General Fusion

What General Fusion does

General Fusion is a Canadian fusion energy company developing Magnetized Target Fusion (MTF), an approach that integrates plasma formation, mechanical compression via synchronized pistons driving a liquid lithium liner, and energy capture in a single integrated system. Founded in 2002 by physicist Dr. Michel Laberge and headquartered in Richmond, British Columbia, the company operates the Lawson Machine 26 (LM26), a 50%-commercial-scale demonstration machine that has achieved peer-reviewed compressional plasma heating to 8.4 million °C (0.72 keV) with 3x electron temperature increase and 10x density/magnetic field increases during mechanical compression. The company has designed, built, and operated 24 plasma prototypes and completed more than 200,000 plasma experiments, supported by 210 issued/pending patents and 35+ peer-reviewed publications, making it one of only four organizations worldwide to have published meaningful peer-reviewed fusion results on the path to the Lawson criterion.

The company is pre-revenue, with no commercially finished product, and is funded through equity financings, government grants, and a pending SPAC merger with Spring Valley Acquisition Corp. III (NASDAQ: SVAC) at an implied ~US$1 billion pro-forma equity value. Cumulative funding exceeds $400 million across 25 years, with the most recent capital events being a $51.5M USD raise in December 2025 and a $108M PIPE in 2026 alongside the SPAC. The company underwent a 25% workforce reduction in May 2025 amid a financing crunch before securing rescue capital and pivoting to the public listing. Revenue, when it materializes, is expected to come from long-term offtake arrangements for electricity, industrial heat, and steam from first-of-a-kind MTF power plants, with a commercial plant targeted for around 2035.

General Fusion's go-to-market is anchored by a 13-member Market Development Advisory Committee of utilities, IPPs, and energy developers across Canada, the US, UK, Sweden, the Netherlands, Belgium, Italy, and the Philippines — including Bruce Power, OPG, BC Hydro, E.ON, Stegra, Southern Company, TVA, Duke Energy, Eneco, Engie, Renexia, ACEN, and Fortis — and is complemented by country-level framework agreements, most notably the 2026 MOU with ENEA for a utility-scale MTF plant at Frascati, Italy, and a parallel framework agreement with Renexia for commercial deployment. Strategic and research partners include General Atomics (diagnostics), the UK Atomic Energy Authority, Princeton Plasma Physics Laboratory, Oak Ridge, Savannah River, Lawrence Livermore, TRIUMF, and the U.S. Department of Energy, alongside industrial engineering firms (Hatch, COMSOL, Sheffield Forgemasters, Kyoto Fusioneering, Bertin, Kinetrics).

Name

General Fusion

Legal name

General Fusion Inc.

Website

https://generalfusion.com

Company type

Private

Founded year

2002

Operating status

Operating

Headcount range

101–250 employees

Short description

General Fusion is a Canadian fusion energy company developing Magnetized Target Fusion (MTF) with a liquid lithium wall and synchronized mechanical compression, targeting commercial fusion power plants for utilities and industrial customers by 2035.

Ownership category

akta.pro rank

Product category

Fusion Energy

NAICS

Nuclear Electric Power Generation (221113)

SIC

Motors & Generators (3621)

akta.pro primary industry

Fast Neutron Reactor (SFR/LFR) Power Generation (EUACADAE)

Keywords

• Magnetized target fusion
• Fusion energy technology
• Fusion power plant
• Clean energy generation
• Plasma compression

Headquarters

HQ city

Richmond

HQ country

Canada

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Infrastructure, Operations

Revenue model

1. Pre-revenue R&D / Demonstration Phase: General Fusion has no revenue and no commercially finished product. The company is currently funded through equity financings, government grants, and SPAC/PIPE proceeds; CEO Greg Twinney has stated the public listing is critical to fund the Lawson Machine 26 demonstration facility and progress toward commercial fusion power.
2. Planned Future: Grid-Scale Electricity Generation: Future revenue model centered on selling electricity from first-of-a-kind MTF fusion power plants (~2035 commercial plant target) to electric utilities, independent power producers, state-owned enterprises, and energy developers via long-term offtake arrangements. Target applications include grid-scale electricity, industrial heat/steam, AI/data center power, and mission-critical/defense operations.
3. Planned Future: Industrial Heat and Steam Sales: Liquid lithium wall captures fusion heat and runs through a heat exchanger to produce steam — enabling direct sales of industrial heat and steam to industrial companies and energy developers seeking firm, low-carbon process heat.

Pricing tiers

Go-to-market motion4 records

Distribution channels4 records

Marketing channels7 records

Core offering

General Fusion is developing Magnetized Target Fusion (MTF) technology intended to produce commercial fusion energy for utility-scale electricity generation. Its current offering is the LM26 demonstration machine designed to reach fusion conditions exceeding 100 million degrees Celsius and demonstrate energy gain, with future commercial fusion power plants planned for deployment to utilities and industrial customers around 2035.

