January 6, 2022

JIMCO Technology Fund confirms major participation in US$ 130 million Series E funding round for General Fusion

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This is JIMCO Technology Fund’s second strategic investment to accelerate commercialization of fusion energy to provide the world with limitless sustainable power
General Fusion is progressing its program for Magnetized Target Fusion
Investment continues JIMCO support of innovative breakthrough technologies that will positively shape the future of core industries driving the global economy

Vancouver, BC & Monaco – December 6, 2021:

JIMCO Technology Fund, part of JIMCO, the Jameel Family’s global investment arm, confirmed its participation with an investment in General Fusion, as it today announced the close of an over-subscribed Series E financing round of US$ 130 million.

This is the JIMCO Technology Fund’s second major strategic investment towards the commercialization of clean, sustainable, and unlimited fusion energy and follows the recent investment in MIT spin-out Commonwealth Fusion Systems and reaffirms the Jameel Family’s commitment to a sustainable energy future.

This round expands General Fusion’s portfolio of institutional, sovereign, family office, and high net worth investors, as a precursor to a large financing round being prepared for 2022.

Together with broad financial support from governments of Canada, the United Kingdom, and USA, this General Fusion Series E round underpins an aggressive pursuit of several near-term initiatives and milestones in its program to commercialize Magnetized Target Fusion (MTF).

”General Fusion’s drive to shape the market for clean fusion energy is just one of the many reasons why JIMCO is investing in its commercialization program,” said Fady Jameel, a member of the Jameel Family’s Investment Supervisory Board. “The global energy sector is undergoing tremendous change to secure a cleaner future for all, which JIMCO is passionate about and ready to support through investments like the one in General Fusion.”

”With our 75-year history of investing in companies positively shaping the future of the core industries, we believe General Fusion’s global, technologically-advanced solution to commercial fusion energy make them a leader in this growing industry.” he continued.

Founded in 2002, General Fusion has tenaciously pursued deployment of its power-plant scale Fusion Demonstration Plant located at the UK Atomic Energy Authority’s (UKAEA) Culham Center for Fusion Energy near London. The Company has also accelerated MTF technology development activities associated with its new Vancouver HQ and opened a new facility adjacent to Oak Ridge National Laboratory USA.

General Fusion has also created a Market Development Advisory Committee l (MDAC) – focused exclusively on fusion – and comprised of nine leading energy companies and clean energy users representing critical markets for the future of fusion energy’s carbon-free, on-demand power.

“General Fusion’s unique global presence, with facilities in three countries, allows us to be much more ambitious in pushing toward commercialization,” said Christofer Mowry, CEO, General Fusion. “Our broad network of national laboratory and industrial partners, together with our advisory council of energy market end-users, positions General Fusion well to help the world achieve its net-zero carbon goals.”

Notes to Editors

About Fusion Energy

You can learn more about fusion energy in these videos:

How It Works: Plasma Injector Technology at General Fusion (2021) © courtesy of General Fusion
General Fusion – Technical Update (2016) © courtesy of General Fusion
Magnetized Target Fusion “The Fusion Demonstration Plant” (2021) © courtesy of General Fusion
What is Fusion, (2021) © courtesy JIMCO and CFS
A Star in a Bottle: The Quest for Commercial Fusion, (2018) © courtesy of Massachusetts Institute of Technology (MIT) and the MIT Plasma Science and Fusion Center.
Fusion Power Explained, (2016) © courtesy of https://kurzgesagt.org

About JIMCO

JIMCO (the Abdul Latif Jameel Investment Management Company) is the Jameel Family’s global investment arm, consolidating under one name an established Jameel Family tradition of investing in innovative ideas and businesses promising positive change that stretches back to, at least, the early 1980s. Today, JIMCO is an active global investor in innovative, early-stage and breakthrough ventures, business models and emergent technologies, aiming to positively shape the future of core industries driving the global economy.

These investments are diverse and embrace medical and healthcare industries, fintech, insurtech, electric vehicles and future mobility solutions, and the future of energy, amongst others, and are made in carefully selected and targeted funds and also in fledgling businesses, but all have a common focus in the pursuit of a more sustainable tomorrow.

JIMCO comprises a number of independent legal entities, there are three primary fund brands:

The JIMCO Technology Fund – focusing on venture building, both through select, targeted funds and direct investments.
The JIMCO Life Sciences Fund – focusing on both direct and fund investments in life sciences, biotech and health care, from pharmaceuticals, therapeutics, vaccines and diagnostics to cutting-edge medical device technologies and techniques, and
The JIMCO Strategic Asset Fund – focusing on forward-thinking fund with a clear, aligned, long-term vision, with relevant sector specialization from sustainability initiatives, to drivers of global energy transformation towards renewable, sustainable and clean sources of power.

For more information, visit jimco.com, and our brand video here or contact: info@jimco.com for general inquiries or media@jimco.com for press inquiries(GMT +4 hours UAE.

About General Fusion

General Fusion is pursuing the fastest and most practical path to commercial fusion energy and is based in Vancouver, Canada, with locations in London, UK, and Oak Ridge, Tennessee, USA. The Company was established in 2002 and is funded by a global syndicate of leading energy venture capital firms, industry leaders, and technology pioneers. Learn more at www.generalfusion.com.

General Fusion Media Relations: Please contact Email: media@generalfusion.com or call: 1-866-904-0995

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The term “Abdul Latif Jameel” refers broadly to several distinct, separate and independent legal entities. Abdul Latif Jameel is not itself a corporate entity, association or conglomerate run by an overarching parent company but merely refers to a group of distinct and wholly separate legal entities that are collectively referred to as Abdul Latif Jameel. Abdul Latif Jameel is not a corporate group as defined in section 1161(5) of the Companies Act 2006.

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