Plug Power to Divest Project Gateway Site to Bolster Financial Position

Jun 8, 2026 (19 hr ago)
Positive
Plug Power to Divest Project Gateway Site to Bolster Financial Position
Plug Power is selling its Project Gateway site in New York for up to $142 million, a strategic move aimed at achieving EBITDAS-positive status by the fourth quarter of 2026.

Asset Divestiture and Financial Targets

  • Plug Power is selling its Project Gateway site in New York to Stream Data Centers, expecting gross proceeds between $132.5 million and $142 million.3
  • The company aims to reach an EBITDAS-positive milestone by the fourth quarter of 2026, with this asset sale serving as a key contributor to that goal.3

Operational Growth and Margin Improvement

  • Equipment and infrastructure revenue grew 24% year-over-year to $79 million in the first quarter of 2026, largely driven by the electrolyzer segment.3
  • Gross margins showed significant improvement, rising to minus 13% from minus 55% in the prior-year period, representing a 42-percentage-point swing.3

International Project Expansion

  • The company reached a final investment decision for the 30-megawatt Barrow Green Hydrogen project in the U.K., utilizing six 5 MW GenEco PEM electrolyzers.1
  • This project, supported by the U.K. Government's Hydrogen Business Model, aims to reduce carbon emissions at Kimberly-Clark’s manufacturing facility in Barrow-in-Furness.1

Corporate Governance and Strategy

  • Management has proposed an expansion of the company's stock option plan by 25 million shares, which is subject to a vote at the upcoming annual general meeting.3
  • Plug Power continues to build an end-to-end green hydrogen ecosystem, focusing on production, storage, and delivery across North America and Europe.2
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Plug Power to Divest Project Gateway Site to Bolster Financial Position | Foxly Invest