General Fusion to go public on Nasdaq in $1-billion SPAC deal

Richmond, B.C.-based General Fusion will merge with Dallas-based Spring Valley Acquisition Corp. III in a deal valuing the company at $1 billion USD, and the company plans to begin trading on Nasdaq once the transaction closes.

General Fusion announced a planned merger with Dallas-based Spring Valley Acquisition Corp. III that would take the Richmond, B.C. fusion developer public on Nasdaq. The company says the transaction values it at $1 billion USD. General Fusion positions itself as Canada's entrant in the global effort to commercialize fusion power and says the deal would make it the first publicly traded pure-play fusion company. Key details: - The merger partner is Spring Valley Acquisition Corp. III and the combined valuation is reported at $1 billion USD. - The $1 billion figure includes about $105 million from a committed PIPE and about $230 million from Spring Valley's trust capital, assuming no redemptions. - General Fusion expects to begin trading on Nasdaq once the deal closes. - The company previously reduced staff and scaled back operations in early 2025, then raised funding rounds of roughly $30 million CAD in August and $51.5 million CAD in November as it sought further investment. - CEO Greg Twinney described the announcement and the associated financing as the next step in the company's path toward bringing fusion energy to the grid. Summary: If completed, the transaction would make General Fusion a publicly listed company on Nasdaq and is presented by the company as a milestone on its development timeline. The deal's completion and the timing of any Nasdaq listing are dependent on closing the merger and associated financings, and the timing is undetermined at this time.