General Fusion
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.
- Company typePrivate
- Founded2002
- HeadquartersRichmond, Canada
- Headcount101–250
- GTM typeB2B
- OfferingHardware or Manufacturing
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).
General Fusion firmographics
Firmographics- 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
General Fusion industry classification
Industry- 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
Where General Fusion is headquartered
LocationHeadquarters
- HQ city
- Richmond
- HQ country
- Canada
- HQ region
- North America
Offices3 records
Markets served
General Fusion business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Technology or R&D, Personnel, Infrastructure, Operations
Revenue model
- 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.
- 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.
- 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
| Model | Billing | Price |
|---|---|---|
| Outcome Based/ Performance | Multi-year contract | Quote-based / Not publicly disclosed (pre-revenue) |
Go-to-market motion4 records
Distribution channels4 records
Marketing channels7 records
General Fusion product offering
Product offeringCore 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
Companies that use General Fusion
Customer profileSegments5 records
Ideal customer profiles2 records
General Fusion technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature6 records
General Fusion partnerships and signals
Strategic signalPartnerships
29 partnerships are on record, tiered flagship, core and minor.
- ENEA (Italian National Agency for New Technologies, Energy and Sustainable Economic Development)flagshipGeneral 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)flagshipGeneral 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 GroupcoreGeneral 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 AuthoritycoreResearch 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 LaboratorycoreU.S. Department of Energy national laboratory collaborating on diagnostic efforts for the LM26 demonstration machine.
- DIII-D National Fusion FacilitycoreLargest 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 LaboratorycoreU.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 LaboratoryminorU.S. Department of Energy national laboratory listed as a research partner supporting General Fusion's MTF development.
- TRIUMFminorCanadian national particle accelerator laboratory listed as a research and national laboratory partner.
- Oak Ridge National LaboratoryminorU.S. Department of Energy national laboratory listed as a research and national laboratory partner.
- Canadian Nuclear Laboratories (CNL) — Research PartnercoreBeyond its lead investment, Canadian Nuclear Laboratories is also a research and national laboratory partner supporting General Fusion's MTF development.
- Simon Fraser UniversityminorAcademic institution listed as a collaborator supporting General Fusion's research and talent pipeline.
- McGill UniversityminorAcademic institution listed as a collaborator supporting General Fusion's research and talent pipeline.
- Queen's UniversityminorAcademic institution listed as a collaborator supporting General Fusion's research and talent pipeline.
- University of WaterloominorAcademic institution listed as a collaborator supporting General Fusion's research and talent pipeline.
- University of IllinoisminorAcademic institution listed as a collaborator supporting General Fusion's research and talent pipeline.
- Universidade de LisboaminorAcademic institution listed as a collaborator supporting General Fusion's research and talent pipeline.
- HatchcoreIndustrial partner providing power plant engineering and systems integration expertise in support of General Fusion's MTF power plant design.
- COMSOLcoreIndustrial 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 ForgemastersminorIndustrial partner providing manufacturing and metallurgical capabilities in support of General Fusion's MTF program.
- Kyoto FusioneeringminorIndustrial partner providing fusion engineering capabilities supporting General Fusion's MTF program.
- Bertin TechnologiesminorIndustrial partner supporting General Fusion's MTF program.
- Motus Design GroupminorIndustrial partner supporting General Fusion's MTF program.
- KinetricsminorIndustrial partner supporting General Fusion's MTF program with power-systems engineering expertise.
- Aerospace CorporationminorIndustrial partner supporting General Fusion's MTF program.
- Bruce PowerminorMember 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)minorMember of General Fusion's Market Development Advisory Committee (MDAC) in Ontario, Canada — signed agreement supporting technology development and commercialization.
- BC HydrominorMember of General Fusion's Market Development Advisory Committee (MDAC) in British Columbia, Canada — signed agreement supporting fusion energy deployment.
- FortisBCminorJoined 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
General Fusion competitors and assessment
Company assessmentDirect 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
General Fusion social profiles
Digital presenceGeneral Fusion compliance and trust
Trust signalCompliance1 record
General Fusion financial estimates
Financial estimateRevenue estimate
Valuation estimate
General Fusion leadership team
Management profileNumber of profiles
General Fusion funding detail
Funding detailFunding overview
Funding rounds22 records
Investors38 records
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General Fusion M&A and investment
M&A and investmentM&A
Investments
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Frequently asked questions about General Fusion
What does General Fusion do?
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.
Is General Fusion a public or private company?
General Fusion is a private company. It is classified as venture growth investor backed and is currently operating.
When was General Fusion founded?
General Fusion was founded in 2002. It employs 101 to 250 people.
Where is General Fusion based?
General Fusion is headquartered in Richmond, Canada, in the North America region.
How does General Fusion make money?
Three revenue lines are on record. Pre-revenue R&D / Demonstration Phase is the primary driver. The others are planned Future: Grid-Scale Electricity Generation and planned Future: Industrial Heat and Steam Sales.
Who are General Fusion's main competitors?
Direct peers on record are TAE Technologies, Helion Energy, Commonwealth Fusion Systems, Zap Energy, Type One Energy, Tokamak Energy and First Light Fusion. Emerging players are Xcimer Energy and Marvel Fusion. ITER Organization is listed as a broad incumbent.
Does General Fusion have an API?
No public API is recorded for General Fusion.
What industry is General Fusion in?
General Fusion's product category is Fusion Energy. Its primary akta.pro industry code is EUACADAE, Fast Neutron Reactor (SFR/LFR) Power Generation. Its NAICS code is 221113 and its SIC code is 3621.