Plug Power Announces Sale of Graham, Texas Project and Staged Closing of New York Gateway Project with Stream Data Centers, Expects $80 Million in Near-Term Liquidity as Part of $275 Million-Plus Initiative

Plug Power (NASDAQ: PLUG) announced two transactions with Stream US Data Centers supporting its strategic infrastructure optimization plan targeting over $275 million in liquidity improvements.

Rhea-AI Summary

Plug Power (NASDAQ: PLUG) announced two transactions with Stream US Data Centers supporting its strategic infrastructure optimization plan targeting over $275 million in liquidity improvements. Texas Plug signed a definitive deal to sell its Graham, Texas Project, including land and 164 MW of grid interconnection assets, to Stream for up to $76.5 million, plus an expected release of about $14 million in cash collateral, for total potential liquidity of roughly $90.5 million.

For the New York Gateway Project, the purchase price is now fixed at $142 million, with $21.5 million to be paid after escrow releases and earlier advances, and the long-stop date for non-land assets extended to March 31, 2027. According to Plug, these steps should add more than $80 million of near-term liquidity, on top of $162 million in unrestricted cash as of June 30, 2026.

Positive

• Graham, Texas sale up to $76.5M plus ~$14M collateral release, for potential ~$90.5M liquidity
• New York Gateway price fixed at $142M, with $21.5M paid after escrow releases and prior advance
• More than $80M in near-term incremental liquidity expected from these transactions
• Liquidity optimization initiative targets >$275M aggregate improvement through asset monetization and restricted cash releases
• $162M unrestricted cash held as of June 30, 2026, before today’s announced proceeds

Negative

• Gateway non-land asset closing long-stop extended to March 31, 2027, delaying full cash realization
• Sale of Graham, Texas and Gateway assets reduces direct ownership of certain infrastructure assets

News Explained

Neither sale is complete: Texas proceeds and Gateway asset transfers remain conditional or staged.

Neither transaction is reported as fully closed: the Texas sale is expected on or about July 31, 2026, subject to closing conditions, while Plug retains Gateway’s substation and interconnection assets until the second closing.

At Texas, $50 million is payable at closing and up to $26.5 million depends on load capacity confirmed in the final utility agreement; the expected $14 million collateral release also depends on transferring related interconnection obligations and security arrangements to Stream.

For Gateway, the amended terms allow the land sale to occur earlier, but the non-land assets remain subject to a long-stop date of March 31, 2027; Stream’s $10 million new escrow is directed toward the land, while the prior $6.5 million escrow is released to Plug.

The named timing checkpoints are the Texas closing around July 31, 2026 and the Gateway non-land deadline of March 31, 2027, with the relevant proceeds and asset transfers still dependent on those staged steps.

Argus Jul 13 session 11 alerts

-2.69% close to close 0.7x rel. volume Open Argus

Details

News Market Reaction – PLUG

+10.0% Peak in 18 hr 28 min

$3.32B Market Cap

In the Jul 13 session, PLUG declined 2.69%, reflecting a moderate negative market reaction. Argus tracked a peak move of +10.0% during that session. Our momentum scanner triggered 11 alerts that day, indicating notable trading interest and price volatility.

Data tracked by StockTitan Argus on the day of publication.

Market Context

Plug’s move to monetize infrastructure assets, including up to $90.5 million from the Texas transact...

Analysis

Plug’s move to monetize infrastructure assets, including up to $90.5 million from the Texas transaction and over $80 million in near-term liquidity, advances a broader $275 million-plus optimization plan. Investors may watch execution on remaining initiatives and balance-sheet impacts amid high short interest.

