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Get filing alertsPlug Power restructures NY property sale, adds $50M Texas deal, discloses $162M cash
Filed July 13, 2026 · Period ending July 9, 2026 · ~1 min read
Key Changes
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Amended NY Gateway property sale: extended closing to March 2027, fixed price at $142M, will receive $6.5M escrow release plus $10M new deposit; retains repurchase right if deal fails after interim closing
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR → -
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Entered agreement to sell Texas property and 164 MW grid interconnection assets to Stream for $50M at closing (expected July 31, 2026), plus up to $26.5M earnout based on final electrical load capacity
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR → -
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Disclosed preliminary unrestricted cash of approximately $162M as of June 30, 2026; two transactions expected to deliver over $80M near-term incremental liquidity
Item 2.02 — Results of Operations and Financial Condition verify on EDGAR → -
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Strategic infrastructure optimization initiative expected to bring aggregate liquidity improvement of more than $275M through asset sales, restricted cash releases, and reduced maintenance expenses
Item 7.01 — Regulation FD Disclosure verify on EDGAR →
Summary
Plug Power restructured its previously announced New York Gateway property sale and entered a new Texas property sale agreement, both with Stream Data Centers, as part of its strategic infrastructure optimization initiative. The NY Gateway deal was amended to extend the closing deadline to March 2027 while enabling an interim land closing that releases $6.5 million from escrow and brings in a new $10 million deposit.
The purchase price remains fixed at $142 million. The new Texas transaction involves selling land and 164 MW of grid interconnection assets for $50 million at closing (expected July 31, 2026), plus up to $26.5 million in earnout payments tied to final electrical load capacity. The Texas deal also enables release of approximately $14 million in cash collateral.
The company disclosed preliminary unrestricted cash of approximately $162 million as of June 30, 2026. Together, the two transactions are expected to deliver more than $80 million in near-term incremental liquidity. Management indicated the broader strategic infrastructure optimization initiative is expected to generate aggregate liquidity improvement exceeding $275 million. For investors, these transactions address near-term liquidity needs through asset monetization while the company continues executing its hydrogen infrastructure strategy. The staged NY closing structure with repurchase rights provides downside protection if regulatory approvals don't materialize by March 2027.
Section-by-Section Diff
Event · Item 2.02 — Results of Operations and Financial Condition
Item 2.02 — Results of Operations and Financial Condition filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
As of June 30, 2026, the Company had approximately $162 million of unrestricted cash and cash equivalents.
The company disclosed its preliminary unrestricted cash and cash equivalents balance of $162 million as of the end of Q2 2026. The figure is unaudited and subject to normal quarterly closing processes and accounting review. This early disclosure provides investors visibility into the company's liquidity position ahead of full quarterly results.
Event · Item 7.01 — Regulation FD Disclosure
Item 7.01 — Regulation FD Disclosure filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
the Company issued a press release announcing the execution of the Gateway Amendment and the execution of the Limestone Agreement with Stream
Plug Power executed an amendment to a Gateway Project transaction with Stream. The filing references an interim property closing and a subsequent final closing, with the final closing contingent on New York State environmental and regulatory review processes. The specific terms, timing, and financial impact are disclosed in the attached press release (Exhibit 99.1), which is not included in this 8-K body.
Added in current filing · verify on EDGAR →
the Company issued a press release announcing the execution of the Gateway Amendment and the execution of the Limestone Agreement with Stream
Plug Power executed a Limestone Agreement with Stream. The forward-looking statements reference a Graham, Texas project with contingent consideration tied to final electrical load capacity. The specific terms and financial impact are disclosed in the attached press release (Exhibit 99.1), which is not included in this 8-K body.
Added in current filing · verify on EDGAR →
the anticipated aggregate liquidity improvement under the Company’s strategic infrastructure optimization initiative
The company references an ongoing strategic infrastructure optimization initiative expected to improve aggregate liquidity. These two transactions with Stream appear to be part of this broader initiative. The filing indicates expected gross proceeds, total proceeds, release of cash collateral and restricted cash, though specific amounts are in the press release not included here.
