General Fusion closes Series B funding round led by Chrysalix Energy
General Fusion Inc., a developer of fusion technology, has completed second tranche of its previously announced Series B round of financing, raising $ (Premium contents. Be first to know: Subscribe) million in funding led by Chrysalix Energy with participation from Jeff Bezos’ Explore Holdings LLC, Braemar Energy Ventures, Cenovus Energy Inc. (TSX/NYSE: CVE), through its Environmental Opportunity Fund, EF Investments, BDC Venture Capital, and other investors.
Fasken Martineau DuMoulin LLP acted as legal counsel to General Fusion in connection with the financing.
In May 2011, General Fusion announced US $19.5 million Series B funding round providing the financing necessary to complete the first phase of its development and demonstration program.
General Fusion is developing utility-scale fusion power using a new, patent pending concept based on recent developments in Magnetized Target Fusion (MTF), a hybrid of traditional “magnetic fusion” and “inertial confinement fusion” methods. Magnetized Target Fusion involves first confining plasma in a magnetic field, and then compressing the confined plasma to thermonuclear conditions.
General Fusion’s patent-pending fusion technology involves the equipment needed to contain and compress the plasma, and the systems needed to manage the process.
Ted Liu Ted is an editor of CanadianPrivateEquity.com and Research Director for CVCA - Canada's Venture Capital and Private Equity Association. Ted has been following Canadian venture capital and private equity industry since 1993.