The Richmond, B.C.-based firm needs that sum to complete its demonstration reactor LM26 and get to scientific break even, the point at which the machine produces more energy than it requires, CEO Greg Twinney said in an interview. In the meantime, General Fusion has laid off an undisclosed but “meaningful” number of staff and slowed work on the program. (The Logic)

Talking point: Firms developing fusion technology hope to make energy the way stars do, by combining atoms. General Fusion claims it’s recently achieved several key milestones to make that reality. “From a technical perspective, we’re on track,” Twinney said. But the firm needs more capital to continue R&D and testing. General Fusion has raised US$440.5 million in private funding, per PitchBook data, while the federal and B.C. governments have provided $54 million in financing and a $5 million grant, respectively. But the firm has found it difficult to raise more as geopolitical uncertainty has scared investors and policymakers off long-term, strategic bets like fusion, Twinney said. The firm is looking to re-engage with potential federal funders now that the election is over. But Twinney would not rule out a sale or exit if the cash crunch persists. “I would love to remain in [and to] build this from Canada and supply the rest of the world with fusion,” Twinney said. “But my number one goal is to commercialize fusion, so we’re going to do whatever it takes.”