09:48 AM EST, 11/10/2025 (MT Newswires) -- Plug Power ( PLUG ) said Monday that it expects to generate more than $275 million through a combination of electricity rights monetization, release of restricted cash, and a decrease in maintenance expenses.

The company said it has signed a letter of intent to monetize its electricity rights in New York and another location, as well as collaborate with a US data center developer.

Plug said it will work with the project developer to explore supplying auxiliary and back-up power services using Plug's fuel cell technology.

In connection with this project, Plug will suspend activities linked to the Department of Energy loan program and reallocate capital to "higher-return opportunities across its hydrogen network," the company said.

Plug said a recently signed hydrogen supply deal with an industrial gas company will provide a long-term hydrogen supply, which will decrease the near-term need for self-developed generation.

Shares of the company were up more than 3% in recent trading.

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