Munich-based Proxima Fusion has raised €130 million in a Series A funding round, bringing its total funding to €185 million to develop the world’s first stellarator-based fusion power plant in the 2030s.
- Proxima Fusion was founded in April 2023 as the first spin-out from the Max Planck Institute for Plasma Physics (IPP) by Francesco Sciortino, Lucio Milanese, Jorrit Lion, Jonathan Schilling, and Martin Kubie.
- The company is working to develop a new kind of fusion reactor known as a quasi-isodynamic stellarator, a highly advanced machine designed to produce steady, reliable fusion energy.
- To turn this technology into a commercial reality, Proxima uses a simulation-driven approach that combines cutting-edge computing with high-temperature superconducting (HTS) magnets.
- These innovations help solve some of the biggest technical challenges that have held back stellarator designs in the past, especially around how to control the plasma and maintain the system over time.
- Earlier this year, Proxima Fusion and its research partners introduced Stellaris, the first stellarator power plant concept to be peer-reviewed and designed with physics, engineering, and maintenance all considered from the beginning.
Details of the deal
- Proxima Fusion’s €130 million Series A was co-led by Cherry Ventures, which recently raised a $500 million fund to back major European tech bets, and Balderton Capital, which has secured $1.3 billion across two new funds to support startups from seed to IPO.
"Proxima Fusion combines Europe’s scientific edge with commercial ambition, turning world-class research into one of the most promising fusion ventures globally. This is deep tech at its best, and a bold signal that Europe can lead on the world stage," claims Filip Dames, Founding Partner at Cherry Ventures.
- Other investors include UVC Partners, DeepTech & Climate Fonds (DTCF), Plural, Lightspeed, and redalpine
- With the new funding, Proxima Fusion plans to:
- Build and test a key magnet prototype (the Stellarator Model Coil) by 2027, proving the use of high-temperature superconductors for fusion.
- Choose a site and prepare for Alpha, its first experimental fusion machine, which is expected to produce more energy than it consumes by 2031.
- Grow its team and facilities across Europe, including offices in Munich, Zurich, and Oxford.
- Lay the groundwork for the world’s first commercial stellarator fusion power plant later in the 2030s.
