Proxima Fusion: Google joins 411-million-euro round for European nuclear fusion
Germany's Proxima Fusion raised 411 million euros with Google and RWE among investors, valuing it at 2.4 billion. It aims for a stellarator fusion demonstrator in the early 2030s.
The race for the energy of the Sun has a new European heavyweight. Germany’s Proxima Fusion has closed a 411-million-euro funding round — about 468 million dollars — with two eyebrow-raising names on board: Google, making its first bet on a European fusion company, and German utility RWE. The Munich firm is now valued at 2.4 billion euros, making it the best-funded fusion company in Europe.
What is a stellarator and why does it matter?
Proxima is betting on stellarator technology — a twisted magnetic chamber that confines plasma at temperatures hotter than the Sun’s core, an alternative to the tokamaks that dominate the field. The promised advantage is stability: a stellarator can, in theory, run continuously, without the abrupt disruptions that plague its rivals. The company aims to have a demonstrator running in the early 2030s and to build its first plant with RWE at Gundremmingen, Bavaria — on the site of a former nuclear fission plant, symbolism included.
The round was led by XTX Ventures and East X Ventures, with the money earmarked for scaling up production of high-temperature superconducting cables and magnets, the heart of the machine.
Where does Portugal fit in this race?
On the bench, for now — but not out of the game: Portuguese space and energy science has been growing, as the Lusíada constellation of Portuguese satellites shows, and a Europe with cheap clean energy in 2035 changes the maths for every economy, ours included. If fusion delivers half of what it promises, this round will be remembered as money well spent. Official details are on the Proxima Fusion website.
By Oliver Grant
Image: Max-Planck-Institut für Plasmaphysik, Tino Schulz / Wikimedia Commons (CC BY-SA 3.0)