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Plug Power (PLUG) inks $132.5M+ Project Gateway sale in NY

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(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Plug Power Inc. entered a definitive agreement to sell its Project Gateway real estate and related infrastructure in Genesee County, New York to Stream Data Centers. Plug expects gross proceeds of at least $132.5 million, rising to $142 million depending on closing timing and asset-removal conditions.

The transaction, which includes land, substation-related assets and certain assigned agreements, is targeted to close by the end of June 2026 and must close no later than June 30, 2026, subject to customary conditions such as insurable title, required approvals and the buyer securing a tenant lease. Plug describes this sale as the first step in a broader $275 million strategic infrastructure optimization and liquidity-improvement initiative expected to include two additional asset-related actions in 2026.

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Insights

Plug Power moves to monetize non-core assets and bolster liquidity with a sizable data-center land sale.

Plug Power has signed a purchase and sale agreement to divest its Project Gateway site in New York to Stream Data Centers. The company anticipates gross proceeds of at least $132.5 million, with potential to reach $142 million based on closing timing and asset-removal criteria.

This transaction is framed as the first phase of a broader strategic infrastructure optimization program targeting more than $275 million in liquidity improvement via asset monetization, releasing restricted cash, and lower maintenance expenses. A $6 million deposit underscores the purchaser’s commitment, while the structure preserves Plug’s focus on hydrogen production and fuel cell deployment.

Completion remains contingent on several closing conditions, including insurable title, environmental review, specific asset transfers and the purchaser securing a tenant lease. The agreement includes liquidated damages provisions in Plug’s favor for certain purchaser defaults, but actual cash benefits depend on satisfying these conditions and closing by June 30, 2026.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549 

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) 
of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): February 24, 2026

 

 

Plug Power Inc.

(Exact name of registrant as specified in its charter) 

 

 

Delaware   1-34392   22-3672377
(State or other jurisdiction   (Commission File   (IRS Employer
of incorporation)   Number)   Identification No.)

 

125 Vista Boulevard,
Slingerlands, New York
  12159
(Address of principal executive offices)   (Zip Code)

 

(518) 782-7700

Registrant’s telephone number, including area code: 

 

N/A

(Former name or former address, if changed since last report.)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

¨Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
  
¨Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
  
¨Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
  
¨Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to 12(b) of the Act:

 

Title of each class   Trading
Symbol(s)
  Name of each exchange
on which registered
Common Stock, par value $0.01 per share   PLUG   The Nasdaq Capital Market

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter). 

 

Emerging growth company ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

 

 

 

 

 

Item 1.01 Entry Into a Material Definitive Agreement.

 

On February 24, 2026, Plug Power Inc., a Delaware corporation, and its wholly owned subsidiary, Plug Project Holding Co., LLC, a Delaware limited liability company (together with Plug Power Inc., the “Company”), entered into a Purchase and Sale Agreement and Joint Escrow Instructions (the “Agreement”) with Stream US Data Centers, LLC, a Texas limited liability company (“Purchaser”), pursuant to which the Company agreed to sell to Purchaser certain real property and related assets located in the Town of Alabama, Genesee County, New York (the “Property”).

 

The Company will be entitled to receive a purchase price ranging between $132.5 million and $142.0 million, depending on the timing of closing and the removal status of certain hydrogen storage spheres located on the Property. The closing must occur no later than June 30, 2026, subject to the terms and conditions of the Agreement.

 

The obligations of the parties to consummate the transaction are subject to certain closing conditions, including delivery of insurable title, assignment of specified agreements and permits, assignment and transfer of substation assets to the Genesee County Economic Development Center, receipt of certain governmental approvals, satisfaction of environmental review requirements, and entry into a binding lease by the Purchaser with a tenant for the Property.

 

If the closing has not occurred on or before June 30, 2026, either party may terminate the Agreement. The Agreement contains customary representations, warranties, covenants, termination rights and remedies, including liquidated damages provisions in favor of the Company in the event of certain defaults by the Purchaser.

 

The foregoing description of the Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Agreement, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.

 

Item 8.01. Other Events.

 

On February 26, 2026, the Company issued a press release announcing the Agreement. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.

 

Item 9.01. Financial Statements and Exhibits.

 

(d) Exhibits.

 

Exhibit Number   Description
10.1†*   Purchase and Sale Agreement and Joint Escrow Instructions, dated as of February 24, 2026, by and among Plug Power Inc., Plug Project Holdings Co., LLC and Stream US Data Centers, LLC.
     
99.1   Press Release of Plug Power Inc., dated February 26, 2026.
     
104   Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

† Certain of the exhibits and schedules to this Exhibit have been omitted in accordance with Regulation S-K Item 601(a)(5). The Registrant agrees to furnish a copy of all omitted exhibits and schedules to the SEC upon its request.

 

* Certain portions of this Exhibit have been omitted pursuant to Item 601(b)(10)(iv) of Regulation S-K. The Company agrees to furnish supplementally a copy of any omitted schedule or exhibit to the Securities and Exchange Commission upon request.

 

 

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

    Plug Power Inc.
     
Date: February 26, 2026 By: /s/ Paul Middleton
    Name: Paul Middleton
    Title: Chief Financial Officer

 

 

 

 

Exhibit 99.1

 

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

 

First of three phases of targeted strategic infrastructure optimization initiative

 

SLINGERLANDS, N.Y., February 26, 2026Plug 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 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.

 

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 transaction did Plug Power (PLUG) announce with Stream Data Centers?

Plug Power signed a definitive agreement to sell its Project Gateway site in New York to Stream Data Centers. The deal covers land, infrastructure, certain substation-related assets, and related agreements as part of a broader infrastructure optimization and liquidity-improvement initiative.

How much cash will Plug Power (PLUG) receive from the Project Gateway sale?

Plug Power expects gross proceeds of at least $132.5 million from the Project Gateway transaction, with total proceeds potentially reaching $142 million. The final amount depends on when the deal closes and the status of certain hydrogen storage sphere removals on the property.

When is Plug Power’s asset sale to Stream Data Centers expected to close?

The Project Gateway asset sale is expected to close on or before the end of June 2026. The agreement sets a hard long-stop closing date of June 30, 2026, and allows either party to terminate if closing has not occurred by that date.

How does the Plug Power (PLUG) sale fit into its $275 million optimization plan?

Plug Power describes this sale as the first step in a strategic infrastructure optimization initiative targeting more than $275 million in liquidity improvement. The plan combines asset monetization, release of restricted cash, and reduced maintenance expenses, with two additional initiatives expected during 2026.

What conditions must be met before Plug Power’s sale to Stream Data Centers closes?

Closing depends on several conditions, including delivery of insurable title, transfer of specified agreements and permits, environmental review completion, substation asset transfers, certain governmental approvals, and Stream Data Centers entering a binding lease with a tenant for the Project Gateway property.

What deposit is Stream Data Centers providing in the Plug Power transaction?

Stream Data Centers will provide a $6 million deposit in connection with the Project Gateway transaction. This deposit accompanies the purchase and sale agreement and supports the parties’ intent to complete the deal, subject to all agreed closing conditions being satisfied or waived.

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