General Fusion Raises $65 Million To Establish Demonstration Plant

By Amit Chowdhry ● Dec 17, 2019
  • General Fusion announced it raised $65 million in Series E funding led by Singapore-based investment firm Temasek

General Fusion announced it has raised USD$65 million in Series E funding led by Singapore-based investment firm Temasek. The USD$65 million of new financing — together with the release of CAD$50 million in additional investment from Canada’s Strategic Innovation Fund — will enable General Fusion to formally launch the program to design, construct, and subsequently operate its Fusion Demonstration Plant.

This prototype facility is expected to confirm the performance of General Fusion’s magnetized target fusion technology in a power plant relevant environment. And the pursuit of this next important step toward commercially viable fusion energy reflects the growing global collaboration between public and private stakeholders in this transformative technology. So far, General Fusion has attracted over USD$200 million in funding to develop its practical approach to fusion energy.

“The world is pivoting toward fusion as the necessary complement to other technologies which, collectively, will enable the carbon-free energy future we all need,” said General Fusion CEO Christofer Mowry. “The success of our financing is further evidence that the global stakeholders in this endeavor are leaning into this challenge with action.  We are proud and honored that Temasek and our other investors have demonstrated their confidence in General Fusion with this funding.”

Along with Temasek, the Cleantech Practice of Business Development Bank of Canada (BDC), the DLF Group, Gimv, I2BF Global Ventures, Disruptive Technology Advisers, Hatch, and several individual impact investors have become new investors in General Fusion. And they were joined in this funding by existing international investors, including Chrysalix Energy Venture Capital, Bezos Expeditions, Khazanah Nasional Berhad, Braemar Energy Ventures, Entrepreneurs Fund, and SET Ventures.