Proxima Fusion, a German startup developing nuclear fusion technology, this week hit a key milestone. In the end, they raised a record €130 million ($148 million) to close their Series A funding round. Balderton Capital and Cherry Ventures are co-leading a $32 million investment round in the company. This funding accelerates the company’s march toward its mission to be the global leader in sustainable, affordable energy solutions. These initial investments will fund Proxima Fusion’s bold accelerator-driven progression to a working prototype fusion power plant by 2031.
Founded by Francesco Sciortino, a physicist from southern Italy, Proxima Fusion is pushing the leading edge of research in fusion. Sciortino has garnered experience in the field through his work in the U.K., Switzerland, and at the Massachusetts Institute of Technology (MIT) in the United States. Yet his vision for Proxima Fusion goes well beyond the borders of Germany, as he is quick to highlight the company’s European identity.
“We consider Proxima to be thoroughly European and not just German,” Sciortino stated. As President of the European Commission, Mr. He disputes the assertion that the continent should be passive beneficiaries of innovation and that they should leave the development of sustainable energy solutions to other parts of the world.
The recent funding will enable Proxima Fusion to continue developing its cutting-edge Stellaris design. This design is an important step on their development path. This design takes lessons learned from Germany’s Wendelstein 7-X, the world’s largest stellarator. Competition in the emerging fusion sector is rapidly intensifying. Against that backdrop, Proxima Fusion is a rarity—not only because there are so few companies that have raised more than $100 million that aren’t based in the U.S.
Proxima Fusion has created some exciting design innovations. They further released the conceptual plans for a prototype working fusion power plant in a peer-reviewed journal. The startup hopes to show key hardware by 2027, which would be a key step towards reaching its ambitious ultimate goals.
As alluring a prospect as it is, Sciortino doesn’t think the road to commercially viable fusion energy will be endless for today’s backers. “This is not an infinitely long journey for our current investors,” he remarked, signaling confidence in the project’s timelines and potential returns.
Proxima Fusion is focused on helping meet the urgent global demand for both decarbonization and predictable, stable baseload energy. Ian Hogarth, an investor involved with the company, highlighted its potential impact: “Proxima represents an opportunity to decarbonize and provide a stable baseload for all the downstream energy needs the world has, and for Europe to play a global leadership role in driving the energy transition.”
With that funding in hand, Proxima Fusion is on the cusp of maximizing its potential. For Sciortino, the fusion sector is likely to be an extremely competitive space by the early 2030s. He predicts, “Wait for the early 2030s and you will see fusion giants in each geopolitical block.”
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