Milestone advances General Fusion toward the final stages of becoming the first publicly traded pure-play fusion energy company

VANCOUVER, British Columbia, June 15, 2026 (GLOBE NEWSWIRE) -- General Fusion Inc. ("General Fusion" or the "Company"), a leader in the global race to commercialize fusion energy, today announced that its joint registration statement on Form F-4, as amended (the "Registration Statement"), filed in connection with its proposed business combination with Spring Valley Acquisition Corp. III (NASDAQ: SVAC), a publicly traded special purpose acquisition company ("Spring Valley," or "SVAC"), was declared effective by the Securities and Exchange Commission on June 12, 2026.

Spring Valley has set a record date of June 12, 2026 (the "Record Date"), and meeting date of July 6, 2026, for its extraordinary general meeting of shareholders ("Extraordinary General Meeting"). Spring Valley shareholders of record at the close of business on the Record Date are entitled to receive notice of the Extraordinary General Meeting and to vote the ordinary shares of Spring Valley owned by them at the Extraordinary General Meeting. The Extraordinary General Meeting will be held in-person at the offices of Greenberg Traurig, LLP, located at One Vanderbilt Ave, New York, NY 10017. If the Spring Valley and General Fusion securityholders vote to approve the proposed business combination, the transaction is expected to close shortly thereafter, subject to the satisfaction of customary closing conditions.

General Fusion previously announced its proposed business combination with Spring Valley on January 22, 2026. At the closing of the transaction, Spring Valley will be renamed "General Fusion Group Ltd.," and once the transaction is completed, the combined company's shares and warrants are expected to trade on Nasdaq under the ticker symbols "GFUZ" and "GFUZW," respectively, subject to approval of its listing application.

General Fusion continues to advance its core technology while building momentum across governance, global industry engagement, and capital markets:

Real machines, real results: Over the past two decades, General Fusion has built and operated dozens of real-world testbeds, prototypes, and demonstrations, completing more than 200,000 plasma experiments. This work has culminated in Lawson Machine 26 ("LM26"), the Company's world-first, large-scale Magnetized Target Fusion ("MTF") demonstration machine, now operating at its Vancouver facility. General Fusion is one of four companies worldwide to have achieved and published meaningful fusion results on the path to the Lawson criterion, supported by more than 35 peer-reviewed publications and 210 issued and pending patents. Recent publications supporting General Fusion's MTF technology include papers on a key LM26 temperature diagnostic, as well as U.S. Department of Energy-funded research conducted by Savannah River National Laboratory that supports the Company's advantageous fuel-cycle design for MTF using its proprietary liquid metal wall.

Award-winning innovation: General Fusion was recently ranked first on TIME's prestigious list of the World's Top GreenTech Companies of 2026 for its leadership in fusion energy. The Company was also named one of Canada's Most Ambitious Companies by BetaKit.

Experienced leadership team: Building on General Fusion's seasoned leadership, the Company announced key appointments to strengthen its Board of Directors as it prepares to enter the U.S. public markets. Wendy Kei, Board Chair of Ontario Power Generation, will serve as Audit Committee Chair, and Thomas Boehlert, former CFO of US Strategic Metals, with more than three decades of experience across industrials, natural resources, agribusiness, power generation, and the energy transition, will serve as Chair of the Nominating and Governance Committee.

Global presence across fusion, energy, technology, and investor conferences: In the first half of 2026, General Fusion leadership presented at major industry events, including FusionX:Global, FusionX:Americas, the Fusion Industry Association Annual Policy Conference, The Economist's Fusion Fest, Web Summit Vancouver, and Canaccord Genuity's inaugural Nuclear Nexus conference. On April 29, the Company hosted an Analyst Day at Nasdaq MarketSite in New York, with more than 100 attendees participating in person and online, reflecting strong engagement from the investment community.

Quick Facts:

General Fusion's MTF is designed to solve significant barriers to commercializing fusion energy at a time when electricity demand is surging, and nations around the world are racing to commercialize fusion power.

As a technology, MTF aims to achieve fusion in a practical way, avoiding superconducting magnets and high-powered lasers, while 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 LM26 fusion demonstration machine 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.

LM26 aims to achieve key fusion technical milestones: plasma heating to 1 keV (10 million degrees Celsius), then 10 keV (100 million degrees Celsius), and ultimately the Lawson criterion, the combination of fusion parameters that can produce net fusion energy in the plasma.

About General Fusion

General Fusion is pursuing a fast and practical approach to commercial fusion energy and is headquartered in Vancouver, Canada. The Company was established in 2002 and has been funded by a global syndicate of leading energy venture capital firms, industry leaders, and technology pioneers. Learn more at www.generalfusion.com. General Fusion announced its proposed business combination with Spring Valley in January 2026.

Investor Relations Contact:

You can contact General Fusion's Investor Relations team by email at: investors@generalfusion.com.

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