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"The trajectory we were on changed," Greg Twinney, CEO of Jeff Bezos-backed fusion energy developer General Fusion, tells Axios, reflecting on his open letter to investors.

Why it matters: The startup is considering all options to stay alive. "I would love to keep this company in Canada. But I've got to remain flexible," Twinney says. 

Catch up quick: The CEO on Monday published a letter to investors, requesting more capital for his moonshot energy startup.

General Fusion's ask came as it announced job cuts, citing "unexpected and urgent financing restraints."

Between the lines: Fusion energy startups remain years from generating the zero-emissions electricity the tech promises, and require enormous capital to get there. Most companies in the space probably won't make it to market.

Twinney spoke with Axios about his decision to publish the letter, the reaction to it (inbounds), and what's ahead for General Fusion. 

What happened in the lead-up to the letter?

"We've got world-leading technology, our approach to fusion is the most commercially viable; the machine works.

We were looking to raise capital heading into 2025 — the world goes into a bit of a state, and that creates a lot of challenges for us."

"Geopolitical headwinds. Investors that were digging in — in not just us, but other fusion companies — are sitting back.

Geopolitical uncertainty creates uncertainty in financial markets, which trickles down to risk aversion."

The company seemed to be facing fundraising challenges even earlier. There was an announcement in August 2024 about an anticipated fundraise. You don't typically see those kinds of press releases, and when you do, you start to wonder.

"We've always tried to be very transparent, from a scientific perspective, a technical perspective, and a fundraising perspective.

We're doing milestones, raising capital. The alternative approach is to go out and raise billions of dollars upfront, cross your fingers, and hope that all of that works out. I think that's a failed approach."

Why is that a failed approach? You could look at a Commonwealth, which raised $1.8 billion, and conclude the opposite. 

"And continues to raise capital, right? The entire technology world works on raising capital for milestones. That's how you build a sustainable company. That's how we've built General Fusion."

"Getting the message out was the goal, and we're achieving that goal, at least from a media perspective. That's brought the opportunity to the attention of investors. It's kept us busy over the last 24 hours with lots of inbound."

Tell me about the investor response. I know it's been brief, but term sheets, anything like that?

"It's still, you know — we only issued the letter yesterday."

How has General Fusion's location in Canada affected fundraising? Investors can have a home bias, and sometimes it's tied to portfolio performance.

"There's a lot of benefits to being in Canada. We're strategic to the country. We have a strong clean tech industry. We've got great relationships with universities across the country. 

"However, we are in a global race. We recognize what you described to be the case for many investors. Part of the message in the open letter is flexibility."

How much runway does the company have left?

"We have runway to operate this company on the timeline we need to get new investors. Like any pre-revenue company, you've got to be constantly adjusting the dials."

"By adjusting the dials, you can do anything you want. But the last thing I want to do is slow this company down too much. The more I need to conserve cash and put the brakes on, the more difficult it's going to be to remain at the front of the pack."

How much capital does General Fusion need to achieve net generation or commercialization?

"Our near-term target is US$125 million. That's the capital we need to get to scientific break-even. We want to have our first commercial power plant in the mid-2030s, and that goal remains."

General Fusion CEO on his public plea for investment

"The trajectory we were on changed," Greg Twinney tells Axios.

Photo illustration of Greg Twinney surrounded by abstract shapes. 

Photo illustration: Axios Visuals. Photo: Courtesy of General Fusion.

&quot;The trajectory we were on changed,&quot; Greg Twinney, CEO of Jeff Bezos-backed fusion energy developer General Fusion, tells Axios, reflecting on his <a class="gtmContentClick" data-vars-link-text="open letter" data-vars-click-url="https://generalfusion.com/post/open-letter-from-ceo-greg-twinney-general-fusion-at-a-crossroads/" data-vars-content-id="f7320481-6c44-4ea6-953c-64b09505cea1" data-vars-headline="General Fusion CEO on his public plea for investment" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://generalfusion.com/post/open-letter-from-ceo-greg-twinney-general-fusion-at-a-crossroads/" target="_blank">open letter</a> to investors.Why it matters: The startup is considering all options to stay alive. &quot;I would love to keep this company in Canada. But I&#x27;ve got to remain flexible,&quot; Twinney says.

General Fusion CEO on his public plea for investment

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