SUBSCRIBE
PROFILE

Plug Power raises $275mn to fund pivot toward data center market

Plug Power plans to generate $275mn by divesting assets and reallocating investments to the data center market, as part of a strategy focused on returns and financial discipline.

Share:

Comprehensive energy news coverage, updated nonstop

Annual subscription

8.25$/month*

*billed annually at 99$/year for the first year then 149,00$/year ​

Unlimited access • Archives included • Professional invoice

SUBSCRIBE - 99$/year

OTHER ACCESS OPTIONS

Monthly subscription

Unlimited access • Archives included

5.2$/month*
then 14.90$ per month thereafter

FREE ACCOUNT

3 articles offered per month

FREE

*Prices are excluding VAT, which may vary depending on your location or professional status

Since 2021: 35,000 articles • 150+ analyses per week

Plug Power, a U.S.-based manufacturer of hydrogen fuel cells, has announced a plan to raise more than $275mn through asset monetisation, the release of restricted cash, and the reduction of maintenance costs. This strategy aims to strengthen its financial position and redirect capital toward high-growth potential projects. The company signed a non-binding letter of intent to sell its electricity rights in New York State and another U.S. site, while partnering with a domestic data centre developer with national expansion plans.

Focus on digital infrastructure market

This partnership will allow Plug Power to explore the use of its hydrogen fuel cells as auxiliary and backup power sources for data centres. The company expects continued growth in this segment, driven by rising energy demand linked to artificial intelligence and digital services. Plug Power will also suspend its participation in the United States Department of Energy (DOE) loan programme, choosing instead to prioritise quick-return investments within its hydrogen network.

Financial discipline and strategic repositioning

The company held over $140mn in unrestricted cash as of June 30. It continues to assess projects related to hydrogen production and infrastructure, in line with its long-term profitability goals. Plug Power currently operates three production sites in Georgia, Tennessee and Louisiana, with a combined hydrogen output capacity of 40 tonnes per day, serving major industrial clients including Walmart.

The company also announced the appointment of Jose Luis Crespo as Chief Executive Officer effective March 2026, following the filing of its 2025 annual report. This leadership transition comes as Plug Power seeks to solidify its business model and refocus on financial performance.

Market response and outlook

Following the announcements, Plug Power’s share price rose by more than 10% in pre-market trading. Chief Executive Officer Andy Marsh stated that asset monetisation and the strategic pivot to data centres reflect the company’s “agility and financial discipline.” He added that this approach strengthens the balance sheet while positioning Plug Power in a growing market where energy reliability is a key competitive factor.

