Proxima Fusion Secures 15 Million Euros in Funding
In a significant stride towards the realization of commercial fusion energy, Munich-based startup Proxima Fusion has announced the securing of an additional €15 million in funding. This brings the total funding for the company to €200 million ($230 million).
The investment comes from various sources, including the Italian sovereign wealth fund CDP Venture Capital, the European Innovation Council (EIC), and the Brevan Howard Macro Venture Fund. CDP's involvement underscores the importance of fusion energy for Europe's energy sovereignty.
CDP's Energy Tech fund, which specifically supports companies developing technologies for the energy transition, invested in Proxima Fusion through its Large Ventures and Corporate Partners | Energy Tech funds. Alessandro Scortecci, Chief Investment Officer - Direct Investures at CDP, stated that Europe's deep-tech ecosystem plays a central role in developing future energy solutions.
Proxima Fusion, which was spun off from the Max Planck Institute for Plasma Physics in 2023, is developing the first generation of fusion power plants with QI-HTS stellarators. The company's mission is to deliver on the promise of commercial fusion energy.
The newly secured funds will be immediately converted into industrial implementation. Proxima Fusion is establishing its own cable production and securing a long-term supply of high-temperature superconductor tape. The company is also launching production of the first non-planar HTS magnets.
One of the key milestones for Proxima Fusion is the completion of the Stellarator Model Coil by 2027. This will be followed by the construction of the demonstration stellarator "Alpha," which is expected to deliver net energy gain for the first time.
The team at Proxima Fusion has grown by 20 percent to 100 employees. The company is also developing prototypes of vacuum vessel segments. Alessandro Scortecci, in his statement, expressed his conviction that Proxima Fusion will deliver and transform the global energy landscape.
Fusion energy, according to Scortecci, can promote technological independence, strengthen industrial competitiveness, and accelerate the growth of a carbon-neutral economy. This investment in Proxima Fusion is a testament to the belief that fusion energy holds the key to a sustainable and secure energy future for Europe.
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