Plug Power is moving aggressively to strengthen its balance sheet, announcing two transactions with Stream US Data Centers, LLC that are expected to deliver significant liquidity improvements as part of the company’s broader infrastructure optimization strategy.

 

The agreements, which include the sale of major project assets in Texas and New York, are designed to generate more than $275 million in liquidity through asset monetization, the release of restricted cash, and lower ongoing maintenance costs. 

 

The companies are also exploring additional opportunities for Plug Power to deploy its products across the rapidly growing data center sector.

 

Under the new agreement, Plug will sell its Graham, Texas Project to Stream for up to $76.5 million. The deal includes land and 164 MW of grid interconnection assets, with $50 million expected at closing and up to $26.5 million tied to the final load capacity confirmed in the project’s interconnection agreement with the Texas utility.

 

Beyond the sale proceeds, the transaction is expected to unlock approximately $14 million in cash collateral currently supporting letters of credit and security payments after related interconnection obligations are transferred to Stream. Combined, the Texas transaction is expected to provide up to approximately $90.5 million in total liquidity.

 

Plug and Stream have also amended their agreement for the New York Gateway Project, creating a staged transaction structure designed to accelerate near-term proceeds while allowing additional time for regulatory approvals.

 

The amended purchase price remains fixed at $142 million. Including a $5 million advance payment received earlier this year, Stream will have paid Plug $21.5 million toward the purchase price once the escrow deposits are released.

 

Plug will retain ownership of the project’s substation and interconnection assets, as well as a repurchase right over the land, until the second closing.

 

As of June 30, 2026, Plug reported approximately $162 million in unrestricted cash and cash equivalents, before including proceeds from the newly announced transactions.

 

The initial New York closing and the Texas agreement are expected to provide more than $80 million in near-term incremental liquidity. Plug said additional infrastructure optimization initiatives — including further releases of restricted cash — are underway and are expected to push total liquidity improvement beyond $275 million.

 

"Plug is appreciative of the continued collaboration and partnership with Stream Data Centers and is excited to position for closing in the near term. Monetizing these assets was a key part of our strategy this year, coupled with the continued improvements in margin and cash flows to fund the business. 

 

"We look forward to sharing our results for the second quarter shortly and believe that we are on track with our financial goals for 2026. The improvement in margins, effective management of our liquidity, and the growth of our sales pipeline remain our critical focus." said Jose Luis Crespo, Chief Executive Officer.