Plug Power Sells Texas Hydrogen Site to Stream Data Centers in $76.5M Deal

Hydrogen fuel cell company Plug Power has agreed to sell a 66-acre site in Graham, Texas, along with 164 megawatts of grid interconnection assets, to data center developer Stream Data Centers for up to $76.5 million. The transaction, announced this week, marks a strategic shift for Plug as it moves away from developing its own green hydrogen production facilities and toward monetizing land and infrastructure assets to shore up its balance sheet.

The deal with Stream US Data Centers, LLC is expected to close at the end of July. Under the terms, approximately $50 million will be paid at closing, with an additional $26.5 million contingent on the final interconnection agreement with the Texas utility, based on the confirmed load capacity. The site, located about 87 miles west of Fort Worth, was originally intended to host Limestone, Plug’s largest green hydrogen plant. The company officially abandoned those plans earlier this year as part of a broader strategic overhaul, after repeatedly delaying construction.

Beyond the direct sale proceeds, Plug said the transaction is expected to release approximately $14 million in cash collateral currently tied up in letters of credit and security payments, following the transfer of interconnection-related obligations to Stream. In total, the deal is projected to provide Plug with up to $90.5 million in additional liquidity. “Monetizing these assets was a key part of our strategy this year, coupled with the continued improvements in margin and cash flows to fund the business,” said José Luis Crespo, CEO of Plug Power, in a statement. He added that the company is “on track with our financial goals for 2026” and that margin improvement, liquidity management, and sales pipeline growth remain critical priorities.

Stream, founded in 1999 and recently acquired by Apollo Global Management, operates data center campuses across more than a dozen U.S. states, including Texas, Illinois, Virginia, and California. The company has not disclosed its plans for the Graham site, which sits in Young County. Separately, Plug and Stream also amended an existing agreement for the sale of Plug’s New York Gateway Project in Genesee County. Under the revised terms, a prior $6.5 million escrow deposit will be promptly released to Plug, and Stream will make a new $10 million escrow deposit toward its land purchase at the Gateway site. The closing provisions have been adjusted to allow for a near-term sale of the land, while the long-stop date for selling non-land assets has been extended to March 31, 2027, to accommodate ongoing environmental and regulatory reviews in New York state. Plug will retain ownership of the substation and interconnection assets, along with a repurchase right over the land, until the second closing.

Stream is planning to develop a data center campus called Project Double Reed on the New York site, which could total 500 megawatts across two two-story buildings. However, it remains unclear how a recently introduced statewide data center moratorium in New York will affect the project. The two companies said they are also “actively exploring” additional opportunities for Plug to deploy its hydrogen fuel cell and electrolyzer products into the data center industry. Plug, which counts Walmart, Amazon, Home Depot, BMW, and BP among its customers, currently operates hydrogen plants in Georgia, Tennessee, and Louisiana, and has deployed thousands of fuel cell-powered forklifts. The company described the transactions as “additional progress” under its previously announced strategic infrastructure optimization initiative, aimed at generating near-term liquidity amid ongoing financial losses.