Proxima Fusion Secures 411 Mln Euros To Advance Fusion Power

KUALA LUMPUR, July 7 (Bernama) -- Proxima Fusion has raised 411 million euros (US$468 million) in a financing round, valuing the company at 2.4 billion euros (US$2.7 billion) and making it Europe's best-funded fusion energy company. (US$1=RM4.08)

The financing round was led by XTX Ventures and East X Ventures, with German energy company RWE and Google participating as strategic investors.

According to Proxima Fusion, the funding will support the construction of Alpha, its net-energy stellarator demonstrator near Munich, Germany, and accelerate the development of technologies required for commercial fusion power plants.

Proxima Fusion co-founder and chief executive officer, Dr Francesco Sciortino said the investment demonstrates growing confidence in Europe's ability to develop globally competitive fusion technology companies.

“Investors recognise both the urgency and the opportunity of what we are doing and are backing us to develop a generational energy technology company,” he said in a statement.

The company said Alpha is being developed in partnership with the State of Bavaria, the Max Planck Institute for Plasma Physics and RWE to validate key technologies for future fusion power plants.

Proxima Fusion said the new funding will also support the completion of its Stellarator Model Coil, expansion of high-temperature superconducting cable and magnet production, and recruitment across engineering, manufacturing and operations.

-- BERNAMA