Additional capital accelerating completion of Fusion Demonstration Plant
VANCOUVER, British Columbia, July 22, 2020 (GLOBE NEWSWIRE) — General Fusion announced today that it has closed additional financing in support of its Fusion Demonstration Plant (FDP) program. Highlighting this new financing are two more globally recognized institutional investors, led by GIC, together with the deep technology fund IBX, in a significant expansion of institutional support for the Company. The financing, whose terms were undisclosed, comes as the Company accelerates execution of its fusion commercialization program toward power plant scale validation over the next five years.
GIC is a sovereign wealth fund established by the Government of Singapore. Their participation in this General Fusion financing round is complemented by funding from another large financial institution based in Asia. Collectively, these new investments solidify the Company’s already strong support from Asia and represent a significant move by the Company to address the growing fusion market opportunity in the region. They provide General Fusion partners with whom the Company can collaborate to engage in Asian climate change and sustainability policy implementation, as well as energy market decarbonization initiatives.
“The Company’s ability to attract two more globally recognized institutional investors as strong complements to both Temasek and Business Development Bank of Canada (BDC) in this financing round gives General Fusion an incredibly strong funding base to execute our commercialization program,” said CEO Christofer Mowry. “We view these new financial partners, together with our new deep tech venture partner IBX, as further evidence of the growing embrace of fusion as the essential foundation of a practical low-carbon future of energy.”
These new investors in General Fusion join an already broad international financing base that includes Temasek, BDC, Hatch, the DLF Group, Gimv, I2BF Global Ventures, DTA, Chrysalix Energy Venture Capital, Bezos Expeditions, Khazanah Nasional Berhad, Braemar Energy Ventures, Entrepreneurs Fund, SET Ventures, and several individual impact investors. VAHOCA, based in Singapore, provided significant advisory support and assistance in this financing.
About General Fusion
General Fusion is pursuing the fastest and most practical path to commercial fusion energy, and is based in Vancouver, Canada, with locations in Washington D.C., and London, U.K. 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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