The Biden administration is poised to finalize billions of dollars in financing for electric-vehicle maker Rivian Automotive Inc. and hydrogen manufacturer Plug Power Inc. before the Trump administration takes power next week,

Rivian Automotive and Plug Power shares jumped in premarket trading Thursday, up nearly 2% and over 5%, respectively, drawing significant retail investor interest. The spike came after a Bloomberg report late Wednesday revealed that both companies might secure billions in financing from the Biden administration before Donald Trump assumes office

Plug Power (NASDAQ:PLUG) +1.7% and Rivian Automotive (RIVN) +1.1% in early trading Thursday following a Bloomberg report that the Biden administration is poised to finalize billions of dollars in financing for the two companies before President-elect Trump returns to the White House.

This was the stock's second consecutive day of gains.

Plug Power (NASDAQ: PLUG) stock rocketed more than 10% in early trading Tuesday, hitting $3 per share before giving back most of its gains and retreating to a single-digit gain. As of 10:20 a.m. ET, Plug stock is still up,