Funding will be used to support General Fusion's LM26 fusion demonstration program on its path to key milestones with Magnetized Target Fusion
RICHMOND, British Columbia, Aug. 21, 2025 (GLOBE NEWSWIRE) -- General Fusion has closed US$22 million (C$30 million) in new financing to support its LM26 fusion demonstration program and advance its mission to transform the world's energy supply with zero-carbon fusion energy. Investors in this round include Segra Capital, PenderFund (via Pender Growth Fund Inc. (TSX-V:PTF) and Pender Small Cap Opportunities Fund), Chrysalix Venture Capital, MILFAM LLC, JIMCO, the global investment arm of the Jameel family, Gaingels, Thistledown Capital, Presight Capital, and Hatch Ltd. Segra Capital and PenderFund will be represented on the company's Board of Directors by Adam Rodman and Kelly Edmison, respectively.
Backed by a portfolio of leading institutional, sovereign, family office, and high net worth investors, as well as support from the Canadian government, General Fusion's two decades of extensive fusion research, development, and demonstration have advanced the company's uniquely practical Magnetized Target Fusion (MTF) approach and positioned the company to achieve near-term transformative technical milestones on the path to delivering fusion power to the grid by the mid-2030s.
At its Canadian facility, General Fusion operates Lawson Machine 26 (LM26)—the industry's first large-scale MTF fusion demonstration machine. Announced in mid-2023, General Fusion designed, built, and began operating LM26 in under two years. The machine is designed to demonstrate MTF at 50% commercial scale and achieve milestones of 10 million degrees Celsius (1 keV), 100 million degrees Celsius (10 keV), and ultimately, scientific breakeven equivalent (100% Lawson).
New board appointments bolster leadership
Today, the company also announced the strengthening of its Board of Directors with the appointment of two new members, further deepening its leadership in financing and strategic growth.
Adam Rodman is the founder and Chief Investment Officer of Segra Capital, a U.S.-based investment firm with core ESG and clean-tech partnerships and the largest fund dedicated to investing in nuclear power across public and private markets. He brings over 17 years of financial expertise, specializing in energy.
Kelly Edmison, Chairman and founder of PenderFund Capital Management Ltd in 2003, brings a strong legal and finance background. Prior to founding the firm, he spent more than two decades practicing law, primarily representing B.C.-based technology companies. Over the past 30 years, he has served as director and officer of several successful companies across the technology, products and services, and healthcare sectors.
Quotes:
“The strong economics and commercialization advantages underpinning General Fusion's elegant MTF approach are a big part of why Segra continues to invest in the company. I look forward to also representing Segra on their Board of Directors at an exciting time in their bold LM26 program, which has great momentum toward achieving new technical milestones that will drive significant value for investors.”
Adam Rodman, Founder and Chief Investment Officer, Segra Capital
“Pender invests in companies that aim to positively impact the world – and we're proud to support the bold work General Fusion is doing. Fusion has the potential to power our clean energy future. Pender looks forward to further supporting their mission on the Board of Directors and providing strategic guidance on financing the company through the next critical phases of commercialization.”
David Barr, CEO of PenderFund, Portfolio Manager of the Pender Small Cap Opportunities Fund, and CEO and Portfolio Manager of Pender Growth Fund Inc
“We're driving forward to achieve transformational technical results with LM26. This new funding from a strong mix of existing and new shareholders is a group that deeply supports our mission to transform the world with practical MTF. This financing is not only a vote of confidence in our technology but our extraordinary team, who designed, built, and began operating our world-first machine in less than two years, which speaks to the depth of their experience and dedication to our mission.”
Greg Twinney, CEO, General Fusion
Quick Facts:
- Fusion energy is the ultimate clean energy solution—it is the energy source that powers the sun and stars. Fusion is the process by which two light nuclei merge to form a heavier one, producing a massive amount of energy.
- General Fusion's Magnetized Target Fusion (MTF) technology is designed to scale for cost-efficient power plants. It uses mechanical compression to create fusion conditions in short pulses, eliminating the need for expensive lasers or superconducting magnets. An MTF power plant is designed to produce its own fuel and inherently includes a method to extract the energy and put it to work.
- Lawson Machine 26 (LM26) is a world-first Magnetized Target Fusion demonstration operating at General Fusion's Canadian headquarters. Assembled in December 2024, the machine achieved first plasma in February 2025 and another major milestone, first plasma compression, in April 2025. It is advancing towards a series of results that will demonstrate MTF in a commercially relevant way: 10 million degrees Celsius (1 keV), 100 million degrees Celsius (10 keV), and scientific breakeven equivalent (100% Lawson).
About General Fusion
General Fusion is pursuing a fast and practical approach to commercial fusion energy and is headquartered in Richmond, Canada. The company was established in 2002 and is funded by a global syndicate of leading energy venture capital firms, industry leaders, and technology pioneers. Learn more at www.generalfusion.com.
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