Key facts
- General Fusion began trading on the Nasdaq under the ticker GFUZ.
- The stock price increased by 40% from $12.85.
- The company completed a de-SPAC merger with Spring Valley Acquisition Corp. III.
- General Fusion raised $108 million from private investors.
- The company aims to have its first power plant operational by 2035.
General Fusion commenced trading on the Nasdaq under the ticker GFUZ, marking its debut as the first publicly listed fusion power company. The stock experienced a significant rally, increasing by 40% from its initial price of $12.85 by midday ET. This public listing follows the completion of its de-SPAC transaction with Spring Valley Acquisition Corp. III last week.
While the de-SPAC deal was expected to add up to $230 million to its balance sheet, redemptions likely reduced this amount to less than $30 million, according to a Globe and Mail report. However, General Fusion also secured $108 million from private investors, bringing its total cash reserves to approximately $150 million.
Founded in 2002, General Fusion has historically raised over $600 million in private funding. The company employs a magnetized target fusion approach, utilizing electromagnetic fields and a liquid lithium chamber, compressed by synchronized mechanical drivers, to fuse atoms and release energy. Previously facing cash flow challenges and layoffs, the company's recent funding and public listing provide a path forward.
General Fusion's goal of achieving a fusion reaction that releases more energy than it consumes, known as breakeven, has been pushed back, likely to 2028 or later due to funding issues. The company now aims to activate its first power plant around 2035.