Sustainable Development Technology Canada (SDTC) has committed $12.75 million to Vancouver-based General Fusion Inc. The funding will support continued development of the company’s fusion energy technology, culminating in the design of a full-scale fusion energy demonstration system. General Fusion is partnering with McGill University’s Shock Wave Physics Group and engineering business Hatch Ltd on the system. Founded in 2002, General Fusion has secured more than $100 million in venture capital financing. Its last round, led by Malaysian investor Khazanah Nasional Berhad, was closed in May 2015.
General Fusion Awarded $12.75 Million From Sustainable Development Technology Canada
BURNABY, BRITISH COLUMBIA–(Marketwired – March 4, 2016) – Innovative cleantech company General Fusion has been awarded $12.75 million by Sustainable Development Technology Canada (SDTC) to continue developing its fusion energy technology, culminating in the design of a full-scale fusion energy demonstration system.
The grant, announced today by the federal Minister of Innovation, Science and Economic Development Hon. Navdeep Bains in Edmonton, is part of a 36-project, $206 million package of funds designed to help cleantech companies bridge the gap between research and commercialization.
The grant is staged across a number of milestones and requires an investment of matching funds equal to twice the amount of the grant. To date, General Fusion has raised more than $100 million from a global syndicate of investors. This is the second major grant from SDTC, the first an award of $13.9 million in 2009.
“The Government of Canada has been a key partner in the evolution of our company and fusion technology,” said Nathan Gilliland, General Fusion CEO. “The dedicated team at SDTC are champions for cleantech and its importance to the diversification of our economy. It’s also important to realize that SDTC’s clean energy projects will help Canada meet its commitment to reducing greenhouse gases,” he said.
“SDTC is incredibly proud to support General Fusion,” said Leah Lawrence, President and CEO of SDTC. “This is the kind of technology that has the potential to generate jobs, growth and export opportunities, and to bring lasting economic, environmental and health benefits to Canadians and the world.”
General Fusion is partnering with McGill University’s Shock Wave Physics Group and Hatch, the global engineering firm headquartered in the Toronto area. Hatch will work on the design of the full-scale energy demonstration system that is the next step in General Fusion’s mission to develop its Magnetized Target Fusion technology on an industrial scale. They bring their expertise in power plant design, engineering, material sciences, and technology commercialization to the consortium.
“Hatch has a strong tradition of research and development of new technologies and bridging the gap between ideas and commercial success. We are therefore extremely proud to be a part General Fusion’s innovative team, who are helping to push the world forward with clean technology,” said John Pearson, Hatch’s Global Managing Director. “We’re excited about the opportunity to bring positive change to Canada’s power market through this green technology.”
About General Fusion:
General Fusion is developing the fastest, most practical, and lowest cost path to commercial fusion energy. The company was established in 2002 and is supported by a global syndicate of leading energy venture capital funds, industry leaders, and technology pioneers, including: Chrysalix Energy Venture Capital, Bezos Expeditions, Khazanah Nasional Berhad, Cenovus Energy, Growthworks, Braemar Energy Ventures, BDC, Entrepreneurs Fund, SET Ventures, Sustainable Development Technology Canada, and NRC-IRAP. www.generalfusion.com
About Sustainable Development Technology Canada (SDTC):
Sustainable Development Technology Canada (SDTC) acts as a primary catalyst in building a sustainable development technology industry in Canada, funding and supporting Canadian cleantech projects across a number of sectors. SDTC invests in Canadian companies that through their innovative technologies bring positive contributions to Canada: creating quality jobs, driving economic growth, and preserving our environment. SDTC is a foundation funded by the Government of Canada. For more information, please visit sdtc.ca
Hatch has served clients for over six decades with corporate roots extending over 100 years and has project experience in more than 150 countries around the world. With over 10,000 people in over 65 offices, the firm has more than $35 billion in projects currently under management.
Clients recognize Hatch for its ability to bridge the gaps between research and innovative technologies, and between engineering and reliable operations. We are particularly known for working with senior client management to develop business strategies; managing and optimizing production; executing projects that involve the scale-up of process technologies; and managing startups, commissioning and ramp-ups.
Hatch delivers unprecedented business results for our clients through a commitment to quality, lower operating costs, more efficient utilization of capital assets, higher standards for safety and risk management, faster startups and continuous performance improvements in all projects and programs.
Photo courtesy of General Fusion Inc