Proxima Fusion Secures 15 Million Euros in Funding
Munich-based startup Proxima Fusion has announced the successful completion of an additional funding round, bringing its total to 200 million euros (approximately 230 million USD). This investment comes from various sources, including Italy's state fund CDP Venture Capital, the European Innovation Council (EIC), and Brevan Howard Macro Venture Fund.
Founded in 2023 as a spin-off from the Max Planck Institute for Plasma Physics (Max-Planck-Institut für Plasmaphysik, IPP) in Germany, Proxima Fusion's mission is to fulfil the promise of commercial fusion energy and become a truly European company. The startup aims to build the demonstration stellarator "Alpha" and complete the Stellarator Model Coil by 2027.
Alessandro Scortecci, Chief Investment Officer - Direct Investments at CDP, expressed confidence that Proxima Fusion will deliver and transform the global energy landscape. Scortecci believes that fusion energy can foster technological independence, strengthen industrial competitiveness, and accelerate the growth of a carbon-neutral economy.
With the newly secured funds, Proxima Fusion will focus on industrial implementation. The team has grown by 20% to 100 employees, and the startup is creating prototypes of vacuum vessel segments for stellarators. Proxima Fusion is also building its own cable production and starting production of the first non-planar HTS magnets.
Italy's investment through CDP Venture Capital underscores the importance of fusion energy for Europe's energy sovereignty. CDP invested through its "Large Ventures" and "Corporate Partners I Energy Tech" funds, with the latter specifically supporting companies developing technologies for the energy transition.
Scortecci also stated that Europe's deeptech ecosystem plays a central role in developing future energy solutions. The investment in Proxima Fusion is a testament to this, ensuring a long-term supply of high-temperature superconductor tape, a crucial component in fusion reactors.
As Proxima Fusion continues to grow and advance, it is poised to make significant strides in the field of fusion energy, potentially transforming the global energy landscape and accelerating the transition to a carbon-neutral economy.
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