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 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. 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.
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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
The disclosure adds a liquidity path, but proceeds remain conditional or staged rather than fully received.
On July 13, 2026, Plug Power announced signed definitive agreements to sell its Graham project and restructure the Gateway sale; the transactions are expected to add more than $80 million of near-term liquidity, while the Graham closing remains subject to conditions and Gateway’s non-land closing is later.
The release calls the transactions sales, but Graham is signed rather than closed, with closing expected around July 31, 2026 subject to closing conditions; Plug will retain the Gateway substation and interconnection assets until the second closing.
At Graham, $50 million is payable at closing and up to $26.5 million depends on load capacity confirmed in the final interconnection agreement, while the transaction may release approximately $14 million of cash collateral. Gateway’s purchase price is fixed at $142 million, with $21.5 million payable against it after the escrow deposits are released.
These are asset transactions in which Plug receives sale proceeds and may release restricted cash; they do not disclose an issuance of securities or a change in existing common ownership.
On the first-quarter 2026 basis, the initiative’s $275 million target equals 165 days of the last reported operating cash use, versus 133.9 days represented by cash and equivalents.
The stated milestones are the Graham closing around July 31, 2026, release of the Gateway escrow deposits, and completion of the Gateway non-land closing by March 31, 2027, subject to the remaining conditions and regulatory reviews.
Offering gross vs quarterly operating cash outflow, in days of cash use$275,000,000 / ($150,041,000 / 90) = [object Object]
Cash and equivalents vs quarterly operating cash outflow, in days of cash use$223,189,000 / ($150,041,000 / 90) = [object Object]
News Market Reaction – PLUG
-2.69%
11 alerts
-2.69%Session close to close
+10.0%Peak in 18 hr 28 min
$3.32BMarket Cap
0.7xRel. Volume
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.
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 millionTexas project sale price:up to $76.5 millionTexas upfront payment:$50 million+7 more
10 metrics
Liquidity initiative targetmore than $275 millionStrategic infrastructure optimization initiatives
Texas project sale priceup to $76.5 millionGraham, Texas Project sale to Stream
Texas upfront payment$50 millionCash to be paid at Texas closing
Texas contingent paymentup to $26.5 millionContingent on confirmed load capacity
Texas interconnection capacity164 MWGrid interconnection assets at Graham, Texas Project
Cash collateral releaseapproximately $14 millionCollateral supporting letters of credit/security payments
Texas transaction liquidityup to approximately $90.5 millionTotal liquidity from Texas sale and collateral release
Gateway purchase price$142 millionAmended fixed price for New York Gateway Project
Unrestricted cashapproximately $162 millionUnrestricted cash and cash equivalents as of June 30, 2026
Near-term incremental liquiditymore than $80 millionFrom initial New York closing and Texas transaction
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.
Pattern Detected
Recent operational and liquidity-focused announcements have often seen mixed or negative next-day price reactions, even when the news itself was positive for fundamentals.
Key Terms
escrow deposit, letters of credit, restricted cash, unrestricted cash and cash equivalents
4 terms
escrow depositfinancial
"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 creditfinancial
"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 cashfinancial
"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 equivalentsfinancial
"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.
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.
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.
