General Fusion has announced they have agreed to merge with a blank-check company in a deal that is expected to create the first pure-play publicly traded fusion machine developer companies.
This merger with Spring Valley Acquisition Corp. III has a pro-forma equity value of around $1 billion and the deal is set to close around mid year 2026.
The transaction will include $230 million from the special purpose acquisition company’s (SPAC) trust and a $100 million private investment in public equity (PIPE).
General Fusion intends to use the proceeds of this transaction to fully fund and advance their Lawson Machine 26 (LM26) program, which uses their proprietary and patented Magnetized Target Fusion (MTF) technology.
The LM26 machine is designed to be the company’s large-scale MTF fusion demonstration machine. It is currently operating, and is compressing plasma with a lithium liner at 50% of commercial scale diameter.
Prior to this merger, General Fusion had raised over $400 million in capital from institutional investors, venture capital, industry partners, and government grants.
Spring Valley SPAC has previous experience bringing energy technologies to public markets. They have closed 50+ energy and decarbonization related transactions over the last 30 years and have helped play a key role in the creation of 17 publicly traded companies, including seven SPACs merged or raised to date.
General Fusion will trade under the ticker symbol ‘GFUZ’ and will be listed on the NASDAQ once the merger with the SPAC is completed.
This announcement comes after similar merger announcements with TMTG and TAE Technologies as well as a hot start to 2026 in terms of fusion related financing.
The public listing's success will be the barometer for investor willingness to fund and back the capital-intensive development of fusion technology. A point of interest will be how the investment community responds to the fusion industry's long timeline and constantly evolving investment landscape.