head ] of [ 614 ], slightly lower since membranes will be new, all these, with the best possible efficiency. Obviously, all these requirements, together with the fact that main feed pumps to modify are manufactured by other original equipment manufacturer, increase the complexity of the project. Here's where our expertise and knowledge enter into place to come up with the best possible state-of-the-art solution that my colleague Shane will debrief in the following part of the presentation. I leave the stage to you, Shane.

Thanks, Mario. As Mario mentioned, the original design operating condition, as we just informed were operating at -- were 1,075 meters cubic an hour at 668 meters [ head ], around 85% efficiency and 2,400 kilowatts of absorbed power. After many discussions with the end user, we finally agreed on the following operating condition of 630 meters cubic an hour at 640 meters [ head ], around 82% efficiency and 1,300 kilowatts absorbed power. During our discussions, there were quite a few options proposed such as destaging the existing pump, destaging the existing pump, again, however, trimming the pumps to a different outer diameter to tweak to the flow rate that they required and had. And finally, a new Sulzer-designed rotor. In the end, the solution agreed was the new Sulzer-designed rotor, which was mainly one of the predicted efficiency that we have offered to the client and eagle-eyed ones amongst you would notice that the efficiency of that, of the new rotor is around 2% lower than the original efficiency. Now as you reduce your flow rate and the power specific speed, your attainable efficiency also reduces. So it's again, back to efficiency as close to the original sold efficiency. There are a number of design features and techniques that we adopted in Sulzer to try and get that efficiency back up to the original 85% or as close as to the 85% efficiency. The next thing that we won the order on, was the competitive cost and delivery time and the retrofit experience that the original OEM could not simply offer. And going forward, from a spares perspective and engineering support, Sulzer are or were in a better position to offer that with the local service network in Spain. So now we'll move on to the mechanical overview. Now during all of our tender inquiries for retrofit work, we always review the existing train equipment to review the overall suitability, such as the rotors and the [indiscernible] seals, seal systems and so on because what we want to make sure is that any equipment that's going to be retained on site is rated unsuitable for the solution that we are going to offer and that the client is not going to experience any problems moving forward. When we received the pump into our Leeds service center, the first thing that we did was a comprehensive strip and inspection of all the existing pump components because ultimately, we need to determine what can be reused, refurbished or what needs to be replaced with new. Once the pump has finally been stripped, we decided to reverse engineer the entire casing using our optical scanner and using conventional measuring equipment for the key interface diameters, overall lengths and so because we needed to determine an accurate space for the new Sulzer designed rotor. In order to maintain interchangeability of existing mechanical seals, bearings and [indiscernible] interfaces, the existing shaft was also reengineered mainly around these particular areas. For the areas of the shaft that was inside the casing that doesn't really matter because it would be designed to suit the new Sulzer-designed rotor. I don't know if you can see here, the model in gray is the modeled casing. And the areas in blue and brown, that is the results from the optical scan data, which is like a [indiscernible] cloud data that is exported into our CAD software. Once we had processed all scan data and the measurements from the existing casing and shaft, we designed our new rotor to fit within the space envelope, as you can see here in green. During the process, we always used Sulzer design philosophies and our rotor shaft design experience to accommodate the solution because not all Sulzer design philosophies will be suitable for non-Sulzer products. So we have to be adaptable with our designs. We know the benefits of doing this was on the reverse engineering and the design obviously, particularly rotor was doing record time in order to maintain our very tight production schedule with the end user. There was, however, issues with existing pump that needed to be resolved in addition to what we would class as a standard routine overhaul and refurbishment. For example, the casing joint [indiscernible] were not adequate for operations because there was evidence of leakage passing from the valve areas to the outside of the casing. The damages within the casing were also not concentric to one another. So that would promote a cantilever or [indiscernible] effects of the shaft and rotor within the casing, which is not good for vibration issues during operation. The casing and valve surfaces were also not suitable for our application. As you can see down in the right-hand side picture, it's more or less left as cast