World’s first public ‘pure-play’ fusion company: General Fusion bypasses magnets, lasers

General Fusion has announced that it has entered into a definitive business combination agreement with Spring Valley Acquisition Corp.

The deal is expected to make General Fusion the world’s first publicly traded “pure-play” fusion company.

The transaction implies a pro-forma equity value of approximately $1 billion. This includes $105 million from a committed, oversubscribed PIPE (Private Investment in Public Equity) and $230 million from Spring Valley’s trust capital, assuming no redemptions.

As per scientific reports, fusion plants could deliver four times more energy per unit of fuel than fission and four million times more than coal or oil, with a significantly lower regulatory and waste profile.

The primary objective of this capital infusion is to fully fund the Lawson Machine 26 (LM26) program. Currently operational, the LM26 is the world’s first large-scale demonstration machine for Magnetized Target Fusion (MTF).

Unlike traditional fusion approaches that rely on massive superconducting magnets or high-powered lasers, General Fusion’s MTF technology uses mechanical pistons to compress plasma within a liquid lithium liner.

“LM26 is the first MTF demonstration machine to be built at a commercially relevant scale,” said the company in a press release.

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