Canadian company General Fusion announced it has begun the process to become a publicly owned company.
General Fusion, a British Columbia-based company, said in a Jan. 22 press release it has entered a definitive business combination agreement with Spring Valley Acquisition Corp.(SVAC) III. The proposed business combination is expected to be completed by mid-2026.
The proposed business combination between the two companies “implies an approximately US$1 billion pro-forma equity value inclusive of approximately US$105 million from a committed and oversubscribed PIPE [Private Investment in Public Equity] and US$230 million of SVAC’s trust capital (assuming no redemptions),” according to the release.
General Fusion said it plans to use its proceeds from this transaction to fund and develop its Lawson Machine 26 program to demonstrate and de-risk its Magnetized Target Fusion technology in a “commercially relevant way.”
In March 2025, the company said it had designed, constructed and begun operating its fusion demonstration, the Lawson Machine 26, in under two years. The Lawson Machine 26 is a Magnetized Target Fusion demonstration that “mechanically compresses plasma with a lithium liner at 50% commercial-scale diameter and aims to achieve key fusion technical milestones,” according to the release.