Product overview

General Fusion's offering centers on a single integrated technology platform — Magnetized Target Fusion (MTF) — that combines plasma formation, mechanical piston-driven compression, and a liquid lithium metal wall into one fusion system. The core product is the large-scale Lawson Machine 26 (LM26) demonstration machine, operating in Vancouver, which is supported by underlying subsystems including the PI3 plasma injector, the mechanical compression system, and the liquid metal wall. The LM26 Program is the milestone-driven research and demonstration initiative progressing the technology toward a first-of-a-kind commercial fusion plant targeted for operations around 2035.

Differentiator

Problem solved

Functional benefit

Products and services

• LM26 Demonstration Machine A magnetized target fusion demonstration machine designed to compress plasma to fusion-relevant conditions exceeding 100 million degrees Celsius and validate the path to energy gain and commercial fusion power. It is the company's flagship pre-commercial technology platform aimed at utilities, independent power producers, government energy programs, and large industrial off-takers evaluating fusion as a firm clean power source.
• Commercial Fusion Power Plant A planned utility-scale Magnetized Target Fusion power plant intended to deliver firm, baseload, low-carbon electricity to electric utilities, independent power producers, and large industrial off-takers. The commercial plant is designed to use General Fusion's MTF technology and conventional steam turbine power conversion to provide grid-scale clean generation, with first deployment targeted around 2035.

Quantifiable outcome

• More than 3x increase in electron temperature (~8.4 million °C / 0.72 keV) demonstrated on LM26
• +5 more outcomes

Segments5 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

29 partnerships are on record, tiered flagship, core and minor.

• ENEA (Italian National Agency for New Technologies, Energy and Sustainable Economic Development)flagshipStrategic or Co-development Partner · 24 June 2026General Fusion signed a memorandum of understanding with ENEA to build a demonstration magnetized target fusion power plant at ENEA's research center in Frascati, near Rome, Italy — marking one of the first attempts to install a utility-scale fusion system outside North America. The project aims to validate General Fusion's mechanical compression approach and requires detailed engineering reviews, regulatory permits, and additional capital, with construction timelines estimated at five to seven years if it advances.
• Renexia (Toto Group)flagshipStrategic or Co-development Partner · 24 June 2026General Fusion and Renexia announced a framework agreement for the commercial deployment of fusion power in Italy, evaluating potential sites for MTF power plants. General Fusion will provide its MTF technology; Renexia (the energy infrastructure subsidiary of Italy's Toto Group) will lead development and operations in Italy. The agreement supports Italy's decarbonization objectives and General Fusion's European market expansion.
• General Atomics Energy GroupcoreStrategic or Co-development Partner · 28 May 2026General Fusion and General Atomics are collaborating on advanced diagnostic systems for the LM26 fusion demonstration program, including tools to measure ion and electron temperature and density up to 10 keV (100 million °C). General Atomics is advising on the 10 keV milestone diagnostics while reviewing data from ongoing LM26 plasma compressions. The collaboration leverages General Atomics' expertise operating the U.S. DOE DIII-D National Fusion Facility.
• UK Atomic Energy AuthoritycoreStrategic or Co-development PartnerResearch and national laboratory partner supporting General Fusion's MTF technology development, including tritium breeding ratio analysis (TBR > 1.5) and diagnostic efforts on LM26.
• Princeton Plasma Physics LaboratorycoreStrategic or Co-development PartnerU.S. Department of Energy national laboratory collaborating on diagnostic efforts for the LM26 demonstration machine.
• DIII-D National Fusion FacilitycoreStrategic or Co-development PartnerLargest magnetic fusion research device in the United States, operated by General Atomics for the DOE. General Fusion previously collaborated with DIII-D scientists under the DOE Frontiers of Science program.
• Savannah River National LaboratorycoreStrategic or Co-development PartnerU.S. Department of Energy national laboratory that conducted U.S. DOE-funded research supporting General Fusion's advantageous fuel-cycle design for MTF using its proprietary liquid metal wall.
• Lawrence Livermore National LaboratoryminorStrategic or Co-development PartnerU.S. Department of Energy national laboratory listed as a research partner supporting General Fusion's MTF development.
• TRIUMFminorStrategic or Co-development PartnerCanadian national particle accelerator laboratory listed as a research and national laboratory partner.
• Oak Ridge National LaboratoryminorStrategic or Co-development PartnerU.S. Department of Energy national laboratory listed as a research and national laboratory partner.
• Canadian Nuclear Laboratories (CNL) — Research PartnercoreStrategic or Co-development PartnerBeyond its lead investment, Canadian Nuclear Laboratories is also a research and national laboratory partner supporting General Fusion's MTF development.
• Simon Fraser UniversityminorImplementation/ SI/ Consulting PartnerAcademic institution listed as a collaborator supporting General Fusion's research and talent pipeline.
• McGill UniversityminorImplementation/ SI/ Consulting PartnerAcademic institution listed as a collaborator supporting General Fusion's research and talent pipeline.
• Queen's UniversityminorImplementation/ SI/ Consulting PartnerAcademic institution listed as a collaborator supporting General Fusion's research and talent pipeline.
• University of WaterloominorImplementation/ SI/ Consulting PartnerAcademic institution listed as a collaborator supporting General Fusion's research and talent pipeline.
• University of IllinoisminorImplementation/ SI/ Consulting PartnerAcademic institution listed as a collaborator supporting General Fusion's research and talent pipeline.
• Universidade de LisboaminorImplementation/ SI/ Consulting PartnerAcademic institution listed as a collaborator supporting General Fusion's research and talent pipeline.
• HatchcoreImplementation/ SI/ Consulting PartnerIndustrial partner providing power plant engineering and systems integration expertise in support of General Fusion's MTF power plant design.
• COMSOLcoreTechnology or IntegrationIndustrial partner whose COMSOL Multiphysics simulation software was used to design and optimize the LM26 machine, including multiphysics simulation of lithium liner response and machine design optimization.
• Sheffield ForgemastersminorImplementation/ SI/ Consulting PartnerIndustrial partner providing manufacturing and metallurgical capabilities in support of General Fusion's MTF program.
• Kyoto FusioneeringminorImplementation/ SI/ Consulting PartnerIndustrial partner providing fusion engineering capabilities supporting General Fusion's MTF program.
• Bertin TechnologiesminorImplementation/ SI/ Consulting PartnerIndustrial partner supporting General Fusion's MTF program.
• Motus Design GroupminorImplementation/ SI/ Consulting PartnerIndustrial partner supporting General Fusion's MTF program.
• KinetricsminorImplementation/ SI/ Consulting PartnerIndustrial partner supporting General Fusion's MTF program with power-systems engineering expertise.
• Aerospace CorporationminorImplementation/ SI/ Consulting PartnerIndustrial partner supporting General Fusion's MTF program.
• Bruce PowerminorStrategic or Co-development PartnerMember of General Fusion's Market Development Advisory Committee (MDAC) in Ontario, Canada — signed agreement supporting technology development and commercialization for fusion energy deployment.
• Ontario Power Generation (OPG)minorStrategic or Co-development PartnerMember of General Fusion's Market Development Advisory Committee (MDAC) in Ontario, Canada — signed agreement supporting technology development and commercialization.
• BC HydrominorStrategic or Co-development PartnerMember of General Fusion's Market Development Advisory Committee (MDAC) in British Columbia, Canada — signed agreement supporting fusion energy deployment.
• FortisBCminorStrategic or Co-development PartnerJoined General Fusion's Market Development Advisory Committee in November 2024 to examine potential for fusion energy deployment in British Columbia.