Key Figures

Liquidity initiative target: more than $275 million Texas project sale price: up to $76.5 million Texas upfront payment: $50 million +7 more

Liquidity initiative target

more than $275 million

Strategic infrastructure optimization initiatives

Texas project sale price

up to $76.5 million

Graham, Texas Project sale to Stream

Texas upfront payment

$50 million

Cash to be paid at Texas closing

Texas contingent payment

up to $26.5 million

Contingent on confirmed load capacity

Texas interconnection capacity

164 MW

Grid interconnection assets at Graham, Texas Project

Cash collateral release

approximately $14 million

Collateral supporting letters of credit/security payments

Texas transaction liquidity

up to approximately $90.5 million

Total liquidity from Texas sale and collateral release

Gateway purchase price

$142 million

Amended fixed price for New York Gateway Project

Unrestricted cash

approximately $162 million

Unrestricted cash and cash equivalents as of June 30, 2026

Near-term incremental liquidity

more than $80 million

From initial New York closing and Texas transaction

Historical Context

5 past events · Latest: Jul 07

5 events

1. Jul 07

   Electrolyzer order win

   24h Move

   -6.1%

   50MW electrolyzer order for Orica’s Hunter Valley hydrogen hub in Australia.

2. Jun 24

   Project commissioning

   24h Move

   -3.7%

   Completion and handover of 5 MW electrolyzer system at Danish PtX facility.

3. Jun 04

   Shareholder meeting notice

   24h Move

   -2.4%

   Announcement of webcast details for annual shareholder meeting on June 11, 2026.

4. Jun 02

   ITC transfer liquidity

   24h Move

   +3.8%

   Sale of federal ITC tied to St. Gabriel facility to bolster liquidity and efficiency.

5. May 20

   Electrolyzer supply deal

   24h Move

   +2.0%

   30 MW electrolyzer supply for Barrow Green Hydrogen project reaching final investment decision.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

escrow deposit, letters of credit, restricted cash, unrestricted cash and cash equivalents

4 terms

escrow deposit financial

"Stream's prior $6.5 million escrow deposit will be promptly released to Plug"

A sum of money placed with a neutral third party to be held until specific conditions in a transaction are met, such as completion of paperwork, regulatory approval, or fulfillment of contractual obligations. Like putting cash in a secure locker that only opens when both sides meet agreed terms, an escrow deposit reduces payment risk and provides assurance about whether and when funds will be released, which affects deal certainty and timing relevant to investors.

letters of credit financial

"cash collateral currently supporting letters of credit/security payments"

A letter of credit is a promise from a bank to pay a seller if the buyer fails to do so, commonly used in trade and large contracts to ensure payment. Think of it as a bank standing in for the buyer, like a certified check or payment insurance that reduces the risk of nonpayment. For investors, letters of credit matter because they affect a company’s cash flow, borrowing needs and contingent liabilities, and signal how much credit support a business requires to secure deals.

restricted cash financial

"including further anticipated releases of restricted cash, are advancing"

Cash that a company holds but cannot use for day-to-day operations because it is set aside for a specific purpose—such as meeting loan covenants, serving as collateral, funding an escrow, or complying with regulations. Like money in a locked savings account earmarked for a bill, restricted cash reduces the cash available to run the business and pay dividends or debts, so investors treat it differently when assessing a company’s true short-term financial strength.

unrestricted cash and cash equivalents financial

"Plug held approximately $162 million of unrestricted cash and cash equivalents"

Unrestricted cash and cash equivalents are the money a company holds that is immediately available for general use, such as bank balances and very short‑term investments that can be quickly turned into cash. Investors watch this figure because it shows how easily a company can pay bills, invest, or return money to shareholders — like having funds in a checking account rather than money locked in a fixed deposit.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

SLINGERLANDS, N.Y., July 13, 2026 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG) today announced two transactions with Stream US Data Centers, LLC ("Stream"), advancing the Company’s previously announced strategic infrastructure optimization initiatives, which collectively target more than $275 million in liquidity improvement through a combination of asset monetization, release of restricted cash, and reduced maintenance expenses. In addition, Stream and Plug Power are now also actively exploring other opportunities for Plug to deploy its products into the data center industry.   Plug previously announced in February 2026 that it had entered into a definitive agreement to sell its interest in the New York Gateway Project to Stream. As the parties continued to work toward satisfaction of the transaction's closing conditions, including applicable regulatory and project-related approvals, the parties agreed to restructure the transaction into a staged closing and to enter into a definitive agreement for the sale of Plug’s Graham, Texas Project.

