DivestmentJul 13, 2026, 07:01 AM
Plug Power Sells Texas Project for up to $76.5M; Targets $275M Liquidity
AI Summary
Plug Power announced two transactions with Stream US Data Centers, including the sale of its Graham, Texas Project for up to $76.5 million and an amendment to the New York Gateway Project agreement. These actions are part of a strategic infrastructure optimization initiative aimed at improving liquidity by over $275 million. The Texas sale is expected to close by July 31, 2026, and will release approximately $14 million in cash collateral, contributing to over $80 million in near-term incremental liquidity from both deals.
Key Highlights
- Plug Power to sell Graham, Texas Project for up to $76.5 million to Stream.
- Texas sale includes $50 million at closing, plus up to $26.5 million based on load capacity.
- Texas sale expected to release approximately $14 million in cash collateral.
- New York Gateway Project purchase price fixed at $142 million after amendment.
- Initial NY closing and Texas transaction to provide over $80 million in near-term liquidity.
- Strategic optimization initiatives target over $275 million in total liquidity improvement.
- Unrestricted cash and cash equivalents were approximately $162 million as of June 30, 2026.
Price Impact
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