Investing
Nio goes nuclear, invests in fusion technology startup
© Reuters Nio (NIO) goes nuclear, invests in fusion technology startup
Chinese electric vehicle maker Nio Inc (NYSE:) 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 CNY 5 billion ($723.37 million) and is 50% controlled by China’s eastern province of Anhui government-owned energy companies and investment arms.
Nio invested CNY 995M for a 19.9% stake while Nio Capital, the investment firm founded by Nio’s Chief Executive William Li, invested CNY 505M 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.
Read the full article here
-
Side Hustles6 days ago
The ‘Billionaire Chef’ Wants to Make Nigerian Food Mainstream
-
Investing5 days ago
She Started a Business That’s Earning Over $10M This Year
-
Investing6 days ago
How to Successfully Make the Leap From Founder to CEO
-
Passive Income5 days ago
Campbell’s Soup Is Trying to Change Its Name. Here’s Why.
-
Side Hustles4 days ago
Who Are the Billionaires Backing Trump or Harris?
-
Side Hustles4 days ago
San Francisco Pizzeria Found Success With Unique Menu
-
Passive Income6 days ago
How to Leverage Fintech for Efficient Cash Management
-
Side Hustles6 days ago
Harris-Trump Debate: Breaking Down Economic Policies, Plans