# Spring Valley Acquisition Corp. III (SVACW) — merger/definitive [pending]
Source: SEC API (secapi.ai) · situation sit_6fd4e9271f5ebe93c926 · retrieved 2026-08-11T15:52:21.281Z

## Overview
General Fusion Inc. is a British Columbia-based fusion energy company founded in 2002 that develops magnetized target fusion (MTF) technology; the company has raised over $400 million to date and is developing a commercially viable fusion energy system with its first-of-a-kind fusion power plant expected to generate electricity by 2035.

Spring Valley Acquisition Corp. III (SVAC), a Cayman Islands-incorporated SPAC, entered into a Business Combination Agreement dated January 21, 2026 with General Fusion Inc., a British Columbia-based fusion energy company, and NewCo (1573562 B.C. Ltd.). Under the agreement, SVAC will continue from the Cayman Islands to British Columbia, NewCo will amalgamate with and into General Fusion with NewCo surviving as a wholly-owned subsidiary of SVAC, and SVAC will change its name to "General Fusion Group Ltd." General Fusion was valued at $600 million prior to the transaction and will receive up to $335 million in additional funding through the business combination.

## Terms
- Counterparty: General Fusion Inc. · Deal value: $335.0M · Premium: 20.0% · Price/share: $12

## Key dates
- Announced 2026-02-02 · Expected close 2026-06-30

## Timeline
- 2026-02-02 · 425 (0001104659-26-009309): 425 - Spring Valley Acquisition Corp. III — *General Fusion Inc. is a fusion energy company with a 20-year track record of developing magnetized target fusion (MTF) technology and advancing fusion technologies toward commercial viability, including its Lawson Machine 26 (LM26) program.* Spring Valley Acquisition Corp. III (SVIII), a Cayman Islands-incorporated blank-check company, entered into a Business Combination Agreement dated January 21, 2026 with General Fusion Inc., a British Columbia limited company, and 1573562 B.C. Ltd. (NewCo). Under the agreement, SVIII will continue from the Cayman Islands to British Columbia, NewCo will amalgamate with and into General Fusion with NewCo surviving as a wholly-owned subsidiary of SVIII, and SVIII will change its name to "General Fusion Inc." The transaction will make General Fusion the first publicly traded pure-play fusion company. The filing indicates that SVIII intends to file a Form F-4 registration statement and proxy statement with the SEC, with shareholders to vote on the proposed business combination.
  https://www.sec.gov/Archives/edgar/data/2074850/0001104659-26-009309.txt
- 2026-02-04 · 425 (0001104659-26-009888): 425 - Spring Valley Acquisition Corp. III — *General Fusion Inc. develops magnetized target fusion (MTF) technology, with its Lawson Machine 26 (LM26) program targeting commercialization in the mid-2030s through a first-of-a-kind power plant.* Spring Valley Acquisition Corp. III (SVIII), a Cayman Islands-incorporated blank-check company, entered into a Business Combination Agreement dated January 21, 2026 with General Fusion Inc., a British Columbia limited company, and NewCo (1573562 B.C. Ltd.). Under the agreement, SVIII will continue from the Cayman Islands to British Columbia, NewCo will amalgamate with and into General Fusion with NewCo surviving as a wholly-owned subsidiary of SVIII, and SVIII will change its name to "General Fusion Inc." General Fusion posted on February 3, 2026 that it is becoming the first publicly traded pure-play fusion company through a $1 billion SPAC deal.
  https://www.sec.gov/Archives/edgar/data/2074850/0001104659-26-009888.txt
- 2026-02-04 · 425 (0001104659-26-010328): 425 - Spring Valley Acquisition Corp. III — *General Fusion Inc. is a British Columbia-based fusion energy company developing magnetized target fusion (MTF) technology, including its Lawson Machine 26 (LM26) program.* Spring Valley Acquisition Corp. III (SVIII), a Cayman Islands-incorporated blank-check company, entered into a Business Combination Agreement dated January 21, 2026 with General Fusion Inc., a British Columbia limited company. Under the agreement, SVIII will continue from the Cayman Islands to British Columbia, NewCo (1573562 B.C. Ltd.) will amalgamate with and into General Fusion with NewCo surviving as a wholly-owned subsidiary of SVIII, and SVIII will change its name to "General Fusion Inc." The transaction values General Fusion at approximately $1 billion, as referenced in media reports cited in the filing.
