v3.26.1
Property, Plant, and Equipment
 6 Months Ended
Jun. 30, 2026
Property, Plant, and Equipment [Abstract]  
Property, Plant, and Equipment
NOTE 6 — Property, Plant, and Equipment
The following table summarizes the key classifications of property, plant, and equipment included in the condensed consolidated balance sheets:
June 30,December 31,
$ in thousands20262025
Furniture and equipment$94 $132 
La Porte Demonstration Facility— 13,484 
Assets acquired under finance lease— 45 
Construction-in-progress23,321 20,062 
Total property, plant, and equipment, gross23,415 33,723 
Accumulated depreciation and amortization(23)(965)
Total property, plant, and equipment, net$23,392 $32,758 
As of June 30, 2026, construction-in-progress consisted primarily of deposits on gas turbine equipment for Project Permian Phase I. Of the impairment recognized during the second quarter of 2026, $17.4 million was allocated to property, plant, and equipment of the Developed Technology Asset Group. Refer to Note 5 — Goodwill and Intangible Assets for discussion of the impairment of the Developed Technology Asset Group recognized during the second quarter of 2026.
During the first quarter of 2025, as a result of management’s assessment of the probability of the construction of the first utility-scale plant incorporating of the Oxy-Combustion Cycle (“SN1”), $56.1 million of costs previously included in Construction-in-progress were expensed. This amount is included in impairment and other charges in the condensed consolidated statements of operations and comprehensive loss for the six months ended June 30, 2025.
The following table presents the Company’s depreciation and amortization expense for the following periods:
Three Months Ended June 30,Six Months Ended June 30,
$ in thousands2026202520262025
Depreciation and amortization expense
$724 $4,627 $1,451 $9,374 
The Company regularly evaluates whether events or changes in circumstances warrant a revision to the remaining estimated useful lives of its long-lived assets.