Under the executed agreement, Plug expects to receive gross proceeds of at least $132.5 million, with total proceeds of up to $142 million depending on the timing of closing and certain asset-removal conditions. The transaction includes Plug's interest in the Project Gateway site in New York, comprising the land and associated infrastructure, select substation-related assets, and the assignment of certain related agreements. This asset sale is expected to close on or before the end of June 2026, subject to customary closing conditions, with a long-stop closing date of June 30, 2026. Stream Data Centers will provide a $6 million deposit in connection with the transaction.
The transaction is part of a larger proposed development by Stream Data Centers at the STAMP industrial park with an environmentally friendly and a water-efficient air-cooled design, and a low noise profile. Stream Data Centers' development will utilize existing infrastructure and power allocations, to avoid any potential cost impact to local communities. Furthermore, Stream Data Centers is proactively investing in the local community as part of the development.
This transaction allows Plug to unlock value from existing assets and maintain focus on hydrogen production and fuel cell deployment. Two additional initiatives are expected in 2026, with anticipated aggregate proceeds of more than $275 million.
"This definitive agreement reflects Plug's disciplined approach to capital ...
