Property, plant and equipment, net

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]


As at	June 30, 2024		December 31, 2023
Plant equipment	$	53.3	$	55.3
Computer equipment	4.6		4.5
Vehicles	0.2		0.2
Leasehold improvement	13.0		13.5
Construction in progress - Rochester Hub	579.5		547.2
Construction in progress - Spoke Network	38.5		34.7
Construction in progress - Buildings	29.6		29.5
	$	718.7	$	684.9
Less – accumulated depreciation	(20.9)		(16.1)
Total property, plant and equipment, net	$	697.8	$	668.8

For the three and six months ended June 30, 2024, $nil and $nil in borrowing costs (for the three and six months ended June 30, 2023: $9.1 million and $16.8 million) were capitalized to assets under construction due to the pause of construction at the Rochester Hub. Depreciation expense for the three and six months ended June 30, 2024 was $2.6 million and $4.8 million compared to $2.0 million and $3.9 million in the corresponding periods of 2023. In the three months ended June 30, 2024, the Company recognized as a reduction in the Construction in progress - Spoke Network amount on the receipt of $5.8 million (€5.3 million) of the $6.9 million (€6.4 million) approved grant for the Germany Spoke from the State of Saxony-Anhalt, Germany.

Refer to Note 14 (Commitments and contingencies) for details of contractual commitments to purchase fixed assets.