This includes a new partnership with a major US data centre development, for which Plug plans to provide hydrogen fuel cell systems for power or back-up supply under a non-binding letter of intent.
By selling certain electricity rights, releasing restricted cash, and reducing ongoing maintenance expenses, Plug could improve liquidity and generate greater flexibility.
Electricity rights are contracts or allocations that give Plug access to purchase or use specific amounts of electricity, which it can sell or transfer to another party for cash.
Plug has been experiencing financial difficulties; it recently secured a $525m loan from Yorkville Advisors to stabilise its balance sheet and reduce cash burn. However, Plug ended Q2 2025 with around $140m in cash and cash equivalents, while narrowing its net loss down to $53.3m.
Additionally, the US green hydrogen firm will pause its participation in the US Department of Energy’s (DOE) loan programme and will shift capital toward projects that give quicker or better returns.
Outgoing CEO Andy Marsh said the actions taken “reflect Plug’s agility and financial discipline.”
Marsh added, “Monetising these assets strengthens our balance sheet, while partnering on a large-scale data centre development expands Plug’s reach into a dynamic, high-growth market that values reliability, resiliency, and sustainability.”
Plug plans to focus on hydrogen and power infrastructure projects “aligned with its long-term cost roadmap” and to grow its customer base in mobility, industrial, and stationary power.
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