Canadian-based start-up, General Fusion, raised $22 million in early stage funding from venture capitalists. The Company is experimenting with fusion energy technology. General Fusion plans to develop a prototype to prove that the Company’s fusion technology can produce energy cheaper than coal-fire plants and safer than standard nuclear fussion plants.
Four venture capitalists combined their funds to provide General Fusion with $9 million. A government entity charged with financing environmentally friendly technology projects provided an additional $13 million. The funding was provided contingent on General Fusion’s ability to meet key milestones.
General Fusion is working on two types of fusion projects. Magnetic fusion uses large magnets to force particles together to fuse. Inertial confinement fusion uses lasers to shoot high-density fuel pellets. By combining aspects of each of the fusion technologies, the Company will hopefully be able to cut costs.
For further information: http://www.reuters.com/article/smallBusinessNews/idUSTRE57349W20090804
Written by Shosh Pincus
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