Proxima Fusion secures €130m in private investment round

European fusion energy developer Proxima Fusion has closed €130 million ($150 million) Series A financing to develop its fusion power plant based on a stellarator design.

According to the company, it's the largest private fusion investment round in Europe and was co-led by Cherry Ventures and Balderton Capital.

With the close of this funding round, Proxima Fusion has secured a total of €185 million ($200 million) in private and public capital.

Francesco Sciortino, CEO and co-founder of Proxima Fusion, commented in a statement: "Fusion has become a real, strategic opportunity to shift global energy dependence from natural resources to technological leadership. Proxima is perfectly positioned to harness that momentum...accelerating the path toward bringing the first European fusion power plant online in the next decade."

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Proxima was founded in April 2023 as a spin-out from the Max Planck Institute for Plasma Physics (IPP).

Earlier this year, Proxima unveiled Stellaris, which they say advances the case for quasi-isodynamic (QI) stellarators as a promising pathway to a commercial fusion power plant.

Daniel Waterhouse, partner at Balderton Capital, said: "Stellarators aren't just the most technologically viable approach to fusion energy—they're the power plants of the future, capable of leading Europe into a new era of clean energy. Proxima has firmly secured its position as the leading European contender in the global race to commercial fusion. We are thrilled to partner with Proxima's game-changing team of engineers, alongside Europe’s top manufacturers, to build a company that will be transformational for Europe."

Proxima Fusion is currently working to complete its Stellarator Model Coil (SMC), as well as finalising a site for Alpha, its demonstration stellarator.

According to the company, Alpha is scheduled to begin operations in 2031, and is a critical step to demonstrating net energy gain and moving towards a first-of-a-kind fusion power plant.

Ian Hogarth, partner at Plural said: “Since their first round of funding two years ago, Francesco and the team have hit extremely challenging milestones ahead of schedule and hired a team that spans plasma physics, advanced magnet design and computer simulation. Their peer-reviewed stellarator power plant design concept confirms that fusion really can be commercially viable, and creates an opportunity for Europe to be first to the target.”