Intangible Assets and Goodwill

12 Months Ended

Dec. 31, 2022

Intangible Assets and Goodwill

Intangible Assets and Goodwill

10.  Intangible Assets and Goodwill

The gross carrying amount and accumulated amortization of the Company’s acquired identifiable intangible assets as of December 31, 2022 are as follows (in thousands):

	Weighted Average	Gross Carrying		Accumulated
	Amortization Period	Amount		Amortization		Total
Acquired technology	14 years	$	104,221	$	(12,754)	$	91,467
Dry stack electrolyzer technology	10 years		29,000		(2,417)		26,583
Customer relationships, Non-compete agreements, Backlog & Trademark	13 years		102,521		(12,846)		89,675
		$	235,742	$	(28,017)	$	207,725

The gross carrying amount and accumulated amortization of the Company’s acquired identifiable intangible assets as of December 31, 2021 are as follows (in thousands):

	Weighted Average	Gross Carrying		Accumulated
	Amortization Period	Amount		Amortization		Total
Acquired technology	13 years	$	45,530	$	(5,392)	$	40,138
Customer relationships, Non-compete agreements, Backlog & Trademark	12 years		90,497		(1,427)		89,070
In process research and development	Indefinite		29,000		—		29,000
		$	165,027	$	(6,819)	$	158,208

The change in the gross carrying amount of the acquired technology from 2021 to 2022, was primarily due to the acquisition of Joule and CIS, the addition of the dry build electrolyzer stack related to the Giner ELX acquisition, and changes in foreign currency translation.

Amortization expense for acquired identifiable intangible assets for the years ended December 31, 2022, 2021 and 2020 was $21.2 million, $2.5 million and $1.1 million, respectively.

Estimated amortization expense for subsequent years was as follows (in thousands):

2023	$	19,033
2024		18,973
2025		18,204
2026		16,635
2027		16,628
2028 and thereafter		118,252
Total	$	207,725

Goodwill was $248.6 million and $220.4 million as of December 31, 2022 and 2021 respectively, which primarily increased $26.1 million as a result of the Joule and CIS acquisitions, and decreased $3.8 million due to translation adjustments for Plug Power Europe and Frames goodwill.  There were no impairments during the years ended December 31, 2022, 2021 and 2020.

The change in the carrying amount of goodwill for the year ended December 31, 2022 was as follows (in thousands):

Beginning balance at December 31, 2021	$	220,436
Acquisitions		26,087
Measurement period adjustments		5,868
Foreign currency translation adjustment		(3,784)
Ending balance at December 31, 2022	$	248,607