Canada-based fusion energy company General Fusion has closed C$27 million in funding. Khazanah Nasional Berhad, the Malaysian government’s strategic investment fund, led the round.
VANCOUVER, CANADA–(Marketwired – May 19, 2015) – General Fusion, a world leader in the development of fusion energy, announced today it has completed a $27 million (CAN) financing, putting the company in its strongest financial position since its founding in 2002.
General Fusion will continue the development of Magnetized Target Fusion (MTF). The company has emerged as the world leader in this approach, one it believes can deliver a faster and more practical path to commercial fusion energy production. Over the past five years, with the support of its global investor base, General Fusion has established a world-class research team and cutting-edge facilities. General Fusion has built technologies fundamental to its power plant, and is now aggressively advancing the development of key subsystems at full scale.
The financing was led by Khazanah Nasional Berhad, the Government of Malaysia’s strategic investment fund. Existing investors, including European and North American venture capital firms, family offices and its industrial oil & gas partner also participated. This round brings the total investment in privately-held General Fusion to more than $100 million (CAN).
“This financing is evidence of the growing recognition of fusion as a game-changing source of energy, as well as the leadership position of General Fusion.” said General Fusion CEO Nathan Gilliland. “The support from new and existing investors reflects their confidence in our practical approach, our commercial strategy, and the progress we have made.”
This round closed in May 2015, and will be followed by a second closing in late summer 2015, allowing additional investors to participate.
Commented General Fusion Chairman Rick Wills, “We welcome Khazanah to our team of investors, physicists, engineers, partners and advisors. This financing reflects the growing global character of our investment base and the growing importance of fusion energy around the world”.
About General Fusion:
General Fusion is developing the fastest, most practical, and lowest cost path to commercial fusion energy. The company was established in 2002 and has become a recognized leader in commercial fusion. In 2014, General Fusion was named to the Global Cleantech 100, named British Columbia’s most innovative company, and was featured in the journal Science. General Fusion is supported by a global syndicate of leading energy venture capital funds, industry leaders, and technology pioneers, including: Chrysalix Energy Venture Capital, Bezos Expeditions, Cenovus Energy, Growthworks, Braemar Energy Ventures, BDC, Entrepreneurs Fund, SET Ventures, Sustainable Development Technology Canada, and NRC-IRAP. www.generalfusion.com