Hydrogen firm Plug Power is selling more land to US data center firm Stream.

The company this week announced two transactions with Stream US Data Centers, LLC: One to sell land in Texas to the operator and another to amend an existing sale agreement over land in New York.

Nasdaq-listed Plug has signed a definitive agreement to sell its project in Graham, Young County, Texas, comprised of 66 acres of land and associated 164MW of grid interconnection assets, to Stream for up to $76.5 million. The deal is expected to close at the end of July.

Around $50 million is to be paid at closing, and up to an additional $26.5 million based on the load capacity that will be confirmed in the final interconnection agreement with the Texas utility.

The site, to the west of Graham, was previously set to host Limestone, Plug's green hydrogen production project and would have been the company’s largest hydrogen plant. Originally set to open in 2025, before merely hoping to start construction that year, the company has officially dropped the plans earlier this year amid a change in company strategy.

Stream hasn't commented on its plans for the site, some 87 miles (140 km) west of Fort Worth.

Plug said 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.

Founded in 1999, Stream’s footprint extends across Texas, Illinois, Minnesota, Colorado, Ohio, Virginia, Iowa, Oklahoma, Georgia, Alabama, and California. The company was recently acquired by Apollo Global Management from Stream Realty Partners.

Plug previously announced in February 2026 that it had entered into a definitive agreement to sell its interest in the New York Gateway Project to Stream for $142 million. That deal has now been amended slightly.

Stream's prior $6.5 million escrow deposit will be promptly released to Plug, and Stream will make a new $10 million escrow deposit toward its purchase of land at the Gateway site. The closing provisions have also been amended to enable the near-term sale of the land, and 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.

Plug will retain ownership of the substation and interconnection assets, along with a repurchase right over the land, until the second closing.

Founded in 1997, New York-based Plug develops hydrogen fuel cell and electrolyzer systems. The firm has hydrogen plants currently operational in Georgia, Tennessee, and Louisiana, as well as hundreds of fuelling stations. The company has deployed thousands of fuel cell-powered forklifts, with customers including Walmart, Amazon, Home Depot, BMW, and BP.

The New York site, located in the STAMP industrial park in Alabama, Genesee County, was originally set to host a hydrogen plant but was sold to Stream in March.

Stream is aiming to develop a campus known as Project Double Reed on the site that could total 500MW across two two-story buildings. How the newly introduced statewide data center moratorium in New York will impact the project is unclear.

Plug said the transactions represent “additional progress” under its previously announced strategic infrastructure optimization initiative amid ongoing losses and are expected to deliver more than $80 million of near-term incremental liquidity.

Stream and Plug Power said the pair are now also “actively exploring” other opportunities for Plug to deploy its products into the data center industry.

"Plug is appreciative of the continued collaboration and partnership with Stream Data Centers and is excited to position for closing in the near term. Monetizing these assets was a key part of our strategy this year, coupled with the continued improvements in margin and cash flows to fund the business. We look forward to sharing our results for the second quarter shortly and believe that we are on track with our financial goals for 2026. The improvement in margins, effective management of our liquidity, and the growth of our sales pipeline remain our critical focus," said Jose Luis Crespo, Plug Power CEO.