What are the terms of the November 7, 2025 non-binding LOI to monetize electricity rights?

Plug Power Inc. (NASDAQ: PLUG) signed a non-binding Letter of Intent (LOI) on November 7, 2025, to monetize its electricity rights in New York and one other undisclosed location. This initiative involves a collaboration with a major U.S. data center developer.1

Key terms and implications of this LOI include:

• Liquidity Improvement: Plug Power anticipates generating over $275 million in improved liquidity. This will be achieved through a combination of asset monetization, the release of restricted cash, and reduced maintenance expenses.1
• Strategic Reallocation: As a direct consequence of this LOI, Plug Power plans to suspend its activities related to the Department of Energy (DOE) loan program. The capital previously earmarked for these activities will be reallocated towards other higher-return opportunities within its hydrogen network.1
• Rationale for Shift: This strategic pivot is supported by a recently executed hydrogen supply agreement with a global industrial gas leader, which is expected to provide competitively priced, long-term hydrogen supply. This agreement reduces the immediate need for Plug Power to develop its own hydrogen production facilities.1
• Data Center Market Entry: The collaboration with the data center developer signifies Plug Power's move into the data center sector, where it aims to provide auxiliary and back-up power solutions using its fuel cell technology. This aligns with the growing demand for reliable, low-carbon energy in critical infrastructure.2
• Non-Binding Clause: It is important to note that the LOI is non-binding, meaning there is no guarantee that the monetization of these electrical rights will be finalized under the terms outlined or at all.3