General Fusion said it closed a $65 million round of equity financing, enabling the company to design, build and operate a demonstration plant to test its magnetized target fusion technology in a "power plant relevant" setting.

The financing was led by Temasek, an investment company based in Singapore.

The new financing is supplemented with C$50 million ($38 million) in additional investment from Canada’s Strategic Innovation Fund.

British Columbia-based General Fusion said in a statement that it has attracted more than $200 million in funding to develop its approach to fusion energy. According to the company website, its system uses a sphere filled with molten lead-lithium that is pumped to form a vortex. A pulse of magnetically confined plasma fuel is then injected into the vortex.

Around the sphere, an array of pistons drive a pressure wave into the center of the sphere, compressing the plasma to fusion conditions. This process is then repeated, and heat from the reaction is captured in the liquid metal and used to generate electricity via a steam turbine.

The company said that a liquid metal wall absorbs energy from the fusion reaction, which can be pumped to heat exchangers. The liquid metal also protects the solid outer wall from damage.

In addition to Temasek, the Cleantech Practice of Business Development Bank of Canada, the DLF Group, Gimv, I2BF Global Ventures, Disruptive Technology Advisers, Hatch and several individual investors are backing the company.