At the limit of what is possible – Proxima Fusion's vision at the Munich Security Conference

Francesco SciortinoThe CEO of Proxima Fusion worked in the field of tokamaks until 2022. This is currently the most widespread design for fusion reactors. Put simply, a tokamak is a ring-shaped magnetic field system that confines extremely hot plasma, i.e., an ionized gas, allowing atomic nuclei to fuse together.

But 2022 brought a turning point for Sciortino. New research showed that a different concept, the so-called stellarator, was suddenly much more predictable and optimizable than previously thought. Sciortino explains this in a conversation with Munich Startup at the Munich Security Conference in the MSC Startup Hub:

“In 2022, we realized that tokamaks could not be scaled up to power plants. At the same time, it became clear that stellarators could be optimized numerically – further than I had ever thought possible.”

What is a stellarator?

A stellarator is also a fusion reactor that confines plasma with magnetic fields. The difference: While tokamaks rely on relatively symmetrical ring structures, stellarators have extremely complex shapes, with their magnetic coils winding around each other in three dimensions. For a long time, this was considered too complicated.

However, new simulation methods make it possible to numerically optimize these geometries so that there are no longer any obvious technical showstoppers.

From simulation to industrial reality

Sciortino emphasizes in the interview: Mere feasibility is not enough.

"Feasibility is a prerequisite, but not sufficient. We actually need to build things so that we can iterate and turn that into an industrialization of fusion components."

This is exactly where it starts Proxima Fusion The company is not only developing the reactor design, but also intends to industrialize the key components itself. These include, in particular, highly complex magnetic structures. A dedicated magnet factory is planned.

The dynamics are further accelerated by advances in high-temperature superconductors. These materials enable stronger magnetic fields, a key factor for stable fusion processes. The long-term goal is to create a net-energy stellarator. Proxima is aiming for its first power plant by the mid-2030s.

100 billion valuation

But how do you convince investors of an idea that seems to be pushing the boundaries of what's possible? Sciortino explains:

"As long as the valuation continues to grow strongly and there's a multiple in front of us, it's financially viable. A VC's fear only arises when there's no further increase in value. But with this merger, we're only at the beginning."

He goes even further: Before humanity can benefit from clean energy, an economic ecosystem will first have to emerge. In the 2030s, companies that build the first fusion power plants could... Valuations approaching one hundred billionAnd even that is not the end point; the energy markets are significantly larger. Yet Sciortino cannot promise an abundance of cheap energy in five or ten years.

Startup culture instead of bureaucratic logic

Fusion has long been the playing field for state megaprojects. But Proxima is deliberately focusing on a startup culture.

"We are not a physics company, we are an engineering company."

On board are experts from aerospace, automotive, and software. The excellence of akademi is being complemented, not copied. But Europe has a problem: the so-called scale-up gap. Large financing rounds in the billions are more difficult here than in the USA. That's why Proxima is engaging with investors globally and bringing international capital to Germany.

Infobox

Proxima Fusion is a deep-tech startup founded in Munich in 2022 with the goal of making fusion energy commercially viable. The company focuses on the stellarator concept – a particularly complex, magnet-based design of fusion reactors – and develops the necessary high-performance magnets and simulation software. A spin-off from the Max Planck Society, Proxima Fusion combines scientific excellence with industrial engineering and aims to realize the first net-energy fusion power plant in the 2030s.

Photo: Munich Startup editor Kyrill Ring and Proxima Fusion CEO Francesco Sciortino at the MSC Startup Hub

Why all of this was discussed at the MSC Startup Hub

The MSC Startup Hub brings together founders, investors, industry representatives, and policymakers in conjunction with the Munich Security Conference. Its goal is to showcase security-relevant innovations – from dual-use technologies to strategic energy infrastructure. Because energy means security.

A stable, clean, and geopolitically independent energy supply is one of the central security policy issues of our time. Whoever controls tomorrow's energy will reshape geopolitical power dynamics. Fusion is therefore not just a climate issue, but a strategic one.

The MSC Startup Hub provides precisely this platform: It connects capital, technology, and political decision-makers on the international stage. Startups like Proxima Fusion exemplify a new generation of European deep-tech champions that could transform not only markets but also geopolitical dynamics.