Proxima Fusion, a spinoff from the Max Planck Institute for Plasma Physics, has raised 130 million euros in its Series A funding round. The round ranks among the largest private investments in fusion energy in Europe. It was led by Cherry Ventures and Balderton Capital, with participation from UVC Partners, the Deeptech & Climate Fund, Plural, Leitmotif, Lightspeed, and Bayern Kapital. Additional investors include Club degli Investitori, Omnes Capital, and Elaia Partners.
Following the seed funding around a year ago, the company now has access to more than 185 million euros in public and private funds. CEO Francesco Sciortino explains:
“Fusion marks a turning point: it makes it possible to replace previous dependence on natural resources with a stronger focus on technological leadership, opening up new growth and competitive potential. Proxima is perfectly positioned to harness this dynamic: we bring together a spectacular engineering and manufacturing team with world-leading research institutions, thus accelerating the path to Europe’s first fusion power plant in the next decade.”
Stellarator “Alpha” planned for 2031
Proxima Fusion pursues a simulation-based approach with high-temperature superconducting technology (HTS). The foundation is the Wendelstein 7-X experiment at the IPP. Earlier this year, Proxima presented together with the IPP, the KIT, and other partners the stellarator concept “Stellaris,” which integrates physical, technical, and maintenance-related requirements.
Daniel Waterhouse from Balderton Capital says:
“Stellarators are not only the technologically most practical approach to fusion energy – they are the power plants of the future that can lead Europe into a new era of clean energy. Proxima has firmly secured its position as Europe’s leading contender in the global race for commercial fusion. We are very excited to build a company that will transform Europe together with Proxima’s groundbreaking engineering team and Europe’s leading manufacturers.”
With the fresh capital, the Munich startup plans to develop a demonstration coil by 2027 that makes HTS technology operational in stellarators. At the same time, the search is underway for a site for the demonstration stellarator “Alpha,” which is scheduled to begin operation in 2031 and achieve net energy gain (Q>1).
Sciortino emphasizes:
“Fusion energy is entering a new era and making the leap from the lab to industry. The new funding confirms our approach and gives us the resources to deliver the hardware essential for realizing clean fusion energy.”
Munich as Europe’s fusion technology hub
With locations in Munich, at the Paul Scherrer Institute near Zurich, and at the Culham Fusion Campus near Oxford, Proxima Fusion is expanding its 80-strong team. According to the startup, collaboration with leading research institutions and support from European governments create the foundation for a new high-tech energy industry in Europe.
Filip Dames from Cherry Ventures summarizes:
“Proxima Fusion combines Europe’s scientific lead with commercial ambition. This is deeptech at its finest and a clear signal that Europe can take a leading role on the world stage.”
