Spring Valley Acquisition Corp. Iii · NASDAQ:SVAC
Spring Valley Acquisition Corp. Iii — General Fusion — SPAC Merger (April 2026)
53 slides from Spring Valley Acquisition Corp. Iii's SPAC merger presentation, Apr 29, 2026
Slide 1: Analyst Day April 29, 2026
ANALYST DAY APRIL 29, 2026
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 with respect to a potential investment (the “Financing”)
Slide 3: Legal Disclaimers (Cont'd)
LEGAL DISCLAIMERS (CONT’D) (10) the inability to complete the Business Combination due to the failure to obtain approval of the shareholders of Spring Valley, to obtain financing to complete the Business Combination or to satisfy any proposed conditions to closing; (11) laws and regulations governin
Slide 4: Today's Agenda
TODAY’S AGENDA 1. WELCOME & SPEAKER INTRODUCTIONS 2. FOUNDER PRESENTATION 3. GENERAL FUSION OVERVIEW 4. GENERAL FUSION’S PRACTICAL APPROACH 5. Q&A 6. LUNCH 7. GENERAL FUSION’S PATH TO COMMERCIALIZATION 8. FINANCIAL PROFILE & DE-SPAC TRANSACTION OVERVIEW 9. CLOSING & WRAP-UP Q&A
Slide 5: Today's Speakers
TODAY’S SPEAKERS GREG TWINNEY MEGAN WILSON DR. MICHEL LABERGE Chief Executive Officer Chief Strategy Officer Founder and Chief Science Officer Scaled several founder-led startups 25+ years in Operations & Energy 20+ years in commercializing into successful multinational leadership; Previously, CSO a
Slide 6: Founder Presentation
FOUNDER PRESENTATION
Slide 7: Founder Perspective: A Practical Approach to Fusion
FOUNDER PERSPECTIVE: A PRACTICAL APPROACH TO FUSION • Fusion has been proven—but not yet made practical for commercial scale power generation • Traditional approaches remain complex, large- scale, and costly • A critical gap persists between scientific success and real-world deployment • Magnetized
Slide 8: Building a Foundation Through Engineering and Testing
BUILDING A FOUNDATION THROUGH ENGINEERING AND TESTING • Early work began with hands-on experimentation and rapid iteration • Initial plasma compression and neutron results demonstrated real potential • Momentum built through early validation and committed investment • Over two decades, the program a
Slide 9: Advancing Toward a Commercial Fusion System
ADVANCING TOWARD A COMMERCIAL FUSION SYSTEM • Technology designed from the outset for commercial power generation • Combines magnetized plasma with mechanical compression and liquid metal systems • Enables efficient conversion of fusion energy using established power plant infrastructure • Addresses
Slide 10: General Fusion Overview
GENERAL FUSION OVERVIEW
Slide 11: Key Investment Highlights: Transforming the World's Energy Supply
KEY INVESTMENT HIGHLIGHTS: 1 Growing Global Demand for Clean, Reliable Power TRANSFORMING THE 2 Innovative Engineering Approach to Fusion WORLD’S ENERGY SUPPLY 3 Milestone-Driven De-risking Pathway to Commercial Fusion with Proprietary IP 4 Fusion Demonstration Machine Built and Operating at Commerc
Slide 12: 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 115(1) Market Size(3) Fusion Machine licensed Facility Collabor
Slide 13: 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 14: 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 15: 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 16: 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 17: 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 18: General Fusion's Practical Approach
GENERAL FUSION’S PRACTICAL APPROACH
Slide 19: 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 20: 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 21: 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 22: Magnetized Target Fusion Animation
MAGNETIZED TARGET FUSION ANIMATION MTF Enables the Use of Liquid Metal Compression to Elegantly & Economically Solve the Barriers to Commercialization © 2026 General Fusion 22
Slide 23: 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 24: 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 25: 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 26: 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 27: 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-of-a-Kind (FOAK) energy First plasma injector Sufficient p
Slide 28: 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 29: Demonstrated Expertise Building Machines to Deliver Results
DEMONSTRATED EXPERTISE BUILDING MACHINES TO DELIVER RESULTS © 2026 General Fusion 29
