General Fusion, a Burnaby, BC, Canada-based developer of fusion energy, completed a (CAN) $27m financing.
The round, which will be followed by a second closing in late summer 2015, was led by Khazanah Nasional Berhad, with participation existing European and North American venture capital firms, family offices, etc.
The company will use the funds to continue the development of Magnetized Target Fusion (MTF) system which uses a sphere, filled with molten lead-lithium that is pumped to form a vortex. On each pulse, magnetically-confined plasma is injected into the vortex. Around the sphere, an array of pistons impact and drive a pressure wave into the centre of the sphere, compressing the plasma to fusion conditions.
Established in 2002 and led by CEO Nathan Gilliland, General Fusion aims to unlock “the potential to handle the world’s future energy demands, cleanly, safely and inexpensively” via fusion energy, which will enable the production of steam that drives electrical turbines without generating greenhouse gases that produce climate change.
The company has a team of more than 60 scientists and engineers is also focused on economic commercialization, with its practical approach to fusion and converting heat into power.
General Fusion is supported by Chrysalix Energy Venture Capital, Bezos Expeditions, Cenovus Energy, Growthworks, Braemar Energy Ventures, BDC, Entrepreneurs Fund, SET Ventures, Sustainable Development Technology Canada, and NRC-IRAP.
In total it has raised more than $100m (CAN).