Canadian firm General Fusion to go public via $1B SPAC merger
General Fusion, a Canadian startup working on nuclear fusion energy, is set to go public by merging with Spring Valley Acquisition Corp. III in a deal valuing the company at $1 billion.
This move makes them the first publicly traded company focused only on fusion energy.
What does General Fusion do?
Based in British Columbia, General Fusion is building magnetized target fusion tech—basically using steam-powered pistons and liquid lithium (no lasers or fancy magnets) to create clean energy from plasma.
The cash from this deal will help them develop their big demo machine, LM26.
Recent challenges and what's next
Last year was rough for General Fusion—they had fundraising struggles and layoffs—but they bounced back with over CA$80 million raised later in 2025.
With this new funding boost and a Nasdaq listing coming up (ticker: GFUZ), they're aiming to push fusion energy closer to reality.