Germany Fusion Start-Up Records Record Investment

The deal eclipsed the previous best mark for fusion company deals on the continent. The company sees the cash infusion as a signal favorable times for the idea of nuclear fusion as a clean, renewable energy source.

"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, in a company statement. “Proxima is perfectly positioned to harness that momentum by uniting a spectacular engineering and manufacturing team with world-leading research institutions, accelerating the path toward bringing the first European fusion power plant online in the next decade."

Founded in April 2023 in Munich as a spin-out from the Max Planck Institute for Plasma Physics (IPP), it continues to work closely with that institution in a public-private partnership to lead Europe into a new era of clean energy.

Proxima’s technology is distinguished from other approaches by its use of high-temperature superconducting magnets, which the firm says, “offer the clearest path to putting fusion on the grid.”