Amazon’s Jeff Bezos invests in Canadian nuclear fusion startup
Nuclear fusion startup General Fusion of Burnaby, B.C., has just closed a Series B Funding round worth $19.5 million, bringing its total haul to more than $33 million (likely higher, depending on where grants from Sustainable Development Technology Canada fit in). What’s interesting about this round is that Amazon.com founder Jeff Bezos, through his personal investment firm Bezos Expeditions, has decided to contribute. Bezos’ share of the round was not disclosed, but it’s a sign that the company’s Magnetized Target Fusion technology and its progress on building a prototype is beginning to attract some attention (as opposed to skepticism).
Another new investor in the round is Canadian oil company Cenovus Energy, through its Environmental Opportunity Fund. Bezos and Cenovus join returning investors Chrysalix Energy, GrowthWorks, Braemar Energy Ventures, Entrepreneurs Fund, Business Development Bank of Canada, and SET Venture Partners.
“We have a lot of work ahead of us, but the support of Cenovus Energy and Jeff Bezos, and the continued participation of every one of our venture capital investors, reflects the strength of our team, our plan, and the progress we have made.”
I have a chapter in my upcoming book, Mad Like Tesla, about General Fusion, its technology and its struggle to be taken seriously. It’s a great company taking the kinds of risks we need to see in this world. Check out this article I wrote on General Fusion two years ago for the Toronto Star, and here for MIT Technology Review.
Tags: Cenovus Energy, General Fusion, Jeff Bezos, Magnetized Target Fusion
Tyler Hamilton is associate publisher and editor-in-chief of Corporate Knights magazine and former business columnist for the Toronto Star. This blog is a personal project started in April 2005.
May 5th, 2011 at 2:48 am
[...] Looks like Bill Gates isn’t the only Internet titan that’s interested in backing nuclear power innovation. Amazon founder and CEO Jeff Bezos, through his personal investment company Bezos Expeditions, has joined a $19.5 million round of funding for nuclear fusion startup General Fusion. (Announcement here, and hat tip Clean Break). [...]
May 5th, 2011 at 8:21 pm
[...] funding, spotted by Toronto-based journalist Tyler Hamilton, will give General Fusion the money to complete the first [...]