Nio, A Big Supporter Of Battery Swapping, Buys Stake In Nuclear Fusion Startup

  • Chinese EV maker NIO Inc (NYSE: NIO) has invested in a startup firm developing fusion technologies. It endorses battery swapping as a quicker solution for powering up EVs and an energy storage facility to improve grid stability.

  • In two decades, the newly established company, Neo Fusion, will research and develop technologies to commercialize controlled fusion globally, Reuters cites familiar sources.

  • Neo Fusion is 50% controlled by China’s eastern province of Anhui government-owned energy companies and investment arms. It has a registered capital of 5 billion renminbi ($0.73 billion),

  • Nio invested 995 million renminbi ($145.42 million) for a 19.9% stake, while Nio Capital, founded by Nio’s CEO William Li, invested 505 million renminbi ($73.81 million) for a 10.1% share.

  • The Tesla Inc (NASDAQ: TSLA) rival told Reuters its aims to facilitate the R&D and commercialization of nuclear fusion technology by making financial investments in this project, which eyes more strategic and financial investors in phases.

  • Nio has also been developing battery technologies and is planning to build a battery plant with an annual capacity of 40 gigawatt-hours in Hefei City in Anhui province.

  • Separately, NIO tapped Autoliv, Inc (NYSE: ALV) subsidiary Autoliv China to develop safety products for electric vehicles and sustainable technologies.

  • The new technologies will include a passenger airbag that deploys from the headliner using an environmentally friendly inflator, and they are also co-developing a new airbag concept that provides complete protection for different seating positions.

  • Price Action: NIO shares traded higher by 1.02% at $7.90 premarket on the last check Friday.

  • Photo via Company

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