German fusion energy company Proxima Fusion has made great waves in the universe of nuclear fusion technology recently. The private fusion firm recently announced its revolutionary stellarator design, Stellaris. In developing the master plan, they have worked jointly with the Max Planck Institute for Plasma Physics (IPP), the Karlsruhe Institute of Technology (KIT), and additional partners. The success of this development combines cutting-edge physics, engineering and maintenance strategy, which together represent a significant leap in the progress of fusion research.
Proxima Fusion is close to locking in the site for Alpha, its demonstration-scale stellarator. They estimate that the groundbreaking yet thrilling project will be in service by 2031. The company now says it is in advanced discussions with a handful of European governments to make sure that help is forthcoming as it pursues its ambitious plans. Proxima Fusion was founded in April 2023 as a spin-out from the IPP. Since then, it has quickly established itself as a national leader, developing powerful public-private partnerships to further its mission.
Funding Milestone Achieved
In a stunningly fast move, Proxima Fusion recently finalized a landmark €130 million ($150 million) Series A financing round. This investment round was co-led by Cherry Ventures and Balderton Capital. A consortium of investors, including UVC Partners, DeepTech & Climate Fonds, Elaia Partners, Visionaries Tomorrow and redalpine were key backers. Proxima Fusion has recently completed a new round of investment. Today, their overall financial support has exceeded €185 million, aggregating both private and public funding.
That new investment will now help take Proxima Fusion through the production of its Stellarator Model Coil (SMC) by 2027. This completion is critical to proving the design and technology of high-temperature superconducting (HTS) stellarators. It is instrumental in driving European innovation in this area.
“We back founders solving humanity’s hardest problems — and few are bigger than clean, limitless energy.” – Filip Dames, Cherry Ventures founding partner
A Vision for Energy Independence
The CEO and co-founder of fusion startup Proxima Fusion, Francesco Sciortino, recently shared his optimistic vision for the protection of people and our planet with fusion energy. He highlighted the strategic importance of fusion technology in shifting global energy dependence from traditional natural resources to technological leadership.
“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 by uniting a spectacular engineering and manufacturing team with world-leading research institutions, accelerating the path toward bringing the first European fusion power plant online in the next decade.” – Francesco Sciortino
Proxima Fusion is focused on combining Europe’s scientific talent and ambition with commercially driven innovation. This robust endorsement further solidifies its position as one of the most promising undertakings on the international fusion stage.
The Team Behind the Innovation
Proxima Fusion’s team currently comprises over 80 members working across three locations: its headquarters in Munich, the Paul Scherrer Institute near Zurich, and the Culham fusion campus near Oxford. From the state DOT perspective, our dynamic team capitalizes on deep expertise and leadership. They provide leadership in driving innovation both at Trillium and throughout the expanded fusion community.
The launch of Stellaris is more about the content. It’s welcoming an incredible technical achievement. It strongly signals that Europe is willing to step up to the plate and take on global leadership in fusion energy. Proxima Fusion’s mission is to transform world-class fusion research into real-world solutions for clean, abundant energy.