Joins new investors including Bezos Expeditions in General Fusion $19.5 Million B Round
VANCOUVER, BC - Today, Chrysalix Venture Capital, the world’s most active cleantech venture capital firm in 2010, announced its participation in General Fusion’s $19.5 million B round continuing its position as the largest investor in the company. Chrysalix joins new investors, Bezos Expeditions and Cenovus Energy (TSX, NYSE: CVE), along with existing investors, Braemar Energy Ventures, Business Development Bank of Canada, Entrepreneurs Fund, Growthworks, and SET Venture Partners.
“General Fusion is one of the great venture opportunities of our time. It’s a prime example of a truly breakthrough, early-stage investment that stands to have a major impact on the world’s future energy supply – an alternative energy solution that has the potential to become a dominant form of baseload electricity generation that snaps right into the Grid,” said Mike Brown, Chairman of Chrysalix and of General Fusion. “I’ve been in the venture business for over 40 years. It is innovative companies and investment opportunities like this that energize me, and which are a real test of whether early-stage venture capital is able to look beyond the obvious risks to seize on the opportunities of large rewards.”
General Fusion’s technology stems from the Magnetized Target Fusion work first explored by the U.S. Naval Research Laboratory approximately 30 years ago. It builds on these original concepts but substitutes a novel, mechanical-acoustic means of compressing the plasma, and incorporates up-to-date control, cooling, and plasma generation technologies. The Company believes that a power plant based on its technology could be built at a much lower cost and realized much earlier than those being pursued through conventional magnetic and laser fusion approaches. Such a plant would finally make fusion a commercially-viable, clean power source.
“This financing round continues to validate the work General Fusion is doing especially with notable new investors, Bezos Expeditions and Cenovus Energy, getting involved,” adds Brown. “The Company now has a broad base of knowledgeable, deep-pocket, international venture funds behind it as they continue to push to demonstrate and commercialize their technology within the decade. I believe that the experience and company-building skills evident in this remarkable syndicate of committed investors will be of great help to a company like General Fusion.”
About Chrysalix Venture Capital
Chrysalix is a venture capital firm investing in technologies that will drive the new energy economy. The firm provides early stage financing, hands-on assistance, and strategic connections to innovative companies confronting the world’s most important energy and environmental issues. In the past few years, the firm has consistently ranked among the top most active clean energy technology venture capital firms in the world. The Chrysalix team has an exceptional track record in this still young industry. Collectively, it has over 100 years of experience in the energy industry and over 100 years in the venture capital business. The firm is backed by a strong group of blue-chip international industrial and financial Limited Partners, and is headquartered in Vancouver, British Columbia. In total Chrysalix has approximately $300M in assets under management from CELP III and earlier funds. For more information, please visit http://www.chrysalix.com.
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