General Fusion Inc. has closed a US $19.5 million Series C round of financing led by Cenovus Energy Inc. (TSX/NYSE: CVE) with participation from Bezos Expeditions (Jeff Bezos), Chrysalix Energy Venture Capital, Working Opportunity Fund (EVCC) Ltd., Braemar Energy Ventures, Entrepreneurs Fund, BDC Venture Capital, and SET Venture Partners.
Fasken Martineau DuMoulin LLP acted as legal counsel to General Fusion.
Buraby, BC based General Fusion is developing nuclear fusion technology to generate cheap, safe and plentiful energy without greenhouse gas emissions, pollution, or radioactive waste.
New funds will be used for continued development of utility-scale fusion power using magnetized targeted fusion technology.
General Fusion said it believes that a power plant based on its technology could be built at a much lower cost than using conventional magnetic and laser fusion approaches. Such a power plant would make fusion a commercially viable clean power source.