Nio (NYSE:NIO) stock is a hot topic on Friday as investors react to news of the electric vehicle (EV) company investing in nuclear energy.
According to a recent filing from the company, Nio is investing in Neo Fusion. That filing shows that Nio “invested 995 million yuan for a 19.9% stake” in the firm.
That’s not the only investment worth noting, however. Nio Capital also invested 505 million yuan in Neo Fusion for a 10.1% stake. Nio Capital is an investment firm created by Nio CEO William Li.
Why Invest in Neo Fusion?
Here’s what Nio said in a statement concerning its investment, per StreetInsider:
“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.”
Neo Fusion is a company currently focused on developing nuclear fusion technologies. Reports also claim the company seeks to bring controlled fusion to consumer markets over the next 20 years. According to StreetInsider, the firm 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.”
Investors in NIO stock are reacting positively to the nuclear investment news with shares up 2.8% as of Friday morning.
There’s even more stock market news happening today that traders need to know about!
We’ve got all of the hottest stock market stories worth knowing about on Friday! A few examples include our coverage of AMC Entertainment Preferred Equity Units (NYSE:APE), Monogram Orthopaedics (NASDAQ:MGRM) and Foot Locker (NYSE:FL) stock today. You can find all of that news at the following links!
More Stock Market News For Friday
- Antara Capital Keeps Selling AMC’s APE Stock
- Why Is Monogram Orthopaedics (MGRM) Stock Up 61% Today?
- Why Is Foot Locker (FL) Stock Down 25% Today?
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