surface. And I'll show you later on in the presentation what we would deem as a optimum surface finish for -- on our application. And finally, there were cracks still in between in the casing and as you can see here by the [indiscernible] examinations and the inspection that we did of the casing upon delivery to Leeds. All these issues that were found had to be discussed with the end user and the agreed rework had to be completed once they had approved this, which ultimately they did. Moving onto the manufacturing of the Sulzer-designed rotor, there was quite a lot of planning that has to be done by tendering, engineering, project management and production in order to maintain the tight delivery schedule that we had agreed with the end user. Techniques such as parts and [indiscernible] manufacturers of hydraulic components offer quicker delivery, improved quality and accuracy. We have in-house machining here at Sulzer, Leeds, so we could machine all the new components that were designed and refurbish the existing casing. The mechanical seals were returned to seal OEM, so they could be refurbished to and as in new condition. And we have in-house testing facilities as well for the hydraulic test and performance testing of this pump in order to prove that the [ duty ] have been met, more importantly the efficiency of this pump. Moving back to the existing casing and the issues that we were presented with, I would like to go through on how we resolved them in-house within Sulzer, Leeds. We started by skimming the joint faces with a proven Sulzer surface finish and technique that provides a positive sealant surface for the casing and gasket, removing the leakage parts that we discovered. All the diameters were relined then to ensure they were all concentric and all within tolerance. All the defects that were discovered within the casing were well repaired. And we extensively detailed all the volume areas to improve the surface finish to a more or less a mirror like finish, as you can see within this picture below. And finally, just to prove that all the modifications have not hampered the existing casing's integrity, we pressure tested it to a maximum allowable working pressure, just to prove they're fit for purpose. Also the manufacturing and casing repair work have been completed. We then moved on to assembling the new Sulzer rotor into the existing casing alongside some of the components that we decided that were suitable for reuse and we put them back into as new condition. Moving onto the assembly and testing. The new Sulzer rotor was then installed into the existing pump casing that we refurbished, as shown on the previous slide, alongside any refurbished items to an as new condition, such as the bearing housings, as you can see below on the right-hand side. They were blasted and repainted. Same with the main casing air passes in the picture above. They were blasted and painted again. The mechanical seals refurbished by the OEMs and as a new condition were also installed. The pump was then moved to our in-house test bed at Leeds facility. This was to prove that the pump and the new Sulzer rotor was operating at the intended [ duty ] and more importantly, the efficiency that we have sold. The pump passed performance test then within the API tolerances that we have sold to the end user. And more importantly, we achieved the efficiency target we have sold originally. Once the pump had been removed from our test bed, it then proceeded to final inspection. During this final inspection, all functions that have been involved with this project since it was delivered to the Leeds service center, basically go over this pump and make sure that it is fit for purpose and suitable to be shipped to the end user. So to summarize this project, Sulzer has designed a new bespoke rotor that is completely interchangeable with another OEMs from for casing, bearing assemblies and coupling and mechanical seals. The new bespoke rotor was designed to serve a specific operating condition and efficiency target set by the end user. Modifications were conducted at our Leeds facility to improve their existing components within schedule that weren't originally planned for. We completed 1 successful performance test in our Leeds factory. Following on from this, a further 4 [indiscernible] rotors will be manufactured and supplied by our Leeds facility and sent to the local service center in Spain, where their pumps will be upgraded in the same manner as conducted here in Leeds but without the performance testing because the performance has already been proved here in Leeds. And we are confident that the remaining pumps will operate in the same manner. Another benefit of supplying the 4 rotors separately directly to Spain is that we have a further improved delivery time for the end user because we don't have to worry about the testing, as mentioned previously. Since this initial inquiry, we have also received further inquiries from the end user for potential upgrade opportunities. And as mentioned earlier, Sulzer will now become this hub's sole spare parts supplier for these pumps moving forward. And now I will hand back to Mario, who's going to further summarize this project.

