October 29 (Renewables Now) - British Columbia-based company General Fusion, the only one in Canada working to commercialise fusion energy technology, has received a CAD-49.3-million (USD 37.6m/EUR 33m) investment by the government.
The federal investment, announced by the Canadian government on Friday, is coming through the Strategic Innovation Fund. It will support General Fusion’s work on its technology and the development of a large-scale prototype plant.
“This Strategic Innovation Fund investment and Canada's expectation for a financial return on this investment are a vote of confidence in General Fusion's ability to successfully commercialize its technology and in our ability to deliver new jobs and new opportunities throughout British Columbia and across Canada,” said General Fusion chief executive Christofer Mowry.
The company has plans to spend no less than CAD 150 million on research and development, and possibly over CAD 250 million for the construction of a demonstration plant.
(CAD 1 = USD 0.76/EUR 0.67)