NEW YORK – Jan. 27, 2026 – Global law firm Greenberg Traurig, LLP is advising Spring Valley Acquisition Corp. III (“SVIII”) on the signing of a definitive business combination agreement with General Fusion Inc., a leading developer of magnetized fusion technology. The proposed transaction reflects a pro forma equity value of approximately $1 billion, inclusive of approximately $105 million from a committed and oversubscribed Private Investment in Public Equity (PIPE) with leading institutional investors and $230 million of SVIII’s trust capital (assuming no redemptions). If completed, the business combination will bring the common stock and warrants of the combined company, expected to be named “General Fusion,” to trade on Nasdaq. The transaction is expected to be completed in mid-2026, subject to customary closing conditions, including regulatory and shareholder approvals.
General Fusion intends to use the proceeds from the transaction to advance development of its magnetized target fusion (“MTF”) system, with the goal of demonstrating and de-risking MTF technology in a commercially relevant way. Prior to this transaction, General Fusion has raised more than $400 million in capital since its inception from leading institutional investors, strategics, venture capital firms, industry partners, and through government grants.
SVIII is part of a family of investment vehicles formed for the purpose of acquiring or merging with businesses focused on the energy and decarbonization industries. Over the past five years, the Spring Valley platform has raised $690 million across three initial public offerings and $475 million in PIPE funding or commitments in connection with completed or pending business combinations. In addition, the platform’s initial business combination has facilitated approximately $4.0 billion of aggregate shareholder liquidity through public-market trading and secondary transactions following the completion of the transaction. Spring Valley I successfully completed its business combination with NuScale Power (NYSE: SMR), a leading U.S. small modular reactor (“SMR”) technology company, and Spring Valley II has announced a pending merger with Eagle Energy Metals, a next-generation nuclear energy company combining domestic uranium exploration with proprietary SMR technology.
The multioffice GT team was led by Alan I. Annex (Shareholder, Miami, Corporate), Adam S. Namoury (Shareholder, New York, Corporate), Jason T. Simon (Shareholder, Northern Virginia, Corporate), Ricardo Crispim Leite (Associate, New York, Corporate), Eunice J. Park (Associate, New York, Corporate), Yangyang Jia (Associate, Northern Virginia, Corporate), Henry Scherck (Law Clerk/JD, New York, Corporate), and Anayo Umeh (Law Clerk/JD, New York, Corporate).
Other GT team members included Mindy B. Leathe (Shareholder, Miami, Benefits & Compensation), Keshia M. Tiemann (Shareholder, Atlanta, Labor & Employment), Megan Eckel (Associate, Atlanta, Labor & Employment), David M. Greenberg (Shareholder, New York, Intellectual Property & Technology), Sukhdeep S. Gill (Associate, Philadelphia, Intellectual Property & Technology), David Edington (Shareholder, Las Vegas, Real Estate), and Justin Allsop (Of Counsel, Las Vegas, Real Estate).