General Fusion has raised $22 million (CAD $ 30 million) in new financing to accelerate the development of its revolutionary LM26 fusion demonstration project and advance its mission to deliver zero-carbon fusion energy. The latest funding round attracted support from a prestigious lineup of investors, including Segra Capital, PenderFund (via the Pender Growth Fund and Pender Small Cap Opportunities Fund), Chrysalix Venture Capital, MILFAM, JIMCO—the global investment arm of the Jameel family—Gaingels, Thistledown Capital, Presight Capital, and Hatch.
The new capital will accelerate General Fusion’s progress in building and operating the Lawson Machine 26 (LM26), the first large-scale Magnetized Target Fusion (MTF) demonstration machine in the industry. Unveiled in 2023 and operational in less than two years, LM26 is engineered to demonstrate MTF at 50% of the scale required for a commercial power plant.
The project aims to achieve ambitious technical milestones, including reaching plasma temperatures of 10 million and 100 million degrees Celsius and ultimately achieving “scientific breakeven” (Lawson criteria).
General Fusion’s innovative MTF approach has been shaped by over two decades of advanced research, robust investor backing, and support from the Canadian government. With Adam Rodman’s deep energy investment background and Kelly Edmison’s decades-long experience in technology and finance, the strengthened Board is poised to guide the company through the following critical stages of commercialization, bringing the vision of practical, grid-scale fusion energy closer to reality by the mid-2030s.
New board members: Segra Capital’s Adam Rodman and PenderFund’s Kelly Edmison will join the company’s Board of Directors, bringing significant expertise in clean-tech investment and strategic growth.
KEY QUOTES:
“The strong economics and commercialization advantages underpinning General Fusion’s elegant MTF approach are a big part of why Segra continues to invest in the company. I look forward to also representing Segra on their Board of Directors at an exciting time in their bold LM26 program, which has great momentum toward achieving new technical milestones that will drive significant value for investors.”
Adam Rodman, Founder and Chief Investment Officer, Segra Capital
“Pender invests in companies that aim to positively impact the world – and we’re proud to support the bold work General Fusion is doing. Fusion has the potential to power our clean energy future. Pender looks forward to further supporting their mission on the Board of Directors and providing strategic guidance on financing the company through the next critical phases of commercialization.”
David Barr, CEO of PenderFund, Portfolio Manager of the Pender Small Cap Opportunities Fund, and CEO and Portfolio Manager of Pender Growth Fund
“We’re driving forward to achieve transformational technical results with LM26. This new funding from a strong mix of existing and new shareholders is a group that deeply supports our mission to transform the world with practical MTF. This financing is not only a vote of confidence in our technology but our extraordinary team, who designed, built, and began operating our world-first machine in less than two years, which speaks to the depth of their experience and dedication to our mission.”
Greg Twinney, CEO, General Fusion
