General Fusion Set to Become First Publicly Traded Pure-Play Fusion Company Through Business Combination
In a landmark development for the clean energy sector, Vancouver-based General Fusion Inc. has announced a definitive business combination agreement with Spring Valley Acquisition Corp. III (NASDAQ: SVAC). This strategic move is poised to make General Fusion the world's first publicly traded pure-play fusion company, with an anticipated listing on the Nasdaq under the ticker symbol "GFUZ" upon completion of the transaction.
Transaction Details and Financial Implications
The proposed business combination implies an approximate US$1 billion pro-forma equity value for the combined entity. This valuation includes around US$105 million from a committed and oversubscribed Private Investment in Public Equity (PIPE) with leading institutional investors, alongside US$230 million of Spring Valley's trust capital, assuming no redemptions occur. The transaction is expected to provide General Fusion with the necessary capital to advance its pioneering fusion technology programs.
Spring Valley brings significant expertise to this partnership, having closed more than 50 energy and decarbonization transactions over the past three decades. Their team has played instrumental roles in the creation of 17 publicly traded companies, including seven special purpose acquisition companies (SPACs) that have either merged or raised capital to date.
Two Decades of Fusion Innovation
General Fusion boasts an impressive 20-year track record of advancing fusion technology, having raised more than US$400 million in capital since its inception. The company's funding has come from a diverse range of sources including leading institutional investors, strategic partners, venture capital firms, industry collaborators, and government grants.
The company's technological approach centers on Magnetized Target Fusion (MTF), a proprietary method designed to overcome traditional barriers to fusion energy commercialization. Unlike some competing approaches that rely on superconducting magnets and high-powered lasers, MTF technology aims to achieve fusion through mechanical compression of plasma, enabling the use of existing materials to create durable, cost-effective energy production systems.
Groundbreaking Technical Achievements
General Fusion stands among an elite group of only four private companies worldwide to have achieved and published meaningful peer-reviewed fusion results. The company's intellectual property portfolio includes 210 patents issued and pending, reflecting its substantial research and development investments.
In early 2025, the company achieved a significant milestone by designing, building, and beginning operation of its Lawson Machine 26 (LM26) in under two years. This world-first large-scale MTF fusion demonstration machine represents a major advancement toward commercial viability.
Path to Commercial Fusion Energy
The LM26 machine currently operates at 50% of commercial-scale diameter, mechanically compressing plasma with a lithium liner as it progresses toward key technical milestones. These include achieving heating levels of 1 keV (10 million degrees Celsius) and 10 keV (100 million degrees Celsius), with the ultimate goal of reaching the Lawson criterion – the combination of fusion parameters necessary to produce net fusion energy in the plasma.
General Fusion intends to use proceeds from this transaction to fully fund and advance the LM26 program, with the objective of demonstrating and de-risking MTF technology in a commercially relevant manner. This development comes at a critical juncture as global electricity demand surges and nations worldwide accelerate efforts to commercialize fusion power.
Leadership Perspective on the Milestone
"General Fusion has a 20-year track record of creating and advancing the fusion technologies that we believe will address one of humanity's biggest challenges: meeting the urgent and growing demand for energy while delivering clean, sustainable, reliable baseload power," stated Greg Twinney, CEO of General Fusion. "The fusion era is now, and we've ushered it in through decades of innovation and teamwork. That's what's made us one of only a handful of private fusion companies with real-world, meaningful fusion results on the path to commercial viability and why we're set to become the world's first publicly traded pure-play fusion company."
This business combination represents a significant step forward in the global race to commercialize fusion energy, positioning Canadian innovation at the forefront of what many consider the ultimate clean energy solution for future generations.
