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• Transaction utilizes pledge of equity structure in place of traditional property mortgages, enabling portfolio-level financing across 99 properties in 27 states
• New financing increases total debt commitments across Alterra’s fully discretionary IOS funds to more than $2 billion
• Facility delivers faster execution, lower transaction costs, and non-recourse, scalable capital for continued growth across Alterra’s IOS platform

The financing was secured by a portfolio of 99 IOS properties totaling 551 usable acres and nearly 2.1 million square feet of accompanying warehouse space. (Credit: Alterra IOS) 

PHILADELPHIA, July 13, 2026 (GLOBE NEWSWIRE) — Alterra IOS (“Alterra”), a prominent player in the industrial outdoor storage (“IOS”) sector that has acquired more than 495 sites nationwide, today announced the successful closing of a $400 million refinancing led by Truist Financial Corp. (NYSE: TFC) and KeyBank (NYSE: KEY), supporting the continued expansion of its growing industrial outdoor storage platform.

Secured by a portfolio of 99 IOS properties spanning 27 states, the financing was executed utilizing an equity pledge framework in place of traditional asset-level mortgages. The structure enables streamlined execution and portfolio-level underwriting. Of the total financing, Truist provided $225 million as Administrative Agent, Joint Lead Arranger and Active Bookrunner, and KeyBank National Association committed $175 million as Syndication Agent, Joint Lead Arranger and Active Bookrunner.

“This transaction reflects a shift toward more scalable, platform-based financing solutions in real estate,” said Scott Whittle, Chief Financial Officer at Alterra IOS. “For portfolios like IOS, which consist of a high volume of assets, traditional mortgage structures can be time- and cost-intensive. An equity pledge structure allows us to operate more efficiently by reducing legal and administrative burden, accelerating execution and preserving flexibility as we continue to grow the platform.”

“Structures like this are becoming more relevant as institutional capital seeks efficient ways to access fragmented sectors at scale,” said Kate Mooney, Alterra Senior Associate, Capital Markets. “As IOS portfolios have grown and matured, lenders have developed greater comfort underwriting diversified portfolios rather than individual assets. Equity pledge facilities reflect that evolution and provide both borrowers and lenders with a more practical and efficient financing solution.”

Collectively, the portfolio of 99 IOS properties totals 551 usable acres and nearly 2.1 million square feet of accompanying warehouse space. Each site is located in a major U.S. industrial and logistics corridor in core markets across California, Florida, Georgia, North Carolina and Texas.

This transaction comes on the heels of several significant funding transactions for Alterra, including a $244 million equity-based pledge issued by Blackstone Real Estate Debt Strategies (BREDs), $103 million in acquisition financing from PGIM (NYSE: PRU); and a $100 million revolving credit facility from Bank of Montreal (NYSE: BMO).

“Industrial outdoor storage has emerged as one of the most compelling segments within industrial real estate,” said Nadia Mahmoud, Managing Director, Real Estate Corporate Banking at Truist. “As the landscape continues to evolve, we’re seeing increasing demand for financing solutions that can match the scale and complexity of this asset class. We’re proud to deliver the flexibility and expertise that clients need to capitalize on this growing market.”

“IOS continues to benefit from durable demand fundamentals and a constrained supply environment, particularly in core logistics corridors,” said Joshua Mayers, Senior Vice President, KeyBank. “Alterra’s operational track record, and this portfolio’s quality, allowed Truist and KeyBank to provide a flexible and creative credit facility structure to support the Company’s continued growth.”

Alterra has raised more than $2 billion in institutional financing across its discretionary ventures, Alterra IOS Venture II ($524 million) and Venture III ($925 million), complementing $1.45 billion in equity raised for its closed-end funds.

Alterra has acquired more than 495 properties across 39 states as of Q2 2026, reinforcing its position as the industry’s leading owner and operator in a historically fragmented and undercapitalized asset class. As a vertically integrated investor, developer and operator of IOS, Alterra’s investment strategy focuses on acquiring prime IOS locations within dense, infill logistics and transportation gateways, ensuring proximity to critical infrastructure and end-users.

