Amazon founder Jeff Bezos’ backed Canadian energy company lays off employees: Read what the CEO said

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• sundray@lemmus.org ⁨1⁩ ⁨month⁩ ago

  TL:DR: In spite of important tech breakthrough, we’re broke and you’re fired.

  General Fusion has been at the forefront of fusion technology development for more than 20 years. Today, we stand as a world leader on the cusp of our most exciting technical milestone yet—and one of the most challenging financial moments in our history. We are closer than ever to delivering practical fusion, but success depends on securing the right financing partners to carry this breakthrough forward.

  On April 29th, we achieved a transformative milestone at our Vancouver, B.C., headquarters in Canada—we successfully compressed a large-scale magnetized plasma with lithium using our world-first LM26 fusion demonstration machine. full, integrated system and diagnostics operated safely and as designed, and an early review of the data indicates we saw ion temperature and density increase, and our lithium liner successfully trapped the magnetic field. This was an incredible success for our first shot! What does this mean? From a technology perspective, we’re one step closer to bringing zero-carbon fusion energy to the electricity grid using our unique, home-grown Canadian technology that global industry leaders recognize as one of the most practical for commercialization.

  Our incredible, innovative, and nimble team achieved these results about a year and a half after we launched the LM26 fusion demonstration program—designing, building, commissioning, optimizing, and operating on a rapid timeline with constrained capital. LM26 is the only machine of its kind in the world, designed and built to achieve the technical results required to scale a fusion technology to a practical power plant. It is backed by peer-reviewed scientific results published in 2024 and 2025 issues of Nuclear Fusion, making us one of only four private fusion companies in the world to have achieved and published meaningful fusion results on the path to scientific breakeven. We are also the only one with the machine already built to get there. Truly, there has never been a more promising time to be at—or invest in—General Fusion.

  General Fusion has been around the block. We’ve proven a lot with a lean budget. We’re not a shiny new start-up with a drawing and a dream; we are experienced fusioneers with a clear view of the path to success and the machine to prove it. We’ve built a global network of partners and early adopters focused on a fusion technology—Magnetized Target Fusion—that is durable, cost-effective, fuel-sustainable, and practical. We are ready to execute our plan but are caught in an economic and geopolitical environment that is forcing us to wait.

  Keeping a fusion company funded in today’s world requires more than just meaningful capital. It takes ambition, steadfast patience, a bold national vision aligned with the opportunity, and constant refreshing of the investor base as timelines stretch beyond typical fund horizons. Our mission has historically been supported financially by a mix of strong private investors and the Canadian federal government. We have been competing against aggressive nationally funded fusion programs around the world. We have risen to global leadership by charting a distinct course—founded on entrepreneurship and commercial focus—while others follow government-led or academic pathways. However, today’s funding landscape is more challenging than ever as investors and governments navigate a rapidly shifting and uncertain political and market climate. This rapidly shifting environment has directly and immediately impacted our funding. Therefore, as a result of unexpected and urgent financing constraints, we are taking action now to protect our future with our game-changing technology and IP—including reducing both the size of our team and LM26 operations—while we navigate this difficult environment. We’re doing what resilient teams do and what we have done before: refocus, protect what matters, and keep building.

  While this is a challenging time for General Fusion, it is also an attractive opportunity for those with the financial means to transform the world. Everything is in place—the technology, science, LM26, and the know-how and passion. All we need now is the capital to finish the job. We are opening our doors and actively seeking strategic options with investors, buyers, governments, and others who share our vision. Reach out now and become part of the future of energy.

  Greg Twinney
  Chief Executive Officer
  General Fusion, Inc.>

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  • masterofn001@lemmy.ca ⁨1⁩ ⁨month⁩ ago

    it is also an attractive opportunity for those with the financial means to transform the world.

    The current lineup of “people” on this planet with the financial means need to be stopped from transforming the world.

    They’ve done enough to destroy it already.

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    • interdimensionalmeme@lemmy.ml ⁨1⁩ ⁨month⁩ ago

      Headoff! Apply directly to the neck!!

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  • Loduz_247@lemmy.world ⁨1⁩ ⁨month⁩ ago

    And why does no one want to give financing to the company?

    Because Helion Energy raised funds this year.

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    • FreedomAdvocate@lemmy.net.au ⁨1⁩ ⁨month⁩ ago

      And why does no one want to give financing to the company?

      Yeah doesn’t really make much sense if their new tech is as grounbreaking etc as they say. Even oil companies would try and buy them if it was.

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• IsaamoonKHGDT_6143@lemmy.zip ⁨1⁩ ⁨month⁩ ago

  It looks like Helion Energy is going to take those employees away.

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