A 20-Year Fusion Bet Just Closed Its Business Combination, and a New Kind of Energy Stock Is About to Reach the Public Markets

General Fusion completed its business combination with Spring Valley Acquisition Corp. III, clearing the path to a Nasdaq debut as the first publicly listed fusion company. The company announced the transaction was completed and said it is entering the public markets with approximately US$150 million in cash, inclusive of net transaction proceeds from the private placement and trust capital. This capital is expected to fund General Fusion's Lawson program through several key technical milestones, which the company aims to complete in 2028, with the goal of demonstrating and de-risking its Magnetized Target Fusion technology in a commercially relevant way. Common stock and warrants are expected to trade on the Nasdaq under the symbols GFUZ and GFUZW. The listing arrives as electricity demand accelerates and public-market interest in advanced energy names broadens well beyond traditional utilities. General Fusion traces the two-decade operating history behind the company and is attempting to compress that timeline with a practical engineering approach it calls MTF. At the center of that effort is LM26, which the company describes as the first MTF demonstration machine built at a commercially relevant scale. According to General Fusion, LM26 mechanically compresses plasma with a lithium liner at 50 percent of commercial-scale diameter based on current design parameters, and is designed to pursue a sequence of technical milestones: plasma heating to 1 keV, then to 10 keV, and ultimately the Lawson criterion, the combination of conditions required to produce net fusion energy in the plasma.