New York, Feb 27, 2026, 06:55 EST — Premarket
Plug Power Inc slipped 0.5% to $1.90 in premarket action Friday, after the hydrogen fuel-cell firm said it reached a binding agreement to sell its Project Gateway property in New York to Stream Data Centers, securing at least $132.5 million in the deal.
Plug is making one of its clearest pushes lately to shore up liquidity—the cash and equivalents the company depends on to stay running—even as investors hesitate to back loss-making clean-energy stocks. “By optimizing our assets and unlocking value from existing infrastructure, we are strengthening liquidity,” President and Chief Revenue Officer Jose Luis Crespo said in a statement.
Plug has set its sights on the data-center power market, looking for juicier returns beyond its core hydrogen business. In November, the company said it was targeting more than $275 million by offloading assets, unlocking restricted cash, and cutting back on maintenance spending, all while pivoting into a fast-expanding data-center sector.
The deal is still pending. Plug, according to its 8-K, estimates the price tag will land between $132.5 million and $142.0 million—final sale timing and the status of some hydrogen storage spheres on the property are the swing factors. There’s a hard deadline set for June 30, 2026. Plug’s filing ticked off several hurdles before closing: insurable title, permits, environmental signoff, approvals, and a leasing agreement with a tenant on the buyer’s end all need to fall into place.
The sites sit at 6840 Crosby Road in Basom, New York, spanning roughly 29.9 acres. The purchase agreement on file with regulators mentions the assets include a “mini substation” capable of stepping power down from 115kV to 34.5kV.
Bloom Energy ended higher. FuelCell Energy and Ballard Power Systems showed little change after hours.
Plug finished Thursday’s session at $1.91 after swinging between $1.82 and $1.92 during the day. Trading volume landed around 110.8 million shares, according to price data.
Traders are eyeing Plug for details—will management finally clarify the rest of its asset-monetization plan? Investors are also waiting to see whether leadership narrows the gap between the company’s cash needs and current funding.
Plug’s next real test comes on March 2, when the company reports its latest quarterly results.
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