How is Hydrogen Company Plug Power Fuelling Data Centres?

Plug Power, one of the world’s leading providers of end-to-end hydrogen solutions, has announced that it expects to generate more than US$275 million in liquidity as it sharpens its focus on the rapidly expanding data centre market.

The liquidity improvement will come from releasing restricted cash, cutting maintenance expenses, and monetising assets. The company, widely known for its hydrogen fuel cell systems, is now aligning itself with the accelerating demand for clean, reliable, high-uptime power in digital infrastructure.

Monetising power rights to support data centre growth

According to Business Insider, 1,240 data centres have been built or approved in the United States to date, with Northern Virginia alone hosting 329 facilities, making it the nation’s largest cluster.

Plug Power’s capital restructuring is intended to support major data centre developments nationwide. For operators facing grid congestion and soaring power demand from AI and high-density computing, Plug’s approach offers a pathway to expand capacity without waiting for lengthy interconnection queues.

The move will strengthen Plug’s balance sheet and help advance priority projects across its hydrogen production and distribution network.

Managing electricity rights

To monetise its electricity rights in New York and another undisclosed location, Plug has signed a non-binding Letter of Intent with a US-based data centre developer. The partner developer is actively expanding data centre platforms across the country.

Under this collaboration, Plug will explore delivering auxiliary and backup power using its advanced fuel cell technologies.

Clean, resilient power for digital infrastructure

Plug is steadily expanding its footprint within the data centre power market. As of 2025, the company is a major hydrogen producer with the capability to deliver large-scale, industrial-grade clean energy projects. It has deployed over 72,000 fuel cell systems and is the world’s largest consumer of liquid hydrogen—an energy carrier that can support data centres as a clean, reliable backup source.

Developers and operators increasingly prioritise sustainable alternatives to diesel generators. Fuel cells deliver immediate, low-noise power and eliminate local air pollutants, making them attractive for high-uptime facilities and AI-driven campuses.

Plug’s technology positions it to provide resilient backup and potentially extended-run power to critical digital infrastructure.

CEO statement

Andy Marsh, CEO of Plug Power, said:
“The actions we are taking today reflect Plug’s agility and financial discipline. Monetising these assets strengthens our balance sheet, while partnering on a large-scale data centre development expands Plug’s reach into a dynamic, high-growth market that values reliability, resiliency and sustainability.”

Implications for operators

For data centre owners and developers, this collaboration offers a practical pathway to rapidly integrate low-carbon backup and auxiliary power. Fuel cells can be modular, compatible with existing electrical systems, and capable of fast ramp-up during outages or grid instability events.

With US data centre platforms racing to add capacity—particularly for AI workloads—the combination of monetised electricity rights and proven hydrogen fuel cells could reduce project risk and support emerging sustainability commitments.

Separately, Plug Power also announced that it will suspend participation in the US Department of Energy loan programme, redirecting capital toward higher-return opportunities within its hydrogen network.