About Alterra IOS


Alterra’s industrial real estate platform,Alterra IOS, is dedicated to providing real estate solutions through property acquisition, development, management & leasing for tenants in the heavy industrial & outdoor storage space. Focused on low-building coverage sites with large, stabilized yard space to accommodate an array of uses such as vehicle, material, and equipment storage, Alterra brings an institutional comprehension of the municipal & logistical complexities in securing mission critical real estate in a sector of the U.S. industrial landscape. Over the past ten years, Alterra IOS has created tenant relationships in the transportation & logistics, vehicle storage, equipment rental, infrastructure services, and building materials industries through the acquisition or development of over 480 properties across 39 states as of Q2 2026. The dedicated team of investment, property management, construction, and asset management professionals provide tenants the resources to grow and improve their businesses on a national level.

Alterra IOS Manager is an investment adviser registered with the Securities and Exchange Commission. Registration as an investment adviser does not imply a certain level of skill or training. This information is neither an offer to sell nor a solicitation of an offer to purchase any securities. Such an offer will only be made by means of a confidential private placement memorandum and related subscription documents. Furthermore, Alterra IOS Venture II and Alterra IOS Venture III are closed to new investors.

Media Contact:


[email protected]

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ffb692aa-f806-4164-b934-8359f7550377

VANCOUVER, British Columbia, July 13, 2026 (GLOBE NEWSWIRE) — General Fusion Group Ltd. (“General Fusion” or the “Company”) (NASDAQ: GFUZ), a leader in the global race to commercialize fusion energy, today began trading on the Nasdaq under the ticker symbol “GFUZ,” following the completion of its previously announced business combination with Spring Valley Acquisition Corp. III (“Spring Valley”).

General Fusion is entering the public markets with approximately US$150 million in cash, inclusive of net transaction proceeds from the private placement and trust capital, to advance its practical fusion energy technology. This capital is expected to fund General Fusion’s Lawson program through several key technical milestones, which the Company aims to complete in 2028, with the goal of demonstrating and de-risking its Magnetized Target Fusion (“MTF”) technology in a commercially relevant way.

“At General Fusion, we are dedicated to our vision of bringing practical, clean, and abundant fusion energy to the world,” said Greg Twinney, Chief Executive Officer of General Fusion. “We bring more than 20 years of real-world testing, demonstration, and results to the development of commercial fusion energy. We are excited about this next chapter and grateful to Spring Valley and our shareholders for joining us in our commitment to this mission.”

General Fusion is advancing on multiple fronts, combining real technical progress with growing global recognition, experienced governance, and strategic collaboration:

• Real machines, real results: Over the past two decades, General Fusion has built and operated dozens of testbeds, prototypes, and demonstrations, completing more than 200,000 plasma experiments. This work has culminated in Lawson Machine 26 (“LM26”), the Company’s MTF demonstration machine operating at a commercially relevant scale at its Vancouver facility. General Fusion recently announced significant progress toward its next major technical milestone with LM26, 1 keV electron temperature. The results show meaningful plasma heating to electron temperatures of approximately 8.4 million degrees Celsius, or 0.72 keV, driven by the compression of a plasma with a lithium liner. This is a key indicator of success for the Company’s practical approach to fusion energy.

• Global recognition: General Fusion was recently ranked first on TIME’s prestigious list of the World’s Top GreenTech Companies of 2026 for its leadership in fusion energy.

• Experienced Board of Directors: Building on General Fusion’s seasoned leadership, the Company announced key appointments to strengthen its Board of Directors. Wendy Kei, Board Chair of Ontario Power Generation, serves as Audit Committee Chair. Thomas Boehlert, former CFO of US Strategic Metals, brings more than three decades of experience across the industrial, natural resources, agribusiness, power generation, and energy transition sectors and serves as Chair of the Nominating and Governance Committee. Chris Sorrells, Chairman and CEO of Spring Valley and a former partner at NGP Energy Technology Partners, also joined the Board, bringing more than three decades of experience in the energy and decarbonization sectors.

