Plug Power (PLUG) said Thursday it entered into an agreement with data center developer Stream Data Centers to advance the previously announced initiative to generate more than $275M in liquidity improvement.
Under the deal terms, Plug (PLUG) expects to receive at least $132.5M through a sale of its interest in the Project Gateway site in New York, comprising the land and associated infrastructure, select substation-related assets, and the assignment of certain related agreements.
Plug (PLUG) said the asset sale allows it to unlock value from existing assets and maintain focus on hydrogen production and fuel cell deployment; two additional initiatives are expected in 2026, with ~$275M in anticipated total proceeds.
The company said its agreement with Stream is “the first step in aligning its power infrastructure capabilities with one of the fastest-growing segments of the domestic energy market.”