Business Context and Reporting Period
Company: Plug Power Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: February 24, 2026
Event: Entry into a Material Definitive Agreement to sell real property and related assets.
Key Financial Metrics
This filing reports a specific transaction rather than periodic financial results. No revenue, profit, cash flow, margins, debt, or liquidity metrics are provided in this document.
- Transaction Value: Purchase price ranging between $132.5 million and $142.0 million.
- Asset Type: Real property and related assets located in the Town of Alabama, Genesee County, New York.
- Counterparty: StreamUS Data Centers, LLC.
Material Changes
The filing discloses a material change in the Company's asset base through the agreement to sell the "Property." The transaction value is contingent upon the timing of closing and the removal status of certain hydrogen storage spheres located on the site.
Guidance, Outlook, and Risks
Closing Conditions: The transaction is subject to several conditions, including:
- Delivery of insurable title.
- Assignment of specified agreements and permits.
- Transfer of substation assets to the Genesee County Economic Development Center.
- Receipt of governmental approvals and satisfaction of environmental review requirements.
- Entry into a binding lease by the Purchaser with a tenant for the Property.
Timeline and Termination: Closing must occur no later than June 30, 2026. If closing does not occur by this date, either party may terminate the Agreement.
Risk Mitigation: The Agreement includes liquidated damages provisions in favor of the Company in the event of certain defaults by the Purchaser.
Investor Verification Checklist
- Verify the final purchase price based on the removal status of hydrogen storage spheres.
- Monitor the status of the binding lease required between the Purchaser and a tenant.
- Confirm receipt of necessary governmental approvals and environmental review clearances.
- Track the closing date to ensure it occurs before the June 30, 2026 deadline.
- Review the full text of the Purchase and Sale Agreement (Exhibit 10.1) for omitted schedules.