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Property, plant and equipment, net
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Property, plant and equipment, net Property, plant and equipment, net
As atDecember 31, 2024December 31, 2023
Building$58.8 $58.8 
Plant equipment51.5 55.3 
Computer software and equipment5.5 4.5 
Vehicles0.2 0.2 
Leasehold improvements14.713.5
Assets under construction587.7 552.6 
$718.4 $684.9 
Less – accumulated depreciation(27.5)(16.1)
Total property, plant and equipment, net$690.9$668.8
For the year ended December 31, 2024, $nil in borrowing costs (for the year ended December 31, 2023: $30.3 million) were capitalized to assets under construction. The capitalization rate used to determine the amount of borrowing costs eligible for capitalization for the year ended December 31, 2023 was 12.5%, which was the weighted average effective interest rate of the Company's effective interest rates on its leases and convertible debt.
Depreciation expense for the year ended December 31, 2024 was $11.4 million compared to $8.9 million in the corresponding period of 2023.
In 2024, the Company received proceeds 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 and recognized this amount as a reduction in plant equipment.