Spring Valley Acquisition Corp. Iii · NASDAQ:SVAC
Spring Valley Acquisition Corp. Iii — General Fusion — SPAC Merger (May 2026)
32 slides from Spring Valley Acquisition Corp. Iii's SPAC merger presentation, May 2026
Slide 1: An Engineering Approach to Delivering Fusion Energy
AN ENGINEERING APPROACH TO DELIVERING FUSION ENERGY MAY 2026 INVESTOR PRESENTATION
Slide 2: Legal Disclaimers
LEGAL DISCLAIMERS This presentation (together with any oral statements made in connection herewith, the “Presentation”) is for informational purposes only and has been prepared solely to assist interested parties in making their own evaluation of General Fusion Inc., a British Columbia limited compa
Slide 3: Legal Disclaimers (Cont'd)
LEGAL DISCLAIMERS (CONT’D) Forward-looking statements set forth in this document speak only as of the date of this document. In addition, forward-looking statements reflect our and Spring Valley’s expectations, plans or forecasts of future events and views as of the date of this Presentation. These
Slide 4: Today's Speakers
TODAY’S SPEAKERS GREG TWINNEY MEGAN WILSON CHRIS SORRELLS ROBERT KAPLAN Chief Executive Officer Chief Strategy Officer Chairman & CEO Chief Operating Officer • 20+ years commercializing new • 25+ years in Operations & Energy • 30+ years in Energy and Decarbonization • 25+ years in Decarbonization ba
Slide 5: A Compelling SPAC Partner: Spring Valley Acquisition Corp III
A COMPELLING SPAC PARTNER SPRING VALLEY ACQUISITION CORP III Leadership Team with Highly Relevant Expertise(1) History of Value Creation in Nex-Gen Clean Energy $6.0B (2) ~$3.2B ~2.6x $312M >10x $2.3B $289M CHRIS SORRELLS ROBERT KAPLAN JEFF SCHRAMM Chairman & CEO COO CFO 2012 IPO 2022 Acquired by Ma
Slide 6: Illustrative Transaction Overview at $108M PIPE
+ | ILLUSTRATIVE TRANSACTION OVERVIEW AT $108M PIPE TRANSACTION HIGHLIGHTS SOURCES & USES ($ MILLIONS) SOURCES • General Fusion pre-money valuation of $600M Valuation General Fusion Rollover Equity $600 • Transaction implies $724M pro-forma enterprise value Approximate Assumed PIPE Proceeds $108 • G
Slide 7: Experienced Leaders with a Proven Track Record
EXPERIENCED LEADERS WITH A PROVEN TRACK RECORD Success scaling and GREG TWINNEY MEGAN WILSON DR. MICHEL LABERGE commercializing businesses Chief Executive Officer Chief Strategy Officer Founder and Chief Science Officer Scaled several founder-led startups into successful 25+ years in Operations & En
Slide 8: Key Investment Highlights: Transforming the World's Energy Supply
KEY INVESTMENT Growing Global Demand for Clean, Reliable Power HIGHLIGHTS: 1 As AI, data centers, and large-scale electrification are driving explosive load growth, fusion can supply clean, safe & always-on baseload energy globally while supporting the path towards net-zero by 2050 TRANSFORMING THE
Slide 9: General Fusion at a Glance
GENERAL FUSION AT A GLANCE Overview Key Highlights Founded 2002 $1+ Trillion Headquarters Vancouver Canada $100M+ Capital from Employees Government Programs & 2050E Fusion Energy Proprietary LM26 100,000 Sq. Foot CNSC- Strong Government 124(1) Market Size(3) Fusion Machine licensed Facility Collabor
Slide 10: A History of Milestones That Lead the Way to Commercial Fusion
A HISTORY OF MILESTONES THAT LEAD THE WAY TO COMMERCIAL FUSION Multiple plasma compression test beds proved mechanical compression of plasma increases neutron yield while plasma remains stable CURRENT PROGRAM Lawson Machine 26 (“LM26”) First plasma injector Sufficient plasma Increased neutron yield
Slide 11: Massive Global Need for Secured Baseload Power
