Proxima Fusion has raised 411 million euros ($468 million) to advance stellarator fusion energy, pushing the German startup's valuation to 2.4 billion euros ($2.7 billion). The round was led by XTX Ventures and East X Ventures, with strategic investments from Google and RWE.
The company plans to build its Alpha net-energy stellarator demonstrator near Munich by the early 2030s. The fundraising meets conditions for Bavaria to provide an additional 400 million euros in support.
RWE invested 25 million euros and signed a partnership with Proxima Fusion to build a commercial stellarator fusion power plant in Gundremmingen, Bavaria, at a former nuclear fission site, targeted for completion by the end of the 2030s.