Munich-Based Fusion Energy Start-up Proxima Raises €411m
The round values Proxima Fusion at $2.7 billion and will fund stellarator development, magnet production and hiring as Europe races to build a commercial plant.
- On Tuesday, Germany-based Proxima Fusion announced a 411 million euros funding round led by XTX Ventures and East X Ventures, valuing the company at $2.7 billion.
- Proxima is developing stellarator technology using high-temperature superconducting cables and magnets, targeting a fusion demonstrator in the early 2030s and a commercial power plant later that decade.
- Strategic investors Google and RWE joined venture firms Plural, UVC Partners, Balderton, and Cherry Ventures in the round, reflecting interest in carbon-free, firm energy sources.
- CEO Francesco Sciortino stated "Europe is racing with the United States and China to get to the first fusion power plant," though U.S. rival Commonwealth Fusion Systems has raised significantly more.
- Technology remains "immensely challenging, and success is not guaranteed," Google added; meanwhile, Helion Energy raised $465 million totaling $1.5 billion, while CFS secured $2.9 billion in financing.
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The technological giant Google has joined the financing of Proxima Fusion, a promising German company that aims to build the first nuclear fusion commercial plant in Europe. Google's investment Google has actively participated in...
The German start-up Proxima Fusion has completed an investment round of 411 million euros. The company, which aims to build the first commercial nuclear fusion reactor on European soil, announced this. Google is among the investors in the company, which, with a valuation of 2.4 billion euros, is the most valuable nuclear fusion company in Europe.
Google Invests in $468-Million Funding Round for German Fusion Group
Proxima Fusion, a Munich, Germany-based group that is considered among the leading European companies working on fusion energy, said it completed a €411 million ($468 million) funding round. Proxima on July 7 said investors included technology giant Google along with global energy company RWE. The post Google Invests in $468-Million Funding Round for German Fusion Group appeared first on POWER Magazine.
Google backs Proxima Fusion in $468M funding round to build Europe’s first commercial fusion power plant - Tech Startups
Google is placing another major bet on nuclear fusion, joining a €411 million ($468 million) funding round for German startup Proxima Fusion as Europe pushes to secure a place in the global race to commercialize fusion energy. The investment gives […] The post Google backs Proxima Fusion in $468M funding round to build Europe’s first commercial fusion power plant first appeared on Tech Startups.
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