B.C. fusion energy company cuts staff due to ‘uncertain political and market climate'
General Fusion recently celebrated a big milestone, by successfully forming a 'magnetized plasma' inside its proof-of-concept machine known as LM26.
'The full, integrated system and diagnostics operated safely and as designed, and an early review of the data indicates we saw ion temperature and density increase, and our lithium liner successfully trapped the magnetic field,' CEO Greg Twinney said in an open letter on the company's website.
'This was an incredible success for our first shot! What does this mean? From a technology perspective, we're one step closer to bringing zero-carbon fusion energy to the electricity grid using our unique, home-grown Canadian technology that global industry leaders recognize as one of the most practical for commercialization.'
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However, the company says it is now caught in an economic and geopolitical environment that is forcing it to pause development.
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'Our mission has historically been supported financially by a mix of strong private investors and the Canadian federal government,' Twinney said.
'We have been competing against aggressive nationally funded fusion programs around the world. We have risen to global leadership by charting a distinct course — founded on entrepreneurship and commercial focus — while others follow government-led or academic pathways. However, today's funding landscape is more challenging than ever.'
2:04
Richmond fusion company reports breakthrough
Twinney says in the letter that due to unexpected and urgent financing constraints, they are taking action to protect the future by reducing the size of the team and LM26 operations.
'While this is a challenging time for General Fusion, it is also an attractive opportunity for those with the financial means to transform the world,' Twinney says.
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'Everything is in place — the technology, science, LM26, and the know-how and passion. All we need now is the capital to finish the job. We are opening our doors and actively seeking strategic options with investors, buyers, governments, and others who share our vision.'
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