Fuel Cell Stocks Are Going Nuts Today

Fuel Cell stocks are surging again, 24 hours after having seen a huge run-up before collapsing.

Plug Power, which distributes products like fork lifts that use fuel cells, was up as much as 17% Wednesday morning.

Ballard, which makes the fuel cells themselves, was up as much as 7%.

And FuelCell Energy, which provides fuel cell power generation to utilities and institutions, was up as much as 3%.

Yesterday afternoon, online research firm Citron published a report calling Plug Power a "casino stock," saying the firm has consistently fallen short of its own estimates, and that the underlying demand for its products is largely based on government subsidies.

BI also published an explainer on how fuel cells work, and how cheaper hydrogen supplies and rising demand for sustainable energy sources appeared to be bolstering the firms' revenues.

The stocks remain incredibly cheap and seem to be subject to a certain degree of speculation. Plug Power releases its latest earnings tomorrow.