Plug Power Executes Strategic Sale of Project Gateway Site to Bolster Liquidity
Jun 7, 2026 (21 hr ago)
Positive
Plug Power is selling its Project Gateway site in New York to Stream Data Centers, a move expected to generate up to $142 million to support its financial goals.
Project Gateway Asset Divestiture
- Plug Power is selling its Project Gateway site in New York to Stream Data Centers, with expected gross proceeds between $132.5 million and $142 million.1
- This transaction is part of a broader strategy to generate approximately $275 million from the sale of various hydrogen projects to improve the company's liquidity position.4
Operational and Financial Performance
- The company reported a 22% year-over-year revenue increase to $163.5 million in the first quarter, with GAAP gross margins improving from negative 55% to negative 13%.4
- Management aims to reach EBITDAS-positive status by the fourth quarter of 2026, supported by these strategic asset sales and ongoing operational improvements.1
International Expansion and Tax Credits
- Plug Power reached a final investment decision for the 30-megawatt Barrow Green Hydrogen project in the U.K., where it will supply electrolyzers for Kimberly-Clark’s manufacturing facility.3
- The company successfully sold a state investment tax credit linked to its St. Gabriel, Louisiana, hydrogen liquefaction plant for $39.2 million.4
Corporate Governance and Capital Structure
- The company is proposing an expansion of its stock option plan by 25 million shares, which is subject to a vote at the upcoming annual general meeting.1
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Plug Power Stock Holds Its Breath Ahead of Dilution Vote and $142M Data Center Asset Sale
Plug Power Stock Holds Its Breath Ahead of Dilution Vote and $142M Data Center Asset Sale
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Plug Power Stock Whipsaws as $39M Tax Credit Sale and Roadshow Uncertainty Collide
Plug Power Stock Whipsaws as $39M Tax Credit Sale and Roadshow Uncertainty Collide
