General Fusion raises CAD $30m to advance LM26 fusion program
General Fusion has raised CAD $30 million in new financing to support its LM26 fusion demonstration program, despite scaling back operations due to fundraising challenges in May.
The company stated that the funding round was oversubscribed and is intended to advance its mission to deliver zero-carbon fusion energy by supporting the ongoing development of its Magnetised Target Fusion (MTF) technology at its Canadian site. Investors in the round, including Segra Capital, PenderFund, and Chrysalix Venture Capital, among others, will now be represented on General Fusion's Board.
Fusion energy, according to General Fusion, is the same process by which the sun and stars produce power. The company's MTF technology is designed to operate without the need for expensive lasers or superconducting magnets, producing fusion conditions via short, mechanically driven pulses. The company emphasises that such a system is structured to manufacture its own fuel and enables energy extraction for practical use.
General Fusion's core project, the Lawson Machine 26 (LM26), is described by the company as the fusion sector's first large-scale Magnetised Target Fusion (MTF) demonstration machine. Built and brought online within two years, LM26 is designed to prove MTF at half the scale needed for commercial viability. The company aims to achieve a series of key scientific milestones, including attaining plasma temperatures of 10 million degrees Celsius (1 keV) and 100 million degrees Celsius (10 keV).
The company noted that its team includes experienced plasma physicists and engineers, and that despite recent financial difficulties, progress continued on LM26. General Fusion reports that the machine is now operating routinely, with plasma compressions taking place at increasing frequency and moving closer to preset milestones.
The LM26 machine, located at General Fusion's Richmond, British Columbia facility, was fully assembled in December 2024 and achieved its first plasma in February 2025. By April 2025, LM26 had completed its first plasma compression - a pivotal step in demonstrating the potential for MTF to provide commercially relevant, cost-efficient fusion power. The device is expected to play a crucial role in verifying the practicality of the company's technology, which deploys mechanical compression to create fusion conditions, rather than utilising lasers or superconducting magnets.
Investment and milestones
The investor group comprises institutional, sovereign, family office, and high net worth funds, alongside continued support from the Canadian government. The company said this backing enables progression towards technical goals that would facilitate the introduction of fusion-derived electricity to the power grid by the mid-2030s.
As part of the latest funding, General Fusion also announced an expansion in its Board of Directors. Adam Rodman, Founder and Chief Investment Officer at Segra Capital, joins with 17 years of financial expertise in energy. He leads a US-based investment firm known for its environmental, social, and governance (ESG) and clean-tech initiatives, and for managing the largest dedicated fund for nuclear power investments across both public and private markets.
"The strong economics and commercialization advantages underpinning General Fusion's elegant MTF approach are a big part of why Segra continues to invest in the company. I look forward to also representing Segra on their Board of Directors at an exciting time in their bold LM26 program, which has great momentum toward achieving new technical milestones that will drive significant value for investors," said Rodman.
Kelly Edmison, Chairman and Founder of PenderFund Capital Management, also joins the Board. Edmison brings decades of experience in both law and finance, having advised numerous British Columbia technology firms and served as a director or officer in a range of technology, product, services, and healthcare companies.
Greg Twinney, Chief Executive Officer of General Fusion, said the group of new investors deeply support transforming the world with MTF.
"This financing is not only a vote of confidence in our technology but our extraordinary team, who designed, built, and began operating our world-first machine in less than two years, which speaks to the depth of their experience and dedication to our mission."