v3.24.2.u1
Intangible Assets
6 Months Ended
Jun. 30, 2024
Intangible Assets  
Intangible Assets

7. Intangible Assets

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The gross carrying amount and accumulated amortization of the Company’s acquired identifiable intangible assets as of June 30, 2024 were as follows (in thousands):

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Weighted Average

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Gross Carrying

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Accumulated

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Amortization Period

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Amount

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Amortization

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Total

Acquired technology

 

14 years

 

$

102,822

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$

(23,818)

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$

79,004

Dry stack electrolyzer technology

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10 years

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29,000

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(6,767)

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​

22,233

Customer relationships, trade name and other

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13 years

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102,682

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​

(25,581)

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​

77,101

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​

​

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$

234,504

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$

(56,166)

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$

178,338

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The gross carrying amount and accumulated amortization of the Company’s acquired identifiable intangible assets as of December 31, 2023 were as follows (in thousands):

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Weighted Average

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Gross Carrying

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Accumulated

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​

​

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​

Amortization Period

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Amount

​

Amortization

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Total

Acquired technology

 

14 years

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$

103,060

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$

(20,204)

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$

82,856

Dry stack electrolyzer technology

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10 years

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​

29,000

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​

(5,317)

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​

23,683

Customer relationships, trade name and other

 

13 years

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103,981

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(21,634)

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82,347

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​

​

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$

236,041

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$

(47,155)

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$

188,886

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The change in the gross carrying amount of the acquired technology and customer relationships, trade name and other from December 31, 2023 to June 30, 2024 was due to foreign currency translation.

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Amortization expense for acquired identifiable intangible assets for the three months ended June 30, 2024 and 2023 was $4.6 million and $4.8 million, respectively. Amortization expense for acquired identifiable intangible assets for the six months ended June 30, 2024 and 2023 was $9.4 million and $9.8 million, respectively.

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The estimated amortization expense for subsequent years is as follows (in thousands):

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​

​

​

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Remainder of 2024

    

$

9,380

2025

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​

18,036

2026

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​

16,462

2027

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​

16,455

2028

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​

16,046

2029 and thereafter

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​

101,959

Total

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$

178,338

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