Spring Valley Acquisition Corp. III shareholders have approved the business combination with General Fusion, marking a significant step toward creating the first publicly traded pure-play fusion company. The approval, secured during a special meeting on July 6, 2026, advances General Fusion's Magnetized Target Fusion technology, which aims to deliver zero-carbon, baseload power. The transaction is expected to close on or about July 10, 2026, subject to regulatory approvals and satisfaction of closing conditions.

Upon closing, Spring Valley will be renamed General Fusion Group Ltd. The combined company's shares and warrants are expected to trade on the Nasdaq under the ticker symbols "GFUZ" and "GFUZW," respectively, pending approval of its listing application. The merger positions General Fusion to access capital markets as it advances its commercialization efforts.

Greg Twinney, Chief Executive Officer of General Fusion, stated that the transaction represents a major step in the company's journey, building on over 20 years of technology development. He emphasized that becoming a publicly traded pure-play fusion company marks a critical next chapter in the mission to bring clean power from fusion to the grid.

Chris Sorrells, Chairman and Chief Executive Officer of Spring Valley, highlighted General Fusion's leadership, peer-reviewed results, and robust patent portfolio. He noted that the company's practical engineering approach offers a strong path to commercialization, supported by its operating fusion demonstration machine, LM26.

Key Details of the Transaction

Technology and Milestones

General Fusion's Magnetized Target Fusion (MTF) technology is designed to overcome barriers to commercializing fusion energy by avoiding superconducting magnets and high-powered lasers. 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 aims to achieve key 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.

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.