General Fusion raises $65M Series E to develop commercial fusion energy and enable carbon-free energy future
We last wrote about General Fusion in March of this year when Amazon founder Jeff Bezos Amazon founder and Microsoft made a $127 million investment in fusion energy startup General Fusion. Today, the British Columbia, Canada-based renewable energy tech startup developing utility-scale fusion power using magnetized target fusion, announced it has closed USD$65 million of Series E equity financing.
The financing was led by Temasek, a global investment company headquartered in Singapore, with participation from the Cleantech Practice of Business Development Bank of Canada (BDC), the DLF Group, Gimv, I2BF Global Ventures, and others.
They were also joined in this financing by many existing international investors in the Company, including Chrysalix Energy Venture Capital, Bezos Expeditions, Khazanah Nasional Berhad, Braemar Energy Ventures, Entrepreneurs Fund, and SET Ventures. This $65 million of new financing, together with the release of CAD$50 million in additional investment from Canada’s Strategic Innovation Fund, enables the Company to formally launch the program to design, construct, and subsequently operate its Fusion Demonstration Plant.
The prototype facility is intended to confirm the performance of General Fusion’s magnetized target fusion technology in a power plant relevant environment. 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. General Fusion has attracted more than USD$200 million in funding to develop its practical approach to fusion energy.
Founded in 2002 by then 40-year-old physicist Michel Laberge, who quit a lucrative job at a laser printing company to follow an unconventional passion in nuclear fusion development, the Burnaby, British Columbia, Canada-based General Fusion aims to transform the world’s energy supply with clean, safe and abundant fusion energy. General Fusion is developing utility-scale fusion power using magnetized target fusion. Fusion occurs when two light atoms fuse together to make a heavier one, creating energy in the process. It’s the same process that powers the sun and stars. The startup is funded by a global syndicate of leading energy venture capital firms, industry leaders, and technology pioneers. General Fusion has raised a more than $127.1 million in funding since inception in 2002.
“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 Chief Executive Officer 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.”