China unveiled a new national company and formed a broad coalition of industrial giants to advance research in nuclear fusion technology.

The consortium led by China National Nuclear Corp. was launched on Dec. 29, with the goal of targeting nuclear fusion development through high-temperature superconductors, large-capacity energy storage and tritium production, according to a statement by the Corporation.

The group comprises 25 central government-owned enterprises and research institutes, including some of the country's largest energy and steel firms such as State Grid Corp., China Three Gorges Corp. and China Baowu Steel Group Corp Ltd., the statement said.

China also announced it was preparing to form China Fusion Corp. in an attempt to lead the industry's development. The nation is vying with competitors such as the US, the UK and Japan to advance the nascent technology.