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Property, Plant and Equipment
 9 Months Ended
Sep. 30, 2023
Property, Plant and Equipment  
Property, Plant and Equipment

7. Property, Plant and Equipment

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Property, plant and equipment at September 30, 2023 and December 31, 2022 consisted of the following (in thousands):

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September 30, 2023

    

December 31, 2022

Land

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$

5,879

​

$

1,772

Construction in progress

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​

934,020

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​

575,141

Building and leasehold improvements

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​

87,523

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​

21,363

Software, machinery, and equipment

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296,146

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169,633

Property, plant, and equipment

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1,323,568

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767,909

Less: accumulated depreciation

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(71,085)

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(48,116)

Property, plant, and equipment, net

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$

1,252,483

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$

719,793

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Construction in progress is primarily comprised of construction of four hydrogen production plants. Completed assets are transferred to their respective asset classes, and depreciation begins when an asset is ready for its intended use. Interest on outstanding debt is capitalized during periods of capital asset construction and amortized over the useful lives of the related assets. During the three months ended September 30, 2023 and 2022, the Company capitalized $2.0 million and $4.0 million of interest, respectively. During the nine months ended September 30, 2023 and 2022, the Company capitalized $6.0 million and $9.8 million of interest, respectively.

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Depreciation expense related to property, plant and equipment was $10.2 million and $5.4 million for the three months ended September 30, 2023 and 2022, respectively. Depreciation expense related to property, plant and equipment was $23.0 million and $13.5 million for the nine months ended September 30, 2023 and 2022, respectively.