General Fusion, a Richmond, BC, Canada-based nuclear fusion development company, raised $25m in Series F funding.
The round was co-led by BDC Capital and GIC, and included new grant funding from the Government of British Columbia.
The company intends to use the funds to expand operations and its business reach.
Led by CEO Greg Twinney, and Founder and Chief Science Officer Dr. Michel Laberge, General Fusion is a commercial fusion energy company whose newly announced Magnetized Target Fusion (MTF) machine will fast-track its technical progress. To be built at the company’s new Richmond headquarters, this machine is designed to achieve fusion conditions of over 100 million degrees Celsius by 2025, and progress toward scientific breakeven by 2026.
This machine represents a significant new pillar to accelerate and de-risk General Fusion’s Demonstration Program, designed to leverage the company’s recent technological advancements and provide electricity to the grid with commercial fusion energy by the early to mid-2030s.
Called Lawson Machine 26 (LM26), the MTF demonstration is designed to be cost-efficient and produce results quickly using General Fusion’s unique approach to fusion. LM26 will validate the company’s ability to symmetrically compress magnetized plasmas in a repeatable manner and achieve fusion conditions at scale. The machine will integrate General Fusion’s existing operational plasma injector (PI3) with a new lithium liner compression system.
Over the next two to three years, General Fusion will work closely with the UK Atomic Energy Authority to validate the data gathered from LM26 and incorporate it into the design of the company’s planned commercial scale demonstration in the UK.
FinSMEs
11/08/2023