Mar 03, 2026 | Posted by Abdul-Rahman Oladimeji
US hydrogen developer Plug Power has agreed to sell a New York site, originally planned to host a clean hydrogen project, to Stream Data Centers for $132.5 million.
The hydrogen developer has signed a definitive agreement to sell its Project Gateway site at the STAMP industrial park in New York, including the land, related infrastructure, and substation assets.
According to reports, Stream is already in the process of developing data centers at the site, with the acquisition expected to close before the end of June.
However, with federal funding cut off, the company suspended all work at the site last November to reduce its capital commitments. The sale is expected to be the first of three for the company, as it seeks to raise more than $275m to support the growth of hydrogen production.
“By optimizing our assets and unlocking value from existing infrastructure, we are strengthening liquidity, enhancing financial flexibility, and positioning Plug to participate in meaningful infrastructure growth opportunities,” said incoming CEO Jose Luis Crespo.
The company has faced several potential lawsuits over recent months, with plaintiffs accusing the company of overstating its potential to cash in on the DOE’s loan. Plug has yet to comment on the suits.
At the same time, it suspended development at its Project Gateway site, the company announced that it had signed a non-binding Letter of Intent with an unnamed US data center developer as part of a broader effort to strengthen its balance sheet and expand into the data center market. It is unclear whether the unnamed data center was Stream. DCD has reached out for further information.
