Property, Plant, and Equipment

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

11. Property, Plant and Equipment

The following table sets forth the Company’s property, plant and equipment by classification (in thousands):

	Useful Life	December 31,
	(in years)	2023		2022
Land		$	6,505	$	6,452
Plant facilities and infrastructure	5 to 20		77,329		76,900
Machinery and equipment	5 to 20		95,212		87,248
Furniture and office equipment	3 to 7		2,864		2,977
Software	3 to 6		1,636		2,217
Construction in progress			114,332		81,019
Total property, plant and equipment			297,878		256,813
Less: accumulated depreciation and amortization			(86,315)		(71,639)
Property, plant and equipment, net		$	211,563	$	185,174

The Company recorded depreciation expenses of $17.6 million and $6.5 million for the years ended December 31, 2023, and 2022, respectively.

At December 31, 2023, and 2022, construction in progress included accruals of $7.0 million and $13.8 million, respectively.

Construction in progress includes $34.7 million for Gevo, $15.5 million for Agri-Energy related to a fractionation and hydrocarbon skid, $0.6 million for NW Iowa RNG and $63.5 million for NZ1 at December 31, 2023. Construction in progress includes $25.9 million for Gevo, $11.4 million for Agri-Energy, $1.0 million for NW Iowa RNG and $42.7 million for NZ1 at December 31, 2022. Construction in progress is not subject to depreciation until the assets are placed into service.

Borrowing costs. Borrowing costs directly attributable to acquisition and construction of an asset are capitalized until it is completed and ready for its intended use, and thereafter are recognized in profit or loss for the current period. The Company did not capitalize interest expense during the year ended December 31, 2023, and capitalized $0.3 million of interest expense for the year ended December 31, 2022.