Proxima Fusion, a Munich-based fusion startup spun out of the Max Planck Institute for Plasma Physics in 2023, has raised €411 million in a new financing round, bringing its valuation to €2.4 billion. The round was led by XTX Ventures and East X Ventures, with RWE and Google participating as strategic investors.
Additional backers included KfW Capital, SPRIND and Burda Principal Investments, alongside several returning investors. The deal ranks among the largest private financings in European fusion and adds to growing investor interest in fusion as a long-term energy technology.
Proxima said the funding will support construction of Alpha, its net-energy stellarator demonstrator near Munich, as well as completion of its model coil, expansion of high-temperature superconducting cable and magnet production, further engineering and manufacturing development, and hiring across engineering, manufacturing and operations.
Founded by Francesco Sciortino, Proxima is developing QI-HTS stellarator reactors with the goal of demonstrating net energy gain before moving toward commercial fusion plants.
Additional backers included KfW Capital, SPRIND and Burda Principal Investments, alongside several returning investors. The deal ranks among the largest private financings in European fusion and adds to growing investor interest in fusion as a long-term energy technology.
Proxima said the funding will support construction of Alpha, its net-energy stellarator demonstrator near Munich, as well as completion of its model coil, expansion of high-temperature superconducting cable and magnet production, further engineering and manufacturing development, and hiring across engineering, manufacturing and operations.
Founded by Francesco Sciortino, Proxima is developing QI-HTS stellarator reactors with the goal of demonstrating net energy gain before moving toward commercial fusion plants.