SLINGERLANDS, New York — An unprofitable Latham-based hydrogen company has a potentially valuable electric substation on its balance sheet that it’s looking to unload.
Plug Power has abandoned plans for a green hydrogen plant in upstate New York that were announced in 2021. But the company sees an opportunity to recover some of its roughly $100 million investment thanks to the latest hot energy trend: data centers for artificial intelligence workloads.
“We kind of came to the conclusion that the better value for us was selling the electricity rights,” said Andy Marsh, Plug Power’s outgoing CEO, in an interview Tuesday. “We’ve built two substations — we’ve built a large substation and a smaller substation. … It’s really valuable from the time-to-market perspective.”
The company has signed a “letter of intent” with an unspecified data center developer for its electricity infrastructure at the Genesee County site.
