Venture Capitalists from Europe recently placed a substantial investment in the lesser-known contender within the fusion energy sector.
In the global race to commercialize fusion energy, a Munich-based startup, Proxima Fusion, has garnered significant attention. Founded in 2023 as a spinout from the Max Planck Institute for Plasma Physics, Proxima is focusing on stellarator technology, which promises stability and continuous power output [1][2][3].
Stellarators, unlike the more common tokamaks, are complex systems shaped like twisted metal doughnuts. Proxima is leveraging high-temperature superconducting (HTS) magnets and advanced simulations to improve this design [1][2]. This technology, theoretically, can operate continuously without requiring breaks.
The startup recently secured Europe's largest-ever private investment in fusion power, amounting to €130mn in Series A funding. The investment was led by Balderton Capital, Cherry Ventures, and Plural, with Ian Hogarth, partner at Plural, believing Proxima's stellarator design has opened the door for Europe to lead in fusion technology [1][2].
Daniel Waterhouse, partner at Balderton Capital, considers Proxima to be the leading "European contender" in the global race to commercial fusion. Francesco Sciortino, co-founder and CEO of Proxima Fusion, shares this sentiment, believing stellarators are the only fusion technology that guarantees continuous operation, an essential feature for future fusion reactors [1][2].
The global competition in fusion energy is intense, with numerous key players involved. Private fusion companies such as Lockheed Martin (USA), General Fusion (Canada), and Tri Alpha Energy (TAE) (USA) are among the contenders, each with their unique approaches to fusion technology. Publicly funded projects like ITER (International Thermonuclear Experimental Reactor) and JET (Joint European Torus) also contribute significantly to the field [1][2].
Other European startups, including Plasma Fusion UK and Commonwealth Fusion Systems (CFS), though not as prominent as Proxima, are also working on fusion technology [1][2]. Sciortino urges European governments to support emerging fusion startups to maintain Europe's advantage in the global race to commercial fusion.
However, the US currently leads in private investment in fusion energy, causing concern for Proxima's CEO, Francesco Sciortino. Despite this, Sciortino considers this moment crucial for Europe, as it presents an opportunity to lead in the global race to commercial fusion [1][2].
Proxima Fusion aims to complete its first demo device, Alpha, in six years and establish Europe’s first commercial fusion power plant within the next decade [1][2]. The ultimate goal is to power up a 1GW fusion reactor, Stellaris, in the 2030s [1][2].
As dozens of startups worldwide, including Helion Energy and Commonwealth Fusion, aim to build fusion energy reactors within a similar time frame, the future of fusion energy is promising [1][2]. Advancements like Proxima's could bring fusion closer to reality on a global scale, potentially providing continuous power and boosting energy security.
In the realm of fusion technology, Proxima Fusion's stellarator design, supported by €130mn in Series A funding, stands as a promising investment opportunity for Europe to lead in the global race to commercialize fusion energy. Furthermore, CEO Francesco Sciortino believes that leveraging advanced simulations and high-temperature superconducting magnets could establish Proxima as the leading European contender in this global competition.