  • Popular on energynews.pro
Quino Energy raises $16mn to industrialise organic electrolytes for flow batteries
KNPC plans gas production increase to 18.3 million cylinders by 2027
Sofia secures Lukoil refinery ahead of planned state takeover
TGS signs three-year strategic agreement with Chevron for offshore seismic acquisition
Stubbo Solar reaches full commercial operation with 520 MW installed in New South Wales
Nel ASA to supply over 20 MW of electrolysers for two GreenH projects in Norway
Nel ASA becomes technology provider for the Enova-supported hydrogen sites in Kristiansund and Slagentangen, with a combined minimum capacity of 20 MW.
Lhyfe to deliver 90 tonnes of RFNBO hydrogen to a German operator over 15 months
French hydrogen producer Lhyfe has signed an agreement to supply 90 tonnes of RFNBO-certified hydrogen to a private fuel station operator in Germany for a fleet of buses.
Loblaw and FortisBC launch hydrogen truck for commercial deliveries in British Columbia
Loblaw and FortisBC are trialling a hydrogen-powered heavy truck between Vancouver and Squamish, marking a step in the integration of low-emission solutions in Canada’s grocery logistics.
Next Hydrogen raises up to CAD$30mn to support its commercial expansion
Next Hydrogen announces a private equity placement of CAD$20mn to CAD$30mn ($14.55mn to $21.83mn), led by Smoothwater Capital, to accelerate the commercialisation of its electrolyzers and support its industrial growth.
Mitsubishi Gas Chemical secures 1mn tonnes of low-carbon methanol from Transition Industries
Transition Industries signed a long-term purchase agreement with Mitsubishi Gas Chemical for the annual supply of 1mn tonnes of ultra-low carbon methanol starting in 2029, from its Pacifico Mexinol project in Mexico.
Nel ASA secures over $50mn PEM order for two hydrogen projects in Norway
Norwegian group Nel ASA has received a firm order worth over $50mn to supply its PEM electrolysers for two green hydrogen production units in Florø and Eigersund.
The liquid hydrogen micro-storage systems market to reach $738.6mn by 2034
Driven by aerospace, industrial gas, and hydrogen investment, the global liquid hydrogen micro-storage systems market is projected to grow 9% annually through 2034.
Despite ARCHES shutdown, public investment in hydrogen continues in California
The suspension of ARCHES is not slowing hydrogen initiatives in California, where public authorities are accelerating projects for production, transport and use of the fuel in local infrastructure.
Denmark launches a 20 MW low-carbon hydrogen plant in Fredericia
The HySynergy I plant produces eight tons of hydrogen per day from renewable energy and marks a new milestone in the deployment of low-carbon hydrogen in Europe, with medium-term expansion projects.
Hyd’Occ brings together hydrogen stakeholders in Béziers ahead of launch
Ahead of Hyd’Occ’s commissioning, Qair hosts hydrogen sector operators and decision-makers in Béziers to coordinate the industrial integration of local production into regional transport.
Plug Power to supply up to 2 GW of electrolyzers to Allied Biofuels in Uzbekistan
Plug Power has signed a supply agreement with Allied Biofuels to equip a sustainable fuel production site in Uzbekistan, bringing total contracted capacity with Allied partners to 5 GW.
Siemens and RIC Energy join forces to accelerate renewable hydrogen in Spain
RIC Energy and Siemens have signed a strategic agreement to develop industrial projects in renewable hydrogen, sustainable aviation fuel, and green ammonia, focusing on two key sites in Spain.
Element One secures acquisition option on geological hydrogen extraction technology
Element One obtains an exclusive option to acquire up to 100% of Stone to H2, a New York-based company holding patented technology for hydrogen and critical mineral extraction from ultramafic rock.
Elogen to deliver electrolyser to RoyalStav and Veolia for project in Slovakia
Elogen will supply a 1 MW PEM electrolyser for a cogeneration plant operated by Veolia Energia Slovensko, in partnership with RoyalStav, near Žiar nad Hronom.
A hybrid approach could reduce ammonia production emissions by 63%
Researchers have designed a system that combines two ammonia production technologies to reduce costs, optimise industrial efficiency and significantly cut greenhouse gas emissions.
Utility launches its first H2Gen® hydrogen certification site outside the United States in Korea
U.S.-based Utility will build a hydrogen production and certification facility in Seongnam, using biogas, marking a strategic step for the expansion of its H2Gen® technology in the South Korean market.
HTEC commissions 1.8-tonne-per-day hydrogen electrolyzer in Burnaby
HTEC has inaugurated a clean hydrogen production facility in Burnaby, British Columbia, marking the launch of the province’s first commercial-scale electrolyzer, with a combined production capacity of 1.8 tonnes of clean hydrogen per day.
Buscando finalises name change and raises C$1mn for hydrogen operations
Buscando Resources officially becomes Element One Hydrogen and Critical Minerals Corp. and completes a C$1.03mn fundraising through a three-tranche private placement.
Elogen and Rockfin sign agreement to produce green hydrogen in Central Europe
The partnership includes local manufacturing in Poland of electrolysis systems using Elogen’s technology, with deliveries targeting the Europe, Middle East and Africa markets.
Vema Hydrogen joins California public hydrogen programme with its EMH technology
Vema Hydrogen has been named a qualified supplier by the First Public Hydrogen Authority to deliver clean hydrogen at industrial scale to California’s public and private infrastructure.

All the latest energy news, all the time

Annual subscription

8.25$/month*

*billed annually at 99$/year for the first year then 149,00$/year ​

Unlimited access - Archives included - Pro invoice

START - 99$/year

Monthly subscription

Unlimited access • Archives included

5.2$/month*
then 14.90$ per month thereafter

*Prices shown are exclusive of VAT, which may vary according to your location or professional status.

Since 2021: 30,000 articles - +150 analyses/week.