European VCs Invest Record Sum in Fusion Energy Startup
▼ Summary
– Proxima Fusion, a German startup, secured €130mn in Series A funding, marking Europe’s largest private investment in fusion power.
– The company’s stellarator machine uses twisted magnetic fields to control plasma, offering advantages like lower power needs and continuous operation over tokamaks.
– Proxima aims to build its first demo device, Alpha, in six years, followed by a 1GW reactor (Stellaris) in the 2030s, competing with firms like Type One Energy.
– Advances in AI-powered simulations are helping overcome the engineering challenges that previously hindered stellarator development.
– Over 70% of experts predict fusion will power grids by 2035, offering Europe a clean, continuous energy source if investment and innovation continue.
German fusion energy startup Proxima Fusion has secured a groundbreaking €130 million Series A investment, marking Europe’s largest private funding round in the sector. The Munich-based company, which spun out from the Max Planck Institute of Plasma Physics, is pioneering an alternative approach to nuclear fusion using stellarator technology.
Unlike the more common tokamak design used by projects like ITER and startups such as Commonwealth Fusion Systems, stellarators utilize complex twisted magnetic fields to contain superheated plasma. While harder to engineer, these devices offer significant operational advantages, including continuous power generation and greater plasma stability. Proxima’s leadership believes this makes stellarators the superior choice for future commercial power plants.
The funding round attracted major European investors like Balderton Capital and Plural, with partners describing Proxima as the continent’s leading contender in the global fusion race. Advances in AI-driven simulations have revived interest in stellarators, originally conceived in the 1950s but long considered too challenging to build. Proxima plans to complete its first demonstration device, Alpha, within six years, followed by a 1GW reactor called Stellaris in the 2030s.
Competition is intensifying globally, with U.S.-based Type One Energy, backed by Bill Gates, also developing peer-reviewed stellarator designs. Over 70 fusion startups worldwide are racing toward commercialization, several having raised over $1 billion each. Industry surveys suggest fusion could contribute to grid power by 2035, offering a clean, continuous energy source that reduces reliance on imported fossil fuels.
Proxima CEO Francesco Sciortino warns that Europe risks falling behind without stronger government support. “This is our chance to lead in energy sovereignty,” he emphasized, urging policymakers to back homegrown fusion innovation. The sector’s progress will be closely watched as nations seek secure, carbon-free alternatives to meet climate goals.
For those tracking cutting-edge energy solutions, events like June’s TNW Conference in Amsterdam offer insights into emerging technologies. Early registrants can access discounted tickets using promotional codes—an opportunity for investors and innovators to connect ahead of potential breakthroughs.
(Source: The Next Web)
