SaleJul 13, 2026, 07:31 AM
Plug Power to Sell Texas Project for $76.5M; Boosts Liquidity
AI Summary
Plug Power Inc. announced two transactions with Stream US Data Centers, LLC, involving the sale of its Graham, Texas Project and an amendment to the New York Gateway Project sale. The Texas project is being sold for up to $76.5 million, with $50 million at closing, and is expected to release $14 million in cash collateral. The New York project's sale agreement was amended, fixing the price at $142 million and providing for an immediate release of a $6.5 million deposit and a new $10 million deposit from Stream. These initiatives are expected to generate over $80 million in near-term incremental liquidity, contributing to a broader goal of over $275 million in liquidity improvement.
Key Highlights
- Agreed to sell Graham, Texas Project for up to $76.5 million.
- Texas project sale includes $50.0 million at closing and up to $26.5 million earnout.
- Expected to release approximately $14 million in cash collateral from Texas project.
- Amended New York Gateway Project sale, fixing price at $142.0 million.
- Received $6.5 million deposit release and will receive $10.0 million new deposit for NY project.
- Unrestricted cash and cash equivalents were $162 million as of June 30, 2026.
- Transactions expected to deliver over $80 million in near-term incremental liquidity.
- Strategic initiative targets over $275 million in aggregate liquidity improvement.
Price Impact
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