Global engineering firm invests in General Fusion and prototype program
VANCOUVER, British Columbia, Jan. 09, 2020 (GLOBE NEWSWIRE) -- General Fusion announced today that it has entered into an industrial partnership with Hatch Ltd. (Hatch) to bring power plant engineering and other expertise to its Fusion Demonstration Plant project. This partnership includes an investment by Hatch into the recently announced General Fusion USD $65 million Series E financing round.
Hatch is a leading global engineering and construction firm with a strong record of success with both demonstration and commercial programs. It brings recognized power plant design, siting, licensing, and other specialized capabilities to General Fusion in support of the development and deployment of its Fusion Demonstration Plant. This prototype, which is planned to be completed and tested over the next five years, will demonstrate the company's Magnetized Target Fusion (MTF) technology at power plant-relevant scale.
"Success in commercializing fusion technology depends on strong engagement by stakeholders in the global energy industry," said Chief Executive Officer Christofer Mowry. "Hatch is highly respected and capable. They understand the realities of power plant engineering and will help ensure we develop a practical and on-demand cleantech that finally enables the energy transition we are all talking about."
Fusion energy is expected to provide a new source of socially acceptable and economically competitive carbon-free electricity for the world. Commercially viable fusion power plant technology will complement renewable energy sources and storage solutions to provide a practical transition to our zero-carbon energy future. Ongoing advances in fusion science and enabling technologies are accelerating the global pivot from fusion research to commercialization.
"Hatch sees General Fusion and its technology as a potential game changer for the production of sustainable, carbon-free energy," said Hatch's Global Managing Director, Energy, Robert Francki. "We are proud to be an integral part of this important step in General Fusion's path to commercialization."
About General Fusion
General Fusion is pursuing the fastest and most practical path to commercial fusion energy, and is based in Vancouver, Canada, with locations in Washington D.C., and London, U.K. The company was established in 2002 and is funded by a global syndicate of leading energy venture capital firms, industry leaders, and technology pioneers. Learn more at www.generalfusion.com (http://www.generalfusion.com).
About Hatch
Whatever our clients envision, our engineers can design and build. With over six decades of business and technical experience in the energy, infrastructure, and mining sectors, we know your business and understand that your challenges are changing rapidly. We respond quickly with solutions that are smarter, more efficient and innovative. We draw upon our 9,000 staff with experience in over 150 countries to challenge the status quo and create positive change for our clients, our employees, and the communities we serve. Find out more at www.hatch.com (http://www.hatch.com/).
For more information:
Paul Sullivan
Office: +1 604 685 4742
Mobile: +1 604 603 7358
paul.sullivan@generalfusion.com
Lindsay Janca
Office: +1 905 403 4199
media@hatch.com
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