German firm accelerates race for world’s first nuclear fusion plant with funding boost

Proxima Fusion, a start-up based in Munich, has closed its Series A financing round, securing €130 million ($150 million). This latest infusion of capital brings the company’s total funding from both private and public sources to more than €185 million ($213 million).

The funds are earmarked for the company’s objective of building a commercial fusion power plant utilizing a stellarator design.

“Fusion has become a real, strategic opportunity to shift global energy dependence from natural resources to technological leadership,” said Francesco Sciortino, CEO and Co-founder of Proxima Fusion.

A significant portion of the new funding is allocated to specific engineering and development milestones. Proxima Fusion plans to complete its Stellarator Model Coil (SMC) by 2027.

This project is intended as a major hardware demonstration to de-risk the application of high-temperature superconducting (HTS) technology within stellarator designs and to support related innovation in Europe.

Finalizing Alpha demonstration stellarator

In parallel, the company will finalize the location for its demonstration stellarator, named “Alpha.” Proxima Fusion has confirmed it is currently in discussions with several European governments to select a suitable site for this facility.

The operational start for Alpha is scheduled for 2031. This facility represents a key step in the company’s roadmap, as it is designed to demonstrate a net energy gain, defined as Q>1, which is a prerequisite for developing a functional fusion power plant.

Proxima Fusion was established in April 2023 as a spin-out from the Max Planck Institute for Plasma Physics (IPP). The company continues to operate in a public-private partnership with the institute, building on the experimental results from the IPP’s Wendelstein 7-X stellarator.

The company’s technical strategy involves a simulation-driven approach to engineering, which incorporates advanced computing to refine its designs. A core component of this strategy is the use of high-temperature superconducting technology.

“Stellarators aren’t just the most technologically viable approach to fusion energy—they’re the power plants of the future,” added Daniel Waterhouse, Partner at Balderton Capital, a player in the latest funding round.

Revealing the concept of “Stellaris”

Earlier this year, Proxima Fusion introduced its “Stellaris” concept. This is the first peer-reviewed stellarator concept that integrates physics, engineering, and maintenance considerations from the initial design phase.

The design focuses on quasi-isodynamic (QI) stellarators, which the company views as a promising pathway for commercial fusion energy. The Stellaris concept leverages the stronger magnetic fields made possible by HTS technology. This allows for the construction of smaller stellarators while maintaining the potential for significant energy output.

The design of Stellaris relies on materials that are currently available within the existing supply chain. This approach is intended to avoid potential delays that could arise from waiting for new technologies to become commercially feasible. 

The Stellaris design has undergone a detailed peer-review process, and according to the company, various simulations have confirmed its ability to overcome known physics and engineering constraints associated with stellarator development.

The new funding will support the work on this design as Proxima Fusion moves toward its near-term hardware and site selection goals.