General Fusion has successfully closed USD$65 million with a Series E round led by Temasek (Singapore fund). There was US$38 million (C$50 million) released from the Canada’s Strategic Innovation Fund. The total funds recently made available to General Fusion is over US$100 million.
They will use the money to design, construct, and subsequently operate its Fusion Demonstration Plant. This prototype facility is intended to confirm the performance of General Fusion’s magnetized target fusion technology in a power plant relevant environment.
In addition to Temasek, the Cleantech Practice of Business Development Bank of Canada (BDC), the DLF Group, Gimv, I2BF Global Ventures, Disruptive Technology Advisers (who also assisted the Company in the financing), Hatch, and several individual impact investors have become new investors in General Fusion. They were joined in this financing by many existing international investors in the Company, including Chrysalix Energy Venture Capital, Bezos Expeditions, Khazanah Nasional Berhad, Braemar Energy Ventures, Entrepreneurs Fund, and SET Ventures.
About 20 months ago Nextbigfuture interviewed Christofer Mowry the CEO of General Fusion. Mowry said the next step is to make a 70% scale pilot plant that will prove out the viability of generating electricity from General Fusion’s magnetized target nuclear fusion.
The pilot system will prove three things:
1. Fusion conditions will be repeatably produced
2. There will be a kill chain from neutrons to electrons
3. Economics will be validated.
Simulation will be used to validate the economics and design specifics to move to a 100% system.
The next system after the 70% scale system will be a full commercial system.
The Demo system will cost several hundred million dollars. The $100 million is not enough to complete the Demo System.
General Fusion now plans to have the demonstration plant up in the 2025 time frame. This was consistent with the 2018 Nextbigfuture interview which indicated 5 years to make the Demo. They needed to raise enough money to begin serious development. It will take about $300 million to complete the project. They will need another $200 million to get the Demo completed and likely another $1 billion or $2 billion to make the 100% scale system.
The plasma injector component built so far is a 2-meter plasma injector. It will be a 3-meter injector for the pilot plant.
Titanium fabrication is with GE Additive as a partner.
The current component for has 14 pistons and was not to achieve plasma compression but to work out other engineering issues.
The demo system will have several hundred pistons. Perhaps around 500.
The next system could have more or fewer pistons depending upon how experiments inform the design and how smoothly the plasma will need to be compressed.
It will be deuterium fusion.
The demo plant will not add tritium. Addition of tritium is a well-understood process and would have a predictable impact.
Tritium will be added in the follow up commercial system.