Nio (NIO) goes nuclear, invests in fusion technology startup
Chinese electric vehicle maker Nio Inc. (NYSE: NIO) has made an investment in, Neo Fusion, a company that is developing fusion technologies, according to a company filing.
According to a report by Reuters, citing unnamed sources with direct knowledge, Neo Fusion will research and develop technologies that aim to bring controlled fusion for commercial uses globally in two decades.
Financial details in the company’s registration filing show the nuclear fusion company has capital of 5 billion yuan ($723.37 million) and is 50% controlled by China's eastern province of Anhui government-owned energy companies and investment arms.
Nio invested 995 million yuan for a 19.9% stake while Nio Capital, the investment firm founded by Nio's chief executive William Li, invested 505 million yuan for a 10.1% share.
"Staying true to the original aspiration of Blue Sky Coming, Nio aims to facilitate the R&D and commercialization of nuclear fusion technology by making financial investment into this project," which plans to attract more strategic and financial investors in phases, Nio said in a statement on Friday.
Shares of NIO are up 1.15% in pre-market trading on Friday.
By Michael Elkins | [email protected]