Plug Power (PLUG) — US Production & Manufacturing Footprint
Facilities disclosed in Item 2 (Properties) of the FY2025 10-K, filed March 2, 2026, updated for the 2026 Stream US Data Centers transactions. Includes three operational liquid-hydrogen plants, the Rochester electrolyzer gigafactory, the Slingerlands corporate/manufacturing campus, and seven additional mfg, R&D, and service sites. Two divesting sites are shown with red rings: the Western-NY (Alabama, Genesee County) plant and the never-built Graham, TX site — both being sold to Stream US Data Centers under the $275M asset-monetization initiative.
Footprint Summary
Site counts by function and status — updated through Aug 2026Operational H2 capacity
40 TPD
Kingsland 15 · Charleston 10 · St. Gabriel 15 (JV)
Divesting to Stream DC
2 sites
Genesee NY (45 TPD, $142M staged) + Graham TX (never built, $50M + $26.5M earnout)
Disclosed mfg capex
$250M+
Rochester gigafactory $125M + Slingerlands $125M (ex other sites)
DOE loan ($1.66B)
Terminated
DOE exercised its termination right Aug 4, 2026 — the green-H2 expansion chapter is formally closed
Reading the footprint. The operational H2 production network runs at 40 TPD across the Southeast/Gulf Coast (TN, GA, LA) — all came onstream 2024–2025. The Alabama NY plant (45 TPD) would have added more than the combined operational capacity, but is held-for-sale to Stream Data Centers, and the Graham TX site is following it out the door. The emerging pattern: Plug's stranded power-and-land assets are worth more to data-center developers than to the hydrogen build-out that conceived them. The manufacturing/engineering footprint remains heavily concentrated in upstate New York (Rochester, Slingerlands).
Sourcing. The FY2025 10-K (Item 2 Properties) discloses location, square footage, and ownership but not per-plant TPD or capex. TPD and capex figures are from Plug press releases, state-government announcements (NY ESD, Gov. Hochul / Gov. Cuomo offices), and local trade press. Cells marked "Not disclosed" had no publicly reported standalone figure. Pin size on the map is proportional to square footage, not TPD, so pin size and TPD are independent signals.
Facility Map
Scattergeo — Albers USA projection, pin size proportional to sq ft
H2 production
Electrolyzer / fuel-cell mfg
R&D / corporate
Service center
Divesting / held-for-sale
Site Detail
Size, function, ownership, and notes| Site | State | Function | Size (sq ft) | TPD | Capex | Ownership | Status | Notes |
|---|
Hover the Capex cell to see the sourcing note. TPD capacity not disclosed in the FY25 10-K; sourced from Plug press releases (Jan/Feb 2024 for Woodbine GA, Charleston TN; Apr 2025 for St. Gabriel LA) and NY State announcements (WNY 2021). Mfg capex from NY Governor press releases at groundbreaking/completion.
Forward Pipeline & DOE Loan Resolution
Plants beyond the current footprint — what's alive, what's being sold, what's goneActive / evaluating
AccionaPlug — Spain & Portugal
FY25 10-K: JV received initial project financing commitments during 2025. Plug recorded a $55.1M equity-method loss and an other-than-temporary impairment on its JV investment. Projects target Iberian-peninsula green-H2 production using Plug electrolyzers. No announced US component.
Hidrogenii — expansion beyond St. Gabriel
St. Gabriel LA (15 TPD) is Phase 1. 2022 JV formation language framed St. Gabriel as the "foundation for broader collaboration" across Olin's chlor-alkali footprint. No Phase 2 site publicly named as of the FY25 filing.
Being sold — data-center pivot
Graham, TX green-H2 site
The FY25 10-K's "may defer, modify or pivot away" language resolved as an outright sale: PSA Jul 2026 for $50M plus an earnout up to $26.5M against a 164 MW reference capacity. The high-voltage infrastructure closed Aug 7, 2026 for $40M non-refundable; the land/interconnection closing has an outside date of Mar 31, 2027.
