Hydrogen fuel cell company Plug Power is enjoying massive gains and a lot of love in the options market Wednesday after the company announced that it delivered the first electrolyzer to a refinery in Portugal.
“This project, Plug’s largest worldwide, will produce up to 15,000 tons of renewable hydrogen per year, replacing 20% of the grey hydrogen currently used at the Sines Refinery,” per the company’s press release. “This switch will reduce the Refinery’s greenhouse gas emissions by approximately 110,000 tons per year (Scope 1 and 2, CO2e).”
As of 11:03 a.m. ET, over 146,000 call options in Plug have changed hands, already running hotter than the 20-day average of 132,328 for the full session. Activity is more than tilted to the bull side — it’s completely lopsided. Over 11 call options have traded for every one put.
Plug call options that expire in mid-January with a strike price of $2 and contracts with strike prices of $3 and $2.5 that expire this Friday are seeing especially elevated trading activity.
