Investment in Unconsolidated Joint Venture

6 Months Ended

Jun. 30, 2022

Equity Method Investments and Joint Ventures [Abstract]

Investment in Unconsolidated Joint Venture

Investment in Unconsolidated Joint Venture

In August 2019, the Company entered into an agreement with Holtec to form the unconsolidated joint venture HI-POWER LLC (“Hi-Power” or “JV”). The JV was formed in order to manufacture the Company’s products for its projects in North America. Accordingly, the Company had purchased battery energy storage systems and spare parts from the JV. The facility is located in Turtle Creek, Pennsylvania. The Company’s financial commitment to the JV upon inception was $4,100 in the form of a combination of cash and special purpose manufacturing equipment. The Company’s initial ownership interest was 49%. On April 9, 2021, the Company acquired the remaining 51% ownership interest and Hi-Power became a wholly-owned subsidiary thereafter. Refer to Note 2 for the acquisition details.

For the three and six months ended June 30, 2021, contributions made to the JV were $— and $4,000, respectively. The investment income recognized from the unconsolidated joint venture under the equity method of accounting was $— and $440 for the three and six months ended June 30, 2021, respectively.