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Government of Canada Investing $49.3 Million in General Fusion for Large-Scale Fusion Energy Prototype Plant
Friday, October 26, 2018Company Profile | Follow Company
Investment will help create technology leading to 400 jobs and support innovation for emission-free and abundant energy
Burnaby, BC, October 26, 2018--(T-Net)--The Government of Canada (Innovation, Science and Economic Development Canada) announced today that it is investing $49.3 million dollars in Burnaby, BC-based General Fusion, a clean technology company seeking to transform the world's energy supply with safe, sustainable and economical fusion energy.
The funding will help General Fusion create technology leading to 400 new jobs and support its project to develop a first-of-its-kind large-scale prototype plant that will demonstrate a practical approach to commercializing affordable, abundant, safe and emission-free electricity from fusion energy.
General Fusion's technology has the potential to revolutionize how sustainable energy is generated and position British Columbia—and Canada—as a global leader in fusion technology.
Photo Credit: General Fusion
Thanks in part to this federal investment through the Strategic Innovation Fund, General Fusion says it will expand its collaboration with post-secondary institutions and employ inclusive hiring practices as the company grows its workforce.
"General Fusion is working at the forefront of clean technology. It has the real potential to transform how the world generates abundant clean energy. This will help us reduce our environmental impacts. Our government is proud to invest in this innovative project to help create hundreds of middle-class jobs and position Canada as a world leader in fusion energy technology." said The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development.
Christofer Mowry, CEO, General Fusion
"This investment by Canada in General Fusion's transformative clean energy technology is evidence of its commitment to meeting the country's climate change goals while fostering truly sustainable growth—sustainable growth that will be powered by the disruptively competitive economics and environmentally responsible benefits of fusion energy.
This Strategic Innovation Fund investment and Canada's expectation for a financial return on this investment are a vote of confidence in General Fusion's ability to successfully commercialize its technology and in our ability to deliver new jobs and new opportunities throughout British Columbia and across Canada. We are grateful to Canada for its long-standing support of the company, support that has helped General Fusion become the world's most advanced private fusion technology venture." said Christofer Mowry, CEO, General Fusion.
Quick facts
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About General Fusion
General Fusion is developing fusion energy: a safe, limitless, clean, emission-free, and cost-competitive alternative for power generation. Established in 2002, General Fusion is supported by a global syndicate of leading energy venture capital funds, industry leaders, and technology pioneers.
For further information:
Nilani Logeswaran, A/Press Secretary, Office of the Minister of Innovation, Science and Economic Development, 613-668-1794; Media Relations, Innovation, Science and Economic Development Canada, 343-291-1777, ic.mediarelations-mediasrelations.ic@canada.ca
Related Links
http://www.ic.gc.ca/eic/site/icgc.nsf/eng/home
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