  https://www.sec.gov/Archives/edgar/data/2074850/0001104659-26-010328.txt
- 2026-02-04 · 425 (0001104659-26-010380): 425 - Spring Valley Acquisition Corp. III — *General Fusion Inc. is a fusion energy company developing magnetized target fusion (MTF) technology to commercialize fusion power plants, with a target to deploy its first demonstration plant by the mid-2030s.* Spring Valley Acquisition Corp. III (SVIII), a Cayman Islands-incorporated blank-check company, entered into a Business Combination Agreement dated January 21, 2026 with General Fusion Inc., a British Columbia limited company, and 1573562 B.C. Ltd. (NewCo). Under the agreement, SVIII will continue from the Cayman Islands to British Columbia, NewCo will amalgamate with and into General Fusion with NewCo surviving as a wholly-owned subsidiary of SVIII, and SVIII will change its name to "General Fusion Inc." The transaction is structured as an arrangement under the Business Corporations Act (British Columbia).
  https://www.sec.gov/Archives/edgar/data/2074850/0001104659-26-010380.txt
- 2026-02-05 · 425 (0001104659-26-010928): 425 - Spring Valley Acquisition Corp. III — *General Fusion Inc. is pursuing a fast and practical approach to commercial fusion energy using its Magnetized Target Fusion (MTF) technology, which is designed to achieve fusion by mechanically compressing plasma with a lithium liner, avoiding superconducting magnets and high-powered lasers.* Spring Valley Acquisition Corp. III (NASDAQ: SVAC), a Cayman Islands exempted company, has entered into a Business Combination Agreement dated January 21, 2026 with General Fusion Inc., a British Columbia limited company, and 1573562 B.C. Ltd. Under the transaction, SVAC will continue from the Cayman Islands to British Columbia, NewCo will amalgamate with and into General Fusion with NewCo surviving as a wholly-owned subsidiary of SVAC, and SVAC will change its name to "General Fusion Inc." The transaction is structured as an arrangement under the Business Corporations Act (British Columbia).
  https://www.sec.gov/Archives/edgar/data/2074850/0001104659-26-010928.txt
- 2026-02-13 · 425 (0001104659-26-015259): 425 - Spring Valley Acquisition Corp. III — *General Fusion Inc. is a Canadian nuclear fusion company developing magnetized target fusion (MTF) technology, currently testing its pre-commercial Lawson Machine 26 (LM26) device with the goal of commercializing fusion energy.* Spring Valley Acquisition Corp. III (SVIII), a Cayman Islands-incorporated SPAC, entered into a Business Combination Agreement dated January 21, 2026 with General Fusion Inc., a British Columbia company, and NewCo (1573562 B.C. Ltd.). Under the agreement, NewCo will amalgamate with and into General Fusion, with NewCo surviving as a wholly-owned subsidiary of SVIII. SVIII will continue from the Cayman Islands to British Columbia and change its name to "General Fusion Inc." The transaction values General Fusion at approximately $1 billion and is expected to close in mid-2026, making General Fusion the first pure-play fusion company to be publicly listed. PIPE financing has been set at $12 per share, 20% above the IPO price.
