Canadian Government Awards New Funding to General Fusion

RICHMOND, Canada, Dec. 04, 2023 (GLOBE NEWSWIRE) -- Today, General Fusion announced that Canada’s Strategic Innovation Fund (SIF) has awarded CA$5 million to support research and development to advance the company’s Magnetized Target Fusion (MTF) demonstration at its Richmond headquarters. Called LM26, this ground-breaking machine will progress major technical milestones required to commercialize zero-carbon fusion power by the early to mid-2030s. The funds are an addition to the existing contribution agreement with SIF, to support the development of General Fusion’s transformational technology.

Fusion energy is the ultimate clean energy solution. It is what powers the sun and stars. It’s the process by which two light nuclei merge to form a heavier one, emitting a massive amount of energy. By 2100, the production and export of the Canadian industry’s fusion energy technology could provide up to $1.26 trillion in economic benefits to Canada. Additionally, fusion could completely offset 600 MT CO_2-e emissions, the equivalent of over 160 coal-fired power plants for a single year. When commercialized, a single General Fusion power plant will be designed to provide zero-carbon power to approximately 150,000 Canadian homes, with the ability to be placed close to energy demand at a cost competitive with other energy sources such as coal and natural gas.¹

Quotes:

“For more than 20 years, General Fusion has advanced its uniquely practical Magnetized Target Fusion technology and IP at its Canadian headquarters. LM26 will significantly de-risk our commercialization program and puts us on track to bring our game-changing, zero-emissions energy solution to Canada, and the world, in the next decade,” said Greg Twinney, CEO, General Fusion.

“Fusion technology has the potential to completely revolutionize the energy sector by giving us access to an affordable unlimited renewable power source. Since General Fusion is at the forefront of this technology, our decision to keep supporting the company will give us the tools we need to reduce greenhouse gas emissions and reach our climate goals. Our government is proud to invest in this innovative project to drive the creation of hundreds of middle-class jobs and position Canada as a world leader in fusion energy technology,” said The Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry.

"British Columbia has a thriving innovation economy. In August, the B.C. Government announced CA$5 million in provincial support for General Fusion’s homegrown technology, and we’re pleased to see the Federal government has now provided funds to support General Fusion. These investments will help General Fusion as they continue to develop their core technology right here in B.C.,” said Brenda Bailey, B.C. Minister of Jobs, Economic Development and Innovation.

Quick Facts:

• Magnetized Target Fusion uniquely sidesteps challenges to commercialization that other technologies face. The game-changer is a proprietary liquid metal liner in the commercial fusion machine that is mechanically compressed by high-powered pistons. This enables fusion conditions to be created in short pulses rather than creating a sustained reaction. General Fusion’s design does not require large superconducting magnets or an expensive array of lasers.
• LM26 aims to achieve two of the most significant technical milestones required to commercialize fusion energy, targeting fusion conditions of over 100 million degrees Celsius by 2025, and progressing toward scientific breakeven equivalent by 2026.
• LM26’s plasmas will be approximately 50 per cent scale of a commercial fusion machine. It aims to achieve deuterium-tritium breakeven equivalent using deuterium fuel.
• The Canadian government is investing an additional CA$5 million for a total of CA$54.3 million to support the development of General Fusion’s energy technology through the Strategic Innovation Fund program.
• As a result of the government’s ongoing support, General Fusion has advanced its technology, building more than 24 plasma prototypes, filing over 170 patents, and conducting more than 200,000 experiments at its Canadian labs.
  

About General Fusion
General Fusion is pursuing a fast and practical approach to commercial fusion energy and is headquartered in Richmond, B.C. The company was established in 2002 and is funded by a global syndicate of leading energy venture capital firms, industry leaders, and technology pioneers. Learn more at www.generalfusion.com.

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¹ General Fusion’s planned commercial plant will be modular in design and produce approximately 230 MW from two 115 MW machines running in tandem. Using household energy consumption data from the Canada Energy Regulator and BC Hydro, as well as information available on the U.S. Nuclear Regulatory Commission website, General Fusion estimates that one of its commercial power plants will power approximately 150,000 homes per year.

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