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Fair Value Measurements (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2021

Dec. 31, 2020

Schedule of change in the fair value of the derivative warrant liabilities

The following table presents the changes in the liability for warrants on convertible preferred stock during the three months ended March 31, 2021 (in thousands):

​

​	​	​	​	​
​		Convertible Preferred Warrant Warrant Stock
Balance as of December 31, 2020	​	$	95,342	​
Change in fair value of warrants	​	​	66,397	​
Exercised warrants	​	​	(253)	​
Balance as of March 31, 2021	​	$	161,486	​

Schedule of quantitative information regarding Level 3 fair value measurements inputs as their measurement dates

The key assumptions used for the valuation of the preferred stock warrant liabilities upon remeasurement were as follows:

​

​	​	​	​	​	​
​	​	Three Months Ended March 31,
​		2021		2020	​
Volatility	​	65.0	%	75.0	%
Risk-free interest rate	​	0.1	%	0.3	%
Expected term (in years)	​	1.2	​	2.3	​
Dividend yield	​	—	%	—	%
Discount for lack of marketability	​	6.8	%	40.0	%

Star Peak Energy Transition Corp [Member]

Schedule of financial assets that are measured at fair value on a recurring basis

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Fair Value Measured as of December 31, 2020

​

Level 1

Level 2

Level 3

Total

Assets

​

​

​

​

​

​

​

​

​

​

​

​

Investments held in Trust Account - U.S. Treasury Securities

$

383,721,747

$

—

$

—

​

$

383,721,747

Liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

Stock warrant liabilities (restated)

​

​

—

​

​

—

​

​

121,091,978

​

​

121,091,978

Total fair value

​

$

383,721,747

​

$

—

​

$

121,091,978

​

$

504,813,725

Schedule of change in the fair value of the derivative warrant liabilities

​

​	​	​	​
Warrant liabilities at December 31, 2020		$	121,091,978
Change in fair value of warrant liabilities	​		155,781,741
Warrant liabilities at March 31, 2021	​	$	276,873,719

The change in the fair value of the derivative warrant liabilities for the year ended December 31, 2020 is summarized as follows:

​

​	​	​	​
Warrant liabilities at January 1, 2020		$	—
Issuance of Public and Private Warrants	​	​	11,822,148
Warrant liabilities at September 30, 2020	​	$	11,822,148
Change in fair value of warrant liabilibites	​	​	109,269,830
Warrant liabilities at December 31, 2020	​	$	121,091,978

Schedule of quantitative information regarding Level 3 fair value measurements inputs as their measurement dates

​

​	​	​	​	​
​		As of March 31, 2021
Exercise price	​	$	11.50	​
Stock Price	​	$	20.58	​
Term (in years)	​		5.09	​
Volatility	​		15.00	%
Risk-free interest rate	​		0.94	%
Dividend yield	​		—	​
Probability of completing a Business Combination	​		95.00	%
Discount for lack of marketability	​	​	1.5	%

​

​	​	​	​	​	​	​	​
​	​	As of December 31,		​	As of August 20, 2020 and		​
​		2020			September 30, 2020		​
Exercise price	​	$	11.50	​	$	11.50	​
Stock price	​	$	20.46	​	$	9.90	​
Term (in years)	​	​	5.33	​	​	5.58	​
Volatility	​	​	21.00	%	​	21.50	%
Risk-free interest rate	​	​	0.41	%	​	0.34	%
Dividend yield	​	​	—	​	​	—	​
Probability of completing a Business Combination	​	​	85.00	%	​	50.00	%
Discount for lack of marketability	​	​	3.00	%	​	4.00	%

X

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

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Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

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