Intangible Assets and Goodwill

9 Months Ended

Sep. 30, 2022

Intangible Assets and Goodwill

Intangible Assets and Goodwill

8. Intangible Assets and Goodwill

The gross carrying amount and accumulated amortization of the Company’s acquired identifiable intangible assets as of September 30, 2022 were as follows (in thousands):

	Weighted Average	Gross Carrying		Accumulated
	Amortization Period	Amount		Amortization		Total
Acquired technology	14 years	$	103,414	$	(10,534)	$	92,880
Dry stack electrolyzer technology	10 years		29,000		(1,692)		27,308
Customer relationships, Non-compete agreements, Backlog & Trademark	12 years		85,291		(9,832)		75,459
		$	217,705	$	(22,058)	$	195,647

The gross carrying amount and accumulated amortization of the Company’s acquired identifiable intangible assets as of December 31, 2021 were as follows (in thousands):

	Weighted Average	Gross Carrying		Accumulated
	Amortization Period	Amount		Amortization		Total
Acquired technology	13 years	$	45,530	$	(5,392)	$	40,138
Customer relationships, Non-compete agreements, Backlog & Trademark	12 years		90,497		(1,427)		89,070
In process research and development	Indefinite		29,000		—		29,000
		$	165,027	$	(6,819)	$	158,208

The change in the gross carrying amount of the acquired technology from December 31, 2021 to September 30, 2022, was primarily due to the acquisition of Joule, the addition of the dry build electrolyzer stack related to the Giner ELX acquisition, and changes in foreign currency translation.

Amortization expense for acquired identifiable intangible assets for the three months ended September 30, 2022 and 2021 was $4.9 million and $0.4 million, respectively. Amortization expense for acquired identifiable intangible assets for the nine months ended September 30, 2022 and 2021 was $15.2 million and $1.1 million, respectively.

The estimated amortization expense for subsequent years is as follows (in thousands):

Remainder of 2022	$	5,064
2023		17,631
2024		17,570
2025		16,839
2026		15,441
2027 and thereafter		123,102
Total	$	195,647

The change in the carrying amount of goodwill for the nine month period ended September 30, 2022 was as follows (in thousands):

Beginning balance at December 31, 2021	$	220,436
Acquisitions		12,943
Measurement period adjustments		6,496
Foreign currency translation adjustment		(9,156)
Ending balance at September 30, 2022	$	230,719