General Fusion Provides First Public Company Business Update
Entered the Public Markets with - US$150 Million in Cash to Advance Fusion Development and Demonstrate Commercially Relevant Magnetized Target Fusion Capabilities
VANCOUVER, British Columbia, Aug. 18, 2026 (GLOBE NEWSWIRE) -- General Fusion Group Ltd. (NASDAQ: GFUZ) (“General Fusion” or the “Company”), a leader in the global race to commercialize fusion energy, will provide a business update today and highlight recent progress across its technology and commercial initiatives.
General Fusion became the first publicly listed fusion company following its July 2026 listing on Nasdaq under the ticker symbol “GFUZ.”
Operational Highlights
Financial Position: Following completion of its business combination with Spring Valley Acquisition Corp. III, General Fusion entered the public markets with approximately US$150 million in cash, inclusive of net transaction proceeds from the private placement and trust capital, to advance its practical fusion energy technology. The Company expects this capital to fund its Lawson Machine 26 (“LM26”) program across several planned technical milestones through the end of 2028.
Technology: General Fusion recently announced significant progress toward its next major technical milestone with the LM26 program. The Company successfully demonstrated plasma heating to approximately 0.72 keV (8.4 million degrees Celsius) using compression of a plasma with a lithium liner, representing important progress toward its near-term objective of achieving 1 keV, followed by 10 keV and ultimately the Lawson criterion, the combination of plasma parameters that can produce net fusion energy in the plasma.
Commercial: General Fusion announced a milestone-based framework agreement with Renexia S.p.A., a Toto Group company, to collaborate on the potential commercial deployment of the Company’s fusion energy technology in Italy. This agreement represents another step in expanding relationships ahead of future commercialization.
Strategic Partnerships: General Fusion expanded its technology ecosystem through a collaboration with General Atomics Energy Group to advance plasma diagnostics capable of measuring temperatures exceeding 10 keV, equivalent to approximately 100 million degrees Celsius, during the second phase of the LM26 program.
“Our listing on Nasdaq marks an important milestone for General Fusion and the broader fusion industry,” said Greg Twinney, Chief Executive Officer of General Fusion. “We believe fusion is approaching an important inflection point. Decades of advances in plasma physics, high-performance computing, advanced manufacturing, and digital controls have converged with rapidly growing global demand for clean, reliable baseload power, creating the conditions for fusion to transition from scientific promise toward commercial reality.”
Twinney continued, “General Fusion was built for this moment. Our Magnetized Target Fusion approach is designed to deliver practical, clean, and abundant fusion energy through a simpler machine architecture that leverages existing industrial materials and supply chains while avoiding many of the cost and complexity challenges relied upon by other fusion technologies. Over more than two decades, we have systematically advanced that approach through real-world testing on increasingly sophisticated demonstration systems and published peer-reviewed scientific results. We believe this disciplined, engineering-driven strategy positions us to reduce technical risk while advancing toward the commercialization of practical fusion energy.”
Twinney added, “We recently announced meaningful progress toward our next major technical milestone with LM26, expanded our commercial ecosystem through our framework agreement with Renexia, strengthened our technology partnerships via our collaboration with General Atomics, and entered the public markets with approximately US$150 million to fund our LM26 program through several key technical milestones by the end of 2028.”
Twinney concluded, “We believe the industry’s next chapter will be defined by disciplined technical and commercial execution. Our priorities are clear: continue achieving measurable technical milestones, expand our commercial partnerships, strengthen our supply chain capabilities, and build the foundation for the deployment of our first-of-a-kind fusion plant by approximately 2035. We look forward to demonstrating our progress to shareholders as we execute against that roadmap.”
Looking Ahead
General Fusion remains focused on executing its staged commercialization roadmap. Near-term priorities include:
Achieve the 1 keV plasma electron temperature milestone.
Advance toward 10 keV and ultimately the Lawson criterion, supporting the Company’s objective of demonstrating commercially relevant fusion conditions.
Expand commercial, supply chain development, and strategic partnerships across energy, industrial, engineering, and technology ecosystems.
Enable the successful siting of future demonstration and commercial-scale fusion energy systems that support technical success, commercial growth, and long-term scalability.
Webcast
A live webcast of the call can be accessed by visiting the Events & Presentations page of General Fusion’s investor relations website. Participants who wish to join by phone and ask questions during the Q&A may register here to receive dial-in details and a unique PIN.
A replay of the webcast will be available for 12 months on the Events & Presentations page of General Fusion’s investor relations website.
About General Fusion
General Fusion (NASDAQ: GFUZ) is pursuing a practical approach to commercial fusion energy and is headquartered in Vancouver, Canada. The Company was established in 2002 and has been funded by global investors including leading energy venture capital firms, industry leaders, and technology pioneers. Learn more at www.generalfusion.com.
Investor Relations Contact:
You can contact General Fusion’s Investor Relations team by email at: investors@generalfusion.com.
If you are based in North America, you may also leave a toll-free voicemail at +1 (833) 717-1519. Callers outside North America can reach us at +1 (236) 253-6968.
Media Relations Contact:
media@generalfusion.com
1-866-904-0995