General Fusion has closed $65 million (£49.7m) of new financing.

The funding, led by global investment company Temasek, will be used alongside CAD$50 million (£29.1m) from Canada’s Strategic Innovation Fund to allow the company to formally launch its programme to design, construct and subsequently operate its Fusion Demonstration Plant.

This prototype facility is intended to confirm the performance of General Fusion’s magnetised target fusion technology and ultimately work towards reaching commercially viable fusion energy.

Chief Executive Officer Christofer Mowry said: “The world is pivoting toward fusion as the necessary complement to other technologies which, collectively, will enable the carbon-free energy future we all need.

“The success of our financing is further evidence that the global stakeholders in this endeavour are leaning into this challenge with action. We are proud and honoured that Temasek and our other investors have demonstrated their confidence in General Fusion with this funding.”