General Fusion Group (GFUZ) Canaccord Genuity's 46th Annual Growth Conference summary

Industry context and company overview

• Fusion energy is positioned as a transformative, trillion-dollar market due to its clean, reliable, and cost-competitive potential compared to fission, without long-lived radioactive waste or major safety concerns.

• The sector has reached an inflection point, moving from government labs to a robust industry with over 60 private companies, enabled by advances in supercomputing, AI, and 3D printing.

• Regulatory frameworks are evolving to support fusion, reducing cost burdens and enabling broader market access.

• The company has raised CAD 543 million, including significant government backing, and recently listed on NASDAQ.

Technology and differentiation

• The magnetized target fusion approach combines elements of magnetic and inertial confinement, using a mechanical system with liquid metal and pistons instead of magnets or lasers.

• The liquid metal wall addresses key challenges: neutron damage, tritium breeding, energy capture, and cost, enabling practical, long-lived power plants.

• Demonstrated stable fusion processes, plasma compression, and system scalability, with peer-reviewed results placing the company among a select group globally.

• The LM26 demonstration machine is operating at 50% commercial scale, targeting plasma heating milestones of 10 million and then 100 million degrees Celsius.

Commercialization and partnerships

• Commercialization follows a three-pronged approach: LM26 technical milestones, engineering of supporting systems, and integration into a first-of-a-kind plant targeted for 2035.

• Early adopter advisory committee and partnerships with entities like Bruce Power (Canada) and Renexia (Italy) support technology development and siting.

• Patent portfolio exceeds 210 patents, with broad applications, though current focus remains on power plant development rather than secondary markets.