MASSIVE GLOBAL NEED FOR SECURED BASELOAD POWER Global Electricity Demand Estimated to Approximately Double by 2050(1) Traditional Sources May Not be Scalable to Meet Demand Grid Under Pressure: Surging demand from EVs, industries, and data centers is Economic Drag: $9.1 trillion investment needed be
Slide 12: Translating into a Tremendous Market Opportunity
TRANSLATING INTO A TREMENDOUS MARKET OPPORTUNITY Nuclear Fusion is the Holy Grail for Clean Baseload Power CLEAN EFFICIENCY & FUEL SAFETY $1+ Trillion per year(1) ENERGY SCALABILITY ABUNDANCE ADVANTAGED Reliable & dispatchable Minimal land use Deuterium fuel can easily No chain reaction base
Slide 13: General Fusion Is Cost Competitive on a Levelized Cost of Energy Basis
GENERAL FUSION IS COST LCOE BENCHMARKING ANALYSIS ($/MWh) COMPETITIVE ON A Dispatchable(2) Non-dispatchable(2) LEVELIZED COST OF ENERGY Nuclear Non-Nuclear Others ("LCOE") BASIS • Fusion plants are expected to deliver 4x $141 - $220 more energy per unit of fuel than fission, without long-lived radio
Slide 14: Global Race to Commercial Fusion
GLOBAL RACE TO COMMERCIAL FUSION Congress increased support for fusion, leading to a On October 1, 2025, Germany approved an action record total of ~$1.5B in funding from the U.S. plan to accelerate commercial fusion deployment, government for fusion activities in 2025(5) committing over $2.3B by 20
Slide 15: Basics of Pursuing Fusion on Earth
BASICS OF PURSUING FUSION ON EARTH What is Fusion? Fusion is the process by which two light atoms fuse to form a single heavier atom, releasing energy To Make Fusion Happen on Earth Without the gravity & pressure of the stars, systems must be built that can generate the necessary conditions here on
Slide 16: Our Differentiated Engineering Approach for Practical Fusion Energy
OUR DIFFERENTIATED ENGINEERING APPROACH FOR PRACTICAL FUSION ENERGY Magnetic Confinement Fusion (“MCF”) Magnetic Confinement Extreme Fusion (MCF) Requires intense magnetic fields created with superconducting magnets to achieve extreme energy confinement time Energy Confinement Time Magnetized Target
Slide 17: How Does General Fusion's MTF Technology Create Fusion Energy?
HOW DOES GENERAL FUSION’S MTF TECHNOLOGY CREATE FUSION ENERGY? Form liquid metal cavity inside Inject magnetized plasma(1) into Compress plasma with liquid Fusion and energy extraction, fusion vessel liquid metal cavity metal using mechanical drivers conversion and recovery Plasma injector Fusion Pi
Slide 18: General Fusion Uniquely Solves Critical Barriers to Fusion Energy
GENERAL FUSION UNIQUELY SOLVES CRITICAL BARRIERS TO FUSION ENERGY Barriers Other Fusion Approaches Face Material Degradation Fuel Sourcing Energy Capture Cost A Unique Practical Solution with an Engineering Approach Durable Fusion Abundant Tritium Simple Energy Economical Machine Fuel Conversion Fus
Slide 19: Practical Technology That Plugs into Existing Powerplant Infrastructure
PRACTICAL TECHNOLOGY THAT PLUGS INTO EXISTING POWERPLANT INFRASTRUCTURE Fusion Island(1) Balance of Plant Conventional Island General Fusion’s MTF machine is designed to effectively plug Pulsed Steam Tank into existing powerplant Power Supply Plant Electricity Supply infrastructure Hot Metal Hot Tri
Slide 20: General Fusion's Achievements Solidify the Foundation of the MTF Approach
GENERAL FUSION’S ACHIEVEMENTS SOLIDIFY THE FOUNDATION OF THE MTF APPROACH Plasma Performance(2) Demonstrated the required plasma lifetime and characteristics for successful MTF at large- Plasma Compression(1) scale. 24 prototypes and over 200,000 plasma experiments have culminated in the world’s Ach
Slide 21: LM26 Built & Operating: A Large-Scale MTF Fusion Demonstration Machine