New York Gateway (Genesee County)
Jul 9, 2026 amendment fixed the price at $142.0M and converted the slipped June single-close into a staged closing (outside date Mar 31, 2027). ~$6.5M of deposits plus interest released to Plug in July; $10M more due at the interim real-property closing. Includes the 450 MW STAMP substation — the asset Stream is actually buying.
Wound down
SK Plug Hyverse — South Korea
Referenced in FY25 10-K as a former JV. Originally contemplated a Korean gigafactory and regional H2 distribution. Wound down during 2024 as SK E&S pivoted strategy. No residual Plug exposure.
Clean H2 Infra Fund — deployments
Third-party fund where Plug electrolyzers may be specified by portfolio projects. Equipment-sale opportunity set, not a Plug production facility. Not part of Plug's owned/JV plant roster.
DOE loan — how the four open questions resolved.
1. What happened?
On Aug 4, 2026, DOE notified Plug it was exercising its right to terminate the $1.66B loan guarantee “because the initial first advance had not occurred by the applicable longstop date” — termination automatic and self-executing after a ten-business-day notice period (Q2 2026 10-Q, subsequent events). Of the three cancellation pathways this page previously mapped, the first (DOE termination on a missed milestone) is the one that fired.
2. What did it cost?
The visible P&L cost was booked early: $13.2M of capitalized closing fees charged off in FY25 when activities were suspended. No additional termination charge was disclosed in the Q2 filing. The larger cost is the option value — a multi-draw Federal Financing Bank facility at near-Treasury pricing that would have funded six plants is gone, and no comparable federal debt channel exists under current policy.
3. What replaced it?
Asset monetization to data-center buyers. The two never-realized DOE plant sites resolved as sales to Stream US Data Centers — Graham TX ($50M + earnout) and NY Gateway ($142M staged) — inside a $275M program that had collected ~$52M through early Aug 2026. Federal-policy risk on the liquidity stack has effectively been swapped into single-counterparty execution risk on Stream.
4. What growth vector remains?
Not US green-H2 plants. The live expansion channels are electrolyzer sales — Orica Hunter Valley 50 MW (Australia, FID Jul 2026), Carlton Power Barrow 30 MW FID (UK), Hy2gen Courant 275 MW FEED (Québec) — plus AccionaPlug in Iberia and any undisclosed Hidrogenii Phase 2. The US production network stays at 40 TPD for the foreseeable future.
Geographic Concentration & Build-out Risk
What the footprint reveals about strategy
Southeast/Gulf Coast H2 corridor. All three operational liquid-H2 plants sit in a 700-mile arc from Charleston, TN through Kingsland, GA to St. Gabriel, LA. This concentrates delivery logistics (trailers + cryogenic storage) and shortens the haul to Plug's primary material-handling customer base in the Southeast. Kingsland, at 882,556 sq ft, is nearly 4× the footprint of Charleston — a rough indicator of production and/or site-expansion capacity not captured by per-plant TPD disclosure.
Upstate NY mfg concentration. Rochester (electrolyzer gigafactory + MEA) and Slingerlands (350,000 sq ft — the largest US mfg footprint) together form the company's engineering center of gravity. The absence of a Latham, NY entry in the FY25 Properties list indicates the historical HQ was consolidated into Slingerlands during 2024–2025.
Divestiture and DOE-termination effects. Two structural shifts reshaped the footprint in 2026:
(1) both legacy expansion sites — Genesee NY ($142M staged) and Graham TX ($50M + earnout) — are being monetized to Stream US Data Centers, converting stranded power infrastructure into non-dilutive cash;
(2) the Aug 4, 2026 DOE-loan termination formally ended the six-plant US green-H2 build-out. The US network is now fixed at the Southeast/Gulf 40-TPD corridor, and growth capital flows to electrolyzer manufacturing and international projects instead of domestic plant construction.