General Fusion expected to become the first publicly traded, pure-play fusion company

Combined company expected to begin trading on the Nasdaq under ticker symbol "GFUZ"

VANCOUVER, British Columbia, July 06, 2026 (GLOBE NEWSWIRE) -- Spring Valley Acquisition Corp. III ("Spring Valley" or "SVAC") $(SVAC)$ today announced that its shareholders have approved the previously announced business combination with General Fusion Inc. ("General Fusion" or the "Company"), a leader in the global race to commercialize fusion energy. General Fusion securityholders also voted to approve the transaction at a special meeting held on July 6, 2026. The approval represents another significant milestone toward completing the transaction and advancing General Fusion's uniquely practical Magnetized Target Fusion ("MTF") technology, which has the potential to deliver zero-carbon, baseload power in a cost-competitive way. This comes at a critical time as demand for electricity surges and nations around the world race to commercialize fusion power.

The closing of the transaction is expected to occur on or about Friday, July 10, 2026, subject to regulatory approvals and the satisfaction or waiver of all closing conditions. At the closing, Spring Valley will be renamed "General Fusion Group Ltd." Shortly thereafter, the combined company's shares and warrants are expected to trade on the Nasdaq under the ticker symbols "GFUZ" and "GFUZW," respectively, subject to approval of its listing application.

"The expected closing of this transaction represents a major step in the General Fusion journey, building on more than 20 years of technology development and leadership in the industry," said Greg Twinney, Chief Executive Officer of General Fusion. "Bringing fusion to the capital markets at this inflection point and becoming the first publicly traded pure-play fusion company marks an incredible next chapter for us as we advance on our path to commercialization and our mission to bring clean power from fusion to the grid."

"We're proud to support General Fusion at a pivotal moment for both the company and the fusion industry," said Chris Sorrells, Chairman and Chief Executive Officer of Spring Valley. "Global energy demand is rising, and the need for reliable, clean power has never been greater. General Fusion stands out with strong leadership, meaningful peer-reviewed results, a robust patent portfolio, and LM26, its operating fusion demonstration machine. The company's practical engineering approach offers a strong path to commercialization. We expect that this transaction will position General Fusion with the capital and public market platform needed to move this technology forward."

Quick Facts:

   -- General Fusion's MTF is designed to solve significant barriers to 
      commercializing fusion energy at a time when electricity demand is 
      surging and nations around the world are racing to commercialize fusion 
      power. 
 
   -- As a technology, MTF aims to achieve fusion in a practical way, avoiding 
      superconducting magnets and high-powered lasers while enabling the use of 
      existing materials for durable machines that would produce cost-effective 
      energy. 
 
   -- In early 2025, General Fusion announced that it had designed, built, and 
      begun operating its Lawson Machine 26 ("LM26") fusion demonstration 
      machine in under two years. LM26 is the first MTF demonstration machine 
      to be built at a commercially relevant scale. It mechanically compresses 
      plasma with a lithium liner at 50% commercial-scale diameter, based on 
      current design parameters. 
 
   -- LM26 aims to achieve key fusion technical milestones: plasma heating to 1 
      keV (10 million degrees Celsius), then 10 keV (100 million degrees 
      Celsius), and ultimately the Lawson criterion, the combination of fusion 
      parameters that can produce net fusion energy in the plasma. 

About General Fusion

General Fusion is pursuing a fast and practical approach to commercial fusion energy and is headquartered in Vancouver, Canada. The Company was established in 2002 and has been funded by a global syndicate of leading energy venture capital firms, industry leaders, and technology pioneers. Learn more at www.generalfusion.com. General Fusion announced its proposed business combination with Spring Valley in January 2026.

About Spring Valley Acquisition Corp. III

Spring Valley is a part of a family of investment vehicles formed for the purpose of acquiring or merging with a business focused on the Power Infrastructure and Decarbonization sectors. Over the past 5 years, Spring Valley vehicles have raised $920 million in four IPOs. Spring Valley I completed its business combination with NuScale Power Corporation, a leading U.S. small modular reactor technology company, and Spring Valley II completed its business combination with Eagle Nuclear Energy Corp., a next-generation nuclear energy company with rights to the largest open pit-constrained measured and indicated uranium deposit in the United States. SVAC maintains a corporate website at https://sv-ac.com.

Cautionary Note Regarding Forward-Looking Statements

Certain statements included in this document are not historical facts but are forward-looking statements. All statements other than statements of historical facts contained in this document are forward-looking statements.

Any statements that refer to projections, forecasts, or other characterizations of future events or circumstances, including any underlying assumptions, are also forward-looking statements. In some cases, you can identify forward-looking statements by words such as "estimate," "plan," "project," "forecast," "intend," "expect," "anticipate," "believe," "seek," "strategy," "future," "opportunity," "may," "target," "should," "will," "would," "will be," "will continue," "will likely result," "preliminary," or similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements include, without limitation, the closing of the transactions (the "Proposed Business Combination") contemplated by the business combination agreement, dated January 21, 2026, among General Fusion, Spring Valley Acquisition Corp. III ("SVAC") and the other party thereto (as amended, the "Business Combination Agreement"); SVAC's, General Fusion's, or their respective management teams' expectations concerning General Fusion's plan to go public through the Proposed Business Combination and expected benefits or timing thereof; the outlook for General Fusion's business, including its ability to commercialize MTF or any other fusion technology on its expected timeline or at all; and statements regarding the current and expected results of General Fusion's LM26 program as well as any information concerning possible or assumed future results of operations of General Fusion.

The forward-looking statements are based on the current expectations of the respective management teams of SVAC and General Fusion, as applicable, and are inherently subject to uncertainties and changes in circumstance and their potential effects. There can be no assurance that future developments will be those that have been anticipated.

These forward-looking statements involve a number of risks, uncertainties, or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, the risk that the Proposed Business Combination may not be completed in a timely manner or at all, which may adversely affect the price of SVAC's securities; the risk that the conditions to the consummation of the Proposed Business Combination, including the receipt of regulatory approvals are not satisfied or waived; the risk that there occurs any event, change or other circumstance that could give rise to the termination of the Business Combination Agreement; the risk that the announcement or pendency of the Proposed Business Combination has a negative effect on General Fusion's business relationships, performance, and business generally; the risk that the Proposed Business Combination disrupts current plans of General Fusion and potential difficulties in its employee retention as a result of the Proposed Business Combination; the risk of legal proceedings against General Fusion or SVAC related to the Proposed Business Combination; the risk that the anticipated benefits of the Proposed Business Combination are not realized; the risk that the combined entity is unable to maintain the listing of SVAC's securities or to meet listing requirements and maintain the listing of the combined company's securities on Nasdaq; the risk that the Proposed Business Combination may not be completed by SVAC's business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by SVAC; the risk that the price of the combined entity's securities may be volatile due to a variety of factors, including changes in laws, regulations, technologies, natural disasters, national security tensions, and macro-economic and social environments affecting its business; the risk of changes in the laws and regulations governing General Fusion's research and development activities; the risk that General Fusion fails to commercialize MTF on the expected timeline or at all, including any failure to achieve the objectives of the LM26 program; the risk of the effects of climate change, extreme weather events, water scarcity, and seismic events, and that strategies to deal with these issues are not effective; the risk of fluctuations in currency markets; the risk that General Fusion is unable to complete and successfully integrate any future acquisitions; the risk of increased competition in the fusion industry; the risk of supply chain disruptions and that

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