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General Fusion Secures $22 Million Lifeline in Investor Rights Offering

The cash targets near-term LM26 plasma-heating milestones, falling far short of the roughly $125 million required for breakeven work.

General Fusion’s LM26 fusion demonstration machine
(BC) General Fusion is a world leader in plasma injectors. The company’s plasma injector exceeds requirements with 10-millisecond self-sustaining energy confinement time without requiring active magnetic stabilization, auxiliary heating, or a conventional divertor.
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Overview

  • The financing came through a pay-to-play rights offering with participation from existing investors including Thistledown Capital and JIMCO.
  • Segra Capital and PenderFund increased their stakes and gained board seats, represented by Adam Rodman and Kelly Edmison.
  • Some prior backers such as Temasek and GIC did not participate, while Canada’s BDC was protected from dilution under earlier terms.
  • The funds extend LM26 testing toward interim goals of heating deuterium plasma to about 10 million °C within roughly a year, then 100 million °C toward scientific breakeven.
  • LM26 is a half-scale, deuterium-only demonstrator not configured to produce electricity, and the company continues to signal grid ambitions in the mid-2030s.