The US hydrogen player has entered a definitive agreement with Stream Data Centers to sell its Project Gateway site at the STAMP industrial park in New York, including land, associated infrastructure, and substation assets.

The STAMP site had secured substantial grid and substation capacity for hydrogen electrolysis – infrastructure now highly attractive to power-hungry data centre developers.

Stream Data Centers is already developing campuses at the site.

Plug expects to receive at least $132.5m for the sale, with a higher-end estimate of $142m depending on the timing of closing the deal and conditions around asset removal.

It could close before the end of June, with a long-stop date of 30 June. Stream Data Centers will pay a $6m deposit.

The New York site was originally planned to host one of up to six clean liquid hydrogen projects being developed by Plug with the support of a $1.66bn loan guarantee from the US Department of Energy (DOE).

However, in November 2025, the company suspended all work on projects covered by the loan, as the firm looked to reduce its capital commitments as federal backing waned under the Trump administration.

Instead, it inked a long-term grey hydrogen supply agreement with an unnamed industrial gas firm to meet customer demand.

This New York site sale is expected to be the first of three, with two more anticipated this year as the firm looks to raise over $275m.

“By optimising 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 claims the sale will help it maintain focus on hydrogen production and fuel cell deployment.

It comes as Plug faces a growing number of potential lawsuits as the firm calls on investors to join class actions alleging the company overstated its potential to cash in on the $1.66bn DOE loan.

At least eight firms have been issuing statements calling on investors to submit information about allegations that Plug “misled” investors about its ability to receive and use the DOE loan.

US plaintiff law firms routinely announce investigations following sharp share-price moves. Such notices are typically preliminary investor solicitations and do not imply that a lawsuit has been filed or that wrongdoing has been established.

Plug has not publicly responded to the allegations.