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PLUG-News
PLUG-Events
Plug Power Signs Deal with Stream, Targeting Over $275M in Liquidity Improvement
Plug Power announced two transactions with Stream US Data Centers, which collectively target more than $275M in liquidity improvement through a combination of asset monetization, release of restricted cash, and reduced maintenance expenses. In addition, Stream and Plug Power are now also actively exploring other opportunities for Plug to deploy its products into the data center industry. Plug previously announced in February 2026 that it had entered into a definitive agreement to sell its interest in the New York Gateway Project to Stream. As the parties continued to work toward satisfaction of the transaction's closing conditions, including applicable regulatory and project-related approvals, the parties agreed to restructure the transaction into a staged closing and to enter into a definitive agreement for the sale of Plug's Graham, Texas Project. Plug has signed a definitive agreement to sell its Graham, Texas Project, comprised of land and associated 164 MW of grid interconnection assets, to Stream for up to $76.5M, with $50M to be paid at closing and up to $26.5M based on the load capacity that will be confirmed in the final interconnection agreement with the Texas utility. The closing is expected on or about July 31, subject to the satisfaction of closing conditions. The sale is also expected to enable the release of approximately $14M of cash collateral currently supporting letters of credit/security payments, following the transfer of the applicable interconnection-related obligations and security arrangements to Stream. In total, this transaction is expected to provide up to approximately $90.5M of total liquidity. Plug and Stream have amended the purchase and sale agreement for the Gateway Project as follows: Stream's prior $6.5M escrow deposit will be promptly released to Plug; Stream will make a new $10M escrow deposit toward its purchase of land at the Gateway site; the closing provisions have been amended to enable the near-term sale of the land; and the long-stop closing date for the sale of non-land assets has been extended to March 31, 2027 to afford additional time for completion of the applicable New York State environmental and regulatory review processes and satisfaction of the remaining closing conditions. As amended, the purchase price is fixed at $142M. Combined with a $5M advance received earlier this year, Stream will have paid $21.5M to Plug against the purchase price upon release of the escrow deposits described above. Plug will retain ownership of the substation and interconnection assets, along with a repurchase right over the land, until the second closing.
Plug Power Announces Final Investment Decision for Hunter Valley Hydrogen Hub Project
Plug Power announced that the 50-megawatt (MW) Hunter Valley Hydrogen Hub (HVHH) project in Newcastle, New South Wales, Australia, has reached final investment decision, moving the project into execution and advancing the delivery of Plug's GenEco Proton Exchange Membrane electrolyzers. The Hunter Valley Hydrogen Hub is being developed by Orica. At full capacity, the facility is expected to produce approximately 4,700 tonnes of renewable hydrogen per year, displacing around 7.5 percent of Orica's natural gas consumption at Kooragang Island.
Plug Power Completes Execution Phase at Denmark Hydrogen Facility
Plug Power announced the completion of an execution phase at the Mundefinedde Power-to-X facility in Esbjerg, Denmark, developed and operated by European Energy. Power-to-X infrastructure uses renewable electricity to produce hydrogen and other low-carbon fuels, helping decarbonize industrial and energy applications. This milestone includes the successful installation, commissioning, site acceptance testing, and handover of a 5 MW GenEco PEM electrolyzer system, bringing one of Denmark's earliest operational PtX sites online and into active hydrogen production. At full capacity, the facility is expected to produce approximately 550 metric tons of green hydrogen annually, equivalent to roughly 1,500 truckloads, with output certified as Renewable Fuel of Non-Biological Origin under the ISCC certification scheme.
Plug Power Shares Dip Slightly, Options Activity Moderate
Moderately bullish activity in Plug Power (PLUG), with shares down 4c near $2.67. Options volume relatively light with 35k contracts traded and calls leading puts for a put/call ratio of 0.26, compared to a typical level near 0.23. Implied volatility (IV30) is higher by 2.1 points near 86.85,in the lowest 10% of observations over the past year, suggesting an expected daily move of $0.15. Put-call skew flattened, suggesting a modestly bullish tone.
