General Fusion
🇨🇦 Richmond, CA · Founded 2002 · Active
General Fusion is a Canadian fusion company founded in 2002 by the physicist Michel Laberge and based in Richmond, British Columbia. It develops magnetised target fusion: a magnetised plasma is injected into a chamber and then squeezed mechanically, in its power plant design by pistons driving a wall of liquid metal that also carries away heat. Its demonstration machine, Lawson Machine 26 (LM26), is operating at its Vancouver-area facility, with targets of 1 keV (about 11.6 million °C), 10 keV and conditions equivalent to scientific breakeven; the company aims for a first plant producing energy in the mid-2030s. A planned UK demonstration plant at Culham was put on hold in 2023. In May 2025 it cut about a quarter of its staff and reduced LM26 operations over an urgent financing shortfall, In January 2026 it announced a merger with a special purpose acquisition company, completed on 10 July 2026; it now trades on Nasdaq as General Fusion Group Ltd. (GFUZ).
- Sector
- Fusion
- Technology
- Magnetized target
- Fuel
- Deuterium–tritium
- Role
- Fusion developer
Its recorded equity, $147m, is the 13th largest of the 25 organisations with a priced round here. Not every round is on record, so this is not its total raised.
It also holds 2 awards or agreements with no cash figure, which are not added to any total.
Terms
- Magnetized target
- A magnetised plasma target compressed mechanically or by an imploding liner. Sits between magnetic and inertial confinement in density and timescale. The main open problem is compressing the liner onto the plasma symmetrically and fast enough to reach fusion conditions before the plasma cools or the liner breaks up.
- Deuterium–tritium
- Lowest ignition threshold; 80% of energy in 14.1 MeV neutrons. The reference fuel for every near-term net-gain claim.
Funding
- 2026-01-21SPAC mergerListing on Nasdaq (GFUZ) by business combination with Spring Valley Acquisition Corp. III, agreed 21 January 2026 and closed 10 July 2026. The announcement's "US$230 million of trust capital (assuming no redemptions)" is NOT what General Fusion received: 21,075,896 of the 23,000,000 public shares were redeemed (about 92%). The trust cash actually delivered after redemptions has not yet been reported in any filing opened, so the amount is undisclosed rather than estimated. The PIPE is a separate record.Unpriced
- 2026-01-21Equity roundPIPE financing alongside the Spring Valley business combination: 10,556,367 units at $10.20 (each one convertible preferred share and one warrant) for $107.7 million gross, completed at closing on 10 July 2026. Announced in January 2026 at about $105 million. Segmented from the SPAC trust proceeds.$108m
- 2025-08-06Equity roundRights offering of Class B Series 1 redeemable convertible preferred shares, closed 6 August 2025, for $18.4 million. The company's "US$22 million financing" headline adds a CAD 5.0 million Strategic Innovation Fund commitment to this; that public money is not equity and is not included. At the same closing the July 2024 convertible notes were exchanged for preferred shares; that exchange is not new money.$18m
- 2025-01GrantGovernment of Canada Strategic Innovation Fund (now Strategic Response Fund) contribution: the January 2025 third amendment to the 2019 contribution agreement added CAD 15.0 million, all received during 2025. The agreement's total eligible funding was CAD 74.25 million after a March 2026 amendment; that is a ceiling and is not recorded. The March 2026 amendment's CAD 5.0 million came in exchange for warrants and is not included here.Unpriced
- 2025Convertible note or SAFESAFE (Simple Agreement for Future Equity) financing for $44.5 million gross, closed in the fourth quarter of 2025 and January 2026, with SAFE warrants attached.$45m
- 2024-07Convertible note or SAFESecured convertible promissory notes issued July 2024 for $15.8 million at 12% interest, exchanged in August 2025 for Class B Series 2 preferred shares. The exchange is not new money and is not a separate deal.$16m
- 2023-07Equity roundSeries 1 Class F preferred shares with warrants issued July 2023 for $20.9 million.$21m