v3.26.1
Investments
3 Months Ended
Mar. 31, 2026
Investments  
Investments

5. Investments

Investments in Non-consolidated Entities and Non-marketable Securities

Non-marketable Securities

Our investment in non-marketable securities was $12.8 million as of March 31, 2026 and December 31, 2025, respectively, of which $10.2 million matures within the next 12 months and is included in prepaid expenses, tax credits, and other current assets on the Company’s unaudited interim condensed consolidated balance sheets.

Equity Method Investments

As of March 31, 2026 and December 31, 2025, the Company accounted for the following investments in the investee’s common stock under the equity method, which are included in the investments in non-consolidated entities and non-marketable securities on the unaudited interim condensed consolidated balance sheets (amounts in thousands):

As of March 31, 2026

As of December 31, 2025

  ​ ​ ​

Formation

  ​ ​ ​

Common Stock

Carrying

  ​ ​ ​

Common Stock

  ​ ​ ​

Carrying

Investee

Date

Ownership %

Value

Ownership %

Value

AccionaPlug S.L.

Q4 2021

50%

4,479

50%

4,531

Clean H2 Infra Fund

Q4 2021

5%

38,514

5%

39,760

$

42,993

$

44,291

During the three months ended March 31, 2026, the Company contributed approximately $0.4 million and $0 to AccionaPlug S.L. and Clean H2 Infra Fund, respectively. During the three months ended March 31, 2025, the Company contributed approximately $0.5 million and $0 to AccionaPlug S.L. and Clean H2 Infra Fund, respectively.

As of March 31, 2026, the Company’s capital commitments related to its equity method investments was $5.9 million, all of which is expected to be paid during the second quarter of 2026.