Plug Power, Inc. ( PLUG ) shares are surging on Monday after the company disclosed a non-binding Letter of Intent to monetize electricity rights in New York and one other location.

PLUG is trading in a tight range. Check the analyst take here

The company will explore providing backup and auxiliary power with a U.S. data center developer using its fuel cell technology.

Also Read: Plug Power Stock Grapples With Dilution Fears Amid Major Expansion Deals

Plug Power ( PLUG ) expects to increase its liquidity by over $275 million through asset sales, the release of restricted cash, and lower maintenance costs.

The partnership underscores Plug's expanding role in the fast-growing data center market, where demand for reliable, low-carbon energy is rising.

As part of this strategy, Plug will pause efforts on the DOE loan program and redirect capital toward higher-return opportunities within its hydrogen network.

The company's recent long-term hydrogen supply agreement with a global industrial gas leader ensures competitively priced hydrogen, reducing the immediate need for in-house generation.

Management Commentary

Andy Marsh, CEO of Plug Power ( PLUG ), added, "Monetizing these assets strengthens our balance sheet, while partnering on a large-scale data center development expands Plug's reach into a dynamic, high-growth market that values reliability, resiliency, and sustainability."

Recent Key Deals

Last week, the company began installing its 5 MW electrolyzer for the H2 Hollandia project, which is the first decentralized green hydrogen hub currently under construction in the Netherlands.

The project connects the 115‑MWp Vloeivelden Hollandia solar park directly to Plug's electrolyzer, creating a model for localized, small- to mid-scale renewable hydrogen production.

The company plans to announce its third quarter FY25 results on November 10, 2025.

Price Action: PLUG shares are up 10.20% at $2.92 at the last check on Monday.

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