Plug Power (PLUG.O): Sale of NY Assets Delayed; Eyes on Liquidity

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Plug Power (PLUG.O): Sale of NY Assets Delayed; Eyes on Liquidity

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17 Jun 2026 10:18:33 ET │ 12 pages

Plug Power (PLUG.O)

Sale of NY Assets Delayed; Eyes on Liquidity

CITI’S TAKE

We spoke with PLUG regarding New York state legislation imposing a

Sell / High Risk moratorium on new data center development, which is awaiting the

Short-Term View: Downside, expires 19-JUL-26 governor’s decision, expected after the elections, leaving its outcome

Price (16 Jun 26 16:00) US$2.71 unclear. This introduces risk to the timing of PLUG’s sale of its NY project.

However, PLUG believes: 1) the bill could be vetoed; 2) the buyer may Target price US$0.75

proceed with the transaction upon completion of the SEQRA process; 3) Expected share price return -72.3%

the bill’s grandfathering provisions may offer protection; and 4) liquidity Expected dividend yield 0.0%

remains adequate. In our view, the transaction is unlikely to close near Expected total return -72.3%

term given the SEQRA timeline while the scope of any grandfathering Market Cap US$3,781M

protection is unclear. From a liquidity standpoint, PLUG reported

~$223mn of unrestricted cash at end-1Q versus an anticipated cash burn

of roughly $150mn for the remainder of 2026, with expected sources of

funding including ~$150mn from restricted cash release, ~$20mn from Vikram BagriAC

ITC, $20mn from an escrow, and others. +1-212-816-4506

vikram.bagri@citi.com

Data Center Moratorium — As we have previously noted, New York’s data center Theodore Giletti, CFA

moratorium requires Governor Hochul’s approval, and its enforcement mechanisms +1-212-816-3835

remain uncertain. PLUG ultimately expects that the bill may not be enacted, though theodore.giletti@citi.com

this timing may occur after the midterm elections. Furthermore, it contains