Spring Valley Acquisition Corp. Iii · NASDAQ:SVAC
Spring Valley Acquisition Corp. Iii — SPAC Merger (April 2026)
32 slides from Spring Valley Acquisition Corp. Iii's SPAC merger presentation, Apr 6, 2026
Slide 1: An Engineering Approach to Delivering Fusion Energy
AN ENGINEERING APPROACH TO DELIVERING FUSION ENERGY INVESTOR PRESENTATION APRIL 2026
Slide 2: Legal Disclaimers
© 2026 General Fusion 2 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 Britis
Slide 3: Legal Disclaimers (Cont'd)
© 2026 General Fusion 3 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 t
Slide 4: Spring Valley leadership team experience
© 2026 General Fusion 4 • 25+ years in Operations & Energy leadership • Former Chief Strategy Officer and Senior Vice President of Corporate and Government Relations at B&W • $1B+ in acquisition and financings transaction value • Led B&W’s commercial nuclear and SMR policy and government funding eff
Slide 5: A Compelling SPAC Partner
© 2026 General Fusion $2.3B $6.0B Market Cap at De-SPAC Market Cap Today 5 A COMPELLING SPAC PARTNER CHRIS SORRELLS Chairman & CEO • Recent and relevant experience in SPACs and nuclear industry • Team with extensive transaction experience: 50+ energy / decarbonization transactions over the past 30+
Slide 6: Illustrative Transaction Overview at $108M PIPE
© 2026 General Fusion 6 | ILLUSTRATIVE TRANSACTION OVERVIEW AT $108M PIPE USES Equity to General Fusion $600 Cash to Balance Sheet $314 Illustrative Transaction Expenses $24 Total Uses SOURCES General Fusion Rollover Equity $600 Approximate Assumed PIPE Proceeds $108 Cash in Trust $230 Total Sources
Slide 7: General Fusion management team
© 2026 General Fusion 7 Success scaling and commercializing businesses Ability to manage complex technology development Global fusion science excellence Industrial technology commercialization program management GREG TWINNEY Chief Executive Officer JAN LAISHLEY Chief People and Culture Officer GRACE
Slide 8: Key Investment Highlights: Transforming the World's Energy Supply
© 2026 General Fusion 8 KEY INVESTMENT HIGHLIGHTS: TRANSFORMING THE WORLD’S ENERGY SUPPLY Growing Global Demand for Clean, Reliable Power As AI, data centers, and large-scale electrification are driving explosive load growth, fusion can supply clean, safe & always-on baseload energy globally while s
Slide 9: General Fusion at a Glance
© 2026 General Fusion 9 GENERAL FUSION AT A GLANCE Founded 2002 Headquarters Vancouver Canada Funding (US$) $400M+ Overview Key Highlights Employees 115(1) 167 Patents Issued & 43 Pending Globally(4) 2050E Fusion Energy Market Size(3) Proprietary LM26 Fusion Machine Technology Partners Strong Instit
Slide 10: A History of Milestones That Lead the Way to Commercial Fusion
© 2026 General Fusion 10 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 Founded 2002 2005 Achieved first fusion reaction First plasma injector properly co
Slide 11: Massive Global Need for Secured Baseload Power
© 2026 General Fusion MASSIVE GLOBAL NEED FOR SECURED BASELOAD POWER 11 Source: The New York Times and International Energy Agency World Energy Outlook 2023 Net Zero Emissions Scenario (1) McKinsey & Company, Global Energy Perspective 2023: Power outlook, January 2024 (2) U.S. Department of Energy,
Slide 12: Translating into a Tremendous Market Opportunity
© 2026 General Fusion 12 TRANSLATING INTO A TREMENDOUS MARKET OPPORTUNITY (1) Ignition Research (2) Grand View Research, Wind Power Market (2025 – 2030) (3) Grand View Research, Battery Market (2025 – 2030) (4) Precedence Research, Solar Energy Market Size and Forecast 2025 to 2034, July 2025 Global
Slide 13: General Fusion Is Cost Competitive on an LCOE Basis
© 2026 General Fusion 13 GENERAL FUSION IS COST COMPETITIVE ON A LEVELIZED COST OF ENERGY ("LCOE") BASIS (3) General Fusion estimate for an nth-of-a-kind plant. In engineering economics, the first item or generation of items using a new technology or design (first of a kind) can cost significantly m
Slide 14: Global Race to Commercial Fusion
© 2026 General Fusion 14 GLOBAL RACE TO COMMERCIAL FUSION Total cumulative funding for the 53 fusion companies stands at $9.8B LTM July 2025, a five-fold increase since 2021(2) Governments in the U.S., EU, and Asia are already advancing favorable frameworks, with DOE’s Build–Innovate–Grow strategy t
Slide 15: Basics of Pursuing Fusion on Earth
© 2026 General Fusion 15 BASICS OF PURSUING FUSION ON EARTH 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 Earth to force fusion to happen and produce net fusion energy, known as the Lawson criterio
Slide 16: Magnetized Target Fusion Operates in a Sweet Spot of Parameters
© 2026 General Fusion 16 Academic Approaches Operate At Extremes While Magnetized Target Fusion Operates in a “Sweet Spot” of Parameters Requires intense magnetic fields created with superconducting magnets to achieve extreme energy confinement time Magnetic Confinement Fusion (“MCF”) Requires large
Slide 17: How Does General Fusion's MTF Technology Create Fusion Energy?
