General Fusion adds large global investors for fusion demo plant
By PLANT STAFFGeneral Technology Energy electricity energy General Fusion manufacturing nuclear Technology
The technology generates carbon-free electricity by using heat from nuclear fusion reactions.
VANCOUVER — General Fusion has secured additional financing from two global institutional investors to support its fusion demonstration plant program.
The undisclosed capital support comes from GIC and deep technology fund IBX as the Vancouver developer of fusion energy accelerates its commercialization program toward power plant validation over the next five years.
GIC is a sovereign wealth fund established by the Government of Singapore.
General Fusion said its participation in this financing round comes with funding from another large financial institution based in Asia. The new investments come as the company focuses on the growing fusion market opportunity in the region.
Fusion technology generates carbon-free electricity by using heat from nuclear fusion reactions. The properties of plasma, a superheated and ionized gas, enable it to be efficiently heated to extremely high temperatures and harnessed to produce fusion energy.
The company is banking on fusion energy as a potential source of carbon-free and economically competitive electricity.
The demonstration plant will demonstrate fusion energy conditions and refine the economics of power production using the company’s technology.
General Fusion, also with locations in Washington DC, and London, England, was established in 2002 and is funded by a global syndicate of leading energy venture capital firms, industry leaders, and technology pioneers.