Fair Value Measurements (Tables)
|
3 Months Ended |
6 Months Ended |
12 Months Ended |
Mar. 31, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Dec. 31, 2021 |
| Fair Value Measurements (Tables) [Line Items] |
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|
|
|
| Schedule of fair value hierarchy of valuation inputs |
fair value hierarchy described above, the following
tables show
| |
|
Fair Value as of March 31, 2023 |
|
| |
|
Carrying Value |
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|
Level 1 |
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|
Level 2 |
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Level 3 |
|
| Financial liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
| Warrant liability - Public Warrants |
|
$ |
1,956,891 |
|
|
$ |
1,956,891 |
|
|
$ |
- |
|
|
$ |
- |
|
| Warrant liability - Private Warrants |
|
|
1,653,223 |
|
|
|
- |
|
|
|
- |
|
|
|
1,653,223 |
|
| Warrant liability - SPA Warrants |
|
|
31,315,131 |
|
|
|
- |
|
|
|
- |
|
|
|
31,315,131 |
|
| Total |
|
$ |
34,925,245 |
|
|
$ |
1,956,891 |
|
|
$ |
- |
|
|
$ |
32,968,354 |
|
|
|
fair
value hierarchy described above, the following tables show the fair value of the Company’s financial liabilities
| |
|
Fair Value as of December 31, 2022 |
|
| |
|
Carrying Value |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
| Financial liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
| Warrant liability – Public Warrants |
|
$ |
2,276,136 |
|
|
$ |
2,276,136 |
|
|
$ |
— |
|
|
$ |
— |
|
| Warrant liability – Private Warrants |
|
|
1,934,588 |
|
|
|
— |
|
|
|
— |
|
|
|
1,934,588 |
|
| Warrant liability – SPA Warrants |
|
|
28,477,618 |
|
|
|
— |
|
|
|
— |
|
|
|
28,477,618 |
|
| Total |
|
$ |
32,688,342 |
|
|
$ |
2,276,136 |
|
|
$ |
— |
|
|
$ |
30,412,206 |
|
|
|
| Schedule of changes in fair value |
The following table sets forth a summary of the changes in fair value
of the Company’s financial liabilities:
| |
|
Warrant |
|
| |
|
Liability |
|
| Balance, December 31, 2022 |
|
$ |
32,688,341 |
|
| Change in fair value of warrant liabilities |
|
|
2,236,904 |
|
| Balance, March 31, 2023 |
|
$ |
34,925,245 |
|
|
|
The following table sets forth
a summary of the changes in fair value of the Company’s financial liabilities:
| |
|
Warrant
Liability |
|
| Balance, December 31, 2021 |
|
$ |
— |
|
| Assumption of Public and Private Warrants in Business Combination |
|
|
5,278,145 |
|
| SPA Warrants from Convertible Note |
|
|
20,949,110 |
|
| Change in fair value of warrant liabilities |
|
|
6,461,087 |
|
| Balance, December 31, 2022 |
|
$ |
32,688,342 |
|
|
|
| CleanTech Acquisition Corp [Member] |
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| Fair Value Measurements (Tables) [Line Items] |
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| Schedule of fair value hierarchy of valuation inputs |
|
| Description |
|
Amount at
Fair Value |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
| June 30, 2022 |
|
|
|
|
|
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|
|
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| Assets |
|
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|
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|
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| Investments held in Trust Account: |
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|
|
|
|
|
|
|
|
|
|
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| Money Market investments |
|
$ |
174,483,243 |
|
|
$ |
174,483,243 |
|
|
$ |
— |
|
|
$ |
— |
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Warrant liabilities – Public Warrants |
|
$ |
2,760,000 |
|
|
$ |
2,760,000 |
|
|
$ |
— |
|
|
$ |
— |
|
Warrant liabilities – Private Placement
Warrants |
|
$ |
2,296,000 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2,296,000 |
|
| December 31, 2021 |
|
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|
