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US hydrogen developer Plug Power has agreed to sell a New York site, originally planned to host a clean hydrogen project, 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.
According to reports, Stream is already in the process of developing data centers at the site, with the acquisition expected to close before the end of June.
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.
“By optimizing 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.