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Property, Plant and Equipment

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment

Property, Plant and Equipment

8. Property, Plant and Equipment

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

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​	​	​	​	​	​	​
​	​	December 31,		​	December 31,
​	​	2023		​	2022
Land	​	$	6,049	​	$	1,772
Construction in progress	​	​	1,109,896	​	​	575,141
Hydrogen production plants	​	​	77,107	​	​	48,147
Building and leasehold improvements	​	​	95,229	​	​	21,363
Software, machinery, and equipment	​		229,352	​		121,486
Property, plant and equipment	​		1,517,633	​		767,909
Less: accumulated depreciation	​		(81,456)	​		(48,116)
Property, plant and equipment, net	​	$	1,436,177	​	$	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. For the years ended December 31, 2023 and 2022, we capitalized $8.2 million and $13.1 million of interest.

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Depreciation expense related to property, plant and equipment was $33.3 million, $19.0 million, and $6.9 million for the years ended December 31, 2023, 2022, and 2021, respectively.

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- References

No definition available.

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- Definition

The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 360
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//360/tableOfContent

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-SubTopic 360
-Topic 958
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480321/958-360-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-SubTopic 360
-Topic 958
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480321/958-360-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-SubTopic 360
-Topic 958
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480321/958-360-50-7

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