General Fusion Announces Funding to Build New Fusion Machine Targeting Scientific Breakeven by 2026
RICHMOND, Canada (August 9, 2023):
Today, General Fusion announced a new Magnetized Target Fusion (MTF) machine that will fast-track the company's technical progress. To be built at the company's new Richmond headquarters, this ground-breaking machine is designed to achieve fusion conditions of over 100 million degrees Celsius by 2025, and progress toward scientific breakeven by 2026. In addition, the company completed the first close of its Series F raise for a combined $25 million USD (approximately $33.5 million CAD) of funding. The round was anchored by existing investors, BDC Capital and GIC. It 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).