Plug Power sells Texas hydrogen project site to Stream Data Centers in push for over $275 million liquidity boost

Plug Power has announced two transactions with Stream US Data Centers that form part of a strategic infrastructure optimisation programme targeting more than $275 million in liquidity improvement through asset monetisation, the release of restricted cash and reduced maintenance expenses.

Under a newly signed definitive agreement, the company will sell its Graham, Texas project, comprising land and 164 MW of grid interconnection assets, for up to $76.5 million, with $50 million payable at closing around 31 July 2026 and up to $26.5 million contingent on the load capacity confirmed in the final interconnection agreement with the Texas utility. The sale is also expected to release roughly $14 million of cash collateral currently supporting letters of credit, taking the total potential liquidity from the Texas transaction to about $90.5 million.

In parallel, Plug and Stream have restructured the previously agreed sale of the New York Gateway Project, first announced in February 2026, into a staged closing that allows an interim transfer of the real property while New York State environmental and regulatory reviews are completed.

Together, the transactions are expected to deliver more than $80 million in near-term incremental liquidity, on top of the $162 million in unrestricted cash the company held as of 30 June 2026. Chief Executive Jose Luis Crespo said monetising these assets was a key part of the company’s strategy this year, adding that Plug believes it remains on track with its 2026 financial goals.

The two companies are also exploring opportunities to deploy Plug’s hydrogen products into the data centre industry.