Proxima Fusion Secures €130M Series A Funding, Joining the Race for Commercial Nuclear Fusion
The pursuit of commercial nuclear fusion power is gaining momentum, with significant venture capital investment flowing into startups promising clean, safe, and virtually limitless energy. Among these contenders is Proxima Fusion, a German startup, which has recently secured a €130 million Series A funding round, approximately $148 million. This round was led by Balderton Capital and Cherry Ventures, positioning Proxima as a key European player in the fusion energy race.
With this latest investment, Proxima Fusion’s total funding now exceeds €185 million ($200 million), enhancing its prospects of becoming a leading alternative to traditional fission reactors. Unlike current nuclear reactors that rely on uranium or other imported fissile materials, Proxima is exploring fusion, offering a potentially more sustainable and secure energy source.
Francesco Sciortino, Proxima’s CEO and co-founder, envisions a future where fusion energy becomes a geopolitical asset. “Wait for the early 2030s and you will see fusion giants in each geopolitical block,” he stated in a TechCrunch interview, highlighting the strategic importance of this technology.
Proxima Fusion’s recent progress includes the publication of plans for a working fusion power plant in a peer-reviewed journal. This milestone builds upon its proximity to Germany’s Wendelstein 7-X, the world’s largest stellarator, and introduces Proxima’s own Stellaris design. Stellarators, known for their stable magnetic fields that confine hot plasma, offer a promising alternative to tokamaks.
The Series A funding reflects investor confidence in Proxima’s advancements. Sciortino noted that the company achieved its milestones faster than initially projected, leading to an oversubscribed round. This success has allowed Proxima to select partners who can support the company through future stages of development.
Both Balderton Capital and Cherry Ventures, the co-leaders of the funding round, have the capacity to continue investing in Proxima’s future ventures. Ian Hogarth, a partner at Plural, has invested in Proxima three times, referring to it as a “big shot.”
The potential of nuclear fusion is particularly significant for Europe. As Hogarth explained, “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.”
Proxima Fusion’s cap table reflects its European identity, with participation from Bayern Kapital, Club degli Investitori, DeepTech & Climate Fonds (DTCF), Elaia, HTGF, Leitmotif, Lightspeed, OMNES Capital, and UVC Partners.
While Proxima Fusion is headquartered in Munich, Germany, with roots at the Max Planck Institute of Plasma Physics (IPP), it also maintains teams at the Paul Scherrer Institute in Switzerland and the Culham Centre for Fusion Energy in the U.K., demonstrating its collaborative and international approach to fusion research.
Sciortino, originally from Italy, emphasized his commitment to building a future for Europe through fusion energy. This sentiment is shared by investors who see the potential for fusion to transform the continent’s energy landscape.
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