Proxima Fusion, a Munich-based fusion energy startup spun out of the Max Planck Institute for Plasma Physics, has raised $150 million in Series A funding—marking the largest private fusion round in European history. The round was co-led by Cherry Ventures and Balderton Capital, with participation from UVC Partners, DeepTech & Climate Fonds, Plural, Lightspeed and others. This brings Proxima’s total funding to over $200 million, positioning it as a key player in the global race to develop commercial fusion power. The company is pursuing a stellarator-based approach to fusion energy, which is known for its stability and long-term potential, and plans to launch Alpha, its demonstration reactor, by 2031.
The startup’s simulation-driven design process, combined with high-temperature superconducting (HTS) technology and strategic partnerships across Europe, has enabled it to move faster than expected. “Fusion energy is entering a new era—moving from lab-based science to industrial-scale engineering,” said Francesco Sciortino, CEO and Co-Founder. This Series A investment will help finalize the Stellarator Model Coil (SMC) by 2027 and support site selection for Alpha. With over 80 team members spread across Germany, Switzerland, and the UK, Proxima is transforming advanced research into hardware and creating momentum toward Europe’s first commercial fusion power plant within the next decade.
