Chinese “Neo” is investing in nuclear fusion for car batteries
Chinese electric vehicle maker NIO Inc. has invested in a startup developing fusion technologies, as well as adopting a battery replacement scheme as a faster solution for powering electric vehicles, and an energy storage facility to improve grid stability.
Within two decades, the newly established company, New Fusion, will research and develop technologies to market controlled fusion globally, Reuters reported, citing familiar sources.
New Fusion controls 50 percent of government-owned energy companies and investment arms in Anhui Province, east China, with a registered capital of 5 billion RMB ($730 million).
Nio invested RMB995 million ($145.42 million) for a 19.9% stake, while Nio Capital, founded by Nio CEO William Lee, invested RMB505 million ($73.81 million) for a 10.1% stake. According to Yahoo Finance.
The American competition, Tesla, told Reuters that its goal is to facilitate research, development and commercialization of nuclear fusion technology by making financial investments in this project, which targets more strategic and financial investors in stages.
Niu is also developing battery technologies, and plans to build a battery factory with an annual capacity of 40 GWh in Hefei, Anhui Province.
On the other hand, Niu tapped Autoliv, a subsidiary of Autoliv China, to develop safety products for electric vehicles and sustainable technologies.
New technologies will include a passenger airbag that deploys from the headliner using an environmentally friendly bellows, and is also involved in developing a new airbag concept that provides full protection for different seating positions.
New shares were trading up 1.02% at $7.9 at the close of trading on Friday.
2023-05-20 14:03:14
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