Layoffs hit General Fusion as the fusion power startup runs short on cash

General Fusion laid off at least 25% of its employees last week, just days after hitting a key milestone for its latest fusion demonstration device. CEO Greg Twiney posted an open letter on the company’s website Monday saying that while its new LM26 device had been able to compress a plasma — something necessary for fusion conditions — General Fusion was running short of money. He wrote, “today’s funding landscape is more challenging than ever as investors and governments navigate a rapidly shifting and uncertain political and market climate.” The 23-year-old company, which many still describe as a startup, is Canada’s leading entrant in the race for commercial fusion power. It has raised $440 million, according to PitchBook, including a $22.66 million round that closed in July. Backers include Jeff Bezos, Temasek, and BDC Capital. But that money hasn’t been enough for the company to show that its unique approach to fusion is viable. General Fusion’s plight highlights the challenges ... Read full article.