Texas

Plug has signed a definitive agreement to sell its Graham, Texas Project, comprised of land and associated 164 MW of grid interconnection assets, to Stream for up to $76.5 million, with $50 million to be paid at closing and up to $26.5 million based on the load capacity that will be confirmed in the final interconnection agreement with the Texas utility. The closing is expected on or about July 31, 2026, subject to the satisfaction of closing conditions. The sale is also expected to enable the release of approximately $14 million of cash collateral currently supporting letters of credit/security payments, following the transfer of the applicable interconnection-related obligations and security arrangements to Stream. In total, this transaction is expected to provide up to approximately $90.5 million of total liquidity.

New York

Plug and Stream have amended the purchase and sale agreement for the Gateway Project as follows: (i) Stream's prior $6.5 million escrow deposit will be promptly released to Plug; (ii) Stream will make a new $10 million escrow deposit toward its purchase of land at the Gateway site; (iii) the closing provisions have been amended to enable the near-term sale of the land; and (iv) the long-stop closing date for the sale of non-land assets has been extended to March 31, 2027 to afford additional time for completion of the applicable New York State environmental and regulatory review processes and satisfaction of the remaining closing conditions. As amended, the purchase price is fixed at $142 million.   Combined with a $5 million advance received earlier this year, Stream will have paid $21.5 million to Plug against the purchase price upon release of the escrow deposits described above. Plug will retain ownership of the substation and interconnection assets, along with a repurchase right over the land, until the second closing.

Liquidity

As of June 30, 2026, Plug held approximately $162 million of unrestricted cash and cash equivalents, before giving effect to any proceeds from the transactions announced today. Together, the initial New York closing and the Texas transaction represent additional progress under Plug’s previously announced strategic infrastructure optimization initiative and are expected to deliver more than $80 million of near-term incremental liquidity. Additional initiatives under Plug’s previously announced strategic infrastructure optimization initiative, including further anticipated releases of restricted cash, are advancing and are expected to bring aggregate liquidity improvement of more than $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 and President of Plug Power.

About Plug Power

Plug is building the global hydrogen economy with a fully integrated ecosystem spanning production, storage, delivery, and power generation. A first mover in the industry, Plug provides electrolyzers, liquid hydrogen, fuel cell systems, storage tanks, and fueling infrastructure to industries such as material handling, industrial applications, and energy producers, advancing energy independence and decarbonization at scale.

With electrolyzers deployed across six continents, Plug leads in hydrogen production, delivering large-scale projects that redefine industrial power. The company has deployed more than 74,000 fuel cell systems and over 280 fueling stations and is the largest user of liquid hydrogen. Plug is rapidly expanding its generation network to ensure reliable, domestically produced supply, with hydrogen plants currently operational in Georgia, Tennessee, and Louisiana, capable of producing up to 40 tons per day.

Headquartered in Slingerlands, New York, Plug is driving innovation, strengthening American manufacturing, and creating high-quality jobs across the country. The company employs more than 730 people in New York, supporting approximately $69 million in annual payroll, and nearly 200 employees in Texas, representing more than $18 million in annual payroll. Across New York and Texas, Plug has deployed more than 6,200 GenDrive fuel cell-powered forklifts at 31 customer facilities, helping customers reduce electricity demand, avoid nearly 95,000 MWh of annual electricity consumption, prevent more than 33,000 metric tons of CO2 emissions each year, and eliminate approximately $164 million in electric infrastructure investments that would otherwise have been borne by utility customers and ratepayers. With employees and state-of-the-art manufacturing facilities across the globe, Plug powers industry leaders including Walmart, Amazon, Home Depot, BMW, and BP.

