Plug Power to Generate Over $275 Million Through Monetization of Electricity Rights and Operational Efficiencies; Supports Major U.S. Data Center Build-Out

Rhea-AI Summary

Plug Power (NASDAQ: PLUG) said it expects to generate more than $275 million in liquidity improvement via asset monetization, release of restricted cash, and reduced maintenance expenses.

The company signed a non-binding LOI to monetize electricity rights in New York and one other location and to explore providing auxiliary and backup fuel-cell power with a U.S. data center developer expanding nationwide. Plug will suspend activities related to the Department of Energy loan program and reallocate capital, and cites a recently executed long-term hydrogen supply agreement with a global industrial gas leader that reduces near-term need for self-developed generation.

Positive

• Liquidity improvement expected to exceed $275 million
• Signed non-binding LOI to monetize electricity rights and pursue data center power projects
• Long-term hydrogen supply agreement provides competitively priced supply and reduces near-term self-generation

Negative

• Suspension of activities related to the Department of Energy loan program
• Monetization plan currently under a non-binding LOI, not a finalized transaction

Insights

Strategic energy finance analyst

Planned asset monetization and a data‑center collaboration improve liquidity and refocus capital toward higher‑return hydrogen opportunities.

Plug Power expects to unlock more than $275 million through monetization of electricity rights, release of restricted cash, and lower maintenance costs; it also signed a non‑binding LOI to monetize electricity rights in New York and another location while exploring auxiliary and backup fuel‑cell power with a U.S. data center developer. These measures convert illiquid or underused assets into near‑term cash and create a potential revenue pathway into a high‑uptime, low‑carbon segment.

Key dependencies and risks include the non‑binding nature of the LOI, the timing and terms of any monetization transactions, and integration of fuel cell solutions for data centers. The company also said it will suspend activities tied to the Department of Energy loan program and rely on a recently executed hydrogen supply agreement to reduce near‑term self‑generation needs; both moves shift capital allocation but depend on finalized commercial terms and execution.

Watch for signed transaction documents, cash‑release timing, and any announced commercial contracts with the data center developer over the next several quarters (near term to 2026). These items will confirm the stated $275 million liquidity benefit and determine whether the strategic pivot materially strengthens the balance sheet and commercial pipeline.

LATHAM, N.Y., Nov. 10, 2025 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG), a global leader in comprehensive hydrogen solutions for the hydrogen economy, today announced that it expects to generate more than $275 million in liquidity improvement through a combination of asset monetization, release of restricted cash, and reduced maintenance expenses.

As part of this initiative, Plug has signed a non-binding Letter of Intent to monetize its electricity rights in New York and one other location and collaborate with a U.S. data center developer. The project developer is actively expanding its data center platforms across the country, and Plug will work with them to explore providing auxiliary and back-up power solutions utilizing Plug’s advanced fuel cell technology.

This collaboration highlights Plug’s growing presence in the rapidly expanding data center sector, where the need for reliable, low-carbon energy continues to accelerate. Plug’s fuel cell systems are ideally suited to provide resilient, zero-emission power to critical infrastructure and high-uptime facilities.

In connection with this initiative, Plug will suspend activities related to the Department of Energy loan program and reallocate capital toward higher-return opportunities across its hydrogen network. The company’s recently executed hydrogen supply agreement with a global industrial gas leader provides competitively priced, long-term hydrogen supply - reducing the near-term need for self-developed generation in the near term.

“The actions we are taking today reflect Plug’s agility and financial discipline,” said Andy Marsh, CEO of Plug Power. “Monetizing these assets strengthens our balance sheet, while partnering on a large-scale data center development expands Plug’s reach into a dynamic, high-growth market that values reliability, resiliency, and sustainability.”

Plug will continue to evaluate strategic hydrogen production and power infrastructure projects that align with its long-term cost roadmap and expanding customer base across mobility, industrial, and stationary power applications.

About Plug
Plug Power 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 Power 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 Power leads in hydrogen production, delivering large-scale projects that redefine industrial power. The company has deployed over 72,000 fuel cell systems and 275 fueling stations and is the largest user of liquid hydrogen. Plug Power is rapidly expanding its generation network to ensure a reliable, domestically produced hydrogen supply. With plants operational in Georgia, Tennessee, and Louisiana, Plug Power’s total production capacity is now 40 tons per day.

Plug Power supports global leaders like Walmart, Amazon, Home Depot, BMW, and BP through its talented workforce and state-of-the-art manufacturing facilities around the world.

For more information, visit www.plugpower.com.

Plug Power Safe Harbor Statement
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve significant risks and uncertainties about Plug, including, but not limited to, statements about Plug’s expected liquidity improvements, the monetization of electricity rights, collaboration on data center projects, and strategic reallocation of capital. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including risks related to the non-binding nature of the letter of intent; the completion of the proposed transaction which is subject to the execution of definitive documentation, completion of due diligence, and other customary closing conditions and market conditions; Plug’s ability to execute its business strategy; risk related to Plug’s loan guarantee from the Department of Energy; the risk of elimination, reduction of, or changes in qualifying criteria for government subsidies and economic incentives for alternative energy products, including the Inflation Reduction Act and its qualification to utilize the PTC; and other risks described in Plug’s filings with the Securities and Exchange Commission, including the “Risk Factors” section of Plug’s Annual Report on Form 10-K for the year ended December 31, 2024, the Quarterly Reports on Form 10-Q for the quarters ended March 31, 2025 and June 30, 2025, as well as any subsequent filings. Readers are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements are made as of the date hereof and are based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. Plug disclaims any obligation to update forward-looking statements except as may be required by law.

Plug Media Contact
Teal Hoyos
media@plugpower.com 

Source: Plug Power

FAQ

How much liquidity does Plug Power (PLUG) expect to generate from the November 10, 2025 plan?

Plug expects to generate more than $275 million from asset monetization, restricted cash release, and reduced maintenance expenses.

What does the PLUG non-binding LOI announced on November 10, 2025 cover?

The LOI covers monetizing electricity rights in New York and one other location and collaborating with a U.S. data center developer on fuel-cell backup power.

Why is Plug suspending Department of Energy loan program activities for PLUG?

Plug said it will suspend DOE loan program activities to reallocate capital toward higher-return opportunities across its hydrogen network.

How does the November 10, 2025 hydrogen supply agreement affect Plug Power (PLUG)?

The company stated the long-term supply agreement provides competitively priced hydrogen and reduces near-term need for self-developed generation.

Will the PLUG data center collaboration create immediate revenue for Plug Power?

The company said it will explore providing auxiliary and backup power with the developer; the LOI is non-binding and does not confirm immediate revenue.

Where will Plug Power (PLUG) monetize electricity rights as announced November 10, 2025?

Plug specified monetization of electricity rights in New York and one other location (unnamed) as part of the plan.