- The public filing of the Form F-4 marks an important milestone in the transaction, moving General Fusion closer to becoming the first publicly traded pure-play fusion company.
- The proposed transaction, targeted to close in mid-2026, subject to customary closing conditions, including regulatory and shareholder approvals, would support the advancement of General Fusion’s patented and proprietary Magnetized Target Fusion (“MTF”) technology, designed to scale for cost-efficient power plants within the next decade.
- General Fusion intends to use proceeds from the transaction to fund and advance the Company’s Lawson Machine 26 (“LM26”) program, with the goal of demonstrating and de-risking MTF technology in a commercially relevant way.
- The proposed transaction with Spring Valley Acquisition Corp. III implies approximately US$1 billion pro-forma equity value, inclusive of US$107.7 million from a committed and oversubscribed PIPE (Private Investment in Public Equity) with leading institutional investors and US$230 million of Spring Valley’s trust capital (assuming no redemptions).
VANCOUVER, British Columbia, Feb. 24, 2026 (GLOBE NEWSWIRE) -- General Fusion Inc. (“General Fusion” or the “Company”), a leader in the global race to make commercial fusion energy a reality, and Spring Valley Acquisition Corp. III (NASDAQ: SVAC) (“SVAC”), a publicly traded special purpose acquisition company, today announced a significant step forward on General Fusion’s path to becoming the first publicly traded pure-play fusion company. The Company and SVAC have filed their joint registration statement on Form F-4 (the “Registration Statement”) with the U.S. Securities and Exchange Commission (the “SEC”) in connection with their previously announced proposed business combination (the transactions contemplated by the business combination, collectively, the “Proposed Business Combination”).
“We believe fusion is at an inflection point, and so is General Fusion. Our announcement today represents a key milestone toward closing the proposed business combination between General Fusion and SVAC—a transaction that we expect to put us on the best path to delivering commercial fusion energy in the next decade,” said General Fusion CEO Greg Twinney. “The feedback we’ve received from the market since we announced the business combination has been constructive and encouraging. We believe the market recognizes the strength of our team, built on a 20‑year track record, the meaningful fusion results we’ve delivered over two decades, our practical MTF approach, and the progress of our current program with our operational large‑scale fusion demonstration machine LM26.”
Announced on January 22, 2026, General Fusion’s Proposed Business Combination pursuant to that certain definitive business combination agreement, dated January 21, 2026 (the “Business Combination Agreement”), is expected to result in General Fusion becoming a publicly listed company on Nasdaq under the ticker symbol “GFUZ.” Upon closing, General Fusion expects to become the first publicly traded pure-play fusion company, advancing its mission to bring practical, cost-efficient fusion energy to the grid. The Proposed Business Combination is targeted to close in mid-2026, subject to customary closing conditions, including regulatory and shareholder approvals. The Registration Statement includes a preliminary proxy statement/prospectus and has not yet been declared effective by the SEC. The Registration Statement may be amended or supplemented from time to time, and the information contained therein is subject to change.
Quick Facts:
- General Fusion’s MTF is designed to solve significant barriers to fusion energy, which comes at a critical time as demand for electricity is surging and nations around the world race to commercialize fusion power.
- As a technology, MTF is intended to achieve fusion in a practical way, avoiding superconducting magnets and high-powered lasers, and enabling the use of existing materials for durable machines that would produce cost-effective energy.
- In early 2025, General Fusion announced that it had designed, built, and begun operating its world-first LM26 fusion demonstration machine in under two years. LM26 is the first MTF demonstration machine to be built at a commercially relevant scale. It mechanically compresses plasma with a lithium liner at 50% commercial-scale diameter.
- LM26 aims to achieve key fusion technical milestones: plasma heating to 1 keV (10 million degrees Celsius), then 10 keV (100 million degrees Celsius), and ultimately the Lawson criterion—the combination of fusion parameters that can produce net fusion energy in the plasma.
About General Fusion
General Fusion is pursuing a fast and practical approach to commercial fusion energy and is headquartered in Vancouver, Canada. 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. General Fusion announced in January 2026 that it plans to go public through the Proposed Business Combination with Spring Valley Acquisition Corp. III (NASDAQ: SVAC).
About Spring Valley Acquisition Corp. III
Spring Valley Acquisition Corp. III is a part of a family of investment vehicles formed for the purpose of acquiring or merging with a business focused on the Power infrastructure and Decarbonization sectors. Over the past 5 years, Spring Valley has raised $920 million in four IPOs. Spring Valley I successfully completed its business combination with NuScale Power, a leading U.S. small modular reactor (“SMR”) technology company, and Spring Valley II successfully completed its business combination with Eagle Nuclear Energy Corp. (Nasdaq: NUCL), a next-generation nuclear energy company with rights to the largest open pit-constrained measured and indicated uranium deposit in the United States. SVAC maintains a corporate website at https://sv-ac.com.