Large sum of $149 million secured by Proxima in pursuit of initial fusion power plant
Proxima Fusion Secures €130 Million in Series A Funding for Stellarator Fusion Development
In a significant step forward for the clean energy sector, German fusion technology startup Proxima Fusion has raised €130 million in a Series A funding round. This round, led by Cherry Ventures and Balderton Capital, is Europe's largest private investment in fusion energy to date.
The new funds will be used to complete the Stellarator Model Coil (SMC), a full large-scale demonstration of a superconducting magnet, scheduled for 2027. This technology is crucial for stellarator reactors, which are designed to provide more stable and continuous fusion power compared to tokamaks.
Proxima Fusion is developing quasi-isodynamic (QI) stellarators for fusion power plants. These doughnut-shaped devices magnetically levitate hot ionized plasma and heat it to extremely high temperatures to achieve fusion power. The startup's proprietary stellarator technology leverages advanced magnetic confinement, aiming for enhanced plasma stability and continuous operation.
The Series A round saw participation from investors including UVC Partners, DeepTech & Climate Fonds (DTCF), Plural, Leitmotif, Lightspeed, Bayern Kapital, HTGF, Club degli Investitori, OMNES Capital, Elaia Partners, Visionaries Tomorrow, and Wilbe. This funding will enable Proxima to grow its team in Germany, Switzerland, and the UK.
Fusion is often referred to as the "Holy Grail" of clean and abundant energy production. It is a process that combines two atoms to form a single atom, releasing energy. Fusion power can produce power from hydrogen, the most common element in the universe, without producing carbon emissions or the highly radioactive output of nuclear fission processes.
Large scale fusion energy generation has been elusive due to the need to create extremely high temperatures and pressure. However, technology advances including high temperature superconductors (HTS) and advanced computing have enabled stellarator technology to advance from a physics concept to an engineering focus, according to Proxima.
The first demonstration stellarator, "Alpha," is anticipated to begin operations in 2031, using SMC technology. This marks a significant milestone in Proxima's mission to produce stellarators for fusion power plants at a scale that can help decarbonize the energy grid.
Filip Dames, Founding Partner of Cherry Ventures, stated that Proxima Fusion combines Europe's scientific edge with commercial ambition, making it one of the most promising fusion ventures globally. This investment underscores the growing global interest in fusion as a potential solution to our energy needs and the fight against climate change.
With this funding, Proxima Fusion is well-positioned to lead the way in stellarator fusion commercialization, aiming at clean, stable fusion energy generation.
- The funding secured by Proxima Fusion will not only boost the development of quasi-isodynamic (QI) stellarators for fusion power plants but also accelerate advancements in science, particularly in the field of technological innovation in fusion energy.
- As Proxima Fusion continues to grow its team in Germany, Switzerland, and the UK, the start-up's influence will extend beyond finance, potentially reshaping the global landscape of clean, sustainable energy production through commercial stellarator fusion.
