General Fusion achieves critical technology milestone for practical fusion power

VANCOUVER, British Columbia, Jan. 10, 2022 (GLOBE NEWSWIRE) — General Fusion announced today it has successfully achieved several aggressive performance goals of a prototype system for its Fusion Demonstration Plant (FDP). The company's plasma compression prototype, located at its Vancouver, Canada laboratory, is being used to demonstrate a critical element of its proprietary Magnetized Target Fusion (MTF) technology. This important milestone marks another significant step toward General Fusion's goal of creating practical and commercially viable fusion power.

Commissioned in early 2021, the prototype machine drives a forceful, but precisely shaped, symmetric collapse of a large liquid vortex cavity in tens of milliseconds. The forces involved in the full–scale FDP compression system will be immense, pushing the limits of material science, fluid dynamics, and mechanical design. Achieving this milestone with the prototype significantly reduces engineering and technical risks for General Fusion's FDP. It will use a collapsing liquid metal cavity to heat and compress plasma fuel to fusion conditions at 100 million degrees Celsius.

The idea of using a collapsing liquid metal cavity to create fusion has been around for decades, but General Fusion has been able to bring new enabling technologies such as high–speed digital control systems, additive manufacturing, and advanced composite materials to make this concept viable and to de–risk its implementation in the FDP. Driving a rapid, smooth, and spherically shaped collapse of a cavity created inside a rotating liquid has been a difficult engineering challenge that General Fusion has now demonstrated in this prototype machine. It is the pathfinder for a larger prototype being built in 2022 to validate further refinements to various engineering aspects of this technology.

"Net energy production is essential, but not really the ultimate goal of commercializing fusion energy, which is building economical, carbon–free fusion power plants," said Christofer Mowry, CEO, General Fusion. "Our unique technology, two decades in the making, solves the long–standing challenges of building practical fusion power plants for the world's energy markets struggling to move away from fossil fuels. The successful performance of this important prototype validates we are on the path to success."

General Fusion's unique MTF technology overcomes several key challenges of creating practical fusion energy. MTF will economically create fusion conditions, efficiently convert fusion energy into carbon–free electricity, protect the fusion machine from burning fusion plasma, and produce enough fusion fuel for its own use. General Fusion's prototype compression system validates one of the most critical parts of its MTF technology because a mechanically collapsed liquid cavity is a cornerstone for MTF overcoming all these challenges.

About General Fusion
General Fusion is pursuing the fastest and most practical path to commercial fusion energy and is based in Vancouver, Canada, with locations in London, U.K., and Oak Ridge, Tennessee, U.S.A. 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.

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General Fusion closing oversubscribed $130 million transitional financing round

VANCOUVER, British Columbia, Nov. 30, 2021 (GLOBE NEWSWIRE) — General Fusion announced today it is closing an oversubscribed $130 million (USD) Series E funding round filled by a new syndicate of global investors. This financing, led by Temasek, significantly expands the company's portfolio of institutional, sovereign, family office, and high net worth investors, providing the prelude to a large financing round being prepared for 2022. Combined with broad financial support from the Canadian, U.K., and U.S. governments, the General Fusion Series E round supports aggressive pursuit of several near–term initiatives and milestones in its program to commercialize Magnetized Target Fusion (MTF).

In addition to a portfolio of important individual investors, which includes Jeff Bezos, Tobias Ltke, and Kam Ghaffarian, Series E brings a new syndicate of major institutional and family office investors to General Fusion. These anchoring investors include Temasek, GIC, the Jameel Investment Management Company (JIMCO), and the Business Development Bank of Canada (BDC), as well as broader participation from other capital market segments represented by investors such as a large U.S. state pension plan and the hedge fund firm Segra Capital.

“Segra Capital believes General Fusion is best positioned among its peer group to deliver fusion at a commercial scale in the near term,” said Adam Rodman, Founder and CIO, Segra Capital. “While Segra Capital has traditionally invested primarily in public markets, this compelling opportunity resonated with our core ESG and cleantech–focused partners, so we are excited to participate in this Series E financing and look forward to supporting the company in the future.”

“General Fusion's drive to shape the market for clean fusion energy is just one of the many reasons why JIMCO is investing in its commercialization program,” said Fady Jameel, a member of the Jameel Family's Investment Supervisory Board. “The global energy sector is undergoing tremendous change to secure a cleaner future for all, which JIMCO is passionate about and ready to support through investments like the one in General Fusion."

"With our 75–year history of investing in companies positively shaping the future of the core industries, we believe General Fusion's global, technologically–advanced solution to commercial fusion energy make them a leader in this growing industry."

"Collectively, the expansion of General Fusion's investor base in this Series E financing provides a strong foundation for a larger financing next year," said Greg Twinney, CFO, General Fusion. "From our technology's inception, we have had a laser focus on cultivating customers and creating a practical, clean energy solution that meets their needs. This approach resonates with investors looking to make an impact in the global energy transition."

With substantial capital support from both private and government sources, General Fusion has aggressively pursued deployment of its power–plant scale Fusion Demonstration Plant located at the UK Atomic Energy Authority's (UKAEA) Culham Centre for Fusion Energy near London. The company has also accelerated MTF technology development activities associated with its new Vancouver headquarters and opened a new facility adjacent to Oak Ridge National Laboratory in the U.S. Furthermore, General Fusion has created a Market Development Advisory Committee (MDAC) focused exclusively on fusion. The company's MDAC is currently comprised of nine leading energy companies and clean energy users representing critical markets for fusion's carbon–free, on–demand power.

"General Fusion's unique global presence, with facilities in three countries, allows us to be much more ambitious in pushing toward commercialization," said Christofer Mowry, CEO, General Fusion. "Our broad network of national laboratory and industrial partners, together with our advisory council of energy market end–users, positions General Fusion well to help the world achieve its net–zero carbon goals."

General Fusion interacted with, and appreciated the support of, several firms during the Series E financing process, including VAHOCA, based in Singapore, and Disruptive Technology Advisers LLC.

About General Fusion
General Fusion is pursuing the fastest and most practical path to commercial fusion energy and is based in Vancouver, Canada, with locations in London, U.K., and Oak Ridge, Tennessee, U.S.A. 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 Media Relations
Email: media@generalfusion.com
Phone: 1–866–904–0995

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