General Fusion Adds $19.5M

General Fusion, the Burnaby, BC-based developer of nuclear power technology, said today it has raised $19.5 million in a Series B financing to build the first phase of a demonstration facility. The round included Cenovus Energy, Bezos Expeditions, Chrysalix Energy Venture Capital, GrowthWorks, Braemar Energy Ventures, Entrepreneurs Fund, Business Development Bank of Canada, and SET Venture Partners. As described in an Xconomy post in July 2009, General Fusion is working on what it calls “magnetized target fusion” which in which ionized gas is trapped by a magnetic field and compressed in a way that it says is safe, clean, and cost-effective.

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