General Fusion has entered into a $1 billion SPAC agreement with Spring Valley Acquisition Corp. III, aiming to become a publicly traded company on the Nasdaq under the ticker symbol GFUZ. The merger is expected to finalize by mid-2024, positioning General Fusion as one of the pioneering firms in the fusion energy sector to go public.
The Vancouver-based company, which focuses on creating clean energy through fusion, has previously raised $400 million from various investors, including industry partners and government grants. The current deal includes $230 million from the SPAC's trust, contingent on redemptions, along with a $100 million private investment in public equity.
General Fusion's announcement follows a similar move by rival TAE Technologies, which is pursuing a $6 billion merger with Trump Media & Technology Group. Megan Wilson, the chief strategy officer at General Fusion, expressed optimism about the growing interest in fusion technology and the readiness of public markets to support this sector.