General Fusion, a Vancouver-based fusion energy technology company, has secured $130 million in the final close of its Series E financing. The round, initially closed in 2019 at $65 million, was led by Temasek. Other new and existing investors in the deal included I2BF Global Ventures, BDC Capital, Bezos Expeditions, Braemar Energy Ventures, Cenovus Energy, Chrysalix Venture Capital, Disruptive Technology Advisers, DLF, Entrepreneurs Fund, GIC, Gimv, Hatch, Jameel Investment Management Company, Khazanah Nasional Berhad, Segra Capital, SET Ventures and Thistledown Capital.
General Fusion closing oversubscribed $130 million transitional financing round
VANCOUVER, British Columbia, Nov. 30, 2021 (GLOBE NEWSWIRE) — General Fusion announced today it is closing an oversubscribed $130 million (USD) Series E funding round filled by a new syndicate of global investors. This financing, led by Temasek, significantly expands the company’s portfolio of institutional, sovereign, family office, and high net worth investors, providing the prelude to a large financing round being prepared for 2022. Combined with broad financial support from the Canadian, U.K., and U.S. governments, the General Fusion Series E round supports aggressive pursuit of several near-term initiatives and milestones in its program to commercialize Magnetized Target Fusion (MTF).
In addition to a portfolio of important individual investors, which includes Jeff Bezos, Tobias Lütke, and Kam Ghaffarian, Series E brings a new syndicate of major institutional and family office investors to General Fusion. These anchoring investors include Temasek, GIC, the Jameel Investment Management Company (JIMCO), and the Business Development Bank of Canada (BDC), as well as broader participation from other capital market segments represented by investors such as a large U.S. state pension plan and the hedge fund firm Segra Capital.
“Segra Capital believes General Fusion is best positioned among its peer group to deliver fusion at a commercial scale in the near term,” said Adam Rodman, Founder and CIO, Segra Capital. “While Segra Capital has traditionally invested primarily in public markets, this compelling opportunity resonated with our core ESG and cleantech-focused partners, so we are excited to participate in this Series E financing and look forward to supporting the company in the future.”
“General Fusion’s drive to shape the market for clean fusion energy is just one of the many reasons why JIMCO is investing in its commercialization program,” said Fady Jameel, a member of the Jameel Family’s Investment Supervisory Board. “The global energy sector is undergoing tremendous change to secure a cleaner future for all, which JIMCO is passionate about and ready to support through investments like the one in General Fusion.”
“With our 75-year history of investing in companies positively shaping the future of the core industries, we believe General Fusion’s global, technologically-advanced solution to commercial fusion energy make them a leader in this growing industry.”
“Collectively, the expansion of General Fusion’s investor base in this Series E financing provides a strong foundation for a larger financing next year,” said Greg Twinney, CFO, General Fusion. “From our technology’s inception, we have had a laser focus on cultivating customers and creating a practical, clean energy solution that meets their needs. This approach resonates with investors looking to make an impact in the global energy transition.”
With substantial capital support from both private and government sources, General Fusion has aggressively pursued deployment of its power-plant scale Fusion Demonstration Plant located at the UK Atomic Energy Authority’s (UKAEA) Culham Centre for Fusion Energy near London. The company has also accelerated MTF technology development activities associated with its new Vancouver headquarters and opened a new facility adjacent to Oak Ridge National Laboratory in the U.S. Furthermore, General Fusion has created a Market Development Advisory Committee (MDAC) focused exclusively on fusion. The company’s MDAC is currently comprised of nine leading energy companies and clean energy users representing critical markets for fusion’s carbon-free, on-demand power.
“General Fusion’s unique global presence, with facilities in three countries, allows us to be much more ambitious in pushing toward commercialization,” said Christofer Mowry, CEO, General Fusion. “Our broad network of national laboratory and industrial partners, together with our advisory council of energy market end-users, positions General Fusion well to help the world achieve its net-zero carbon goals.”
General Fusion interacted with, and appreciated the support of, several firms during the Series E financing process, including VAHOCA, based in Singapore, and Disruptive Technology Advisers LLC.
About General Fusion
General Fusion is pursuing the fastest and most practical path to commercial fusion energy and is based in Vancouver, Canada, with locations in London, U.K., and Oak Ridge, Tennessee, U.S.A. The company was established in 2002 and is funded by a global syndicate of leading energy venture capital firms, industry leaders, and technology pioneers. Learn more at www.generalfusion.com.