Plug Power to Sell Another U.S. Green Hydrogen Project Site to Stream Data Centers

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Written by Eric Funderburk for IIR News Intelligence (Sugar Land, Texas)

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Summary

Plug Power has agreed to sell a site where it had planned to build a green hydrogen plant in the U.S. to Stream Data Centers for a second time.

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Second Sale, Same Buyer

In yet another move indicative of the changing times and shifting U.S. policies, Plug Power is once again selling a site where it had planned to build a green hydrogen project to Stream Data Centers. The location in Graham, Texas, joins another planned green hydrogen site in New York that Plug is selling to Stream.

Industrial Info Resources data show at least 18 green hydrogen projects in the U.S., valued at more than $17 billion, that have been placed on hold, as well as several cancelled projects.

Industrial Info Resources has classified the Texas hydrogen project as being "on hold." Although Plug is selling the land and infrastructure, it hasn't officially canceled the project yet and Stream hasn't announced its intentions for the site, although the company was quick to announce plans for a new data center at the New York site.

The Start of the Problem

Once upon a time, not terribly long ago, the U.S. federal government envisioned a network of green hydrogen hubs dotting the country, providing clean-burning fuel for everything from power generation to heavy industry. With a change of administrations came a significant shift in priorities, and in late September 2025, the U.S. Department of Energy announced it was canceling 321 financial awards for clean energy projects, recouping some $7.56 billion in federal support and loan guarantees.

Many of the targeted projects were for green hydrogen plants, and Plug, one of the leading green hydrogen producers and electrolyzer manufacturers in the U.S., saw around $70 million in federal grants vanish. Plug also has received a $1.66 billion federal loan guarantee, but has apparently decided to forego this funding by default as it has put most of the work associated with the loan guarantee on hold and will miss critical construction milestones and deadlines that are part of the funding process.

The Texas & New York Projects

Plug's sale of the site in Graham, Texas, suggests another exit from a once explosive Power-to-X sector into the latest hot-button item, hyperscale data centers. According to Industrial Info Resources data, Plug's Texas plant would have produced 20 million cubic feet per day of green hydrogen.

The canceled New York project was even larger, with Plug's sights set on making the facility into North American's largest green hydrogen plant, producing around 45 tons per year. For more on the transaction, see, March 3, 2026, article - Plug Power Abandons New York Green Hydrogen Project, Sells Space to Data Center.

The late February announcement of the sale of the New York site to Stream Data Centers marked the end of the green hydrogen project, and now a new arrangement with Stream in Texas has Plug forgoing another site as well as making some slight modifications to the agreement regarding the New York sale. Those changes include selling the land in New York in the near term while pushing the closing date for the sale of non-land assets, including previous construction and power infrastructure, until the end of March 2027. The new agreement also boosts the selling price of the New York site by about $9.5 million to $140 million.

Asset Monetization

That $140 million will presumably be part of Plug's goal announced last November of liquefying assets to the tune of $275 million.

The Texas sale will fetch Plug up to $76.5 million, including $50 million for the land and existing infrastructure, and up to $26.5 million depending on the site's final power load capacity.

That presumably leaves Plug looking to monetize around another $60 million worth of assets. While Plug has operational green hydrogen capacity in the U.S., an easier monetization target for the company may be present in Mendota, California, where Plug envisioned putting a 30-metric-ton-per-day grassroot green hydrogen plant. Industrial Info has reported the project as being on hold since early 2025.

Plug has three operational U.S. green hydrogen plants in Tennessee, Georgia and Louisiana, which produce around 40 million tons per year combined.

Other Green Hydrogen Plants in Limbo

Plug's project that is on hold in California is indicative of a larger trend of U.S. green hydrogen projects that have been stalled since the drying up of federal policy support and funding. Including Plug's California and Texas projects, Industrial Info Resources is tracking 18 major U.S. green hydrogen projects that are listed as being on hold, as well as other active projects that are experiencing delays or reconsiderations.

The largest of these on-hold projects are two multibillion-dollar projects in Oregon and Washington from Obsidian Renewables that were set to be part of a Northwest hydrogen hub in the U.S.

Stream's Plans for New York

Industrial Info Resources data indicates Stream Data Centers' plans include spending up to around $11.2 billion for three data center buildings at the former Plug site in Genesee County, New York. An initial building is expected to be completed in late 2027, followed by a second and possible third building in 2028. The company hasn't released its plans for the Texas site yet.

Key Takeaways

• Plug Power has announced it will sell a second site where it had planned to build a U.S. green hydrogen plant to Stream Data Centers.
• The latest sale comes in Texas, while Plug's previously announced sale to Stream is for a site in New York state that would have been North America's largest green hydrogen plant.
• Plug is aiming to monetize around $275 million of its assets, and the Texas and New York sales are valued at around $216.5 million combined.

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About Industrial Info Resources
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, Industrial Info Resources is tracking over 250,000 current and future projects worth $30.2 trillion (USD).