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General Fusion (Nasdaq: GFUZ) began trading Monday at $12.85 after completing its SPAC merger with Spring Valley Acquisition Corp. III

Why it matters: The company says the SPAC merger will keep the beleaguered fusion energy developer afloat through at least 2028. 

CEO Greg Twinney talked with Axios Pro about the deal, which enabled General Fusion to enter the public markets with $150 million in cash.

This interview was lightly edited for length and clarity.

Twinney: "The SPAC route has significant advantages: in particular, the ability to raise capital and get committed capital before you announce the deal."

What technical milestone does this funding enable you to reach?

"The first major stop along the way will be one keV milestone at 10 million-degree temperatures, and then 10 keV, and then Lawson, all the way through till 2028."

When do you anticipate producing net electricity?

Dan Brunner argued that "General Fusion has not yet demonstrated compressive heating of ion temperatures above 1 keV, let alone 10 keV, needed for fusion energy." How do you respond?

"LM26 will prove that we can reach fusion conditions by compressing a plasma, and that you can use this mechanical approach to commercialize it without needing magnets and lasers and new materials."

The chief thing he seemed to be pointing out was concern about ion temperatures not reaching a sufficient level of heat. Has General Fusion been able to address that issue?

"The program's running as intended, and we're in the early days forming many plasmas, compressing them, seeing compressional heating. As we continue to run the program, we're going to see if all those go according to plan. We've got the capital to make it happen."

What's the first year you expect General Fusion to begin generating revenue?

"We're not disclosing exact estimates. The goal is to earn revenue through licensing of power plants, and the first-of-a-kind plant is planned for 2035."

Data centers are huge demand drivers, revenue drivers. Has the company signed any agreements with that sector?

"The market is definitely being made as we progress the technology. We are continuing to engage with the market."

SPAC buys General Fusion another few years

CEO Greg Twinney discusses strategy and the science.

General Fusion CEO Greg Twinney, wearing a blue blazer over white button down shirt and khaki slacks, speaks on stage at a conference in front of a multi-colored backdrop.

General Fusion CEO Greg Twinney speaks at a conference in Vancouver this spring. Photo: Florencia Tan Jun/Web Summit via Sportsfile via Getty Images

General Fusion (Nasdaq: GFUZ) began trading Monday at $12.85 after completing its SPAC merger with Spring Valley Acquisition Corp. IIIWhy it matters: The company says the SPAC merger will keep the beleaguered fusion energy developer afloat through at least 2028. <ul><li>CEO Greg Twinney talked with Axios Pro about the deal, which enabled General Fusion to enter the public markets with $150 million in cash.</li></ul>

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SPAC buys General Fusion another few years

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