Slide 30: General Fusion Achievements: Plasma Injector
GENERAL FUSION ACHIEVEMENTS: PLASMA INJECTOR PI3 large-scale plasma injector performance supports net gain scale fusion machine goals Compression window Achieved LM26-required energy confinement Magnetized plasmas reached the energy confinement time required for LM26’s key temperature milestones. Va
Slide 31: General Fusion Achievements: Compression System
GENERAL FUSION ACHIEVEMENTS: COMPRESSION SYSTEM Cylindrical Water Compressor (“CWC”), the most recent compression testbed, demonstrated smooth shaped cylindrical collapse of liquid wall Demonstrated cavity formation and controlled compression performance Achieved repeatable liquid liner compression
Slide 32: CWC – Cavity Collapse Measurement
CWC – CAVITY COLLAPSE MEASUREMENT Machine vision used to track laser planes throughout collapse. Optics calibration used to convert fish-eye images to real radial trajectories of 3D liner surface. © 2026 General Fusion 32
Slide 33: General Fusion Achievements: Plasma Stability and Neutron Generation from Compression
GENERAL FUSION ACHIEVEMENTS: PLASMA STABILITY AND NEUTRON GENERATION FROM COMPRESSION Plasma compression field tests substantiated plasma stability models and increased neutron yield under compression Demonstrated strong neutron production INCREASING NEUTRON YIELD UNDER COMPRESSION during compressio
Slide 34: 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 35: 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 36: LM26: Designed for World-First Milestones
LM26: DESIGNED FOR WORLD-FIRST MILESTONES LM26 – designed, built, Multiple plasma and assembled in less compressions than 2 years completed since then See How it Works: Lawson Machine 26 (LM26) © 2026 General Fusion 36
Slide 37: LM26 Assembly & Plasma Compressions
LM26 ASSEMBLY & PLASMA COMPRESSIONS General Fusion’s 2025 Year in Review © 2026 General Fusion 37
Slide 38: Q&A
Q&A
Slide 39: General Fusion's Path to Commercialization
GENERAL FUSION’S PATH TO COMMERCIALIZATION
Slide 40: 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 41: 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 42: Front-Loading the Solutions to Critical Commercialization Barriers
…BY FRONT-LOADING THE SOLUTIONS TO CRITICAL COMMERCIALIZATION BARRIERS 2026 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E Science Engineering Integration Commercialization Advantages • Durable Fusion Machine • Abundant Tritium Fuel • Simple Energy Conversion COMMERCIAL MATURITY • Economical
Slide 43: 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 44: An Ecosystem of Partners to Accelerate Commercialization
AN ECOSYSTEM OF PARTNERS TO ACCELERATE COMMERCIALIZATION Fusion Diagnostic Support for Commercial System Technology Development Development Demonstrations and FOAK Diagnostic Systems, Whole Plant System Models, Plasma Simulation Neutronics Modeling Remote Handling Plasma Stability and Princeton Plas
Slide 45: Aiming for Steady Commercial Progress Toward Commercialization
AIMING FOR STEADY COMMERCIAL PROGRESS TOWARD COMMERCALIZATION Partnerships FOAK Site Feasibility FOAK Site Selection Engineering Procurement, and Construction (EPC), Technology Studies Advance relationships with Conduct & advance with partners potential FOAK siting partners Development Commercial Ag
Slide 46: Financial Profile & De-SPAC Transaction Overview
FINANCIAL PROFILE & DE-SPAC TRANSACTION OVERVIEW
Slide 47: Financial Highlights
FINANCIAL HIGHLIGHTS FUNDED LM26 BUSINESS PLAN ATTRACTIVE VALUATION THROUGH PIPE CAPITAL TRANSACTION VALIDATED BY INTERESTS ALIGNED WITH PUBLIC LEADING SPAC SPONSOR AND PIPE SHAREHOLDERS INVESTORS ON TRACK FOR MID-2026 CLOSING © 2026 General Fusion 47
Slide 48: 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 49: 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 ~$3.2B $4.2B $427M ~1.8x >10x ~1.4x $312M $2.3B $289M CHRIS SORRELLS ROBERT KAPLAN JEFF SCHRAMM Chairman & CEO COO CFO 2012 IPO 2022 Acquir
Slide 50: Robust Peer Performance Since IPO / De-SPAC
ROBUST PEER PERFORMANCE SINCE IPO / DE-SPAC Price ($) 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 51: Closing & Wrap-Up Q&A
CLOSING & WRAP-UP Q&A
Slide 52: 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 53: Clean Energy. Everywhere. Forever.
CLEAN ENERGY. EVERYWHERE. FOREVER. generalfusion