General Fusion Closes $19.5M Series B Funding Round
May 5, 2011
For Immediate Release
Funding Will Support the Continued Development of Utility-Scale Fusion Power Using Magnetized Targeted Fusion Technology
BURNABY, British Columbia (May 5, 2011) — General Fusion has completed its US$19.5M Series B funding round providing the financing necessary to complete the first phase of its development and demonstration program.
The investors include Cenovus Energy, through its Environmental Opportunity Fund, Bezos Expeditions, the personal investment company of Jeff Bezos, together with existing investors Chrysalix Energy Venture Capital, GrowthWorks, Braemar Energy Ventures, Entrepreneurs Fund, Business Development Bank of Canada (BDC), and SET Venture Partners.
“Cenovus is impressed by General Fusion’s innovative, pragmatic approach,” said Judy Fairburn, Executive Vice-President, Environment and Strategic Planning for Cenovus Energy. “General Fusion is a great fit for our Environmental Opportunity Fund, which finances environmental innovations in energy and technology. This technology has the potential to revolutionize energy production."
“We are very pleased to have Cenovus Energy, a large, forward-thinking energy company, joining us as a strategic investor,” added Doug Richardson, General Fusion’s CEO. “We have a lot of work ahead of us, but the support of Cenovus Energy and Jeff Bezos, and the continued participation of every one of our venture capital investors, reflects the strength of our team, our plan, and the progress we have made. Partners like these are critical for General Fusion as we push to demonstrate and commercialize this technology within the decade.”
Fusion is the process that powers the sun. On earth, hydrogen isotopes are heated to extremely high temperatures allowing them to collide and fuse to form helium, releasing vast amounts of energy which can be harnessed to produce electricity. The fuel is found in abundance in seawater and the by-products of the reaction are safe for the environment. The fusion process emits no greenhouse gases.
Magnetized Target Fusion is a fusion concept that first showed promise in the 1970s, but has gone mostly unexplored in recent years. General Fusion believes that a power plant based on its technology could be built at a much lower cost than using conventional magnetic and laser fusion approaches. Such a power plant would make fusion a commercially viable clean power source. This funding round comes on the heels of General Fusion achieving the first milestone in its Sustainable Development Technology Canada (SDTC) project, undertaken in collaboration with Los Alamos National Laboratory.
About General Fusion
General Fusion pursues a fast, efficient, and collaborative path to practical fusion power. We are completing an aggressive development plan to deliver economical carbon-free fusion energy with our proprietary Magnetized Target Fusion technology by the 2030s. Our mission is supported by a global syndicate of leading institutional investors, venture capital firms, and technology pioneers, together with governments across North America and Europe. General Fusion collaborates with a global network of partners to create a sustainable future built on cleaner energy, better materials, and a comprehensive life cycle approach to the world’s infrastructure. Founded in 2002, we are headquartered in Vancouver, Canada, with additional centers co-located with internationally recognized fusion research laboratories near London, U.K., and Oak Ridge, Tennessee, U.S.A. Learn more at www.generalfusion.com.
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About Braemar Energy Ventures
Founded in 2003, Braemar Energy Ventures is a leading venture capital firm focused on transformative energy-tech and related companies contributing to global sustainability and combating climate change. Using sector expertise and experience, Braemar aims to be an engaged partner with its portfolio companies to best help them navigate the path to significant global impact. For more information, visit braemarenergy.com or follow @BraemarEnergy on Twitter.