Proxima Fusion, a German startup focused on nuclear fusion, has closed a funding round of $20 million (€20 million) from investors including Google and XTX Ventures. This brings their total funding to approximately $215 million (€200 million). The company plans to use this investment to develop a Stellarator Model Coil (SMC) by 2027, which is a crucial step towards building a functional fusion power plant. Redalpine, a European venture capital firm, was also an early seed investor in Proxima Fusion, highlighting the growing interest in fusion energy.
The investment in Proxima Fusion reflects a broader trend of increasing financial backing for nuclear power, especially fusion technology. This renewed interest is driven by global targets to achieve net-zero carbon emissions and the escalating power demands from data centers. Supporters view nuclear fusion as a potentially limitless and safe energy source, free from the risks of meltdown and radioactive waste associated with traditional fission reactors.
While investment in fusion is global, with China notably spending an estimated $6.5 billion on
