Rebounding from the more than 8% slide they suffered through the first half of October, shares of Piedmont Lithium (NASDAQ: PLL) have been powering higher this week. The source of investors' glee? Piedmont Lithium announced that it has received a grant from the U.S. Department of Energy. 

As of 11:34 a.m. ET, shares of Piedmont Lithium have risen 18.1% since last Friday's trading session, according to data provided by S&P Global Market Intelligence.

On Wednesday, Piedmont Lithium announced that the Department of Energy has awarded the company a $141.7 million grant to advance the development of the Tennessee Lithium project. Addressing the importance of the grant in supporting the domestic production of lithium, Keith Phillips, Piedmont's president and CEO, said: "Over 80% of lithium hydroxide production today occurs in China. This grant will accelerate the development of the Tennessee Lithium project as a world-class lithium hydroxide operation, which is expected to more than double the domestic production of battery-grade lithium hydroxide in the United States."

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Source Fool.com