Property, Plant and Equipment

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment

Property, Plant and Equipment

Note 3 – Property, Plant, and Equipment

Property, plant, and equipment are summarized as follows:

	December 31,
	2024		2023
Production equipment	$	41,750	$	36,086
Laboratory equipment		12,611		9,910
Leasehold improvements		73,114		59,109
Furniture and computer equipment		4,298		3,915
Construction in progress		5,141		13,650
Total cost		136,914		122,670
Accumulated depreciation		(39,706)		(23,514)
Net property, plant and equipment	$	97,208	$	99,156

Depreciation expenses for dedicated laboratory equipment and production equipment are charged to research and development. The other depreciation expenses are included in the Company’s overhead and are allocated across Operating Expenses based on Company personnel costs incurred.

Depreciation expenses related to property, plant, and equipment are summarized as follows:

	December 31,
	2024		2023
Depreciation expense	$	16,449	$	11,947

The Company expanded its pilot electrolyte production to produce larger quantities of electrolyte to feed cell-production lines and continue research and development efforts at its Thornton, Colorado facility (“SP2”). The Company began producing electrolyte at SP2 in 2023. The Company also built an electrolyte innovation center (the “EIC”) at SP2 to design, improve, and test electrolyte manufacturing processes. The Company placed nearly all of the EIC into service in 2024 and expects to place the remaining portion in service by the end of the first quarter 2025. Construction in progress related to property, plant, and equipment is summarized as follows:

	December 31,
Construction in progress	2024		2023
SP1 – Capital projects	$	1,896	$	2,298
SP2 – Increased scale electrolyte production		3,245		11,352