Plug Power Inc. entered into a definitive agreement to sell its interest in the Project Gateway site in New York to Stream Data Centers. The transaction will generate at least $132.5 million in gross proceeds, with the possibility of rising to $142 million depending on closing conditions. Stream will provide a $6 million deposit, and the deal is expected to close on or before June 30 2026.
Plug Power’s liquidity position has been under pressure, with a negative gross profit margin of 70.7% over the last twelve months and a levered free‑cash‑flow deficit of $674.6 million. The company’s current ratio of 1.32 and a weak financial‑health score underscore the need for cash. The sale is the first step in a $275 million initiative aimed at improving cash flow and reducing debt, complementing the convertible‑note financing raised in November 2025.
The company’s strategy is to focus on its core hydrogen production and fuel‑cell deployment businesses while shedding non‑core assets. The Project Gateway sale aligns with the “Project Quantum Leap” cost‑saving program and the broader effort to monetize assets, release restricted cash, and cut maintenance expenses. By divesting the site, Plug Power can redirect capital toward higher‑margin electrolyzer and hydrogen‑plant projects.
Jose Luis Crespo, Plug Power’s President and Chief Revenue Officer, said the agreement “reflects Plug’s disciplined approach to capital management and strategic execution. 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.”
Stream Data Centers, a seasoned hyperscale data‑center developer with over 25 years of experience, plans to develop the Project Gateway site as part of a larger project at the STAMP industrial park. The sale supports the rapid expansion of data‑center capacity in the U.S., where reliable and scalable power solutions are in high demand.
The transaction is expected to close on or before June 30 2026. Upon closing, Plug Power will receive at least $132.5 million in gross proceeds, potentially up to $142 million, and will use the funds to strengthen its balance sheet, reduce debt, and fund future hydrogen‑related projects.
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