FORWARD-LOOKING STATEMENTS

This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements in this press release that are not historical facts, including, without limitation, statements regarding the Company's expectations, goals, plans, outlook or prospects, including expected gross proceeds and total proceeds from the transactions, the timing and likelihood of each closing, the anticipated receipt and amount of contingent consideration, the anticipated release of cash collateral, the anticipated aggregate liquidity improvement under the Company's strategic infrastructure optimization initiative, the Company's ability to execute its business strategy and achieve its financial goals for 2026, the Company's ability to pursue additional opportunities with Stream in the data center industry, the timing and outcome of New York State's environmental and regulatory review processes, the Company's preliminary and unaudited cash position as of second quarter of 2026, and other statements regarding future operating results, financial condition, performance, prospects, and opportunities, are forward-looking statements. These forward-looking statements are based on current expectations, estimates, forecasts, and projections and the beliefs and assumptions of management and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those reflected in such statements. These risks and uncertainties include, among other things: the Company's ability to satisfy closing conditions and complete each transaction on the anticipated terms or at all; the risk that the New York State environmental and regulatory review process applicable to the Gateway Project site is delayed or does not result in the determinations necessary to permit the second closing; the risk that the final interconnection agreement with the Texas utility is not executed or does not confirm the anticipated load capacity, which could reduce or eliminate the contingent consideration payable under the Graham, Texas Project transaction; the risk that escrow deposits are not released on the anticipated timeline or at all; general market, economic, competitive, and regulatory conditions; the effectiveness of the Company's strategic initiatives, including the infrastructure optimization initiative; risks associated with the data center market and demand for power solutions; the Company's ability to manage costs and liquidity; risks related to the Company's future capital requirements and liquidity needs; and other factors detailed from time to time in the Company's filings with the Securities and Exchange Commission (the 'SEC'), including the Company's Annual Report on Form 10-K for the year ended December 31, 2025, subsequent Quarterly Reports on Form 10-Q, and other reports filed with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.

Plug Media Contact

Teal Hoyos

media@plugpower.com 

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What transactions did Plug Power (NASDAQ: PLUG) announce with Stream Data Centers in July 2026?

Plug Power announced a sale of its Graham, Texas Project and an amended staged sale of the New York Gateway Project with Stream Data Centers. According to Plug, these transactions support its strategic infrastructure optimization and liquidity improvement initiative exceeding $275 million.

How much near-term liquidity will Plug Power (PLUG) gain from the Graham, Texas Project sale?

Plug Power expects up to approximately $90.5 million of total liquidity from the Graham, Texas sale. According to Plug, this includes up to $76.5 million in sale proceeds and about $14 million from the release of cash collateral backing letters of credit and security payments.

What are the key terms of Plug Power’s New York Gateway Project sale to Stream Data Centers?

The New York Gateway Project purchase price is fixed at $142 million under the amended agreement. According to Plug, Stream will release a $6.5 million escrow, add a $10 million escrow, and, with a prior $5 million advance, will have paid $21.5 million toward the price.

When is Plug Power expected to close the Graham, Texas Project sale to Stream Data Centers?

The Graham, Texas Project sale is expected to close on or about July 31, 2026, subject to closing conditions. According to Plug, the transaction covers land and 164 MW of grid interconnection assets and should also enable release of related cash collateral.

How do these Stream Data Centers deals affect Plug Power’s liquidity and cash position?

Plug Power expects more than $80 million of near-term incremental liquidity from the Graham, Texas and initial New York Gateway transactions. According to Plug, this is in addition to $162 million of unrestricted cash and cash equivalents held as of June 30, 2026.

What is Plug Power’s overall liquidity optimization target from asset monetization initiatives?

Plug Power is targeting aggregate liquidity improvement of more than $275 million through its strategic infrastructure optimization initiative. According to Plug, this includes asset monetization, releases of restricted cash, and lower maintenance expenses, with additional initiatives beyond the Stream Data Centers transactions advancing.

How is the timeline for Plug Power’s New York Gateway Project sale structured after the amendment?

The amended Gateway agreement enables a near-term land sale while extending the long-stop date for non-land assets to March 31, 2027. According to Plug, it will retain the substation, interconnection assets, and a land repurchase right until the second closing.