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Property, Plant, and Equipment
 6 Months Ended
Jun. 30, 2025
Property, Plant and Equipment [Abstract]  
Property, Plant, and Equipment
NOTE 6 — Property, Plant, and Equipment
The following table summarizes the key classifications of property, plant, and equipment included in the condensed consolidated balance sheets:
June 30,December 31,
$ in thousands20252024
Demonstration Plant$122,352 $122,845 
Furniture and equipment1,173 1,069 
Assets acquired under finance lease349 349 
Construction-in-progress3,326 48,438 
Total property, plant, and equipment, gross127,200 172,701 
Accumulated depreciation and amortization (1)
(30,605)(21,231)
Total property, plant, and equipment, net$96,595 $151,470 
___________
(1) As of June 30, 2025 and December 31, 2024, $45 thousand and $18 thousand, respectively, of accumulated depreciation and amortization is related to amortization of the finance lease right-of-use assets.
As of December 31, 2024, Construction-in-progress in the table above includes capitalized costs related to Project Permian, the Company’s first utility-scale facility. During the first quarter of 2025, the Company initiated a value engineering process to assess the project’s feasibility and optimize its design and temporarily paused further long lead equipment releases. Consequently, $56.1 million of costs previously included in Construction-in-progress were expensed during the first quarter of 2025. This amount is included in Goodwill impairment and other charges in the condensed consolidated statements of operations and comprehensive loss.
See discussion of the impairment test performed for the Demonstration Plant in Note 5 — Goodwill and Intangible Assets.
The following table presents the Company’s depreciation expense for the following periods:
Three Months Ended June 30,Six Months Ended June 30,
$ in thousands2025202420252024
Depreciation expense
$4,613 $3,176 $9,347 $6,353