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Property, plant and equipment, net
 12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Abstract]  
Property, plant and equipment, net Property, plant and equipment, net
As atDecember 31, 2023December 31, 2022October 31, 2022October 31, 2021
Plant equipment
$55.3 $38.1 $34.3 $6.4 
Computer equipment4.5 2.1 1.8 0.2 
Vehicles
0.2 0.3 0.3 0.2 
Leasehold improvement13.5 9.9 9.8 6.2 
Construction in progress - Rochester Hub547.2139.590.1—
Construction in progress - Spoke Network29.521.019.815.6
Construction in progress - Buildings34.76.3——
$684.9 $217.2 $156.1 $28.6 
Less – accumulated depreciation(16.1)(7.2)(5.9)(2.2)
Total property, plant and equipment, net$668.8$210.0$150.2$26.4
For the year ended December 31, 2023, $30.3 million in borrowing costs (for the 2 months ended December 31, 2022: $3.5 million, for the year ended October 31, 2022: $5.2 million, 2021: $nil) were capitalized to assets under construction. The capitalization rate used to determine the amount of borrowing costs eligible for capitalization in the period was 12.5% (for the 2 months ended December 31, 2022: 7.9%, for the year ended October 31, 2022: 7.8%) which is the weighted average effective interest rate of the Company's effective interest rates on its leases and convertible debt.
On December 23, 2022, the Company entered into an amended and restated project agreement with the County of Monroe Industrial Development Agency (“COMIDA”), a public benefit corporation of the State of New York in connection with the acquisition of leasehold interest, land development and the acquisition and installation of certain machinery and equipment on the Rochester Hub. According to the agreement, COMIDA approved certain financial assistance to the Company consisting of an exemption from all New York State and local sales and use tax for purchases and rentals related to the project with respect to the qualifying personal property included in or incorporated into the Rochester Hub or used in the acquisition, construction or equipping of the Rochester Hub. As of December 31, 2023 and December 31, 2022, the Company received benefits of $5.6 million and $1.4 million in the form of tax savings from qualified activity, respectively. The agreement includes provisions for the recapture of financial benefits in the occurrence of an event of default, which has not taken place to date. As a result, the Company recorded an increase to property, plant and equipment (construction in progress) with a corresponding increase to accrued liabilities in the amount of $5.6 million on the consolidated balance sheets as of December 31, 2023.
Refer to Note 23 for details of contractual commitments to purchase fixed assets.