Shanghai’s Energy Singularity looks to raise $500mn to develop clean energy breakthrough using locally sourced materials
A Shanghai start-up is seeking to raise $500mn to develop cheaper next-generation nuclear fusion technology, as China races with the west to crack the problem of commercialising the groundbreaking clean energy. Nuclear fusion — where hydrogen isotopes fuse after being heated to extreme temperatures, releasing energy — has for decades held the potential to provide bountiful emissions-free electricity with no long-lived radioactive nuclear waste.
The company said about 95 per cent of the materials for its first device, the Honghuang 70 or HH70, were locally made, highlighting the “long-term accumulation” of advantages in Chinese nuclear power technology. “We have a cost advantage on materials, on staff, everything . . . we think the cost in China would be at least 50 per cent lower than building the same kind of machine in the US,” Ye said.
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