Subsequent Events |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | Note 20 - Subsequent Events On January 14, 2026, the Company entered into a manufacturing reservation agreement related to a planned power generation project. Under the agreement, the Company is committed to pay up to an aggregate of $80.0 million in reservation fees, scheduled in phases during 2026, to secure future manufacturing capacity through 2028 for turbines with up to approximately 1,230 megawatts in total generation capacity. Amounts paid are generally non-refundable and will be credited against the purchase price if a definitive supply agreement is executed. On January 30, 2026, the Company completed the previously announced acquisition of an additional 25% interest in the BKV-BPP Power Joint Venture for aggregate consideration of $115.1 million in cash and 5,315,390 shares of Company common stock, which shares are subject to a 180-day lock-up. The aggregate purchase price was equal to (x) $376.0 million, less (y) 25% of BKV-BPP Power’s net indebtedness at the closing, payable 50% in cash and 50% in shares of the Company’s common stock. BKV-BPP Power’s net indebtedness was $582.9 million as of the closing date and the number of shares issued was determined by dividing the 50% of the aggregate purchase price by $21.6609, which represents the volume-weighted average price of the Company’s common stock during the 20 consecutive trading day period ended October 28, 2025. The Company funded the cash consideration for the transaction with a combination of cash on hand and the net proceeds from the underwritten public equity offering of 6,900,000 shares of Company common stock completed on December 3, 2025. Following the closing of the transaction, the Company and BPPUS own 75% and 25% of the BKV-BPP Power Joint Venture, respectively, and the Company consolidated the financial results of BKV-BPP Power into the Company’s consolidated financial results. Also on January 30, 2026, the Company amended and restated its administrative service agreement with BKV-BPP Power LLC, effective January 1, 2026, to provide continued and updated administrative services and support to BKV-BPP Power. The amended and restated administrative service agreement has an initial term through December 31, 2026, and renews annually on January 1 for additional one-year terms unless mutually terminated. Fees under the administrative service agreement are reviewed and updated annually and are assessed based on services provided. |