Property, Plant, and Equipment

6 Months Ended

Jun. 30, 2024

Property, Plant, and Equipment

Property, Plant and Equipment

8. Property, Plant and Equipment

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

	June 30, 2024		December 31, 2023
Land	$	6,505	$	6,505
Plant facilities and infrastructure		77,426		77,329
Machinery and equipment		96,116		95,212
Furniture and office equipment		2,755		2,864
Software		1,656		1,636
Construction in progress		142,821		114,332
Total property, plant and equipment		327,279		297,878
Less: accumulated depreciation and amortization		(93,954)		(86,315)
Property, plant and equipment, net	$	233,325	$	211,563

During the three and six months ended June 30, 2024, the Company recorded depreciation expense of $3.9 million and $7.9 million, respectively. During the three and six months ended June 30, 2023, the Company recorded depreciation expense of $3.7 million and $7.9 million, respectively.

Construction in progress includes $126.6 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 $0.2 million for NW Iowa RNG at June 30, 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.