Burnaby, B.C. based fusion energy pioneer General Fusion has raised $27 million, led by Khazanah Nasional Berhad, the Government of Malaysia’s strategic investment fund. Existing investors also participated.
“We welcome Khazanah to our team of investors, physicists, engineers, partners and advisors,” said General Fusion Chairman Rick Wills. “This financing reflects the growing global character of our investment base and the growing importance of fusion energy around the world.”
Founded in 2002, General Fusion is pursuing the commercialization of fusion energy, a contentious method of producing power which, if eventually brought to market, promises nothing less than something along the lines of world peace. Fusion energy on a meaningful scale would just about instantly render fossil fuel and other forms of energy production obsolete.
To this point, General Fusion has raised over $100 million.
“This financing is evidence of the growing recognition of fusion as a game-changing source of energy, as well as the leadership position of General Fusion.” said General Fusion CEO Nathan Gilliland. “The support from new and existing investors reflects their confidence in our practical approach, our commercial strategy, and the progress we have made.”
Last year, General Fusion partnered with the Plasma Physics Laboratory at the University of Saskatchewan to develop advanced materials for their reactor.
General Fusion has already announced that following this funding round, another round is scheduled to close in late summer 2015, allowing additional investors to participate.