Investments

9 Months Ended

Sep. 30, 2024

Investments

Investments

16. Investments

Equity Method Investments

As of September 30, 2024 and December 31, 2023, 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 equity securities on the unaudited interim condensed consolidated balance sheets (amounts in thousands):

		As of September 30, 2024			As of December 31, 2023
	Formation	Common Stock	Carrying		Common Stock	Carrying
Investee	Date	Ownership %	Value		Ownership %	Value
HyVia	Q2 2021	50%	$	2,420	50%	$	(2,068)
AccionaPlug	Q4 2021	50%		4,062	50%		3,198
Clean H2 Infra Fund	Q4 2021	5%		27,392	5%		13,357
SK Plug Hyverse	Q1 2022	49%		56,274	49%		41,609
			$	90,148		$	56,096

As of December 31, 2023, the Company’s investment in HyVia was negative due to historical losses. The Company is committed to fund its share of losses of the joint venture and, therefore, continued to record losses as incurred. The negative equity investment as of December 31, 2023 was recorded on the unaudited interim condensed consolidated balance sheet to the contingent consideration, loss accrual for service contracts, and other liabilities financial statement line item.

During the three months ended September 30, 2024, the Company contributed approximately $0, $0.7 million, $0 and $0 to HyVia, AccionaPlug, SK Plug Hyverse and Clean H2 Infra Fund, respectively. During the three months

ended September 30, 2023, the Company contributed approximately $0, $1.8 million, $16.0 million and $4.8 million to HyVia, AccionaPlug, SK Plug Hyverse and Clean H2 Infra Fund, respectively.

During the nine months ended September 30, 2024, the Company contributed approximately $32.3 million, $2.4 million, $16.0 million and $13.7 million to HyVia, AccionaPlug, SK Plug Hyverse and Clean H2 Infra Fund, respectively. During the nine months ended September 30, 2023, the Company contributed approximately $22.3 million, $2.6 million, $33.8 million and $8.1 million to HyVia, AccionaPlug, SK Plug Hyverse and Clean H2 Infra Fund, respectively.

The Company’s capital commitments related to its equity method investments as of September 30, 2024 includes $38.9 million to be made during the remainder of 2024.