Proxima Fusion Sets Record with €130M Series A

Proxima Fusion, a German spin-out from the Max Planck Institute for Plasma Physics, has raised a record €130 million Series A round—the largest ever for a European fusion startup—bringing its total funding to over €185 million. The round was led by Cherry Ventures and Balderton Capital and will accelerate Proxima's development of stellarator-based fusion technology, with hardware targeted for completion by 2027, a demonstration plant by 2031, and a commercial facility in the 2030s. Proxima uses advanced engineering and simulation to improve plasma confinement stability, aiming to make Europe a leader in the global fusion energy race. The company cites its peer-reviewed reactor design and strong investor consortium as signs of fusion's transition from research to industrial-scale engineering. European governments are increasingly supporting fusion initiatives for energy independence and economic growth. Proxima plans to expand its teams in Munich, Switzerland, and the UK as it advances toward commercialization.