British Columbia’s General Fusion plans to go public by merging with a U.S.-based shell company, it announced Thursday.

If the deal with Spring Valley Acquisition Corp. III goes through, General Fusion CEO Greg Twinney told The Logic, it will have enough money to advance its experimental fusion-energy reactor through critical milestones by 2028.

The fuss about fusion: Fusion technology aims to replicate the way energy is generated in stars, by pushing atoms together; unlike the fission process used in current nuclear reactors, fusion produces little radioactive waste. The really hard part is creating conditions where fusion emits more energy than it consumes, consistently and at scale. General Fusion has been working on it since 2002.

The company’s announcement said that if, as planned, its shares begin trading on the Nasdaq in mid-2026, it will be the first publicly traded pure-play fusion company. One publicly traded competitor is the Trump Media & Technology Group, which has interests in social media and financial services in addition to fusion energy.

Bottom-line numbers: The deal values General Fusion at US$724 million before the transaction, according to an investor presentation. It would bring in US$230 million from Spring Valley, plus US$105 million in further outside investment. General Fusion’s current investors would own 58 per cent of the company.

Comeback: Less than a year ago, after scrapping a plan to build a pilot plant in the U.K., Twinney warned publicly the firm was running out of money after having raised US$440.5 million in equity investment and nearly $60 million in financing from the federal and B.C. governments. A $30-million investment announced in August bought it some time, and Twinney said the company raised US$66 million privately in the second half of 2025.

“The path for a company like ours, from a financing perspective, it’s not linear,” Twinney said.

Another SVAC SPAC: General Fusion’s new partner is the third special-purpose acquisition company launched by Dallas-based Spring Valley, led by CEO Christopher Sorrells. The first merged with NuScale Power, a company developing small modular nuclear reactors (SMRs), in 2022. The second merged with Eagle Energy Metals, another SMR company that also aims to mine uranium, in 2025.

One of General Fusion’s financial saviours in 2025, Segra Capital Management, was involved in the NuScale deal, too.

“I’ve known the Spring Valley team for a bit,” Twinney said, praising their experience in financing and listing energy companies. “The partnership with them was our first choice.”