Proxima Fusion, based in Germany, is aiming to establish Europe's first commercial fusion power plant, with a valuation of $2.7 billion following this funding round. The investment was led by XTX Ventures and East X Ventures, with strategic backing from Google and RWE, alongside participation from several venture capital firms.
Proxima is developing stellarator technology, a method of achieving nuclear fusion, and plans to have a fusion demonstrator operational by the early 2030s, with the commercial plant expected later in the decade.
This funding will enable Proxima to enhance its production capabilities for high-temperature superconducting cables and magnets, as well as to expand its engineering and manufacturing systems. The urgency of this project is underscored by competition with the U.S. and China in the race to develop fusion power.
While Proxima is currently the best-funded fusion startup in Europe, U.S. counterparts have raised larger sums, indicating a competitive landscape. Google's involvement reflects its belief in fusion as a clean and abundant energy source, although it acknowledges the significant challenges that remain in commercializing this technology