Bezos-Backed Nuclear Fusion Company Raises $15 Million for Demo

(Bloomberg) -- General Fusion Inc. raised C$20 million ($14.6 million) from two Canadian government agencies to help advance technology that may eventually harness the energy of the stars in a commercial power plant. 

Canadian Nuclear Laboratories and the Business Development Bank of Canada each contributed C$10 million to the British Columbia-based company’s Series F round, according to a statement Thursday. The company has raised a total of more than C$440 million, with about 75% coming from private backers including Amazon.com Inc. founder Jeff Bezos. 

Global excitement over fusion has been growing since late 2022 when a US laboratory in California triggered a reaction that generated more energy than it took to set it off. The test showed that fusion is feasible, but the technical challenges are steep and progress has been slow. General Fusion expects to complete next year what it’s dubbed Lawson Machine 26 (LM26) to demonstrate the feasibility of its approach.

The company’s system uses mechanically driven pistons to compress a cloud of plasma as a means to generate energy. Chief Executive Officer Greg Twinney expects the company will reach a benchmark comparable to the one achieved by the US lab in 2026. 

“On the other side of that, we can quickly move into commercialization,” he added. 

Current nuclear power plants use fission, which involves splitting atoms to generate energy. Fusion is the opposite, fusing atoms together to release energy. Neither technique releases carbon emissions, making them an appealing tool in the effort to stave off the worst impacts of climate change. 

Twinney said General Fusion’s system is a cost-effective way to boost density and heat the plasma, making the company’s approach more economical than other companies that have raised significantly more money but use more expensive technologies to reach the extremely high temperatures needed in a fusion reaction. 

As part of the current funding round, the Canadian Nuclear Laboratories will gain a seat on the company’s board. The development bank participated in earlier funding rounds and already has a representative on the board. 

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