So let's finish the -- where we are now with this wrap-up slide. Previous situation -- customer situation, the desalination plants operates -- the plant in Rambla Morales in Spain, they performed a process optimization project to reduce water cost and CO2 emissions and existing pumps were oversized according to the new process conditions due to [indiscernible]. The performance optimization solution that Sulzer provided, hydraulic-related solution to 60% of the original capacity by replacing hydraulic rotor, only maintaining existing third-party casings, Sulzer hydraulic performance exceeded the OEM efficiency level. We were awarded the project on competitive bid and we won the plant industry award 2022 as the best retrofit for that year. As a business outcome, the rerated existing high pressure pumps with 0 plant layout modification and some benefits that you can see are savings in terms of power and CO2 emissions. Now let's go to the live Q&A and looking forward to hearing from your questions.

So just thank you again to Mario and Shane for that fantastic presentation. I hope everyone enjoyed it. Unfortunately, Shane will not be able to make the Q&A. So if there are any questions that you had that potentially Mario is unable to answer, then we're happy to pass those along to Shane and then Sulzer will be able to get in contact with you with an answer. So just to start off with, we do have a few already in there. So could you provide some insight on the proposal estimation and final results. If you'd like to answer that one, Mario.

Sure. So good morning, everyone. First of all, insight on the proposal estimation. So this project started with several conversations with the customer. First of all, discussing the several points of hydraulic performance that they required. Data gathering at the time, then we continue with the discussions, fine tuning the final point on the requirement from the customer. Then we fine-tuned that data gathering. We provided preliminary solutions to the customers starting from destaging at the time. Then we went through the hydraulic modification mentioned during the presentation to finally come up with a solution that we presented. There were several iterations in engineering to come up with the best possible efficiency that finally, we managed to increase from the proposal to the existing one, from [ 83 stated to 83.1 ]. So that's basically more or less the proposal as it's been through.

Interesting. Thank you, Mario. I hope that answers this person's question. We're getting quite a few coming in. If you do have any other questions, just please put them in the Q&A panel. We'll try and get through as many as possible. But moving onto the next one. Why do you think the demand for desalination plants is rising?

I would say 2 main factors. First one is the water demand in a specific region. But in general, not only for human consumption but for agricultural and also for industry and then specifically on existing desalination plants going through this type of revamping, this type of retrofits is more an energy situation in which low energy is becoming the trend in any plant but specifically in desalination, it's kind of the main focus. The specific consumption is key, as we have mentioned during the presentation. So the cost of producing water with is vital. So that's why I think all these plants are going through this type of modification, just to achieve the best possible efficiency overall in the plant. And then specifically in the pumps themselves, it's more related to the efficiency, to contribute to the efficiency, overall efficiency of the plant.

Absolutely. I think, I mean, if you have such a big costly operation like a desalination plant, you'd definitely want to be getting the best out of it. So we'll move on to our next question there. What advantages does a retrofit solution provide?

Yes. So not specifically related to desalination but it applies to all markets, I would say, any retrofit solution. The main concept is to address any problem that you can find in the application, either if it's a hydraulic problem or if it's a mechanical problem or any reliability issue and be able to address this problem, solve it without impacting the plant layout. So meaning there are no modifications on the piping. There are no modifications on the civils of the plant. And also, there are no modifications or minimum modifications on the drivers, base plates and stuff related, let's say, closer stuff related to the pump, that will be more or less the answer.

Definitely. Thank you very much for that, Mario. We have another question. Are there any minimal dimensions of the pump plant for this kind of revamping?

This is a good question. No. In principle, we've done -- this is a more generic question specifically for desalination. Not only the main feed pumps are affected by overhauls. We have found and we have received requests also for the product pump, for example, that are smaller in size. And for other type of treatment pumps that are more industrial, to answer the question, there is not a minimal dimension but depending on the type of pump, if you consider more an industrial pump, ISO or beam pump, then an overhaul, I think make not too much sense. If we're talking about engineered pumps, there is not a minimal dimension. We can apply modifications like these, hydraulic modifications in any type of pump or plant, no problem at all.

That was a very good question, actually. Thank you very much for the person who asked that. I hope Mario has been able to answer that for you. Moving on to our next question. How is Sulzer supporting the desalination sector to reduce operating costs?