© 2026 General Fusion 17 Form liquid metal cavity inside fusion vessel Compress plasma with liquid metal using mechanical drivers Inject magnetized plasma(1) into liquid metal cavity Fusion and energy extraction, conversion and recovery (1) General Fusion’s plasma injectors form spherical tokamak pl
Slide 18: General Fusion Uniquely Solves Critical Barriers to Fusion Energy
© 2026 General Fusion 18 GENERAL FUSION UNIQUELY SOLVES CRITICAL BARRIERS TO FUSION ENERGY Produces Sufficient Fusion Fuel to Support Operations for the Life of the Power Plant When neutrons are absorbed in the liquid lithium wall, they can create Tritium fuel at a ratio greater than 1.5(1) Protects
Slide 19: Practical Technology That Plugs into Existing Powerplant Infrastructure
© 2026 General Fusion General Fusion’s MTF machine is designed to effectively plug into existing powerplant infrastructure • Liquid metal can be pumped through a heat exchanger to create steam and spin a turbine • Significant opportunity to retrofit retired coal fired powerplants – the balance of pl
Slide 20: Achievements Solidify the Foundation of the MTF Approach
© 2026 General Fusion GENERAL FUSION’S ACHIEVEMENTS SOLIDIFY THE FOUNDATION OF THE MTF APPROACH 20 Plasma Performance(2) Demonstrated the required plasma lifetime and characteristics for successful MTF at large-scale. 24 prototypes and over 200,000 plasma experiments have culminated in the world’s l
Slide 21: LM26 Built & Operating: A Large-Scale MTF Demonstration Machine
© 2026 General Fusion LM26 BUILT & OPERATING: A LARGE-SCALE MTF FUSION DEMONSTRATION MACHINE 21 1 keV (~10M°C) Optimize testbed performance & begin deeper compressions Deeper compression to raise temperature 10 keV (~100M°C) More magnetic field to increase density 100% Lawson(1) Program Complete LM2
Slide 22: Path from LM26 to Commercial Systems and FOAK Plant
© 2026 General Fusion LM26 • 1 keV • 10 keV • 100% Lawson(1) Demonstrate Commercial Systems • High repetition rate for key components & systems • Key liquid metal systems and components • Key balance of plant systems Build & Operate FOAK Plant • Engineering breakeven with an integrated, commercial s
Slide 23: LM26 Program Will Differentiate Commercialization Trajectory
© 2026 General Fusion 23 General Fusion’s LM26 Program Will Quickly Differentiate Its Commercialization Value Trajectory vs. Other Fusion Technology Approaches Industry Demonstration Window Competitors Commercialization Phase Science Engineering Integration Commercialization COMMERCIAL MATURITY 2026
Slide 24: Potential Early Adopters & Select Partners
© 2026 General Fusion 24 Market Development Advisory Committee: Potential Early Adopters Confidential MOU to advance piston and compression system development Long standing collaborative partnership agreement related to fusion research, technology development operations and science validation MOU to
Slide 25: Long-Term Asset Light, Scalable, Technology-Centric Business Model
© 2026 General Fusion 25 LONG-TERM ASSET LIGHT, SCALABLE, TECHNOLOGY-CENTRIC BUSINESS MODEL General Fusion’s Role High margin OEM segment based on core IP & expertise Preliminary Scope of Supply The sale, engineering, installation & commissioning of 150MWe Fusion Islands(2) and related systems The r
Slide 26: Backed by World-Class Advisors & Directors
© 2026 General Fusion BOB SMITH Aerospace and defense industry veteran; Former Chairman and CEO of Blue Origin with roles at Honeywell Aerospace, NTESS & United Space Alliance NED SAUTHOFF, PH.D. Former Director, U.S. ITER Project at Oak Ridge National Laboratory; Ph.D. from Princeton University, As
Slide 27: Robust Peer Performance Since IPO / De-SPAC
© 2026 General Fusion $600 $2,340 $957 $2,276 $1,400 $148 ? $46,607 $15,801 $6,025 $8,616 $1,944 27 ROBUST PEER PERFORMANCE SINCE IPO / DE-SPAC Key Institutional Shareholders Source: FactSet data as of 1/16/2026. Equity value for peers calculated on a fully diluted shares outstanding basis (1) Based
Slide 28: Investment Highlights & Why Go Public Now
© 2026 General Fusion 28 INVESTMENT HIGHLIGHTS & WHY GO PUBLIC NOW Our fusion technology approach uniquely addresses barriers to commercialization: Durable fusion machine Abundant tritium fuel Simple energy conversion Economical fusion power LM26 demonstration is designed to validate General Fusion’
Slide 29: Appendix
APPENDIX
Slide 30: Leading the Race with Practical, Game-Changing Fusion Technology
© 2026 General Fusion 30 LEADING THE RACE WITH PRACTICAL, GAME-CHANGING FUSION TECHNOLOGY Source: Press search, General Fusion management judgement (1) Wurzel, Samuel E., and Scott C. Hsu, Update: Progress toward fusion energy breakeven and gain as measured against the Lawson Criterion, May 2025 ENG
Slide 31: Additional Disclaimers for Canadian Purchasers Only
© 2026 General Fusion 31 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 oth
Slide 32: Clean Energy. Everywhere. Forever.
CLEAN ENERGY. EVERYWHERE. FOREVER.
Spring Valley Acquisition Corp. III — SPAC Merger (April 2026) on 6ix