General Fusion raises $49.3 million to develop clean alternative for power generation

The Government of Canada has announced a $49.3 million investment in clean technology company General Fusion.

Launched in 2002, General Fusion is developing fusion energy, which it calls a limitless, clean, emission-free, and cost-competitive alternative for power generation.

The funding will help General Fusion build its tech and create 400 new jobs, according to the company. The funding will also go towards developing a large-scale prototype plant to demonstrate a practical approach to commercializing electricity from fusion energy.

“General Fusion is working at the forefront of clean technology. It has the real potential to transform how the world generates abundant clean energy. This will help us reduce our environmental impacts,” said Navdeep Bains, the Minister of Innovation, Science and Economic Development. “Our government is proud to invest in this innovative project to help create hundreds of middle-class jobs and position Canada as a world leader in fusion energy technology.”

The funding came from the government’s Strategic Innovation Fund, a $1.26 billion fund dedicated to supporting research and development over five years. General Fusion will expand its collaboration with post-secondary institutions and employ inclusive hiring practices as the company grows its workforce.

“This investment by Canada in General Fusion’s transformative clean energy technology is evidence of its commitment to meeting the country’s climate change goals while fostering truly sustainable growth – sustainable growth that will be powered by the disruptively competitive economics and environmentally responsible benefits of fusion energy,” said Christofer Mowry, the CEO of General Fusion. “This Strategic Innovation Fund investment and Canada’s expectation for a financial return on this investment are a vote of confidence in General Fusion’s ability to successfully commercialize its technology and in our ability to deliver new jobs and new opportunities throughout British Columbia and across Canada”