Plug Power sells Texas project, amends NY deal

Plug Power Inc. announced two transactions with Stream US Data Centers, LLC as part of its strategic infrastructure optimization initiative targeting over $275 million in liquidity improvement. Plug signed a definitive agreement to sell its Graham, United States — Texas Project (land and 164 MW grid interconnection assets) for up to $76.5 million, with $50 million at closing and up to $26.5 million contingent on load capacity. The sale is expected to close on or about July 31, 2026, and also release approximately $14 million in cash collateral, providing up to $90.5 million total liquidity. Separately, Plug and Stream amended the purchase agreement for the New York Gateway Project: Stream's prior $6.5 million escrow will be released to Plug, Stream will make a new $10 million escrow deposit, and the long-stop closing date for non-land assets was extended to March 31, 2027. The purchase price is fixed at $142 million. Combined with a $5 million advance earlier, Stream will have paid $21.5 million upon escrow release. Plug will retain substation and interconnection assets with a repurchase right until second closing. Together, these transactions are expected to deliver over $80 million in near-term incremental liquidity. As of June 30, 2026, Plug held approximately $162 million in unrestricted cash. Plug and Stream are also exploring opportunities for Plug to deploy products into the data center industry. CEO Jose Luis Crespo expressed optimism about closing and financial goals for 2026.