Proxima Fusion Secures €130M as Europe’s Boldest Bet on Stellarator Tech
In a landmark moment for European deep-tech, Munich-based startup Proxima Fusion has raised a record-setting €130 million in Series A funding — the largest private investment in fusion energy on the continent to date.
The company, born out of the prestigious Max Planck Institute for Plasma Physics, is reviving a long-overlooked fusion approach with game-changing ambitions.
Europe’s Rising Star in Fusion
Two years after emerging from stealth, Proxima has positioned itself as a serious contender in the global fusion race. Investors include heavyweights like Balderton Capital, Cherry Ventures, and Plural, all betting on Proxima’s unique approach to magnetic confinement fusion using stellarator machines — a twist, quite literally, on the more mainstream tokamak design.
“Proxima is now clearly Europe’s top contender in the fusion space,” said Daniel Waterhouse, partner at Balderton. “The scale of ambition and clarity of execution set it apart.”
Why Stellarators Matter
Unlike tokamaks, which use symmetrical magnetic fields, stellarators use complex, twisted magnetic coils to hold plasma in place. Though harder to build, they offer notable advantages: continuous operation, less input power, and more stable plasma behavior — all crucial for real-world power generation.
“Stellarators are the only known path to continuous operation,” said Francesco Sciortino, Proxima’s CEO and co-founder. “They’re harder to design, but easier to operate at scale.”
AI Turns Complexity Into Advantage
First theorized in the 1950s, stellarators were largely abandoned due to engineering complexity. But Proxima is leveraging AI-powered simulations and modern computing to overcome design hurdles that once seemed insurmountable.
“The company’s power plant concept has been peer-reviewed,” noted Ian Hogarth, partner at Plural. “It’s a serious statement that fusion is not just viable — it’s commercially realistic.”
Fusion’s Global Renaissance
Proxima isn’t alone. In the U.S., Bill Gates-backed Type One Energy is pursuing similar stellarator designs, with plans to power its first reactor in the 2030s. Other players like Helion Energy and Commonwealth Fusion have already crossed the $1 billion mark in funding.
Still, Proxima’s roadmap is aggressive. Its first demonstrator, Alpha, is due within six years, and the company aims to launch a full-scale 1GW fusion reactor — dubbed Stellaris — by the 2030s.
Geopolitics and Energy Sovereignty
Beyond the technical race, fusion carries geopolitical weight. Europe’s dependence on fossil fuel imports has left it vulnerable, especially in light of conflicts and energy shocks in recent years.
Fusion offers the prospect of clean, homegrown energy that’s both scalable and stable.
A 2024 survey from the Fusion Industry Association found that over 70% of experts expect grid-ready fusion reactors by 2035 — optimism that Proxima hopes to turn into reality.
Europe Must Act — Or Miss Its Moment
Despite this funding milestone, Sciortino remains concerned. While U.S. startups continue to attract massive private capital, Europe risks falling behind without strong public support.
“This is a defining moment,” Sciortino warned. “Europe must not waste it. If we want energy sovereignty, we must invest now — or be left watching others lead the way.”
Looking Ahead
As the fusion startup landscape heats up globally, Proxima Fusion’s bold trajectory sets a new tone for European innovation. With Alpha on the horizon and Stellaris in sight, the company could prove that fusion power isn’t a far-off dream — but a near-future breakthrough.
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