Plug Power surges as big investor boosts stake

Plug Power (NASDAQ:PLUG) closed +7.6% on Friday after disclosing Norway’s central bank raised its stake in the company to ~88M shares, nearly 8% of total shares outstanding, up from ~26M shares at the end of Q2, according to an SEC filing.

Norges Bank, whose total assets include more than $500B in U.S. stocks, traditionally has been interested in sustainability-linked investments.

Plug Power (PLUG) shares have slumped 72% YTD, and Friday’s big gain could not even fully make up for losses incurred during this week.