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General Fusion Inc. has announced a reverse merger with Spring Valley Acquisition Corp. III, which could position it as one of the first nuclear fusion developers to enter public markets. The transaction, valued at approximately $1 billion, is expected to close in mid-2026 and aims to secure up to $335 million in funding.

General Fusion plans to utilize the proceeds for the development of its Lawson Machine 26 (LM26) reactor, which employs steam-driven pistons for inertial confinement fusion. The company has previously raised over $440 million since its founding in 2002.

The merger follows a trend of increased interest in fusion technology amid rising electricity demand, particularly from data centers. General Fusion's focus is on achieving commercial power generation in the mid-2030s while navigating technological challenges. The acquisition also includes $230 million from the SPAC's trust and a $100 million private investment.