Mentioned:
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There’s a new SPAC deal on the Nasdaq. And they’re aiming to change the future of nuclear fusion technology.
What’s happening:
- Nuclear fusion company General Fusion has entered into a business combination agreement with Spring Valley Acquisition Corp III (NASDAQ: SVAC) to become a publicly traded company
By the numbers:
- General Fusion will raise $105M USD in a concurrent financing round in addition to the $230M USD previously raised by Spring Valley Acquisition Corp III
Why it matters:
- General Fusion is one of the most advanced private companies in the world focused on nuclear fusion technology that is aiming to enable cost efficient fusion power plants within the next decade
Going deeper:
- General Fusion's patented technology known as Magnetized Target Fusion is capable of compressing magnetized plasma with a liquid metal liner to reach the conditions required for cost efficient fusion power plants without needing superconducting magnets or high powered lasers
- General Fusion has publicly stated they plan to use the new growth capital to validate that their Magnetized Target Fusion technology can operate at a commercial scale and develop their first pilot plant
The intrigue:
- Amazon (NASDAQ: AMZN) founder Jeff Bezos was notably one of the earliest investors into General Fusion through his venture capital fund Bezos Expeditions
