General Fusion Group Ltd. Common Shares Canaccord Genuity's 46th Annual Growth Conference
Review the key takeaways and the transcript of this earnings call.
- General Fusion has been developing practical fusion power technology for 24 years and currently operates a demonstration machine, LM 26, at commercial scale in Vancouver.
- The company has raised approximately $543 million to date, including $100 million from the Canadian government, and recently listed on Nasdaq with about $150 million in cash to fund the LM 26 program.
- General Fusion's technology uses magnetized target fusion with a liquid metal compression chamber and pistons to compress plasma mechanically, avoiding the use of superconducting magnets or lasers.
- The liquid metal wall captures neutrons, breeds tritium fuel on-site, protects the machine from neutron damage, and enables practical energy capture to produce electricity.
- The company aims to achieve key technical milestones by 2028, including heating plasma to 10 million degrees Celsius, then 100 million degrees, and ultimately achieving the Lawson criterion for net energy gain from plasma.
- General Fusion has demonstrated stable fusion processes, plasma compression, and system-level performance at commercially relevant scale, with all results published in peer-reviewed journals.
- The company plans to commercialize fusion power plants by 2035 through a three-pronged approach: completing the LM 26 demonstration, a commercial systems demonstration program, and final plant design integration.
- General Fusion collaborates with partners including Bruce Power in Canada and Ranexa in Italy, and maintains a market development advisory committee of potential early adopters to guide technology and commercialization efforts.
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Transcript
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Hi, everyone. I'm George Giannikas, one of Canaccord Genuity's sustainability analysts. Thank you to everyone for joining our 46th annual growth conference, our CGGC. We're very excited to have with us today Megan Wilson from General Fusion, Chief Strategy Officer. Fusion is incredibly exciting and potentially world-changing. No pressure, Megan. Please tell us all about your company.
Okay. Thank you, George. I don't know if I'm short or sitting or standing, so I'm going to stand so you can see me, and I can move around. Thank you all for joining us. George, thank you to Canaccord for hosting us. Before I jump in, I will, of course, say this presentation includes forward-looking statements and refer you to our disclosures regarding forward-looking statements and risk factors on file with the SEC. Okay. As George said, my name's Megan Wilson. I'm General Fusion's Chief Strategy Officer, and I want to introduce myself first before introducing General Fusion to actually help you understand the company and what we're about. I am an engineer by training. I've spent my career in nuclear power and commercial power generation.
Started out as a U.S. Navy nuclear officer operating fission reactors at sea, then spent about 15 years in the power industry working on both nuclear and non-nuclear technologies in the public market space. I am basically, fundamentally, a fission geek. For those of you who follow the nuclear space and everything happening in nuclear, I have spent my career supporting and advancing fission. For a very long time, I was a fusion skeptic. I'll talk a little bit about the differences, but I'm sure all of you have some idea as to what fusion is, or you have watched "Spider-Man" or "Back to the Future" and have some ideas. A fusion skeptic. It was not until I came to know General Fusion and the company's approach and specific technology that I became convinced that practical fusion power is possible.
That is why I left my prior role and came to General Fusion about four years ago. I'm responsible for our long-term strategy development and all of our external relations, including strategic partnerships. At the most fundamental level, we all understand that there is huge global demand for clean, reliable, affordable power, and that is the market we are focused on. I'll explain this in more detail, but at General Fusion, from the beginning, and we've been around for 24 years, our focus is on taking an engineering approach to fusion. Practical fusion power, not a science experiment. That's what we're about. The last 24 years have resulted in a really extensive patent portfolio and a great competitive moat, as well as real fusion results from building real fusion machines. Today, we are operating a demonstration machine at our headquarters in Vancouver. Come visit. We love visitors.
That is operating at a commercially relevant scale and aiming for some really transformative technical milestones between now and 2028. We are doing it with some really great partners that I will talk about. We have got great backers from both investors and the government, in particular the Canadian government, where we are based, and a fantastic team, not only of all the geniuses you would expect, like plasma physicists, but also a very entrepreneurial management team, including our CEO, Greg Twinney, who has taken multiple technology companies either to the public markets through IPOs or major acquisitions and so on. As I mentioned, we were founded in 2002. We believe we are aiming for a trillion-dollar market in the future, and I will explain that a bit more in a second.
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