Hyundai Motor Group Funds Fusion Startup in the US
Archer Aviation Inc. and Boeing announced the definitive agreement. According to the deal, Archer will acquire three Boeing-owned companies, including Wisk Aero, SkyGrid, and Insitu, to become much bigger in AI, autonomous aircraft, drones and defense technology.
Hyundai Motor Group is investing in a US nuclear fusion company, Commonwealth Fusion Systems (CFS). Both companies expect to expand their cooperation to build a fusion facility in South Korea.
CFS said that Hyundai Motor Group joined as an investor in a $1 billion funding round, though it did not disclose the specific investment amount.
Both companies are expecting opportunities in various areas, including construction of the fusion power facility in South Korea. CFS remarked that South Korea has included fusion as one of the core fields in its “Seven Seed Programme" that will foster key emerging technologies; the partnership with Hyundai will lay the groundwork for commercialising a fusion power plant.
Executive Vice President and Head of Hyundai Motor Group's future strategy Jung Ho-Keun 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 various opportunities where Hyundai Motor Group's industrial, engineering and infrastructure capabilities can contribute to the development of the fusion industry.
Bob Mumgaard, Chief Executive of CFS, expressed his opinion, saying that a partnership with leading companies like Hyundai will play an important role in scaling up the ARC power plant business.
CFS, including all the rounds, has raised a total of $4 billion since its founding. Investors include Google and Microsoft founder Bill Gates. Power Purchase Agreements (PPAs) have been signed by Google and Italian Energy Company Eni, stating they will buy more than half of the electricity to be generated by the first fusion power plant.
Established out of Massachusetts Institute of Technology (MIT) in 2018, CFS develops compact fusion equipment using high-temperature superconducting magnets. The company is now building SPARC, a fusion demonstration device that aims to construct ARC fusion plants and later to supply electricity to the grid in the early 2030’s.
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