Two energy leaders to support decarbonization and energy transition objectives in Italy
VANCOUVER, British Columbia, June 24, 2026 (GLOBE NEWSWIRE) -- General Fusion Inc. (“General Fusion” or the “Company”), a leader in the global race to commercialize fusion energy, and Renexia S.p.A. (“Renexia”), a Toto Group company specializing in renewable energy, today announced a framework agreement (the “Agreement”) to advance the commercial deployment of General Fusion’s fusion energy technology in Italy. General Fusion previously announced its plans to go public through a business combination (the transactions contemplated by the business combination, collectively, the “Proposed Business Combination”) with Spring Valley Acquisition Corp. III (NASDAQ: SVAC) (“SVAC”).
Through the Agreement, General Fusion and Renexia have established a milestone-based framework for collaboration on the commercial deployment of General Fusion’s technology in Italy through potential siting, development, funding, construction, and commissioning of one or more Magnetized Target Fusion (“MTF”) power plants. The collaboration is intended to support the country’s decarbonization and energy transition objectives. The Agreement defines multiple potential phases of collaboration, beginning with site evaluation and selection, and continuing through identification of commercial opportunities, offtake agreements, permitting and construction, with multiple milestone-based definitive agreements contemplated. Collaborative work related to site feasibility is expected to begin immediately, with further phase one work expected to begin in 2026 subject to agreement on related definitive terms.
“This agreement with Renexia represents another meaningful step toward exporting our practical fusion energy technology, developed in Canada, to the world,” said General Fusion CEO Greg Twinney. “As a clean energy leader in Italy and around the world, and an early member of our Market Development Advisory Committee, Renexia brings valuable insight into the energy sector and what it takes to bring innovative technologies to market. We are excited to continue working with their expert team to engage key stakeholders in Italy and build the capabilities needed to deploy commercial fusion energy.”
“Fusion has the potential to have a transformational impact on our future energy mix. We’re thrilled to expand on several years of collaboration with General Fusion with this new agreement to advance commercial fusion energy deployment,” said Renexia CEO Riccardo Toto. “As a member of General Fusion’s Market Development Advisory Committee, we’ve had the opportunity to see firsthand the progress the company has made in developing its Magnetized Target Fusion approach, and we look forward to furthering our collaboration to explore opportunities for siting, development, and construction of a fusion power plant in Italy. Energy demand is surging, and as Italy experiences high power costs, General Fusion’s Magnetized Target Fusion has the potential to provide economical clean power and is an important technology to pursue on its path to commercialization.”
General Fusion previously announced its plans to go public through a Proposed Business Combination with Spring Valley Acquisition Corp. III (“Spring Valley” or “SVAC”). At the closing of the Proposed Business Combination, Spring Valley will be renamed “General Fusion Group Ltd.,” and the combined company’s shares and warrants are expected to trade on Nasdaq under the ticker symbols “GFUZ” and “GFUZW,” respectively, subject to approval of its listing application. Spring Valley set a record date of June 12, 2026, and a meeting date of July 6, 2026, for its extraordinary general meeting of shareholders. If the Spring Valley shareholders and General Fusion securityholders approve the Proposed Business Combination, the transaction is expected to close shortly thereafter, subject to the satisfaction of customary closing conditions.
Quick Facts:
- General Fusion’s Magnetized Target Fusion (“MTF”) is designed to solve significant barriers to commercializing fusion energy at a time when electricity demand is surging, and nations around the world are racing to commercialize fusion power.
- As a technology, MTF aims to achieve fusion in a practical way, avoiding superconducting magnets and high-powered lasers, while 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 Lawson Machine 26 (“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, based on current design parameters.
- 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.
- General Fusion’s Market Development Advisory Committee membership spans North America, Europe, and Asia and guides the design and development of a practical MTF power plant that will meet users’ needs. For a complete list of committee member companies, please visit https://generalfusion.com/path-to-commercialization/partners-early-adopters-facilities/.
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 has been funded by a global syndicate of leading energy venture capital firms, industry leaders, and technology pioneers. Learn more at www.generalfusion.com.
About Spring Valley Acquisition Corp. III
Spring Valley 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 five years, Spring Valley vehicles have raised $920 million in four IPOs. Spring Valley completed a business combination with NuScale Power Corporation, a leading U.S. small modular reactor technology company, and Spring Valley II completed a business combination with Eagle Nuclear Energy Corp., 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.
About Renexia
Renexia is the Toto Group company specializing in the development and operation of energy infrastructure, with a strong focus on renewable energy projects. Building on the experience gained through its subsidiary US Wind on the East Coast of the United States, the Group in Italy has introduced a first-mover approach based on rigorous environmental compatibility assessments and the active involvement of local communities, ensuring full respect for the environment and the adoption of best-in-class technological solutions.
In addition to its leadership in renewable energy, Renexia is progressively expanding its activities across the wider energy value chain, including new initiatives in strategic infrastructure, such as liquefied natural gas (LNG), with the aim of supporting energy security, system flexibility, and the transition toward a more sustainable and diversified energy mix.