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German Proxima Fusion raises €130 million in largest private fusion investment round in Europe
- German fusion energy company Proxima Fusion has closed a €130 million Series A financing round, marking the largest private fusion investment in Europe.
- The funding was co-led by Cherry Ventures and Balderton Capital, with participation from various other investors, bringing Proxima Fusion's total funding to over €185 million.
- Proxima Fusion aims to build the first European fusion power plant based on the stellarator design, with a focus on clean energy innovation.
- The company spun out of the Max Planck Institute for Plasma Physics in 2023, assembling a team from renowned institutions and companies like SpaceX and MIT.
- Proxima plans to leverage advanced computing and high-temperature superconductors in fusion power plant development, aligning with the EU's clean energy goals.
- The company's Stellaris concept, developed with partners like IPP and KIT, showcases advancements in fusion technology, aiming for commercial viability.
- With the new funding, Proxima will focus on completing its Stellarator Model Coil by 2027 and starting operations of its demonstration stellarator, Alpha, in 2031.
- Proxima Fusion plans to grow its team and continue innovation in fusion energy, moving towards industrial-scale engineering for clean energy production.
- The investment in Proxima Fusion signals the shift towards clean energy solutions and validates the company's approach to making fusion power a reality.
- The company's ambition to lead in the global fusion industry and pave the way for a new era of energy generation in Europe has garnered significant support.
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