INVESTMENTS IN PRIVATELY-HELD COMPANIES |
6 Months Ended |
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Jun. 30, 2024 | |
| Equity Method Investments and Joint Ventures [Abstract] | |
| INVESTMENTS IN PRIVATELY-HELD COMPANIES |
NOTE 3: INVESTMENTS IN PRIVATELY-HELD COMPANIES
In January 2024, the Company completed an investment of $6,075 in the preferred stock of Ivy Energy, Inc, ("Ivy"), a privately-held U.S. company. The Company accounted for the Ivy investment as an equity investment that does not have readily determinable fair values. As such, the Company’s non-marketable equity securities had a carrying value of $6,075 as of June 30, 2024.
As of March 2024, the Company completed an investment of $5,000 in the preferred stock of Stardust Solution, Inc, ("Stardust"), a privately-held U.S. company. The Company accounted for the Stardust investment as an equity investment that does not have readily determinable fair values. As such, the Company’s non-marketable equity securities had a carrying value of $5,000 as of June 30, 2024.
In April 2024, the Company completed an investment of approximately $17,000 in the preferred stock of Ampeers Energy GmbH ("Ampeers"), a privately-held German company, which represented 28.23% of Ampeers' outstanding shares.
The Company accounted for its investment in Ampeers using the equity method of accounting. Under this method, the investment, which was initially recorded at cost, is adjusted to recognize the Company’s share of net earnings or losses of the investee as they occur, rather than when dividends or other distributions are received. The Company's share of net losses in the three and six months ended June 30, 2024 were $567.
Investments in privately-held companies are included within other long-term assets in the condensed consolidated balance sheets. As of June 30, 2024, the carrying value of investments in privately-held companies was $27,405.
There were no impairment charges for the three and six months ended June 30, 2024 and 2023 associated with this equity method investment.
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