Investors Propel General Fusion to New Heights as the First Publicly Listed Fusion Firm
General Fusion commenced trading on the Nasdaq today with the ticker GFUZ, making it the inaugural publicly traded fusion energy company, outpacing competitor TAE Technologies, which has ties to former President Trump, by several months.
Investor interest was apparent as the stock surged at the start of trading on Monday, climbing 40% from an initial price of $12.85 by 12:50 p.m. ET.
In January, General Fusion revealed plans to merge with Spring Valley Acquisition Corp. III, a deal that was finalized last week.
Had there been no redemptions, the company could have bolstered its finances with as much as $230 million. However, typical for de-SPAC transactions, a significant number of redemptions occurred prior to completion. Although the precise amount has not yet been disclosed, reports suggest that General Fusion might end up with under $30 million after accounting for redemptions and related fees.
In conjunction with the merger, General Fusion also secured $108 million from private investors, bringing its total cash reserves to approximately $150 million.
Prior to the announcement of the reverse merger, General Fusion faced a funding crisis, having struggled to secure $125 million in needed capital. By May 2025, this funding had not materialized, leading to a reduction of at least 25% of its workforce. Shortly after, the company managed to rally existing investors to contribute an additional $22 million in what was termed a “pay-to-play” funding round.
This funding round provided General Fusion with essential financial relief. However, the high costs associated with fusion energy meant that the company was soon pursuing further investment, ultimately leading to the reverse merger announced in January.
Established in 2002, General Fusion stands as one of the longest-running companies in the fusion energy sector, having raised over $600 million from private backers throughout its journey.
The company employs a technique known as magnetized target fusion, which utilizes electromagnetic fields to create magnetized plasma within a chamber lined with liquid lithium. Once this plasma is generated, pistons compress the liquid lithium around the fusion fuel until fusion occurs, and energy is released. Initially, the company indicated that steam would drive the pistons but has since stated only that “synchronized mechanical drivers” would push the lithium blanket inward around the plasma.
General Fusion anticipated achieving a critical milestone called breakeven—where the energy produced by a fusion reaction surpasses the energy input required to initiate it—within this year. However, funding challenges have postponed this goal, likely pushing it back to 2028 or later. The company aims to commence operation of its first power plant by around 2035.