Basically by addressing -- I mean, desalination owners, they know pretty well what is their key points, where to focus, mainly energy, as we have mentioned previously. But basically, we make an assessment or we try to make an assessment of all the main applications inside the plan, I would say, focusing on the main feed pumps, any booster pump, if any. And then product pumps in general, there are other applications that may be intake pumps would have also, we will have a look at them. And then we have maybe 2 ways we assess the operational inputs from the pumps via our Sulzer tools, a proprietary tool from Sulzer, which we analyze the data from the pump and we get a clear idea on how the pump is operating. Or we use a more sophisticated online monitoring system, which is called BLUE BOX. And then we basically by ways of machine learning and compare the pump performance to the ideal performance and the performance of similar pumps all over the world. We are able to come up with a very detailed understanding on how the pump is operating and when it's going to fail, what are the operating costs associated and all this type of stuff. So that's pretty much it.

Well, thank you, Mario. Yes, that was a very in-depth explanation. And it seems like Sulzer is doing quite a lot to help out the sector in that respect. We do have another question. We see the saving on energy, CO2 and money. What was the cost of this revamping and so return on interest -- on investments, sorry? And also, what is the time requested for this revamping?

Okay. So this is more on the -- on customer side because actually, this project is also related. Nowadays -- we briefly commented in the presentation, these type of projects are, in the cases which is possible attached to kind of a solar field photovoltaic plant. So the return of investment, particularly on this plant is when that photovoltaic plant is ongoing. That reduces the energy consumption by 25%, 30%, if I recall correctly. So it's an immediate return of investment. I don't have the exact number because it's more a customer point but it's immediate. Bear in mind that this plant was not in operation. But in case it was, the specific consumption for the plant would be around [ 3.6, 3.8, 3.5 ] around those numbers, with the new energy recovery devices you drop down by 1 euro per 1 cubic meter produced. So you can imagine the impact in a plant like this, 10,000 cubic meters per line is a big saving, immediate saving. And together with the photovoltaic plant that we commented is the return of investment is, I don't know the exact figure but is really attractive for the customer.

Fantastic. Thank you very much, Mario. Just because we have used up quite a lot of our time now, there are 2 questions in the Q&A and I think we might call it there. And if you do have anything else that we have now put the contact slide, you can always contact Sulzer directly for any more information. So moving on to our last 2. How much is the estimated cost for refurbishment of [ NBN-AT2558 ] series pump. I think we can close with that question.

I think it's -- I'm not able to answer that one. It depends on the condition of the pump. I don't have that number, sorry but I cannot answer that straightaway. I would need to have a look at the pump and the details.

Of course. So what I would recommend then is that, Mohammed Fahad, potentially, you could contact Sulzer directly. We can always pass your question along and they will contact you directly to answer that one. All right. I hope that is okay. But very good question, nonetheless. So our last question of the morning, is a Pelton turbine is typically 90% efficient when correctly designed? Are the old ones in desalination plant technically inefficient as they are being replaced by other technology?

No, no, no. It's not -- the Pelton turbines work as they're supposed to work. So they are 90% efficient and they are good machines. The point is that the technology being evolved has been surpassed by these isobaric energy recovery devices. And these energy recovery devices, they have a different principle of working. It's not a turbine anymore, it's an isobaric device. So the principle of working changes and therefore, the savings that you can get with these new technologies is much higher than with the old ones, than with the Pelton turbines. Pelton turbines work as fine as usual but they have been surpassed by this technology. In the summary, that's -- that will be for your question.

Fantastic. Thank you so much, Mario. You've done a great job here. Thank you so much for taking the time, you and Shane, to put together this presentation for us. Thank you, everyone, that managed to make it. There will be a recording available straight after this webinar. It should be going directly to your e-mails. Also, please do expect correspondence from Sulzer following the webinar and do feel free to get in touch with any further questions. We've had a great audience here today. Thank you so much, everyone. It's been a pleasure. And I suppose we shan't take up any more of your busy day. So that will be all from me. Are you happy with where we're here, Mario?

Yes. Just thank everybody for the time to listen to me. Hope it catches their attention. And again, if you have any further questions, please feel free to contact us. We'll be happy to answer for you.

Yes. Perfect. Well, thank you so much, everyone, once again. We hope you have an amazing rest of your day and we'll see you in the next one. .

Thank you very much. Have a good day.

Goodbye.