Plug Power Executes $132.5 Million Definitive Agreement with Stream Data Centers as First Step in $275 Million Strategic Infrastructure Optimization Initiative

Rhea-AI Summary

Plug Power (NASDAQ: PLUG) executed a definitive agreement with Stream Data Centers to sell its interest in the Project Gateway site, expecting gross proceeds of at least $132.5 million and up to $142 million depending on closing timing and asset-removal conditions.

The sale is the first phase of a planned strategic infrastructure optimization initiative targeting more than $275 million in aggregate liquidity improvements via asset monetization, restricted-cash release, and lower maintenance expenses, with closing expected on or before June 30, 2026 and a $6 million deposit from Stream.

Positive

• Gross proceeds expected of at least $132.5 million
• Aggregate initiative targets more than $275 million in liquidity improvement
• $6 million deposit provided by Stream Data Centers

Negative

• Transaction proceeds depend on closing timing and asset-removal conditions
• Full >$275 million outcome relies on two additional initiatives in 2026

Key Figures

Liquidity initiative target: $275 million Gross proceeds floor: $132.5 million Total proceeds potential: $142 million +2 more

5 metrics

Liquidity initiative target $275 million Total liquidity improvement targeted via optimization initiative

Gross proceeds floor $132.5 million Minimum gross proceeds expected from Stream Data Centers agreement

Total proceeds potential $142 million Maximum proceeds depending on closing timing and asset conditions

Transaction deposit $6 million Deposit Stream Data Centers will provide in connection with transaction

Future initiatives proceeds More than $275 million Expected aggregate proceeds from two additional 2026 initiatives

Market Reality Check

Price: $1.91 Vol: Volume 84,429,879 is slig...

normal vol

$1.91 Last Close

Volume Volume 84,429,879 is slightly below the 20-day average of 94,104,703 (relative volume 0.9x). normal

Technical Price at 1.91 is trading below the 200-day MA of 1.95 and 58.3% under the 52-week high of 4.58.

Peers on Argus

Sector peers show mixed moves: ENR (-3.02%), ELVA (-5.19%), FCEL (-3.37%) down, ...

2 Up 1 Down

Sector peers show mixed moves: ENR (-3.02%), ELVA (-5.19%), FCEL (-3.37%) down, while LTBR (+4.55%) and AMPX (+0.87%) are up. Momentum scanner peers EOSE (-0.15%) and ENVX/LTBR modestly up indicate no unified sector direction around this announcement.

Historical Context

5 past events · Latest: 2026-02-23 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
2026-02-23	Earnings call timing	Neutral	-1.6%	Announced date and time for Q4 and year-end 2025 results and call.
2026-02-11	Special meeting change	Neutral	-7.1%	Accelerated reconvened Special Meeting of Stockholders to February 12, 2026.
2026-02-04	Meeting reminder	Neutral	-3.8%	Reminder about adjourned Special Meeting logistics and virtual participation details.
2026-02-04	Hydrogen delivery milestone	Positive	-3.8%	Completed first hydrogen fill for Hynetwork’s Rotterdam pipeline with 32 tons delivered.
2026-01-30	Investor Q&A forum	Neutral	-9.6%	Planned investor Q&A ahead of adjourned Special Meeting on charter proposals.

Pattern Detected

Recent announcements, including operational milestones and governance/meeting logistics, have often been followed by negative 24-hour price reactions regardless of largely neutral or positive content.

Recent Company History

Over recent months, PLUG has focused on governance and capital-structure matters, including multiple special stockholder meetings and an upcoming March 2, 2026 earnings release. Operationally, it reported a hydrogen delivery milestone in Rotterdam involving 32 tons of RFNBO hydrogen. Despite this mix of routine corporate actions and positive execution updates, 24-hour price reactions to these events were negative, with several news items seeing declines between -1.6% and -9.62%. Today’s liquidity-focused asset sale fits into this broader effort to strengthen the balance sheet.

Market Pulse Summary

This announcement details a definitive agreement to monetize the Project Gateway site, generating at...

Analysis

This announcement details a definitive agreement to monetize the Project Gateway site, generating at least $132.5 million in gross proceeds and potentially up to $142 million. It represents the first phase of a broader optimization plan targeting more than $275 million in liquidity improvements, alongside two additional initiatives expected in 2026. Set against recent governance and capital-structure activity, this move highlights Plug’s emphasis on strengthening liquidity, reducing maintenance costs, and refocusing on core hydrogen production and fuel cell deployment.

Key Terms

gross proceeds, asset monetization, restricted cash, hyperscale data center

4 terms

gross proceeds financial

"Plug expects to receive gross proceeds of at least $132.5 million"

The total amount of cash a company receives from a financing event or sale before any fees, expenses, taxes or deductions are taken out. Investors watch gross proceeds because it shows the raw scale of new capital being raised—think of it as the paycheck amount before withholdings—which helps assess how much funding is available for operations, growth, debt payoff or how much shareholder dilution might occur once costs are removed.

asset monetization financial

"through a combination of asset monetization, release of restricted cash"

Turning a company’s assets—such as property, patents, inventory, or business units—into cash or predictable income streams through sales, leases, licensing, or securitization. Like selling or renting out a house to get money now or steady rent, asset monetization matters to investors because it can shore up cash, reduce debt, fund growth, or change future earnings and valuation profiles.

restricted cash financial

"through a combination of asset monetization, release of restricted cash, and reduced"

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.

hyperscale data center technical

"a time-tested hyperscale data center developer and operator with over 25 years"

A hyperscale data center is a very large, highly automated facility designed to house thousands of servers and networking devices that can quickly expand to handle massive computing and storage needs. For investors it matters because these centers support cloud services, streaming and AI workloads that drive steady, high-volume revenue; owning or serving hyperscale capacity signals scale, lower per-unit costs and exposure to fast-growing digital demand.

