The Piedmont Lithium Inc (ASX: PLL) share price is powering ahead during late morning trade.
This comes despite the company not making any price-sensitive announcements on the ASX since its North American Lithium project update.
At the time of writing, the Australian lithium miner's shares are fetching for 91.2 cents apiece, up 15.44%.
What's driving Piedmont shares higher today?
Investors are buying up the Piedmont share price following positive news surrounding the company.
According to ABC News, the US House of Representatives has approved a US$430 million (A$604 million) bill tackling climate change.
The package is aimed at providing long-term federal subsidies for investors seeking to transition into renewable energy products. This includes receiving tax credits for wind and solar and new credits for energy storage, biogas and hydrogen.
In particular, US consumers who buy an electric vehicle built in North America will be eligible for a $7,500 tax credit.
US President Joe Biden is expected to sign the bill into law sometime next week.
US House of Representatives speaker Nancy Pelosi illustrates the legislation as a "robust cost-cutting package that meets the moment, ensuring that our families thrive and that our planet survives."
The historic win has put a number of lithium producers who are based in North America into the spotlight.
As such, shares in Sayona Mining Ltd (ASX: SYA) and Anson Resources Ltd (ASX: ASN) are up 5.46% and 3.33%, respectively.
About the Piedmont share price
After hitting a 52-week low of 48.5 cents on 15 July, the Piedmont share price has surged by 88%.
When looking at year to date, the company's shares are up 24% for the period.
Based on valuation grounds, Piedmont commands a market capitalisation of approximately $416.78 million.
