A company owned by a Korean American says it has found scientific evidence for the existence of low-energy nuclear reactions(LENR), the process once called "cold fusion" that may promise a new source of energy.

JWK Technologies in Virginia presented the results of its joint research with the U.S. Navy at the American Chemistry Council.

In theory, low-energy nuclear fusion can release unlimited amounts of clean energy, and if commercialized, it will be possible to produce renewable energy without any nuclear waste.

JWK Chairman Kim Jae-wook said that his goal is to commercialize the technology within a year and apply it to rechargeable batteries and turbo automobile engines.