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| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments held in Trust Account: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Money Market investments |
|
$ |
174,230,428 |
|
|
$ |
174,230,428 |
|
|
$ |
— |
|
|
$ |
— |
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Warrant liabilities – Public Warrants |
|
$ |
5,175,000 |
|
|
$ |
5,175,000 |
|
|
$ |
— |
|
|
$ |
— |
|
Warrant liabilities – Private Placement
Warrants |
|
$ |
2,798,250 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2,798,250 |
|
|
|
fair value hierarchy of the valuation inputs the Company utilized to determine such
fair value:
| Description |
|
Amount at
Fair Value |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
| December 31, 2021 |
|
|
|
|
|
|
|
|
|
|
|
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
| Investments held in Trust Account: |
|
|
|
|
|
|
|
|
|
|
|
|
| Money Market investments |
|
$ |
174,230,428 |
|
|
$ |
174,230,428 |
|
|
$ |
— |
|
|
$ |
— |
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Warrant liabilities – Public Warrants |
|
$ |
5,175,000 |
|
|
$ |
5,175,000 |
|
|
$ |
— |
|
|
$ |
— |
|
| Warrant liabilities – Private Placement Warrants |
|
$ |
2,798,250 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2,798,250 |
|
|
| Schedule of the black-scholes option model for the private placement warrants |
|
| |
|
As of
June 30,
2022 |
|
|
As of
December 31,
2021 |
|
| Stock price |
|
$ |
10.07 |
|
|
$ |
9.96 |
|
| Strike price |
|
$ |
11.50 |
|
|
$ |
11.50 |
|
| Probability of completing a Business Combination |
|
|
38.0 |
% |
|
|
* |
|
| Dividend yield |
|
|
— |
% |
|
|
— |
% |
| Term (in years) |
|
|
4.1 |
|
|
|
4.6 |
|
| Volatility |
|
|
11.2 |
% |
|
|
8.7 |
% |
| Risk-free rate |
|
|
3.0 |
% |
|
|
1.2 |
% |
| Discount for lack of marketability |
|
|
— |
% |
|
|
— |
% |
| Fair value of warrants |
|
$ |
0.32 |
|
|
$ |
0.39 |
|
|
* |
The probability of completing a Business Combination is considered
within the volatility implied by the traded price of the Public Warrants which is used to value the Private Placement Warrants. |
|
|
The following table provides
the significant inputs to the Black-Scholes Option Pricing Model fair value of the Private Placement Warrants:
| |
|
As of
December 31,
2021 |
|
| Stock price |
|
$ |
9.96 |
|
| Strike price |
|
$ |
11.50 |
|
| Probability of completing a Business Combination |
|
|
100.0 |
% |
| Dividend yield |
|
|
— |
% |
| Term (in years) |
|
|
4.6 |
|
| Volatility |
|
|
8.7 |
% |
| Risk-free rate |
|
|
1.2 |
% |
| Fair value of warrants |
|
$ |
0.39 |
|
|
| Schedule of financial instruments that are measured at fair value on a recurring basis |
|
| Fair value as of December 31, 2020 |
|
$ |
— |
|
| Initial measurement of Public Warrants and Private Placement Warrants at July 19, 2021 |
|
|
7,980,000 |
|
| Initial measurement of over-allotment warrants |
|
|
1,071,000 |
|
| Transfer of Public Warrants to Level 1 measurement |
|
|
(5,175,000 |
) |
| Change in fair value |
|
|
(1,077,750 |
) |
| Fair value as of December 31, 2021 |
|
|
2,798,250 |
|
| Change in fair value |
|
|
(861,000 |
) |
| Fair value as of March 31, 2022 |
|
|
1,937,250 |
|
| Change in fair value |
|
|
358,750 |
|
| Fair value as of June 30, 2022 |
|
$ |
2,296,000 |
|
|
|
The following table provides
a summary of the changes in the fair value of the Company’s Level 3 financial instruments that are measured at fair value on a recurring
basis:
| Fair value as of December 31, 2020 |
|
$ |
— |
|
| Initial measurement of Public Warrants and Private Placement Warrants at July 19, 2021 |
|
|
7,980,000 |
|
| Initial measurement of over-allotment warrants |
|
|
1,071,000 |
|
| Transfer of Public Warrants to Level 1 measurement |
|
|
(5,175,000 |
) |
| Change in fair value |
|
|
(1,077,750 |
) |
| Fair value as of December 31, 2021 |
|
$ |
2,798,250 |
|
|