In the race among world governments and wealthy companies to create and commercialize a nuclear fusion reactor, a small Canadian firm backed by innovative ideas and a little venture capital may just have a shot. A report from Agence France-Presse.
Michel Laberge quit his job to invent a "glorified jackhammer" that he hoped would save the planet. That was 10 years ago.
Now, investors are betting more than $30 million on that jackhammer idea, which may yield a holy grail of energy -- a safe, clean and unlimited power source called hot fusion.
One of Canada's leading purveyors of fossil fuels, oil sands company Cenovus Energy Inc. , is placing a bet on a sci-fi energy source in hopes that nuclear fusion can one day help squeeze bitumen out of Fort McMurray.
The company is making a $4-million investment in General Fusion, a Burnaby, B.C.-based startup that on Thursday announced $19.5-million in new development capital, including some from Bezos Expeditions, the personal investment company of Amazon.com founder Jeff Bezos.
Burnaby, British Columbia-based startup General Fusion plans to develop a prototype that will show its fusion technology can produce energy cheaper than coal-fire plants and safer than standard nuclear fission plants.
General Fusion, a startup in Vancouver, Canada, says it can build a prototype fusion power plant within the next decade and do it for less than a billion dollars. So far, it has raised $13.5 million from public and private investors to help kick-start its ambitious effort.