AI-generated analysis. Not financial advice.

First of three phases of targeted strategic infrastructure optimization initiative

SLINGERLANDS, N.Y., Feb. 26, 2026 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG), a global leader in comprehensive hydrogen solutions for the hydrogen economy, today announced it has entered into definitive agreement with Stream Data Centers, a time-tested hyperscale data center developer and operator with over 25 years of experience delivering high performance compute. The agreement advances Plug’s previously announced initiative to generate more than $275 million in liquidity improvement through a combination of asset monetization, release of restricted cash, and reduced maintenance expenses.

Under the executed agreement, Plug expects to receive gross proceeds of at least $132.5 million, with total proceeds of up to $142 million depending on the timing of closing and certain asset-removal conditions. The transaction includes Plug’s interest in the Project Gateway site in New York, comprising the land and associated infrastructure, select substation-related assets, and the assignment of certain related agreements. This asset sale is expected to close on or before the end of June 2026, subject to customary closing conditions, with a long-stop closing date of June 30, 2026. Stream Data Centers will provide a $6 million deposit in connection with the transaction.

The transaction is part of a larger proposed development by Stream Data Centers at the STAMP industrial park with an environmentally friendly and a water-efficient air-cooled design, and a low noise profile. Stream Data Centers’ development will utilize existing infrastructure and power allocations, to avoid any potential cost impact to local communities. Furthermore, Stream Data Centers is proactively investing in the local community as part of the development.

This transaction allows Plug to unlock value from existing assets and maintain focus on hydrogen production and fuel cell deployment. Two additional initiatives are expected in 2026, with anticipated aggregate proceeds of more than $275 million.

“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.”

As U.S. data center expansion accelerates to meet rising demand, access to reliable and scalable power solutions remains critical. Plug’s agreement with Stream is the first step in aligning its power infrastructure capabilities with one of the fastest-growing segments of the domestic energy market while reinforcing its commitment to execution and capital efficiency.

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 five continents, Plug leads in hydrogen production, delivering large-scale projects that redefine industrial power. The company has deployed over 74,000 fuel cell systems and 275 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 40 tons per day.

With employees and state-of-the-art manufacturing facilities across the globe, Plug powers global leaders like Walmart, Amazon, Home Depot, BMW, and BP.

For more information, visit www.plugpower.com.

About Stream Data Centers

Stream Data Centers is a high-growth developer and operator of wholesale data center colocation capacity and build-to-suit facilities for hyperscale and enterprise users in major markets across the United States. For more than 25 years, Stream has set new standards for innovation, operational excellence and sustainability in the data center industry, acquiring, developing and managing complex data center projects for the world’s most demanding users, with over 90% of its inventory leased to Fortune 100 customers. Stream’s dedicated site development entity, Headwaters, continues to build a dedicated land bank of attractive site locations, while Stream provides energy strategies with a focus on reducing market risk and supplying cost-effective renewable energy options.

Stream is a key operating platform within the Apollo (NYSE: APO) ecosystem and is headquartered in Dallas, Texas, with a presence in major markets including Dallas, Phoenix, Chicago, San Antonio, Atlanta and more.

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 Plug’s expectations, goals, plans, outlook or prospects, including expected gross proceeds and total proceeds from the transaction, the timing and likelihood of closing, the Company’s broader electricity asset monetization strategy and anticipated benefits, expected liquidity improvement, the Company’s ability to execute its business strategy, 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 the transaction on the anticipated terms or at all; the Company’s ability to realize anticipated benefits from the transaction; general market, economic, competitive and regulatory conditions; the effectiveness of the Company’s strategic initiatives, including the electricity asset monetization strategy; 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, 2024, subsequent Quarterly Reports on Form 10-Q, and other reports filed with the SEC.

Forward-looking statements speak only as of the date they are made, and Plug disclaims any obligation to update or revise these 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

Source: Plug Power

FAQ

What amount will Plug (PLUG) receive from the Stream Data Centers sale announced February 26, 2026?

Plug expects gross proceeds of at least $132.5 million from the sale, with total proceeds up to $142 million depending on closing timing and asset-removal conditions. According to the company, final proceeds depend on closing mechanics and scheduling.

When is the Project Gateway asset sale to Stream Data Centers expected to close for PLUG?

The transaction is expected to close on or before June 30, 2026, with a long-stop closing date of June 30, 2026. According to the company, closing remains subject to customary conditions and timing may affect final proceeds.

How does the Stream Data Centers agreement affect Plug Power's (PLUG) liquidity goals for 2026?

The agreement is the first phase toward an initiative targeting more than $275 million in liquidity improvement through asset sales, cash releases, and reduced maintenance. According to the company, two additional 2026 initiatives are expected to reach the aggregate target.

What assets are included in Plug Power's (PLUG) sale to Stream Data Centers in the Project Gateway deal?

The sale includes Plug’s interest in the Project Gateway site, land and associated infrastructure, select substation-related assets, and assignment of certain related agreements. According to the company, these assets are part of the transferred site package.

What protections or deposits are in place for the PLUG and Stream Data Centers transaction?

Stream Data Centers will provide a $6 million deposit in connection with the transaction to secure the agreement. According to the company, the deposit accompanies customary closing conditions and timing provisions in the definitive agreement.

Why is Plug Power (PLUG) pursuing the asset sale to Stream Data Centers in February 2026?

The sale is intended to unlock value from existing infrastructure and let Plug focus on hydrogen production and fuel cell deployment. According to the company, the move supports capital management, liquidity strengthening, and strategic execution.