Plug Power to sell Project Gateway site to Stream Data Centers for $132.5 million

The hydrogen developer entered a definitive agreement to sell its Project Gateway site at the STAMP industrial park in New York, including land, associated infrastructure, and substation assets. The site has secured grid and substation capacity for hydrogen electrolysis, which will be subsequently used to power the data center. The plot was originally envisioned to host a clean liquid hydrogen project, supported by a $1.66 billion loan guarantee from the US Department of Energy (DOE). 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. 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. The company was recently acquired by Apollo Global Management from Stream Realty Partners.