Burnaby, B.C.-based General Fusion says it has closed on a $65 million equity financing round that will spark the launch of a program to design, construct and operate a demonstration nuclear fusion power plant.
- General Fusion is one of several startups pursuing unorthodox strategies to turn the dream of clean, abundant fusion power into commercial reality. Amazon CEO Jeff Bezos is one of the venture’s longtime backers, and Bezos Expeditions participated in the funding round announced today. The Series E round was led by Temasek, a global investment company headquartered in Singapore.
- In addition to the $65 million in new financing, General Fusion’s demonstration project will draw upon $50 million (Canadian) in investment that’s been released by Canada’s Strategic Innovation Fund. General Fusion’s approach, known as magnetized target fusion, has attracted more than $200 million in funding to date. “I feel like this is the SpaceX moment for fusion,” General Fusion CEO Chris Mowry said in Seattle last year.
- General Fusion says it plans to get its demonstration plant up and running at a site yet to be selected in the 2025 time frame. The company estimates it’ll take $300 million or so to complete the project, which means it’ll have to bring in much more funding. Meanwhile, a multibillion-dollar, international fusion research effort known as ITER is aiming to finish construction of a massive experimental reactor in France by late 2025.