Plug Power Unlocks $90.5 Million from Texas as New York Data Center Moratorium Stalls Larger Gateway Deal

Plug Power burned through $61.2 million in the second quarter of 2026, leaving it with just $162 million in cash — a 27% drop from the $223.2 million it held at the end of March. Against a debt stack of $1.01 billion, the hydrogen company has little choice but to sell infrastructure it originally built to produce green hydrogen. The goal: unlock more than $275 million in liquidity through asset sales, released collateral and lower maintenance costs.

The most concrete part of that plan is the Texas exit. Plug Power is selling its Graham Project site in Texas — land plus 164 megawatts of grid interconnection capacity — to Stream Data Centers for up to $76.5 million. The deal includes $50 million due at the anticipated closing in late July 2026, with an additional $26.5 million contingent on final load capacity. When factoring in about $14 million in freed-up collateral, the total liquidity boost from Texas comes to roughly $90.5 million.

But a second, larger transaction is running into regulatory headwinds. Plug Power had originally agreed to sell its stake in the New York Gateway Project to Stream Data Centers for a fixed $142 million. The deal has been restructured into stages, and the deadline for the non-land assets has been pushed to the end of March 2027. The complication stems from a one-year moratorium on large data centers signed into law by Governor Kathy Hochul on July 14, 2026. The order halts new projects above 50 megawatts — exactly the category of the Gateway site at the STAMP industrial park. Stream has already invested more than $21 million in the project, and CEO Jose Luis Crespo insists the deal remains alive, but the regulatory pause means Plug Power will have to wait for a significant chunk of cash that was expected sooner.

The irony of the cash crunch is that the company’s core business continues to notch wins. Earlier in July, the Hunter Valley hydrogen project in Australia reached a final investment decision, securing a 50-megawatt electrolyser order that will supply Orica and help replace a chunk of the company’s natural gas consumption. In the UK, Plug Power’s technology was selected for the Barrow Green hydrogen project, which will feed Kimberly-Clark’s operations after reaching its own investment decision. A delivery in Denmark has also been completed. CEO Crespo has framed the monetization of assets as a central pillar of the 2026 strategy, alongside margin and cash flow improvements — essentially trading physical footprint for time until electrolyser and hydrogen sales scale profitably.

Should investors sell immediately? Or is it worth buying Plug Power?

The tension between operational momentum and financial fragility is plainly visible in the stock. Shares closed Wednesday at €1.93, down 7.4% on the week and 17% over the past month. The stock hit a 52-week high of €3.72 in early June, a level it has since given back nearly half of. At €1.91 in Thursday’s trading, the equity is 48% below that peak. The 14-day relative strength index has fallen to the 28–29 range, technically oversold, while 30-day annualized volatility has surged to between 50% and 56% — a sign of how sentiment can swing wildly on a single headline.

Despite the recent slide, the stock is still up roughly 45% over the past 12 months and roughly flat year-to-date, depending on the trading day. The 52-week low of €1.21, set on August 1, 2025, now sits 58% below the current price. Analysts have maintained an average price target of €3.10, implying about 62% upside from current levels — a projection that hinges entirely on Plug Power closing its liquidity gap before the cash runway runs out.

For now, the Texas sale offers the most reliable near-term relief. The New York Gateway deal will test whether the company can navigate external regulatory timelines that are now beyond its control. Every new electrolyser order — in Australia, the UK, Denmark — broadens a global footprint that spans multiple continents, but the balance sheet has become the binding constraint. The market is pricing that reality hour by hour, leaving little room for comfort until the cash position stabilizes.