Hyundai Motor Group Invests in U.S. Fusion Startup Commonwealth
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Hyundai Motor Group is investing in Commonwealth Fusion Systems (CFS), a U.S. nuclear fusion company. The two sides are expected to expand cooperation with the goal of building a fusion power facility in South Korea. CFS said on the 10th that Hyundai Motor (005380) Group joined as an investor in a $1 billion (about 1.34 trillion won) funding round. The specific investment amount was not disclosed. Spun off from the Massachusetts Institute of Technology (MIT) in 2018, CFS develops compact fusion equipment using high-temperature superconducting magnets. The company is building SPARC, a fusion demonstration device, and aims to construct ARC fusion power plants afterward to supply electricity to the grid in the early 2030s. The two sides are expected to explore cooperation opportunities in various areas, including the construction of a fusion power facility in South Korea. CFS said that because South Korea has included fusion as one of the core fields in its "seven SEED programs" to foster key emerging technologies, its partnership with Hyundai Motor Group will lay the groundwork for commercializing fusion power plants. Jung Ho-keun, executive vice president and head of Hyundai Motor Group's Future Strategy Division, said fusion energy has the potential to play an important role in supporting a sustainable future while meeting rising global energy demand. "We will explore...
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