Added in current filing · verify on EDGAR →
the Company’s preliminary and unaudited cash position as of June 30, 2026
The company disclosed a preliminary and unaudited cash and cash equivalents balance of $162 million as of June 30, 2026, though the specific amount is in the press release. The filing cautions this preliminary figure may differ from the final audited balance upon completion of quarter-end financial closing procedures.
Event · Exhibit 99.1
Plug Power announces sale of Texas project and staged closing of NY project with Stream Data Centers, expecting $80M+ near-term liquidity.
Added in current filing · view on EDGAR →
Plug has signed a definitive agreement to sell its Graham, Texas Project, comprised of land and associated 164 MW of grid interconnection assets, to Stream for up to $76.5 million, with $50 million to be paid at closing and up to $26.5 million based on the load capacity that will be confirmed in the final interconnection agreement with the Texas utility. The closing is expected on or about July 31, 2026, subject to the satisfaction of closing conditions. The sale is also expected to enable the release of approximately $14 million of cash collateral currently supporting letters of credit/security payments, following the transfer of the applicable interconnection-related obligations and security arrangements to Stream. In total, this transaction is expected to provide up to approximately $90.5 million of total liquidity.
Plug Power is selling its Graham, Texas project (land and 164 MW grid interconnection assets) to Stream Data Centers for up to $76.5 million, with $50 million at closing (expected around July 31, 2026) and up to $26.5 million contingent on final interconnection agreement terms. The transaction also enables release of approximately $14 million in cash collateral, bringing total expected liquidity to approximately $90.5 million.
Added in current filing · view on EDGAR →
Plug and Stream have amended the purchase and sale agreement for the Gateway Project as follows: (i) Stream's prior $6.5 million escrow deposit will be promptly released to Plug; (ii) Stream will make a new $10 million escrow deposit toward its purchase of land at the Gateway site; (iii) the closing provisions have been amended to enable the near-term sale of the land; and (iv) the long-stop closing date for the sale of non-land assets has been extended to March 31, 2027 to afford additional time for completion of the applicable New York State environmental and regulatory review processes and satisfaction of the remaining closing conditions. As amended, the purchase price is fixed at $142 million. Combined with a $5 million advance received earlier this year, Stream will have paid $21.5 million to Plug against the purchase price upon release of the escrow deposits described above.
The previously announced New York Gateway Project sale to Stream has been restructured into a staged closing. Stream's prior $6.5 million escrow deposit will be released to Plug, and Stream will make a new $10 million escrow deposit for land purchase. The purchase price remains fixed at $142 million, with the closing date for non-land assets extended to March 31, 2027 to allow time for New York State regulatory approvals. Including a prior $5 million advance, Stream will have paid $21.5 million against the purchase price upon release of the escrow deposits.
Added in current filing · view on EDGAR →
As of June 30, 2026, Plug held approximately $162 million of unrestricted cash and cash equivalents, before giving effect to any proceeds from the transactions announced today. Together, the initial New York closing and the Texas transaction represent additional progress under Plug’s previously announced strategic infrastructure optimization initiative and are expected to deliver more than $80 million of near-term incremental liquidity. Additional initiatives under Plug’s previously announced strategic infrastructure optimization initiative, including further anticipated releases of restricted cash, are advancing and are expected to bring aggregate liquidity improvement of more than $275 million.
Plug held approximately $162 million of unrestricted cash as of June 30, 2026, before the announced transactions. The New York and Texas transactions are expected to deliver more than $80 million in near-term incremental liquidity. The company's broader strategic infrastructure optimization initiative is expected to bring aggregate liquidity improvement of more than $275 million through asset monetization, release of restricted cash, and reduced maintenance expenses.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jul 16, 2026 · How we verify