LM26 BUILT & OPERATING: A LARGE-SCALE MTF FUSION DEMONSTRATION MACHINE First Plasma LM26 First Plasma LM26 – designed, built, Operations begin on time All systems working as Compression Multiple plasma and assembled in less Assembled Achieved compressions and on budget designed Achieved than 2 years
Slide 22: Pathway to Economical Carbon-Free Fusion Energy in the Next Decade
PATHWAY TO ECONOMICAL CARBON-FREE FUSION ENERGY IN THE NEXT DECADE… 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Science Engineering Integration Commercialization LM26 • 1 keV • 10 keV • 100% Lawson(1) Plasma Injector Rep Rate Tritium Extraction Heat Exchanger Seals & Energy Recovery Center Val
Slide 23: Front-Loading the Solutions to Critical Commercialization Barriers
…BY FRONT-LOADING THE SOLUTIONS TO CRITICAL COMMERCIALIZATION BARRIERS 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Science Engineering Integration Commercialization Advantages • Durable Fusion Machine • Abundant Tritium Fuel • Simple Energy Conversion COMMERCIAL MATURITY • Economical Fusion Po
Slide 24: Key Collaborators & Suppliers, Potential Early Adopters & Select Partners
KEY COLLABORATORS & POTENTIAL EARLY ADOPTERS & SELECT PARTNERS SUPPLIERS Market Development Advisory Committee: Potential Early Adopters • Oak Ridge National Laboratory • Savannah River National Laboratory • Princeton Plasma Physics Laboratory • Lawrence Livermore National Laboratory • DIII-D Nation
Slide 25: Long-Term Asset Light, Scalable, Technology-Centric Business Model
LONG-TERM ASSET LIGHT, SCALABLE, TECHNOLOGY-CENTRIC BUSINESS MODEL Construction Phase (3.5 Year Construction Period)(1) General Fusion’s Role Power Plant EPC’s Role High margin OEM segment based on core IP & expertise Engineering, procurement and construction Preliminary Scope of Supply (“EPC”) serv
Slide 26: Backed by World-Class Advisors & Directors
BACKED BY WORLD-CLASS ADVISORS & DIRECTORS SCIENCE & TECHNOLOGY ADVISORY COMMITTEE ADVISOR Chairman TONY DONNE. PH.D. KURT SCHOENBERG, PH.D. NED SAUTHOFF, PH.D. MARTIN COX, M.A. BOB SMITH Former CEO, EUROfusion; Spokesperson for the High Former Director, U.S. ITER Former Director of the UKAEA; Aeros
Slide 27: Robust Peer Performance Since IPO / De-SPAC
ROBUST PEER PERFORMANCE SINCE IPO / DE-SPAC Price ($) Share $234.68 $75.93 $12.65 $35.98 $25.76 $71,418 Value ($M)(2) Traded up 30% Equity 2,952% on day 1 post IPO 1,255% 84% 808% ? $12,972 $9,100 $11,862 $600 $2,340 $957 $2,276 $4,192 $148 $1,344 Apr-26(1) Jul-18 Apr-26 May-24 Apr-26 May-22 Apr-26
Slide 28: Investment Highlights & Why Go Public Now
INVESTMENT HIGHLIGHTS & WHY GO PUBLIC NOW Tailwinds Market Tailwinds Global Need for Baseload Power Our fusion technology approach uniquely addresses barriers to commercialization: Durable fusion machine Simple energy conversion Abundant tritium fuel Economical fusion power Fusion Can Help M
Slide 29: Appendix
APPENDIX
Slide 30: Leading the Race with Practical, Game-Changing Fusion Technology
LEADING THE RACE WITH PRACTICAL, GAME-CHANGING FUSION TECHNOLOGY Fusion Company Fusion Company Fusion Company Durable Fusion Energy Fuel Cost Existing Experience Building Peer Reviewed Subsegments Machine Conversion Breeding Effectiveness Materials Fusion Machines Fusion Results(1) ENGINEERING APPRO
Slide 31: Additional Disclaimers for Canadian Purchasers Only
ADDITIONAL DISCLAIMERS FOR CANADIAN PURCHASERS ONLY Rights of Action for Damages or Rescission Securities legislation in certain of the provinces of Canada may deem this Presentation to be an offering memorandum and accordingly provide purchasers with, in addition to any other rights they may have a
Slide 32: Clean Energy. Everywhere. Forever.
CLEAN ENERGY. EVERYWHERE. FOREVER. generalfusion