General Fusion Enters Merger Agreement with Spring Valley Acquisition, Valued at Approximately $1 Billion

General Fusion entered into a definitive business combination agreement with Spring Valley Acquisition Corp. III. Upon closing, the Proposed Business Combination is expected to result in General Fusion listing on the Nasdaq and trading under the ticker symbol "GFUZ". The company said, "General Fusion's technology is designed to solve barriers to entry for fusion energy, which comes at a critical time as demand for electricity is surging and nations around the world race to commercialize fusion power. As a technology, MTF is intended to achieve fusion in a practical way, avoiding superconducting magnets and high-powered lasers, and enabling the use of existing materials for durable machines that would produce cost-effective energy. In early 2025, General Fusion announced that it had designed, built, and begun operating its world-first fusion demonstration - Lawson Machine 26 - in under two years. LM26 is the first MTF demonstration machine to be built at a commercially relevant scale; it mechanically compresses plasma with a lithium liner at 50% commercial-scale diameter and aims to achieve key fusion technical milestones: 1 keV, or 10 million degrees Celsius heating; 10 keV, or 100 million degrees Celsius heating; and ultimately the Lawson criterion, the combination of fusion parameters that can produce net fusion energy in the plasma. General Fusion intends to use proceeds from this transaction to advance the LM26 program with the goal of demonstrating and de-risking MTF technology in a commercially relevant way." The Proposed Business Combination between General Fusion and SVAC implies an approximately $1B pro-forma equity value inclusive of approximately $105M from a committed and oversubscribed PIPE and $230M of SVAC's trust capital. The Proposed Business Combination brings together leaders with deep expertise in nuclear energy and capital markets. The Proposed Business Combination is expected to be completed in mid-2026, subject to customary closing conditions, including regulatory and shareholder approvals. The combined public company is expected to be named "General Fusion" and to have its common stock and warrants to purchase common stock listed on the Nasdaq, subject to satisfaction of the exchange's listing requirements. The Proposed Business Combination has been unanimously approved by the board of directors of General Fusion and the board of directors of SVAC.