Pender invests in GF financing, gets board seat

Executive Summary

• General Fusion closed an oversubscribed US$22 million ($30 million CAD) financing round to support its LM26 fusion demonstration program and advance its mission toward commercial fusion energy by the mid-2030s.
• The financing includes new board appointments for Adam Rodman (Segra Capital) and Kelly Edmison (PenderFund), who will represent their respective firms on the board.
• The company continues to operate its Lawson Machine 26 (LM26) at its Canadian facility, designed to demonstrate magnetized target fusion (MTF) at 50% commercial scale and achieve key temperature milestones.

Key Details

• Financing Amount: US$22 million ($30 million CAD).
• Investors: Segra Capital, PenderFund (via Pender Growth Fund Inc. and Pender Small Cap Opportunities Fund), Chrysalix Venture Capital, MILFAM LLC, JIMCO (Jameel family), Gaingels, Thistledown Capital, Presight Capital, and Hatch Ltd.
• Use of Proceeds: To support the LM26 fusion demonstration program.
• Board Appointments:
  • Adam Rodman: Founder and Chief Investment Officer of Segra Capital; appointed to represent Segra Capital.
  • Kelly Edmison: Chairman and founder of PenderFund Capital Management Ltd.; appointed to represent PenderFund.
• Technical Milestones (LM26):
  • Machine designed, built, and began operating in under two years (announced mid-2023).
  • Designed to demonstrate MTF at 50% commercial scale.
  • Target milestones: 10 million degrees Celsius (1 keV), 100 million degrees Celsius (10 keV), and scientific breakeven equivalent (100% Lawson).
• Company Background: Established in 2002, headquartered in Richmond, Canada; backed by institutional, sovereign, family office, and high-net-worth investors, plus Canadian government support.

Notable Quotes

• Adam Rodman, Segra Capital: "The strong economics and commercialization advantages underpinning General Fusion's elegant MTF approach are a big part of why Segra continues to invest in the company. I look forward to also representing Segra on their board of directors at an exciting time in their bold LM26 program, which has great momentum toward achieving new technical milestones that will drive significant value for investors."
• David Barr, PenderFund: "Pender invests in companies that aim to positively impact the world -- and we're proud to support the bold work General Fusion is doing. Fusion has the potential to power our clean energy future. Pender looks forward to further supporting their mission on the board of directors and providing strategic guidance on financing the company through the next critical phases of commercialization."
• Greg Twinney, CEO, General Fusion: "We're driving forward to achieve transformational technical results with LM26. This new funding from a strong mix of existing and new shareholders is a group that deeply supports our mission to transform the world with practical MTF. This financing is not only a vote of confidence in our technology but our extraordinary team, who designed, built and began operating our world-first machine in less than two years, which speaks to the depth of their experience and dedication to our mission."