  https://www.sec.gov/Archives/edgar/data/2074850/0001104659-26-015259.txt
- 2026-02-20 · 425 (0001104659-26-018184): 425 - Spring Valley Acquisition Corp. III — *General Fusion Inc. is a Richmond, British Columbia-based fusion energy company developing magnetized target fusion technology using a liquid metal wall to encase plasma, with its Lawson26 demonstration machine targeting commercial operations by 2035.* Spring Valley Acquisition Corp. III (SVIII), a Cayman Islands-incorporated SPAC, entered into a Business Combination Agreement dated January 21, 2026 with General Fusion Inc., a British Columbia fusion energy company, and NewCo (1573562 B.C. Ltd.). Under the agreement, SVIII will continue from the Cayman Islands to British Columbia, NewCo will amalgamate with and into General Fusion with NewCo surviving as a wholly-owned subsidiary of SVIII, and SVIII will change its name to "General Fusion Group Ltd." The transaction values General Fusion at approximately USD 1 billion pro forma equity value, including a USD 105 million private placement in public equity (PIPE) from leading institutional investors and USD 230 million of the SPAC's trust capital, assuming no redemptions. The de-SPAC process is expected to conclude by mid-2026.
  https://www.sec.gov/Archives/edgar/data/2074850/0001104659-26-018184.txt
- 2026-02-23 · 425 (0001104659-26-018641): 425 - Spring Valley Acquisition Corp. III — *General Fusion Inc. is a fusion energy company pursuing commercial fusion energy through its Magnetized Target Fusion (MTF) technology, which is designed to achieve fusion without superconducting magnets or high-powered lasers; the company has designed, built, and begun operating its Lawson Machine 26 (LM26) fusion demonstration machine at commercially relevant scale.* Spring Valley Acquisition Corp. III (NASDAQ: SVAC) and General Fusion Inc., a British Columbia-based fusion energy company, entered into a Business Combination Agreement dated January 21, 2026. Under the agreement, SVAC will continue from the Cayman Islands to British Columbia, NewCo (1573562 B.C. Ltd.) will amalgamate with and into General Fusion with NewCo surviving as a wholly-owned subsidiary of SVAC, and SVAC will change its name to "General Fusion Group Ltd." General Fusion is pursuing commercial fusion energy using its Magnetized Target Fusion (MTF) technology and has designed and begun operating its Lawson Machine 26 (LM26) fusion demonstration machine. The transaction will make General Fusion the first publicly traded pure-play fusion company.
  https://www.sec.gov/Archives/edgar/data/2074850/0001104659-26-018641.txt
- 2026-02-25 · 425 (0001104659-26-019270): 425 - Spring Valley Acquisition Corp. III — *General Fusion Inc. is a fusion energy company pursuing a fast and practical approach to commercial fusion energy using its patented Magnetized Target Fusion (MTF) technology, with its operational large-scale fusion demonstration machine LM26 designed to achieve key fusion technical milestones.* General Fusion Inc., a British Columbia fusion energy company, entered into a Business Combination Agreement dated January 21, 2026 with Spring Valley Acquisition Corp. III (NASDAQ: SVAC), a publicly traded SPAC. Under the agreement, SVAC will continue from the Cayman Islands to British Columbia, NewCo will amalgamate with and into General Fusion with NewCo surviving as a wholly-owned subsidiary of SVAC, and SVAC will change its name to "General Fusion Group Ltd." The proposed transaction implies approximately US$1 billion pro-forma equity value, inclusive of US$107.7 million from a committed and oversubscribed PIPE (Private Investment in Public Equity) and US$230 million of Spring Valley's trust capital (assuming no redemptions). The transaction is targeted to close in mid-2026, subject to customary closing conditions, including regulatory and shareholder approvals. Upon closing, General Fusion expects to become the first publicly traded pure-play fusion company, trading on Nasdaq under the ticker symbol "GFUZ."
  https://www.sec.gov/Archives/edgar/data/2074850/0001104659-26-019270.txt
- 2026-03-04 · 425 (0001104659-26-023005): 425 - Spring Valley Acquisition Corp. III — *General Fusion Inc. develops magnetized target fusion (MTF) technology and is pursuing commercialization of its Lawson Machine (LM26) program to deliver practical, economical fusion energy to the grid.* Spring Valley Acquisition Corp. III (SVAC), a Cayman Islands exempted company, entered into a Business Combination Agreement dated January 21, 2026 with General Fusion Inc., a British Columbia limited company, and 1573562 B.C. Ltd. Under the agreement, SVAC will continue from the Cayman Islands to British Columbia, NewCo will amalgamate with and into General Fusion with NewCo surviving as a wholly-owned subsidiary of SVAC, and SVAC will change its name to "General Fusion Group Ltd." The transaction is structured as an arrangement under the Business Corporations Act (British Columbia).