Scale indicators11 records

Recent moves9 records

Expansion highlights7 records

Direct peers

• TAE Technologies: Direct peer developing field-reversed configuration fusion with a focus on hydrogen-boron (p-B11) fuel. Comparable as a private, well-capitalized, alternative-architecture fusion developer targeting commercial power.
• Helion Energy: Direct peer pursuing field-reversed configuration (FRC) fusion with a pulsed, non-tokamak architecture aimed at selling electricity directly to Microsoft and other offtakers. Highly comparable on customer model, stage, and capital intensity.
• Commonwealth Fusion Systems: Closest direct competitor in private fusion; pursuing a tokamak-based approach (SPARC/ARC) with high-temperature superconducting magnets. Directly comparable target customer (utilities/IPPs), business model (long-term offtake), and commercialization target (early 2030s).
• Zap Energy: Direct peer developing sheared-flow Z-pinch fusion, another alternative architecture pursuing commercial electricity generation. Comparable on customer model, stage, and target end-markets.
• Type One Energy: Direct peer pursuing a quasi-isodynamic stellarator for commercial fusion. Comparable as a privately funded, alternative-architecture fusion developer targeting utility-scale baseload power.
• Tokamak Energy: Direct peer pursuing a spherical tokamak with high-temperature superconducting magnets. Comparable on fusion-category, target customer, and the use of compact-tokamak plasma confinement — directly relevant to General Fusion's PI3 injector heritage.
• First Light Fusion: Direct peer developing projectile-driven inertial confinement fusion. Comparable as a privately funded UK-based alternative-architecture fusion developer with utility/IPP offtake ambitions.

Emerging players

• Xcimer Energy: Emerging player pursuing laser-driven inertial fusion with a magneto-inertial approach. Comparable as a private, well-funded early-stage developer targeting commercial electricity generation.
• Marvel Fusion: Emerging player pursuing short-pulse laser-driven inertial fusion with a focus on European deployment. Partial overlap on target market (utilities, industrial heat) and on alternative non-tokamak architecture.

Broad incumbents

• ITER Organization: Broad incumbent: the international government-backed tokamak megaproject in France. Not a commercial competitor but a category anchor that defines fusion's regulatory and technical baseline against which private fusion peers (including General Fusion) are benchmarked.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/GeneralFusion
• YouTubeyoutube.com/c/GeneralFusionInc/videos
• Facebookfacebook.com/generalfusion
• LinkedInlinkedin.com/company/general-fusion
• Instagraminstagram.com/generalfusion

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds22 records

Investors38 records

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M&A

Investments

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Frequently asked questions about General Fusion