General Fusion files Form F‑4 as ~$1 billion SPAC merger advances

General Fusion Inc. and Spring Valley Acquisition Corp. III filed a Form F‑4 registration statement on Feb. 24, 2026, advancing a proposed business combination that would redomicile the SPAC to British Columbia, amalgamate it with a new NewCo subsidiary and then combine NewCo with General Fusion, with the post‑closing entity to be renamed General Fusion Inc. The filing moves the deal agreed Jan. 21, 2026 into the public regulatory phase and sets a timetable for shareholder votes and greater disclosure.

The Form F‑4 will function as a combined proxy statement and prospectus and, once declared effective, a definitive proxy will be mailed to shareholders of record to solicit votes on the proposed business combination and related matters. Spring Valley’s filings lay out the corporate steps required to effect the continuation and amalgamations that make the transaction possible.

Market commentary has characterized the transaction as a roughly $1 billion SPAC merger while analysts cited in coverage estimate the deal would provide roughly $335 million of gross proceeds to General Fusion to focus on technical milestones. GlobeNewswire described the company’s stated plan: “General Fusion intends to use proceeds from this transaction to advance the LM26 program with the goal of demonstrating and de‑risking MTF technology in a commercially relevant way.”

General Fusion pursues magnetized target fusion, a technical approach that Latitudemedia summarized as “compressing magnetized plasma inside a lithium‑lined machine so it rises to a temperature hotter than the center of the sun.” The company targets a first‑of‑a‑kind fusion power plant by the mid 2030s, a timetable it ties to roughly two decades of development and a newly commissioned large‑scale demonstration machine intended to demonstrate fusion‑relevant temperatures and conditions over the next several years. Latitudemedia also reports that a pilot project “began operating last year.”

CEO Greg Twinnery framed the company’s ambition in market terms, saying the company “is working to meet skyrocketing demand for ‘clean, sustainable, baseload power.’” Sightlineclimate called the planned listing consequential, saying the deal “would make General Fusion the first publicly traded pure‑play fusion company” and that “No bell rung yet, but a clear bellwether for this market’s appetite for frontier energy tech.”

The move into public markets arrives as SPAC activity has rebounded; coverage cited roughly $30 billion invested in SPAC IPOs in 2025 and noted deals “already attracted $2 billion this month.” Observers say a public listing will force more disclosure on costs, timelines and project economics, and will test whether public investors will tolerate the deep technical risk and long horizons inherent in fusion ventures.

Regulatory disclosures in the filing emphasize risk. GlobeNewswire reproduces the companies’ cautionary language: “General Fusion and SVAC caution you against placing undue reliance on forward‑looking statements, which reflect current beliefs and are based on information currently available as of the date a forward‑looking statement is made. Forward‑looking statements set forth in this document speak only as of the date of this document. Neither General Fusion nor SVAC undertakes any obligation to revise forward‑looking statements to reflect future events, changes in circumstances, or changes in [...]” The registration statement will include a Risk Factors section and references SVAC’s final prospectus filed Sept. 4, 2025.

For communities and policy makers, the filing matters beyond markets. If successful, commercial fusion could reshape long‑term energy planning, with implications for grid reliability, industrial decarbonization and healthcare facilities that depend on stable baseload power. But the filings underline uncertainty: additional capital may be required, timelines are long and technical milestones remain to be proven. Next steps are administrative and consequential — Form F‑4 effectiveness, the mailing of the definitive proxy, a shareholder vote and any concurrent PIPE or private placement — all of which will determine whether General Fusion moves from private R&D to the scrutiny and funding pressures of public markets.