General Fusion Group Ltd. has commenced trading on the Nasdaq under the ticker symbol "GFUZ" following the completion of its business combination with Spring Valley Acquisition Corp. III. The transaction, which closed on July 10, 2026, establishes General Fusion as the first publicly traded pure-play fusion company. The company entered the public markets with approximately US$150 million in cash, comprising net transaction proceeds from a private placement and trust capital. These funds are intended to finance the Lawson program through key technical milestones targeted for 2028.

The business combination advances General Fusion's Magnetized Target Fusion (MTF) technology, which aims to deliver zero-carbon, baseload power to address climate change and energy security challenges. The company's warrants are trading under the symbol "GFUZW."

Key Transaction Details

Technology and Milestones

General Fusion's MTF technology focuses on commercializing fusion energy by avoiding superconducting magnets and high-powered lasers, utilizing a practical engineering approach instead. In early 2025, the company began operating its Lawson Machine 26 (LM26), the first MTF demonstration machine built at a commercially relevant scale. LM26 mechanically compresses plasma with a lithium liner at 50% commercial-scale diameter.

The machine is designed to achieve critical fusion technical milestones, including plasma heating to 1 keV (10 million degrees Celsius), then 10 keV (100 million degrees Celsius), and ultimately the Lawson criterion. This criterion represents the combination of fusion parameters required to produce net fusion energy in the plasma, a necessary step for commercial viability.

General Fusion Inc. has signed a milestone-based framework agreement with Renexia S.p.A. to pursue the siting, development, and construction of commercial Magnetized Target Fusion (MTF) power plants in Italy. The agreement establishes a multi-phase path beginning with site evaluation and selection, followed by commercial opportunities, offtake agreements, permitting, and construction. Collaborative work on site feasibility is expected to begin immediately, with further phase-one work anticipated in 2026 subject to definitive agreements.

This commercial development follows a recent technical milestone where General Fusion's Lawson Machine 26 (LM26) achieved electron temperatures of approximately 8.4 million degrees Celsius (0.72 keV). The LM26 experiments demonstrated a more than three times increase in electron temperature and validated the operating principles of the company's MTF technology. The company's next major targeted milestone with LM26 is achieving 1 keV electron temperature.

Strategic Developments and Business Combination

General Fusion continues to advance toward becoming a publicly traded company following the Securities and Exchange Commission's declaration of effectiveness for its joint registration statement on Form F-4 on June 12, 2026. The proposed business combination with Spring Valley Acquisition Corp. III (NASDAQ: SVAC) implies an approximately US$1 billion pro-forma equity value. Spring Valley has scheduled an extraordinary general meeting of shareholders for July 6, 2026, to vote on the transaction. If approved, the combined company is expected to trade on Nasdaq under the ticker symbols "GFUZ" and "GFUZW" and will be renamed "General Fusion Group Ltd."

LM26 Technical Specifications and Results

Renexia, a Toto Group company specializing in renewable energy, is already a member of General Fusion's Market Development Advisory Committee. The framework agreement deepens this relationship as General Fusion moves to export its practical fusion energy technology to markets with high power costs and decarbonization objectives.