Plug Power, a global leader in hydrogen solutions, announced a definitive agreement with Stream Data Centers, a hyperscale data center developer with over 25 years of experience, in a move that could generate up to $142 million in proceeds.

The deal advances Plug’s initiative to improve liquidity by more than $275 million through asset monetization, the release of restricted cash, and lower maintenance costs.

Under the agreement, Plug will sell its interest in the Project Gateway site in New York, including land, infrastructure, select substation assets, and related agreements. The transaction is expected to close by the end of June 2026, with a long-stop date of June 30, and includes a $6 million deposit from Stream.

The sale supports Stream Data Centers’ planned development at the STAMP industrial park, featuring a water-efficient, low-noise, air-cooled design. The project will leverage existing infrastructure and power allocations, minimizing costs to local communities, while Stream invests in the surrounding area.

“This definitive agreement reflects Plug’s disciplined approach to capital management and strategic execution,” said Jose Luis Crespo, President and Chief Revenue Officer of Plug. “By optimizing our assets and unlocking value from existing infrastructure, we are strengthening liquidity, enhancing financial flexibility, and positioning Plug to participate in meaningful infrastructure growth opportunities.”

The agreement positions Plug to concentrate on hydrogen production and fuel cell deployment, with two additional initiatives expected in 2026 to deliver aggregate proceeds exceeding $275 million.

As U.S. data center expansion accelerates, access to reliable and scalable power solutions is critical. Plug’s deal with Stream marks the company’s first step in aligning its energy infrastructure with one of the fastest-growing segments of the domestic market.