  https://www.sec.gov/Archives/edgar/data/2074850/0001104659-26-023005.txt
- 2026-03-06 · 425 (0001104659-26-024738): 425 - Spring Valley Acquisition Corp. III — *General Fusion Inc. develops magnetized target fusion technology using a liquid metal wall approach to compress plasma and achieve fusion conditions, with its Lawson Machine 26 currently operating and targeting commercial power generation by 2035.* Spring Valley Acquisition Corp. III (SVAC), a Cayman Islands exempted company, entered into a Business Combination Agreement dated January 21, 2026 with General Fusion Inc., a British Columbia limited company, and NewCo (1573562 B.C. Ltd.). Under the agreement, SVAC will continue from the Cayman Islands to British Columbia, NewCo will amalgamate with and into General Fusion with NewCo surviving as a wholly-owned subsidiary of SVAC, and SVAC will change its name to "General Fusion Group Ltd." The transaction includes committed private capital funding the Lawson Machine program through completion, with the SPAC trust containing $230 million available for the combined company. General Fusion is pursuing a magnetized target fusion approach and aims to have a first-of-a-kind commercial plant operating around 2035.
  https://www.sec.gov/Archives/edgar/data/2074850/0001104659-26-024738.txt
- 2026-03-10 · 425 (0001104659-26-025942): 425 - Spring Valley Acquisition Corp. III — *General Fusion Inc. is a British Columbia-based fusion energy company founded in 2002 that develops magnetized target fusion (MTF) technology; the company has raised over $400 million to date and is developing a commercially viable fusion energy system with its first-of-a-kind fusion power plant expected to generate electricity by 2035.* Spring Valley Acquisition Corp. III (SVAC), a Cayman Islands-incorporated SPAC, entered into a Business Combination Agreement dated January 21, 2026 with General Fusion Inc., a British Columbia-based fusion energy company, and NewCo (1573562 B.C. Ltd.). Under the agreement, SVAC will continue from the Cayman Islands to British Columbia, NewCo will amalgamate with and into General Fusion with NewCo surviving as a wholly-owned subsidiary of SVAC, and SVAC will change its name to "General Fusion Group Ltd." General Fusion was valued at $600 million prior to the transaction and will receive up to $335 million in additional funding through the business combination.
  https://www.sec.gov/Archives/edgar/data/2074850/0001104659-26-025942.txt

## Citations
- 0001104659-26-009309 — https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&type=&dateb=&owner=include&count=40&search_text=000110465926009309
- 0001104659-26-009888 — https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&type=&dateb=&owner=include&count=40&search_text=000110465926009888
- 0001104659-26-010328 — https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&type=&dateb=&owner=include&count=40&search_text=000110465926010328
- 0001104659-26-010380 — https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&type=&dateb=&owner=include&count=40&search_text=000110465926010380
- 0001104659-26-010928 — https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&type=&dateb=&owner=include&count=40&search_text=000110465926010928
- 0001104659-26-015259 — https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&type=&dateb=&owner=include&count=40&search_text=000110465926015259
- 0001104659-26-018184 — https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&type=&dateb=&owner=include&count=40&search_text=000110465926018184
- 0001104659-26-018641 — https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&type=&dateb=&owner=include&count=40&search_text=000110465926018641
- 0001104659-26-019270 — https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&type=&dateb=&owner=include&count=40&search_text=000110465926019270
- 0001104659-26-023005 — https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&type=&dateb=&owner=include&count=40&search_text=000110465926023005
- 0001104659-26-024738 — https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&type=&dateb=&owner=include&count=40&search_text=000110465926024738
- 0001104659-26-025942 — https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&type=&dateb=&owner=include&count=40&search_text=000110465926025942