General Fusion Agrees to Go Public Via $1 Billion SPAC Deal

General Fusion Inc. has agreed to a merger with a blank-check company in a deal that’s expected to create one of the first publicly traded nuclear fusion technology developers.

The combination with Spring Valley Acquisition Corp. III has a pro-forma equity value of about $1 billion and is set to close in around the middle of this year, according to a statement reviewed by Bloomberg News. The Canadian company will use the proceeds to fund its magnetized target fusion system, with the goal of completing a commercial power plant in the mid-2030s.

Fusion companies are seeking to harness the energy ...