Canadian fusion energy developer General Fusion announced today it will go public through a business combination with U.S. special purpose acquisition company Spring Valley Acquisition Corp. III.
The deal, expected to close mid-2026, positions General Fusion as the first pure-play fusion company listed on the Nasdaq.
The transaction implies an equity value of roughly US$1 billion, supported by approximately US$105 million from a committed private investment in public equity (PIPE) and up to US$230 million in trust capital from Spring Valley.
General Fusion will use the proceeds to accelerate its proprietary Magnetized Target Fusion (MTF) technology and advance its Lawson Machine 26 (LM26) program — a large-scale demonstration machine designed to achieve key technical milestones at commercial-relevant scale.
Founded in 2002 and headquartered in Vancouver, General Fusion has built a reputation in the fusion field with more than US$400 million in private capital raised and over 200 patents issued and pending. Its MTF approach aims to deliver zero-carbon fusion power while avoiding components like superconducting magnets and high-power lasers, potentially offering a more practical path to commercial fusion energy.
“General Fusion has a 20-year track record of creating and advancing the fusion technologies that we believe will address one of humanity’s biggest challenges,” said Greg Twinney, CEO of General Fusion.
“The fusion era is now, and we’ve ushered it in through decades of innovation and teamwork. That’s what’s made us one of only a handful of private fusion companies with real-world, meaningful fusion results on the path to commercial viability.”
General Fusion’s planned public listing comes amid growing investor interest in fusion and other clean energy technologies — a trend underscored by recent capital flows toward fusion startups and SPAC transactions in the energy sector.
If completed as expected, the deal will mark a milestone in Canadian deep tech’s presence in U.S. public markets, extending Vancouver’s influence in next-generation energy innovation and offering public market access to one of the world’s most advanced fusion developers.
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