General Fusion, the British Columbia-based fusion energy company, has raised $30 million CAD ($22 million USD) to continue developing its LM26 demonstration program.
The funding comes just months after the company cut staff and scaled back operations amid a severe cash crunch.
The round saw participation from both new and existing backers, including Segra Capital, PenderFund, Chrysalix Venture Capital, JIMCO, Gaingels, Shopify CEO Tobi Lütke’s Thistledown Capital, Presight Capital, and Hatch.
CEO Greg Twinney called the financing “a resounding vote of confidence” in the company’s technology and mission, describing it as a turning point after one of the most difficult financial moments in General Fusion’s 23-year history.
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Bridging the funding gap
Earlier this year, General Fusion warned that it was at “a crossroads” as it neared a technical milestone—achieving fusion at 10 million degrees—while struggling with urgent financing constraints. The firm had laid off a quarter of its staff and reduced operations to stay afloat.
While this raise falls short of its $125 million USD target, it provides enough capital to keep the company operating into next year. General Fusion is working toward achieving “scientific breakeven,” where its LM26 device produces as much energy as it consumes—a crucial step toward commercial viability.
Road to commercialization
The company’s Magnetized Target Fusion technology aims to deploy commercial reactors by the mid-2030s. In March, it reached a milestone by generating its first magnetized plasma in LM26, an essential requirement for its planned fusion reactions.
Despite the turbulent fundraising climate, General Fusion remains committed to its long-term mission of making fusion power a scalable, zero-carbon energy source.
