Plug Power will sell the land and 164MW of grid interconnection assets in Texas originally intended for a green hydrogen project to data centre firm Stream Data Centers.
Stream, which also agreed to acquire Plug’s New York Gateway site planned for a clean hydrogen project earlier this year, will purchase Graham, Texas, site in a transaction expected to deliver around $90.5m in liquidity.
A definitive agreement will see Stream close the sale valued at up to $76.5m by 31 July, subject to closing conditions. This is expected to release around $14m of restricted cash immediately.
The Graham site was due to host 45 tonnes of daily green hydrogen production, as of several developments set to be built with the backing of a $1.66bn US government loan guarantee.
Plug suspended work on the project after signing a long-term grey hydrogen supply agreement with a third-party industrial gas firm.
The announcement also restructured the New York Gateway sale after longer-than-expected regulatory approvals. Stream will now complete the acquisition through a staged closing, with the land sold first and the remaining assets expected to close by 31 March 2027.
Plug will receive a $6.5m escrow deposit “promptly,” followed by a $10m escrow deposit, with the total purchase price now fixed at $142m.
Jose Luis Crespo, CEO of Plug Power, said that monetising the sites aligns with the firm’s strategy and financial goals for 2026, which he claimed were “on track.”
It recently raised close to $40m through the sale of tax credits associated with a hydrogen liquefication plant in Louisiana, US, having raised $30m selling those from its Georgia hydrogen plant in early 2025.
When Crespo was appointed earlier this year, he outlined a focus on sales growth and securing a positive EBITDA by Q4 this year.
Plug is seeking to achieve profitability for the first time in 2027, recently achieving deployments including a 5MW system for a Danish power-to-X facility, and 25MW at BP’s Spanish refinery.
Last week, it was also commissioned to supply a 50MW electrolyser system to Australian explosive manufacturer Orica’s recently approved green hydrogen facility in New South Wales.
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