Plug Power surges for second day after new electrolyzer deal, insider buy

Hydrogen fuel cell company Plug Power is surging in premarket trading Tuesday, with shares up 13%.

It marks the second straight day of double-digit gains for Plug, which closed up more than 25% on Monday.

Investor optimism appears to be pinned to a new deal that will see Plug’s electrolyzer tech (equipment that splits water into hydrogen and oxygen) serve as the foundation of a $5.5 billion sustainable fuel project in Uzbekistan. Plug pulls in more than a fifth of its revenue from the technology.

Also likely boosting shares: Plug’s announcement that its CFO, Paul Middleton, purchased 650,000 shares on the open market, highlighting some insider confidence in the volatile company.

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SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

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