Last year, fusion power startup General Fusion faced serious challenges. They cut their workforce by at least 25% after struggling to secure funding. A $22 million investment provided a temporary solution while they restructured.
now, General Fusion has a path forward: a public listing through a reverse merger with Spring Valley III, a special purpose acquisition company. This deal includes additional investment from institutional investors. It’s a remarkable turnaround for a company whose CEO publicly appealed for funding just months ago.
The transaction could bring General Fusion up to $335 million – more than the $22 million they received last year and significantly exceeding their previous fundraising goals.
the combined company will be valued at approximately $1 billion. Founded in 2002, General Fusion had already raised over $440 million, according to PitchBook, before this merger.
General Fusion intends to use these funds to finalize construction of their presentation reactor. This reactor is a key step toward proving the viability of their fusion technology.