In 2025, Spring Valley Acquisition Corp. III was formed to identify and partner with a company positioned to transform the natural resources and decarbonization landscape.
That search led to General Fusion—a pioneer in fusion energy developing technology designed to deliver abundant, reliable, carbon-free power.
The completed combination brings fusion energy innovation to the public markets, positioning General Fusion to execute on its commercialization roadmap.
Spring Valley III raised $230 million in its September 2025 initial public offering to pursue a business combination in the energy and decarbonization sectors.
The team identified an opportunity at the intersection of advanced technology, energy security and decarbonization: General Fusion’s approach to commercial fusion energy.
Founded in 2002, General Fusion has spent more than two decades developing a proprietary approach to fusion designed to create clean, abundant, and reliable energy.
The company holds more than 200 patents and is backed by prominent institutional investors.
For Spring Valley, the opportunity is about more than bringing an innovative technology company to the public markets.
It is about helping advance one of the world’s most ambitious energy technologies from scientific promise toward commercial reality.
On January 22, 2026, Spring Valley III announced a definitive agreement to combine with General Fusion.
The transaction implies an equity valuation of approximately $1 billion and is designed to create the world’s first publicly traded companydedicated exclusively to fusion energy technology.
The business combination closed on July 10, 2026, creating the first pure-play fusion company listed on a U.S. exchange. Fusion Energy trades under the ticker GFUZ.
Fusion has long represented one of the most compelling possibilities in energy: the potential to generate enormous amounts of energy without the carbon emissions associated with fossil fuels.
General Fusion is pursuing a proprietary approach to fusion designed to make this potential commercially viable.
The company’s technology is focused on creating the conditions required for fusion while pursuing a pathway designed around practical engineering, scalability, and commercial deployment.
The transaction was supported by approximately $105 million in PIPE financing at closing, provided by leading institutional investors.
The additional capital is designed to support General Fusion as it advances its technology and continues its path toward commercialization.
Together, the transaction and PIPE financing provide General Fusion with a public-market platform and additional capital to pursue the next stage of its development.
Spring Valley III successfully completed its business combination with General Fusion in July 2026.
The combined company now trades on Nasdaq under the ticker GFUZ, creating the first pure-play fusion company.
For Spring Valley, the transaction represents another opportunity to identify transformative technology at a critical inflection point, providing a path toward the capital, visibility, and scale needed to pursue its potential.
The opportunity isn’t simply to invest in the future of energy.
It’s to help build it.
Spring Valley III builds on the firm’s track record of identifying transformative opportunities at the intersection of energy, technology and long-term global needs.
From advanced fission technology with NuScale, to an integrated nuclear platform with Eagle Nuclear, to the next frontier of fusion energy with General Fusion, Spring Valley continues to seek opportunities where technological innovation can reshape critical industries.
