The electric vehicle maker NIO just revealed they’re putting some major cash into nuclear fusion research. The company launched a new subsidiary called Neo Fusion that’ll work to develop nuclear fusion tech and hopefully get it ready for mainstream use within the next couple decades.
According to paperwork, Neo Fusion has a whopping $723 million in funding to get things going. NIO itself is coughing up nearly $200 million for a 19.9% stake in the new company. NIO Capital, an investment group started by NIO’s CEO William Li, is also throwing $75 million at Neo Fusion to grab 10.1% ownership.
Talk about thinking big! When asked about the move, NIO told Reuters they want to “promote the development and commercialization of nuclear fusion technology through financial investment in the project.” The company seems dead set on making good on their goal of “blue skies coming” through any means necessary.
Nuclear fusion, if you’re not hip to it, is when you smash atoms together to release a huge amount of energy. Scientists have been working on it for decades in hopes of creating unlimited clean power. Who knew an electric vehicle company might help crack the code? This is a ballsy move by NIO, but if it pays off it could change how the world gets its juice. Only time will tell if Neo Fusion’s a dead-end detour or a shortcut to the future.