Proxima Fusion Lands €15M for Fusion Power Development

Proxima Fusion, a German startup, secured an additional €15 million in funding, extending its Series A round. CDP Venture Capital, the European Innovation Council Fund (EICF), and Brevan Howard led this investment. This latest Proxima Fusion funding brings its total capital raised to €200 million for fusion power development.

The Munich-based company spun out of the Max Planck Institute for Plasma Physics (IPP) in 2023. It develops the first generation of fusion power plants using QI-HTS stellarators. Proxima Fusion leverages advanced computing and high-temperature superconductors.

Accelerating Fusion Hardware Development

This new capital accelerates Proxima Fusion's hardware execution. The company placed large-scale purchase orders for high-temperature superconducting (HTS) tape and structural support plates. Furthermore, it established an in-house cable manufacturing line.

These efforts advance the Stellarator Model Coil (SMC). Proxima Fusion targets SMC completion in 2027.

The team also finalizes the design of its net energy gain demo stellarator, Alpha. This positions Proxima Fusion alongside other innovators like Commonwealth Fusion Systems. They compete in the global race for deep tech energy solutions.

Proxima Fusion has grown its team to 100 employees. Scientists and engineers from institutions including IPP, MIT, Harvard, SpaceX, Tesla, and McLaren contribute to its mission. The company evaluates potential building sites across Europe for its future facilities.

Europe aims to strengthen its sovereign fusion offering. Proxima Fusion's progress contributes significantly to this goal, alongside efforts in renewable energy and advanced physics. Other companies such as Helion Energy and TAE Technologies also pursue fusion breakthroughs.