Proxima Fusion has raised €130 million in a Series A funding round to accelerate the development of its stellarator-based fusion energy technology. The financing, announced by the company, consists of a new €100 million round co-led by Pluralis and UVC Partners, with participation from High-Tech Gründerfonds, Wilbe, and Visionaries Tomorrow. This amount includes a previously unannounced €30 million from pre-seed and seed rounds. The capital injection is intended to fund the design of Proxima's first-generation device, which will leverage high-temperature superconducting magnets and a quasi-isodynamic (QI) configuration. The company aims to construct a fusion power plant based on this technology within the 2030s. Source: Proxima Fusion

The company's technical approach is rooted in research from Germany's Wendelstein 7-X (W7-X) stellarator, a major experimental device at the Max Planck Institute for Plasma Physics (IPP) where Proxima's founders were previously involved. Unlike tokamaks, stellarators generate the required magnetic field geometry entirely through external coils, eliminating the large plasma current that can lead to disruptive instabilities. The QI stellarator concept, validated on W7-X, is designed to minimize neoclassical transport losses, a key challenge in traditional stellarator designs. This approach offers the potential for steady-state operation without the risk of current-driven disruptions, a significant advantage for a future power plant. Source: Proxima Fusion

The QI stellarator concept, validated on W7-X, is designed to minimize neoclassical transport losses, a key challenge in traditional stellarator designs.

Proxima's strategy involves integrating advanced computational design with high-temperature superconducting (HTS) magnets. The use of HTS magnets allows for stronger magnetic fields, which in turn enables a more compact and potentially more economically viable device compared to one using low-temperature superconductors. The company states its engineering-led approach aims to overcome the historical complexity of stellarator coil manufacturing. By combining the inherent stability of the stellarator concept with modern magnet technology, Proxima Fusion is positioning itself within a growing field of private ventures exploring alternatives to the mainline tokamak approach, a trend visible in the broader private fusion industry. Source: Proxima Fusion

The funding round is one of the largest for a European fusion startup, reflecting increased investor confidence in the sector. The financing includes public backing from the Bavarian government and the European Union's EIC Accelerator program. According to the company's announcement, this capital will be used to expand its team from 70 to over 120 employees and to finalize the integrated design of its first-generation QI stellarator. The next phase will focus on engineering validation and preparation for the construction of a device intended to demonstrate all core technologies required for a commercial fusion power plant. This significant capital raise will be tracked in the Fusion Funding Index. Source: Proxima Fusion