Nuclear Fusion, Proxima Fusion Raises 411 Million Euros: Funding Also from Google
Proxima Fusion
Proxima Fusion, a German startup that originated as a spin-off from the Max Planck Institute for Plasma Physics, has announced it has received funding of 411 million euros, bringing the company's valuation to 2.4 billion euros. This operation represents the largest private investment ever made in the nuclear fusion sector in Europe and makes Proxima Fusion the most financed company on the continent in this field. The round was led by XTX Ventures and East X Ventures, with strategic investors including RWE and Google. Other investors include both public and private funds like KfW Capital, SPRIND, and numerous venture capitalists already present in the company's capital.
Project Alpha: The Bridge Between Research and Commercial Production
The new capital will primarily be allocated to the development of Alpha, the technological demonstrator with which Proxima Fusion aims to demonstrate the production of net energy through fusion based on stellarator technology. The project, which will be located near Munich, comes from the collaboration between Proxima, the Bavarian government, the Max Planck Institute for Plasma Physics, and RWE. The goal is to validate the fundamental technologies necessary for realizing a future fusion power plant named Stellaris, expected to be operational in the second half of the 2030s.
In contrast to current fission nuclear reactors, which produce energy by splitting heavy atomic nuclei, fusion aims to obtain energy by combining light nuclei, specifically isotopes of hydrogen, generating helium and large amounts of energy with extremely reduced carbon emissions. However, the technology has not yet been used to produce electricity on a commercial scale. The main challenge remains to transform decades of scientific research into industrially reliable and economically sustainable systems.
The Bet on Stellarators
Proxima Fusion is developing an approach based on stellarators, one of the main alternative architectures for confining the plasma necessary for fusion. Compared to the more common tokamaks, stellarators use a three-dimensional magnetic configuration designed to keep the plasma stable without requiring an electric current inside the plasma itself. This could offer advantages in terms of continuous operation and reliability, which are crucial for a future power plant.
The company bases its work on the scientific advances achieved by the Wendelstein 7-X stellarator program, one of the most advanced global experiments dedicated to this technology. With the new funding, Proxima plans to complete the Stellarator Model Coil, expand the production of high-temperature superconducting (HTS) cables and magnets, and develop the engineering and production infrastructures necessary for building future facilities.
Google Increases Its Interest in Nuclear Fusion
Google's investment confirms the growing interest of large technology companies in fusion as a potential future energy source. The tech sector is indeed considering fusion as a possible solution to provide large amounts of energy with low emissions, an element particularly relevant considering the increasing energy demand associated with data centers and artificial intelligence. Google had already invested in other sector players, including Commonwealth Fusion Systems, one of the most financed US companies in the field of fusion, which has raised billions of dollars. Helion Energy has also garnered significant funding in recent years. Notably, Italy, through CDP Venture Capital, has invested in the German startup.
Over 650 Million Raised in Less Than Three Years
With this new round, Proxima Fusion has raised a total of over 650 million euros in less than three years, including around 95 million euros from public funding. According to the company, this achievement demonstrates how public investments can help attract private capital towards technologies considered strategic for energy security and industrial competitiveness. The startup, which currently employs about 200 people spread across Munich, Zurich, and Oxford, now anticipates a phase of staff expansion with new hires in engineering, manufacturing, and operational activities.
"The race towards the first fusion power plant sees Europe, the United States, and China competing to achieve a historic goal," said Francesco Sciortino, co-founder and CEO of Proxima Fusion. According to the manager, the funding represents a demonstration of Europe's capability to transform scientific innovations into globally competitive tech companies.