Neo Fusion
Startup News

Nio Expands Its Horizons: Invests in Neo Fusion Startup

1 Mins read

Photo was created by Webthat using MidJourney

Nio’s Investment in Fusion Technology Startup


Chinese EV manufacturer Nio has invested in a startup called Neo Fusion, focused on the development of fusion technologies for commercial use worldwide within two decades. This move reflects Nio’s interest in expanding beyond electric vehicles and venturing into the energy sector.

Neo Fusion’s Research and Development Mission for Controlled Fusion

Neo Fusion, with a registered capital of 5 billion yuan (US$723.37 million), is 50% owned by energy companies and investment arms of China’s Anhui province. The company aims to research and develop technologies that enable controlled fusion, a potential game-changer for global energy needs.

Nio’s Investment Details and Strategic Involvement

Nio has invested 995 million yuan for a 19.9% stake in Neo Fusion, while Nio Capital, the investment firm led by Nio’s CEO William Li, invested 505 million yuan for a 10.1% share. Nio expressed its commitment to supporting nuclear fusion technology development through financial investment.

Global Interest in Fusion

Fusion technology’s potential to reduce emissions and tackle climate change has attracted global attention. Companies and governments worldwide, including the US, Japan, and China, are investing heavily to lead the next generation of energy technology.

Nio’s Ambitions in the Power and Energy Sector

Nio’s investment in the fusion startup highlights its expansion into the power and energy sector. The EV maker recognizes the potential of battery swapping stations as a convenient EV charging solution and an energy storage resource to enhance grid stability.

Nio’s Battery Technology and Future Plans

In addition to fusion investment, Nio has been actively developing battery technologies. It plans to construct a battery plant with an annual capacity of 40 gigawatt hours in Hefei city, Anhui province, further solidifying its commitment to advancing the EV and energy industries.

CLICK HERE TO READ MORE ON WEBTHAT NEWS


Related posts
Startup News

Decoding Ola Electric's $300 Million Series E Financing Round

3 Mins read
Startup News

Gizmo Raises $3.5M with Gamified Quizzes and AI Magic

3 Mins read
Startup News

Shadowfax Journey: A $60 Million Boost Led by TPG NewQuest

3 Mins read
Connect and Engage

Stay in the loop and engage with us through our newsletter. Get the latest updates, insights, and exclusive content delivered straight to your inbox.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

×
Business News

China Surpasses Japan as the World's Leading Car Exporter