Struggling fusion power company General Fusion gets $22M lifeline from investors

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General Fusion, a Canadian nuclear fusion energy startup, announced today that it had been thrown a lifeline in the form of $22 million in fresh funding.

The company had laid off at least 25% of its employees in May in a bid to shore up its stretched finances. At the same time, CEO Greg Twinney wrote an open letter pleading for funding. The additional cash will give General Fusion some breathing room, though not much.

A subset of General Fusion’s existing investors ultimately ponied up for what The Globe and Mail reports was a “pay to…



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Struggling fusion power company General Fusion gets $22M lifeline from investors


General Fusion, a Canadian nuclear fusion energy startup, announced today that it had been thrown a lifeline in the form of $22 million in fresh funding.

The company had laid off at least 25% of its employees in May in a bid to shore up its stretched finances. At the same time, CEO Greg Twinney wrote an open letter pleading for funding. The additional cash will give General Fusion some breathing room, though not much.

A subset of General Fusion’s existing investors ultimately ponied up for what The Globe and Mail reports was a “pay to…



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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