Fair Value Measurements (Tables)
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6 Months Ended |
12 Months Ended |
Jun. 30, 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 |
In accordance with the fair value hierarchy
described above, the following tables show the fair value of the Company’s financial liabilities that are required to be measured
at fair value on a recurring basis and the related activity for the periods presented:
|
|
Fair Value as of June 30, 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 |
|
$ |
1,921,650 |
|
|
$ |
1,921,650 |
|
|
$ |
- |
|
|
$ |
- |
|
Warrant liability - Private Warrants |
|
|
1,677,025 |
|
|
|
- |
|
|
|
- |
|
|
|
1,677,025 |
|
Warrant liability - SPA Warrants |
|
|
2,248,382 |
|
|
|
- |
|
|
|
- |
|
|
|
2,248,382 |
|
Total |
|
$ |
5,847,057 |
|
|
$ |
1,921,650 |
|
|
$ |
- |
|
|
$ |
3,925,407 |
|
|
|
In accordance with the fair
value hierarchy described above, the following tables show the fair value of the Company’s financial liabilities that are required
to be measured at fair value on a recurring basis and the related activity for periods presented:
|
|
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 |
|
Loss on repricing of warrants |
|
|
590,266 |
|
Change in fair value of warrant
liabilities |
|
|
(27,431,550 |
) |
Balance, June 30, 2023 |
|
$ |
5,847,057 |
|
|
|
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 |
|
The following table presents
information about the Company’s financial assets and liabilities that are measured at fair value on a recurring basis as of June 30,
2022 and December 31, 2021, and indicates the 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 |
|
June 30, 2022 |
|
|
|
|
|
|
|
|
|
|
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Assets |
|
|
|
|
|
|
|
|
|
|
|
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Investments held in Trust Account: |
|
|
|
|
|
|
|
|
|
|
|
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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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|
|
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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 |
|
|
|
The following table presents
information about the Company’s financial assets and liabilities that are measured at fair value on a recurring basis as of December 31,
2021 and December 31, 2020, and indicates the 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 |
|
The following table provides
the significant inputs to the Black-Scholes Option Pricing Model fair value of 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 |
|
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 |
|
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 |
|
|