General Fusion To Go Public via Spring Valley SPAC, To Advance Magnetized Target Fusion Program; Expected To Result In General Fusion Listing On The Nasdaq And Trading Under The Ticker Symbol "GFUZ"

• General Fusion is advancing patented and proprietary Magnetized Target Fusion ("MTF") technology designed to scale for cost-efficient power plants within the next decade.
• Two decades of R&D and scientific milestones underpin the Company's MTF approach, positioning it as a leader in the drive toward commercial fusion. Today, it is one of only four private companies worldwide to have achieved and published meaningful peer-reviewed fusion results, with 210 patents issued and pending.
• Lawson Machine 26 ("LM26"), the Company's world‑first large‑scale MTF fusion demonstration machine, is operating, mechanically compressing plasma with a lithium liner at 50% of commercial‑scale diameter, and advancing toward key technical milestones.
• General Fusion intends to use proceeds from this transaction to fully fund and advance the LM26 program 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 US$400 million in capital since its inception from leading institutional investors, strategics, venture capital firms, industry partners, and through government grants.
• Transaction with Spring Valley implies approximately US$1 billion pro-forma equity value inclusive of approximately US$105 million from a committed and oversubscribed PIPE (Private Investment in Public Equity) with leading institutional investors and US$230 million of Spring Valley Acquisition Corp. III's trust capital (assuming no redemptions).
• The Spring Valley team has closed 50+ energy and decarbonization transactions over the last three decades and played key roles in the creation of 17 publicly traded companies, including seven SPACs merged or raised to date.

VANCOUVER, British Columbia, Jan. 22, 2026 (GLOBE NEWSWIRE) -- General Fusion Inc. ("General Fusion" or the "Company") is a groundbreaking fusion leader with a 20-year track record of advancing fusion technology, including the development, construction, and operation of the first large-scale Magnetized Target Fusion ("MTF") demonstration machine. Today, the Company announces that it has entered into a definitive business combination agreement (the "Business Combination Agreement", and the transactions contemplated by that agreement, the "Proposed Business Combination") with Spring Valley Acquisition Corp. III (NASDAQ:SVAC) ("SVAC"). Upon closing, the Proposed Business Combination is expected to result in General Fusion listing on the Nasdaq and trading under the ticker symbol "GFUZ".