Plural participates in Proxima Fusion's €411M funding round
Munich-based Proxima Fusion, a company developing commercial fusion power plants based on stellarator technology, has raised €411 million in a funding round led by XTX Ventures and East X Ventures, with strategic participation from RWE and Google. Existing investor Plural also participated in the round, alongside KfW Capital, SPRIND, Burda Principal Investments, UVC Partners, Balderton, Cherry Ventures, DST Global Partners, Brevan Howard Macro Venture, Lightspeed, DTCF, redalpine, Leitmotif, Elaia, CDP Venture Capital, Bayern Kapital, and the EIC Fund.
The financing values Proxima Fusion at €2.4 billion, making it the best-funded fusion company in Europe. The company has now secured more than €650 million in funding since its founding in 2020.
The new capital will support the construction of Alpha, Proxima’s net-energy stellarator demonstrator near Munich. Developed in partnership with the State of Bavaria, the Max Planck Institute for Plasma Physics, and RWE, the project is designed to validate the technologies required for commercial fusion power plants. The funding will also accelerate the expansion of high-temperature superconducting (HTS) magnet production, engineering capabilities, and manufacturing systems.
Founded as the first spin-out from the Max Planck Institute for Plasma Physics, Proxima Fusion is building commercial fusion power plants based on the QI-HTS stellarator concept, with the long-term goal of delivering abundant, carbon-free energy.
Ian Hogarth, Partner at Plural, commented: “Proxima has raised €411 million – Europe's largest ever private funding round for fusion. Plural has now backed the company four times: pre-Seed, Seed, Series A and today, and is both the earliest and largest investor. Europe has always been home to hard science, but hasn’t always converted that into global champions. Proxima is on a path to build a new global energy champion from Europe.”
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