# General Fusion

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/general-fusion

- Industry: Power & Utilities
- Headquarters: Richmond, Canada
- Website: www.generalfusion.com
- Total disclosed funding: $240M
- Latest round: Series F (Aug 9, 2023)
- Investors on record: 22

## About

Based in Canada, General Fusion Inc. operates in the energy sector, focusing on the development of Magnetized Target Fusion (MTF) technology for clean, sustainable energy solutions.General Fusion Inc. specializes in developing Magnetized Target Fusion technology for energy generation. Founded in 2002 in Richmond, Canada, the company was established by Michel Laberge. Recently, General Fusion secured a total of CAD 20.000 mn through a funding round on August 8, 2024, co-led by Canadian Nuclear Laboratories and BDC Capital, alongside participation from Hatch Ltd. This funding is aimed at supporting its research and development initiatives.General Fusion's core offering revolves around the development and commercialization of Magnetized Target Fusion (MTF) technology, which aims to produce clean, zero-carbon energy. The flagship product is the Lawson Machine 26 (LM26), designed to achieve fusion conditions exceeding 100 million degrees Celsius by 2025, with a goal of reaching scientific breakeven by 2026. General Fusion primarily serves utility companies and energy providers seeking sustainable energy solutions, with a client base focused on regions that prioritize clean energy adoption, including North America, Europe, and parts of Asia. The end users include a diverse range of households, businesses, and industries looking for reliable and environmentally friendly energy sources.General Fusion's revenue model is centered on partnerships and collaborations with utility companies and government entities interested in adopting MTF technology for energy production. The company engages in long-term contractual agreements and strategic partnerships to facilitate technology deployment, typically involving joint ventures or licensing agreements. The business model involves charging clients for technology access, ongoing support, and integration services associated with the LM26 and other fusion systems, generating revenue from both initial deployment and subsequent operational support. In August 2024, General Fusion raised CAD 20.000 mn in venture funding to support research and development at its nuclear laboratories and enhance its team capabilities. The company plans to launch the Lawson Machine 26 by 2025, aiming to reach scientific breakeven by 2026. Additionally, General Fusion is targeting expansion into new markets in North America, Europe, and parts of Asia, capitalizing on the increasing demand for clean energy. In August 2025, General Fusion Inc. raised USD 22 million in venture funding from new investors Pender Ventures, MILFAM LLC, Gaingels, and Presight Capital, with participation from returning investors Segra Capital Management, Chrysalix, Jameel Investment Management Company, Thistledown Capital, and HATCH.

## Funding rounds

- Series F, Aug 9, 2023 — GIC, BDC Capital
- Series E, Nov 30, 2021, $130M — Temasek Holdings, GIC, BDC Capital, Segra Capital Management, Thistledown Capital, Jameel Investment Management Company
- Series E, Dec 16, 2019, $65M — Temasek Holdings, BDC Capital, Gimv, Chrysalix, Braemar Energy Ventures, Khazanah Nasional Berhad, SET Ventures, I2BF, Entrepreneurs Fund, Hatch, Bezos Expeditions, Disruptive, DLF Venture
- Series C, Jul 31, 2013, $10M — BDC Capital, Chrysalix, Braemar Energy Ventures, Entrepreneurs Fund Management, Cenovus Energy, Robeco, Explore Holding
- Series B, May 5, 2011, $20M — BDC Capital, GrowthWorks Capital, Chrysalix, Braemar Energy Ventures, SET Ventures, Entrepreneurs Fund Management, Cenovus Energy
- Series A, Aug 4, 2009, $14M — GrowthWorks Capital, Chrysalix, Braemar Energy Ventures, Entrepreneurs Fund Management
- Seed, Sep 5, 2007, $1.2M — BDC Capital, GrowthWorks Capital, Chrysalix

## Investors

- BDC Capital (https://capitalatlas.ai/funds/bdc-capital) — Seed, Series B, Series C, Series E, Series F
- GrowthWorks Capital (https://capitalatlas.ai/funds/growthworks-capital) — Seed, Series A, Series B
- Chrysalix (https://capitalatlas.ai/funds/chrysalix) — Seed, Series A, Series B, Series C, Series E
- Braemar Energy Ventures (https://capitalatlas.ai/funds/braemar-energy-ventures) — Series A, Series B, Series C, Series E
- Entrepreneurs Fund Management (https://capitalatlas.ai/funds/entrepreneurs-fund-management) — Series A, Series B, Series C
- SET Ventures (https://capitalatlas.ai/funds/set-ventures) — Series B, Series E
- Cenovus Energy — Series B, Series C
- Robeco (https://capitalatlas.ai/funds/robeco) — Series C
- Explore Holding — Series C
- Temasek Holdings — Series E
- Gimv (https://capitalatlas.ai/funds/gimv) — Series E
- Khazanah Nasional Berhad — Series E
- I2BF (https://capitalatlas.ai/funds/i2bf) — Series E
- Entrepreneurs Fund (https://capitalatlas.ai/funds/entrepreneurs-fund) — Series E
- Hatch — Series E
- Bezos Expeditions — Series E
- Disruptive (https://capitalatlas.ai/funds/disruptive) — Series E
- DLF Venture (https://capitalatlas.ai/funds/dlf-venture) — Series E
- GIC — Series E, Series F
- Segra Capital Management (https://capitalatlas.ai/funds/segra-capital-management) — Series E
- Thistledown Capital (https://capitalatlas.ai/funds/thistledown-capital) — Series E
- Jameel Investment Management Company (https://capitalatlas.ai/funds/jameel-investment-management-company) — Series E