SpaceX and OpenAI Accelerate IPO Timelines
SpaceX and OpenAI are moving toward blockbuster public listings, with both companies accelerating their IPO timelines, according to new reports. Reuters says SpaceX is now targeting June 11 for pricing and could debut as early as June 12, while the Financial Times reports OpenAI is preparing to file for a listing as soon as this week, aiming for a potential September IPO that could value the company at more than $1T.This week's private company news:Elon Musk's rocket and satellite maker SpaceXis planning to price its blockbuster IPO as early as June 11 and has picked Nasdaq as its listing venue, Reuters' Echo Wang and Anirban Sen, citing people familiar with the matter. SpaceX has accelerated its IPO timeline and is now aiming to flip its prospectus public as early as next Wednesday, with a roadshow launch targeted for June 4 and a market debut as early as June 12, according to three people familiar with the matter.OpenAI is preparing to file for a public listing as early as this week, with the AI lab aiming for a blockbuster initial public offering as soon as September, Financial Times' George Hammond. The company has been laying the groundwork for an offering expected to value it at north of $1T, working with bankers at Morgan Stanleyand Goldman Sachsand lawyers at Cooley over the past few months, according to people familiar with the matter. The group could file a draft IPO prospectus as early as Friday, starting the timer on a public listing for the autumn, they added. That timing could shift depending on the market and on the performance of Elon Musk's SpaceX, which is expected to go public next month in the biggest listing of all time, the author notes.Some of the biggest capital raises by private companies this week include:Anduril– The defense contractor announced a $5B Series H funding, led by Thrive Capital and Andreessen Horowitz. Publicly-traded companies operating in the same space include AeroVironment, L3Harris, and Lockheed Martin.VoltaGrid– The meter power generation company raised $1B in in investment from Blackstone Tactical Opportunities and Halliburton and signed a deal to acquire its main manufacturing partner, Propell Energy Technology. Publicly-traded companies operating in the same space include Bloom Energy, Generac, and Plug Power.Amca– The aerospace and defense components company said it raised $300M in Series B funding. The round was by Amca's Series A lead, Caffeinated Capital, with major participation from Lightspeed Venture Partners and continued support from existing investors, including Andreessen Horowitz, Lux Capital, Construct Capital, and House Capital. Publicly-traded companies operating in the same space include Rockwell Automation, Emerson Electric, and Teradyne.Armada– The company announced a $230M oversubscribed Series B financing round with a pre-money valuation of $2B. Publicly-traded companies operating in the same space include Fastly, Cloudflare, and Akamai.Mercury– The technology company providing different banking announced a $200 million Series D at a $5.2B valuation, led by TCV. Publicly-traded companies operating in the same space include Block, PayPal, and SoFi.Unicorns to watch this week:Cohere– The enterprise LLMs and AI platform has an estimated valuation of $5B, and it is expanding its Command model family and deepening partnerships with Oracleand AWS. Publicly-traded companies operating in the same space include Microsoft, Alphabet, and Amazon.Inflection AI– The company is valued at about $4B and is pivoting from consumer chatbot Pi to enterprise AI agents after major investment from Microsoft and Nvidia. Publicly-traded companies operating in the same space include Microsoft, Salesforce, and Meta.Wiz– With an estimated valuation of $12B, the company is one of the fastest growing cybersecurity startups ever. Wiz is expanding into identity security and rumored to be preparing for an IPO. Publicly-traded companies operating in the same space include CrowdStrike, Zscaler, and Palo Alto Networks.Humane– Despite a rocky product launch, the company remains a high profile AI hardware bet. With a $1B valuation, Humane is exploring strategic options amid rumored acquisition interest. Publicly-traded companies operating in the same space include Apple, Meta, and Garmin.Arctic Wolf– Demand for MDR is surging and the company is expanding into threat intel and cloud security as IPO rumors continue. Publicly-traded companies operating in the same space include CrowdStrike, SentinelOne, and Palo Alto Networks.IPOs to watch:Innio– The company announced that it has publicly filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission relating to a proposed initial public offering of its common shares. The timing of the offering, number of shares to be offered and the price range for the proposed offering have not yet been determined. Innio has applied to list its common shares on the Nasdaq Global Select Market under the ticker symbol "INIO." Innio designs, manufactures and services power systems under its Jenbacher and Waukesha brands. The company delivers power for applications including data centers, microgrids, grid stabilization, industrial energy and gas compression.Inspire Brands– The company announced that it has confidentially submitted a draft registration statement on Form S-1 with the Securities and Exchange Commission relating to the proposed initial public offering of its common stock. Inspire Brands expects to use the net proceeds of the proposed offering to repay outstanding indebtedness under its existing term loan facility and pay offering fees and expenses.Csquare– The data center company filed confidentially for a U.S. initial public offering, a signal that more data center companies are lining up to sell shares for the first time over the coming year, Bloomberg's Bailey Lipschultz. The provider of colocation and data center services announced on Friday that it had submitted a draft registration statement on Form S-1 to the U.S. Securities and Exchange Commission. The Brookfield Infrastructure Partners-backed company joins a rush of new listings as the companies building out the backbone to support AI's energy needs seek to raise funds, the author notes.Tarsier Pharma Ltd.– The company filed for an initial public offering of its ordinary shares and applied to list its ordinary shares on the NYSE American under the symbol "TARX." The prospectus stated, "Tarsier Pharma is developing TRS01 and TRS02, novel product candidates based on dazdotuftide, a new molecule with a new mechanism of action for uveitis and uveitic glaucoma. We are attempting to address a significant, underserved market opportunity and have engaged closely with the FDA on our clinical development strategy, including a Special Protocol Assessment agreement for our planned pivotal trial... Although we are still early in this journey, I believe we have the technology, the team, the discipline, and the persistence required to build an enduring company.""Private Markets" is The Fly's recurring series of stories on the latest moves in the private sector, largest unicorn companies and initial public offerings to watch. Fly subscribers, add $PRIVATE to your portfolio for alerts on breaking news in the startup and venture capital space.
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