PLUG POWER INC 8-K

What Happened

• On February 24, 2026, Plug Power Inc. and its subsidiary Plug Project Holding Co., LLC entered into a Purchase and Sale Agreement and Joint Escrow Instructions with Stream US Data Centers, LLC to sell certain real property and related assets in the Town of Alabama, Genesee County, New York. The company announced the agreement via a press release on February 26, 2026 (filed as Exhibit 99.1).
• The contract sets a purchase price between $132.5 million and $142.0 million, depending on the timing of closing and the removal status of certain hydrogen storage spheres. The parties must close no later than June 30, 2026, unless the agreement is earlier terminated under its terms.

Key Details

• Purchaser: Stream US Data Centers, LLC; Seller: Plug Power Inc. and Plug Project Holding Co., LLC.
• Purchase price range: $132.5 million to $142.0 million (adjusted for closing timing and sphere removal).
• Closing deadline: June 30, 2026; either party may terminate if closing not completed by that date.
• Material closing conditions: delivery of insurable title; assignment of specified agreements and permits; transfer of substation assets to the Genesee County Economic Development Center; governmental approvals; environmental review satisfaction; and Purchaser entering a binding lease with a tenant.
• Agreement contains customary representations, warranties, covenants, termination rights and remedies, including liquidated damages provisions in favor of Plug for certain Purchaser defaults.

Why It Matters

• If completed, the sale would generate gross proceeds in the stated $132.5M–$142.0M range and remove the related Property and associated assets (and the hydrogen storage spheres contingency) from Plug Power’s asset base.
• The transaction remains subject to multiple closing conditions and a hard closing deadline, so completion is not guaranteed; investors should watch for updates on regulatory and environmental approvals, the tenant lease by the Purchaser, and final closing to assess timing and financial impact.