On Monday, Plug Power (PLUG.US) saw its stock rise sharply, gaining over 6% to $2.82 at the time of writing. The company announced plans to improve liquidity by more than $275 million through asset sales, releasing restricted cash, and reducing maintenance expenses.

Plug Power revealed it has signed a letter of intent with an unnamed U.S. data center developer to sell its electricity usage rights in New York and another location. The partnership will leverage Plug's advanced fuel cell technology to provide auxiliary and backup power solutions for data centers. The developer is currently expanding its data center platform.

Additionally, the company will pause activities related to the U.S. Department of Energy (DOE) loan program, redirecting funds toward higher-return opportunities in its hydrogen energy network.

CEO Andy Marsh stated, "Selling these assets strengthens our balance sheet, while collaborating with large-scale data center projects allows Plug to further penetrate a high-growth market that prioritizes reliability, resilience, and sustainability."