General Fusion Raises USD$9 million

An SEC filing reveals that General Fusion has sold US$9 million out of $13.75 million offering.

H/T to Xconomy for the details on this fund raising.

General Fusion had been award C$13.9 million from the Canadian government.

General Fusion is using the MTF (Magnetized Target Fusion) approach but with a new, patent pending and cost-effective compression system to collapse the plasma. They describe the injectors at the top and bottom of the above image in the new research paper. The goal is to build small fusion reactors that can produce around 100 megawatts of power. The company claims plants would cost around US$50 million, allowing them to generate electricity at about four cents per kilowatt hour.

If there are no funding delays, then in 2010-2011 for completion of the tests and work for an almost full scale version (2 meters instead of 3 meter diameter).

The third phase for General Fusion was to raise $50 million for a net energy gain device with a target date of 2013 if the second/third phase are roughly on schedule. [The canadian government funding and private funding could take General Fusion all the way through the third phase]

If they get $300-500 million for commercialization, the first commercial scale unit could be 2016-2018.

The last technical update on this site on General fusion was in March, 2009 with many pictures and video