• Collaboration for fusion deployment: General Fusion and Renexia S.p.A., a Toto Group company specializing in renewable energy, announced a milestone-based framework agreement to collaborate on the potential commercial deployment of the Company’s fusion energy technology in Italy.

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 and economical way, avoiding superconducting magnets and high-powered lasers while enabling the use of existing materials for durable machines.
• In early 2025, General Fusion announced that it had designed, built, and begun operating its 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 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.

Cautionary Note Regarding Forward-Looking Statements

Certain statements included in this document are not historical facts but are forward-looking statements
within the meaning of the U.S. federal securities laws and “forward-looking information” within the meaning of applicable Canadian securities laws (collectively, “forward-looking statements”).
All statements other than statements of historical facts contained in this news release 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, statements regarding the outlook for the business of General Fusion, including its ability to commercialize MTF or any other fusion technology on its expected timeline or at all; the net proceeds available to the Company, and statements regarding the current and expected results of the LM26 program; as well as any information concerning possible or assumed future results of operations or financial position of the Company.

These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions, many of which are beyond the control of the Company.
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 Company is unable to maintain the listing of its securities on Nasdaq; the risk that the price of the Company’s securities may be volatile due to a variety of factors outside of the Company’s control, the risk that the Company never generates revenue, the risk that the Company fails to commercialize MTF on a cost-effective basis, on the expected timeline or at all, the risk that the Company fails to achieve the objectives of the LM26 program, the risk that additional capital needed by the Company may not be raised on favorable terms, or at all, including as a result of the restrictions agreed to in connection with the private placement the Company closed on July 10, 2026; the risk that fusion energy does not gain public acceptance, the risk that the scientific and technical assumptions upon which MTF technology is based do not prove to be correct, the risk that our competitors develop viable fusion technology sooner than we do, the risk of supply chain disruptions, the risk that key technical material and service inputs may not be available when required on reasonable terms or at all, the risk that we are unable to attract and retain qualified personnel with highly technical expertise, the risk that we are subject to negative publicity, the risk that our assessment of the total addressable market for fusion energy is incorrect, the risk of changes in the laws and regulations governing the Company’s research and development activities and in the regulation of fusion energy; the risk of fluctuations in currency markets; the risk that the Company is unable to complete and successfully integrate any future acquisitions; the risk of increased competition in the fusion industry; the risk of accidents, earthquakes, fires, floods and other natural disasters, the risk that our information technology fails, the risk that our operating expenses are materially higher than forecast, the risk that we are unable to remediate material weaknesses in our internal controls or identify additional material weaknesses in the future, the risk that we are unable to adequately protect or enforce our intellectual property rights, the risk of third-party claims that we are infringing or violating another person’s intellectual property rights, the risk that our intellectual property applications are not granted, the risk of a cyber event or privacy breach resulting in an interruption in operations or financial loss, the risk that government reduces or delays funding of government programs in which we participate, the risk that future sales by existing shareholders could cause our stock price to decline, and the risk that we are unable to establish and maintain effective internal controls to produce accurate and timely public disclosure.

These forward-looking statements are based on certain assumptions, including that none of the risks identified above materialize; that there are no unforeseen changes to economic and market conditions, and that no significant events occur outside the ordinary course of business.

The foregoing list is not exhaustive, and there may be additional risks that the Company does not know or currently believes are immaterial. You should carefully consider the foregoing factors, any other factors discussed herein and in the other filings by the Company with the U.S. Securities and Exchange Commission, including those described under the heading “Risk Factors.” The Company does not undertake to update any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required in accordance with applicable laws.

Investor Relations Contact:
You can contact General Fusion’s Investor Relations team by email at: [email protected].

If you are based in North America, you may also leave a toll-free voicemail at +1 (833) 717-1519. Callers outside North America can reach us at +1 (236) 253-6968.

Media Relations Contact:

[email protected]

1-866-904-0995