Munich-based Proxima Fusion raised €411 million in its latest financing round. The investment brings the company’s total valuation to €2.4 billion. XTX Ventures and UK-based East X Ventures led the funding. Alphabet’s Google and German energy utility RWE joined as strategic investors.
The 2023 Max Planck Institute spin-off develops stellarator-based technology for nuclear fusion. Proxima Fusion aims to have a commercial power plant operational in the 2030s. The new capital will fund the construction of the Alpha net-energy demonstrator facility. A partnership with RWE targets a decommissioned nuclear site in Bavaria for the first plant location.