Proxima Fusion, based in Munich, has made a significant advancement in the race to establish the world's first commercial fusion power plant by signing memoranda of understanding with two Japanese industrial partners, Fujikura and Kyoto Fusioneering, during a visit by German Chancellor Friedrich Merz to Japan.
This collaboration is particularly important as it aims to develop high-temperature superconducting (HTS) tape, essential for creating powerful magnets that will confine plasma in Proxima's stellarator design.
The company plans to manufacture approximately 5,000 kilometers of this tape annually by 2030 at a new facility in Lower Saxony, which is projected to cost around 140 million euros ($160 million). This facility will be partly funded by a recent $468 million funding round that valued Proxima at $2.7 billion, with backing from major investors including Google.
Ann Mettler, president of Catalyse Europe, emphasized the strategic importance of developing fusion technology for Europe, highlighting the continent's reliance on external resources and the competitive nature of technological advancements.
Proxima's CEO, Francesco Sciortino, expressed confidence in the company's ability to lead in this sector, noting the necessity of simplifying plant operations to achieve profitability. However, Proxima faces competition from several well-funded rivals in the fusion energy space, including U.S.-based Commonwealth Fusion Systems and Helion Energy, as well as state-backed Chinese firms.
The establishment of a robust supply chain for fusion technology is critical, as Mettler pointed out, to ensure that Europe can translate its scientific leadership into industrial success