Proxima Fusion Raises €130M Series A to Advance Nuclear Tech
▼ Summary
– Commercial nuclear fusion power is not yet a reality, but startups like Proxima Fusion are attracting significant venture capital to develop clean, limitless energy solutions.
– Proxima Fusion, a German startup, secured €130 million in Series A funding, bringing its total funding to over €185 million, positioning it as a top European contender in fusion energy.
– The company focuses on stellarators, a type of fusion reactor that offers greater stability than tokamaks, leveraging Germany’s Wendelstein 7-X and its own Stellaris design.
– Proxima’s CEO predicts fusion energy giants will emerge by the early 2030s, with Europe playing a key role in decarbonization and energy security.
– The startup’s European identity is strong, with teams in Germany, Switzerland, and the UK, and backing from European investors, reflecting a commitment to regional leadership in fusion technology.
The race for commercial nuclear fusion power is heating up, with European startups now challenging the dominance of US-based companies in this groundbreaking sector. Proxima Fusion, a German company, has just secured a massive €130 million Series A funding round, positioning itself as a serious contender in the quest for clean, limitless energy.
Led by Balderton Capital and Cherry Ventures, this investment brings Proxima’s total funding to over €185 million. The company aims to develop fusion technology as a viable alternative to traditional nuclear fission, eliminating reliance on uranium and other imported materials. For Europe, this represents more than scientific ambition—it’s about energy independence and global leadership in the transition to sustainable power.
Proxima’s rapid progress has been key to attracting investors. In just months, the company advanced its stellarator-based reactor design, publishing peer-reviewed research that outlines its Stellaris concept. Unlike tokamaks, which dominate current fusion research, stellarators offer greater stability by using intricate magnetic fields to contain plasma without requiring an electric current. Proxima benefits from its proximity to Germany’s Wendelstein 7-X, the world’s largest stellarator, leveraging this expertise to accelerate development.
The oversubscribed funding round reflects strong investor confidence. Francesco Sciortino, Proxima’s CEO, emphasized that the company now has partners committed to supporting its long-term vision. The next critical milestone is a hardware demonstration planned for 2027, a stepping stone toward a functional power plant by the early 2030s.
Investors like Ian Hogarth of Plural see Proxima as more than a fusion startup—it’s a chance for Europe to lead in decarbonization. “This isn’t just about energy; it’s about securing a stable, clean power supply while positioning Europe at the forefront of innovation,” Hogarth noted.
Proxima’s pan-European roots strengthen its appeal. While headquartered in Munich as a spin-off from the Max Planck Institute, it collaborates with research centers in Switzerland and the UK. Sciortino, an Italian physicist with experience at MIT, embodies this continental approach. “Europe has the talent and vision to build a future worth believing in,” he said.
With backing from major European funds like Bayern Kapital and UVC Partners, Proxima is poised to make fusion a reality—sooner than many expect. The journey remains challenging, but as Sciortino puts it, “This isn’t an endless gamble. The timeline is clear, and the stakes couldn’t be higher.”
Image Credits: Proxima Fusion
(Source: TechCrunch)
