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General Fusion to Go Public via SPAC Merger with Spring Valley Acquisition Corp. III
General Fusion Inc., a Canadian company developing magnetized‑target fusion (MTF) technology, and Spring Valley Acquisition Corp. III (SVAC) have received shareholder approval for a business combination that will create the first publicly traded pure‑play fusion company. The transaction was approved by General Fusion securityholders and SVAC shareholders at a special meeting held on July 6, 2026. The combined entity will rename itself General Fusion Group Ltd. and is expected to begin trading on the Nasdaq under the ticker symbol GFUZ, with warrants under GFUZW, on or about July 10, 2026, pending regulatory approvals and the satisfaction or waiver of all closing conditions.
The deal follows General Fusion’s progress on its LM26 demonstration machine, which the company announced in early 2025 as the first MTF machine built at a commercially relevant scale. LM26 mechanically compresses a magnetized plasma target with a lithium liner, achieving plasma heating to 1 keV (10 million °C) and 10 keV (100 million °C). The machine is designed to reach the Lawson criterion, the combination of plasma temperature, density and confinement time required for net fusion energy. In June 2026, General Fusion reported that LM26 had reached a new technical milestone by heating plasma to 8.4 million °C, a step toward the milestones needed for practical MTF.
General Fusion’s MTF approach avoids the need for superconducting magnets or high‑powered lasers, using existing materials and mechanical compression to achieve fusion conditions. The company has a robust patent portfolio and has attracted funding from a global syndicate of venture capital firms and industry leaders. According to the company’s website, it has more than 150 employees and has been developing fusion technology since 2002.
Spring Valley Acquisition Corp. III is a special purpose acquisition company focused on the power infrastructure and decarbonization sectors. Over the past five years, Spring Valley vehicles have raised $920 million in four IPOs. SVAC’s first SPAC merged with NuScale Power Corporation, a small‑modular‑reactor developer, and its second SPAC merged with Eagle Nuclear Energy Corp., a nuclear company with rights to a large uranium deposit in the United States.
"The expected closing of this transaction represents a major step in the General Fusion journey, building on more than 20 years of technology development and leadership in the industry," said Greg Twinney, Chief Executive Officer of General Fusion. "Bringing fusion to the capital markets at this inflection point and becoming the first publicly traded pure‑play fusion company marks an incredible next chapter for us as we advance on our path to commercialization and our mission to bring clean power from fusion to the grid."
"We’re proud to support General Fusion at a pivotal moment for both the company and the fusion industry," said Chris Sorrells, Chairman and CEO of Spring Valley. "Global energy demand is rising, and the need for reliable, clean power has never been greater. General Fusion stands out with strong leadership, meaningful peer‑reviewed results, a robust patent portfolio, and LM26, its operating fusion demonstration machine. The company’s practical engineering approach offers a strong path to commercialization. We expect that this transaction will position General Fusion with the capital and public market platform needed to move this technology forward."
The transaction is subject to the approval of the Nasdaq listing application and to regulatory approvals in the United States and Canada. The combined company will be the first publicly traded entity focused solely on fusion energy, a milestone that could attract additional investment and accelerate the commercialization of MTF technology.
The closing of the business combination is expected to occur on or about July 10, 2026. Until that date, the transaction remains contingent on the satisfaction or waiver of all closing conditions, including regulatory approvals and the approval of the Nasdaq listing application. The combined company will trade under the ticker GFUZ, with warrants under GFUZW, once the listing is approved.
The transaction represents a significant step for the fusion industry, providing a public market platform for a company that has demonstrated progress on a practical fusion technology. The deal also expands Spring Valley’s portfolio of clean‑energy companies and provides General Fusion with the capital and market visibility needed to advance its MTF program.
The combined entity will be headquartered in Vancouver, British Columbia, and will continue to develop and operate the LM26 machine while pursuing the commercialization of magnetized‑target fusion. The transaction is expected to close on or about July 10, 2026, subject to regulatory approvals and the satisfaction or waiver of all closing conditions.
