Plug Power Sells Project Gateway Site to Stream Data Centers for $132.5 Million
Plug Power Inc. has entered into a definitive agreement with Stream Data Centers to sell its Project Gateway site in New York for at least $132.5 million. This transaction is part of a broader $275 million liquidity improvement initiative through asset monetization and reduced expenses. The sale is expected to close by June 30, 2026, and will include land, infrastructure, and substation assets. Stream plans to develop a water-efficient data center at the site.
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Plug Power Inc. has executed a definitive agreement with Stream Data Centers to sell the Project Gateway site in New York for at least $132.5 million, potentially reaching $142 million. This sale is part of a strategic initiative aimed at generating over $275 million in liquidity improvements through asset monetization and reduced maintenance costs.
The transaction includes land and infrastructure at the STAMP industrial park, with a closing expected by June 30, 2026. Stream Data Centers will develop a new data center with environmentally friendly features at the site while utilizing existing infrastructure. This move allows Plug to focus on hydrogen production and fuel cell deployment, with additional initiatives planned for 2026.
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