Burnaby’s General Fusion has closed US$22 million in new financing, the clean energy innovator has revealed.
The influx of capital hails from an array of investors, including Segra Capital, PenderFund, Chrysalix Venture Capital, MILFAM, JIMCO, Gaingels, Thistledown Capital, Presight Capital, and Hatch.
The round builds on last year’s $20 million investment from Canadian Nuclear Laboratories and BDC Capital.
Including this latest round, the Lawson Machine 26 program has garnered over $100 million since its launch.
The investment into General will also see new appointments to strengthen the Canadian cleantech’s board.
Adam Rodman, founder and Chief Investment Officer of Segra Capital, is joining the board of General Fusion, as is PenderFund founder Kelly Edmison.
The round of capital is slated to support its LM26 fusion demonstration program and advance General’s mission to transform the world’s energy supply with zero-carbon fusion energy, according to a statement from the B.C. company.
Announced in 2023, the Lawson Machine 26 is the product of two decades of fusion research and development.
Earlier this year, General Fusion successfully formed a magnetized plasma inside the LM26.
The firm next aims to compress these plasmas with a lithium liner to generate fusion, tracking toward game-changing technical milestones that could pave the way for zero-carbon fusion energy within the next decade.
The work has been “preparing us for this new chapter at General Fusion,” according to Dr. Michel Laberge, General Fusion’s founder and Chief Science Officer. “We’re ready to make some fusion happen in LM26.”
Fusion technology has been described by General Fusion as “nature’s ultimate energy source,” an incredibly dense energy source that powers the sun and the stars.