General Fusion

General Fusion has agreed to go public via a merger with a U.S. special purpose acquisition company, valuing the fusion developer at US$1 billion. The Richmond, British Columbia company will combine with Dallas-based Spring Valley Acquisition Corp. III and plans to trade on the Nasdaq after closing.

The deal includes roughly US$105 million in PIPE financing and up to US$230 million from Spring Valley’s trust. After recent funding challenges, General Fusion says the transaction advances its goal of delivering commercially viable fusion power and bringing energy to the grid. Want to know more? Check out the source code here.

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Burnaby’s General Fusion has raised US$22 million to advance its LM26 fusion demonstration program, supporting efforts to produce zero-carbon energy. Investors include Segra Capital, PenderFund, Chrysalix, MILFAM, JIMCO, Gaingels, Thistledown Capital, Presight Capital, and Hatch. The Lawson Machine 26, unveiled in 2023, builds on two decades of research.

Earlier this year, the company successfully formed a magnetized plasma inside the LM26, with plans to compress it using a lithium liner to generate fusion. The funding round also strengthens the board with Segra’s Adam Rodman and PenderFund’s Kelly Edmison. Total LM26 investment now exceeds US$100 million.

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Burnaby-based General Fusion has achieved a major milestone in its Magnetized Target Fusion (MTF) technology, successfully forming a magnetized plasma inside its Lawson Machine 26 (LM26). The company now aims to compress these plasmas using a lithium liner to generate fusion, progressing toward commercial zero-carbon fusion energy.

LM26, built in just 16 months, is targeting temperatures of 10 million and 100 million degrees Celsius, with the ultimate goal of achieving scientific breakeven. Founder Dr. Michel Laberge highlighted the company’s extensive research, saying, “We’re ready to make some fusion happen in LM26!”

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At Energy Disruptors: UNITE 2024, General Fusion CEO Greg Twinney outlined how fusion energy could transform the world’s energy landscape by the mid-2030s. He emphasized fusion’s potential as a clean, scalable energy source to meet growing demands and replace fossil fuels.

Twinney discussed the need for both technological innovation and business viability in achieving commercial fusion success. He noted recent scientific breakthroughs and shared concerns about Canada’s lack of a national fusion strategy. General Fusion is progressing toward commercial power by 2035, aiming to achieve key milestones with its Lawson Machine 26 by January 2025.

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General Fusion has secured more than $20 million in financing from Canadian Nuclear Laboratories and BDC Capital to advance its Lawson Machine 26 reactor project in BC. The LM26 aims to achieve critical scientific milestones, including heating plasma to 100 million degrees Celsius.

This funding follows previous investments, bringing General Fusion closer to its goal of demonstrating viable nuclear fusion technology. The company has raised about two-thirds of the necessary funds and plans to continue scaling its efforts in the evolving fusion energy market.

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General Fusion’s latest Magnetized Target Fusion (MTF) machine, dubbed Lawson Machine 26 (LM26), promises to revolutionize fusion technology.

With a targeted fusion temperature of 100 million degrees Celsius by 2025 and a move towards scientific breakeven by 2026, the company accelerates its Demonstration Program. LM26 integrates plasma injector PI3 with a lithium liner compression system, aiming for efficient energy confinement.

This achievement is bolstered by $33.5 million in funding, led by BDC Capital and GIC, along with the Government of British Columbia. General Fusion’s cost-effective approach brings grid power via fusion closer.

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