The deal will be the first publicly traded pure‑play fusion company, a milestone that could influence the broader energy sector and attract additional investment in fusion research and development.
The transaction is subject to regulatory approvals and the satisfaction or waiver of all closing conditions. The combined company will trade on the Nasdaq under GFUZ and GFUZW once the listing is approved.
The deal follows General Fusion’s progress on its LM26 demonstration machine, which the company announced in early 2025 as the first MTF machine built at a commercially relevant scale. LM26 mechanically compresses a magnetized plasma target with a lithium liner, achieving plasma heating to 1 keV (10 million °C) and 10 keV (100 million °C). The machine is designed to reach the Lawson criterion, the combination of plasma temperature, density and confinement time required for net fusion energy. In June 2026, General Fusion reported that LM26 had reached a new technical milestone by heating plasma to 8.4 million °C, a step toward the milestones needed for practical MTF.
General Fusion’s MTF approach avoids the need for superconducting magnets or high‑powered lasers, using existing materials and mechanical compression to achieve fusion conditions. The company has a robust patent portfolio and has attracted funding from a global syndicate of venture capital firms and industry leaders. According to the company’s website, it has more than 150 employees and has been developing fusion technology since 2002.
Spring Valley Acquisition Corp. III is a special purpose acquisition company focused on the power infrastructure and decarbonization sectors. Over the past five years, Spring Valley vehicles have raised $920 million in four IPOs. SVAC’s first SPAC merged with NuScale Power Corporation, a small‑modular‑reactor developer, and its second SPAC merged with Eagle Nuclear Energy Corp., a nuclear company with rights to a large uranium deposit in the United States.
"The expected closing of this transaction represents a major step in the General Fusion journey, building on more than 20 years of technology development and leadership in the industry," said Greg Twinney, Chief Executive Officer of General Fusion. "Bringing fusion to the capital markets at this inflection point and becoming the first publicly traded pure‑play fusion company marks an incredible next chapter for us as we advance on our path to commercialization and our mission to bring clean power from fusion to the grid."
"We’re proud to support General Fusion at a pivotal moment for both the company and the fusion industry," said Chris Sorrells, Chairman and CEO of Spring Valley. "Global energy demand is rising, and the need for reliable, clean power has never been greater. General Fusion stands out with strong leadership, meaningful peer‑reviewed results, a robust patent portfolio, and LM26, its operating fusion demonstration machine. The company’s practical engineering approach offers a strong path to commercialization. We expect that this transaction will position General Fusion with the capital and public market platform needed to move this technology forward."
The transaction is subject to the approval of the Nasdaq listing application and to regulatory approvals in the United States and Canada. The combined company will be the first publicly traded entity focused solely on fusion energy, a milestone that could attract additional investment and accelerate the commercialization of MTF technology.
The closing of the business combination is expected to occur on or about July 10, 2026. Until that date, the transaction remains contingent on the satisfaction or waiver of all closing conditions, including regulatory approvals and the approval of the Nasdaq listing application. The combined company will trade under the ticker GFUZ, with warrants under GFUZW, once the listing is approved.
The transaction represents a significant step for the fusion industry, providing a public market platform for a company that has demonstrated progress on a practical fusion technology. The deal also expands Spring Valley’s portfolio of clean‑energy companies and provides General Fusion with the capital and market visibility needed to advance its MTF program.
The combined entity will be headquartered in Vancouver, British Columbia, and will continue to develop and operate the LM26 machine while pursuing the commercialization of magnetized‑target fusion. The transaction is expected to close on or about July 10, 2026, subject to regulatory approvals and the satisfaction or waiver of all closing conditions.
The deal will be the first publicly traded pure‑play fusion company, a milestone that could influence the broader energy sector and attract additional investment in fusion research and development.
The transaction is subject to regulatory approvals and the satisfaction or waiver of all closing conditions. The combined company will trade on the Nasdaq under GFUZ and GFUZW once the listing is approved.
