The Business Development Bank of Canada and Canadian Nuclear Laboratories will contribute $10 million each to a plasma compression machine General Fusion is building at Sea Island in Richmond.
The financing will bring total funding for its Lawson Machine 26 (LM26) project to $71 million to date. In total, since its founding more than two decades ago, General Fusion has raised $442 million, most of it in private venture capital.
As a new lead investor, CNL will be given a seat on General Fusion’s board of directors. BDC, which has previously invested in General Fusion, also has a seat on the company’s board of directors.
“This financing is really important to
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