Property, Plant, and Equipment

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

9. Property, Plant and Equipment

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

	March 31, 2024		December 31, 2023
Land	$	6,505	$	6,505
Plant facilities and infrastructure		77,426		77,329
Machinery and equipment		95,581		95,212
Furniture and office equipment		2,881		2,864
Software		1,656		1,636
Construction in progress		133,886		114,332
Total property, plant and equipment		317,935		297,878
Less: accumulated depreciation and amortization		(90,261)		(86,315)
Property, plant and equipment, net	$	227,674	$	211,563

The Company recorded depreciation expense of $4.0 million and $4.2 million for the three months ended March 31, 2024, and 2023, respectively.

Construction in progress includes $117.5 million for Gevo, primarily related to the NZ1 project, $16.0 million for the Agri-Energy segment (“Agri-Energy”) related to a fractionation and hydrocarbon skid, and $0.4 million for NW Iowa RNG at March 31, 2024. Construction in progress includes $98.2 million for Gevo, primarily related to the NZ1 project, $15.5 million for Agri-Energy, and $0.6 million for NW Iowa RNG at December 31, 2023. Construction in progress is not subject to depreciation until the assets are placed into service.