General Fusion announces funding to build new fusion machine
Torys acted as counsel to BDC Capital and other lead investors with a team that included John Emanoilidis, Konata Lake, Tyler Cassack, Kendall Grant and Mitchel Hayes (corporate), Jerald Wortsman, Gwen Watson and Michael Steele (tax).
On August 9, 2023, in addition to a new magnetized target fusion (MTF) machine that will fast-track its technical progress, General Fusion Inc. (“General Fusion”) announced the completion of the first close of its Series F fundraising for a combined US$25 million (approximately C$33.5 million) of funding. The round was anchored by existing investors, including BDC Capital Inc.
The financing also included new grant funding from the Government of British Columbia, which builds upon the Canadian government’s ongoing support through the Strategic Innovation Fund (SIF).
General Fusion's MTF technology is unique in the fusion market. Unlike others, it was designed to scale for cost-efficient power plants from its inception by deliberately avoiding the pitfalls of other approaches that require expensive superconducting magnets or high-powered lasers. As a result, the path to generating zero-carbon electricity for the grid is shorter for General Fusion than other approaches, which still need to address longstanding barriers to the commercialization of fusion, such as machine durability (i.e., the “first wall” issue), fuel production, simple energy conversion, and commercial production economics.
Further information can be found on Globe Newswire’s website.
General Fusion, headquartered in Richmond, Canada, is pursuing a fast and practical approach to commercial fusion energy.