Proxima Fusion today announced a €411 million financing round, bringing the company's valuation to €2.4 billion and establishing Proxima as the best-funded fusion company in Europe.

The round was led by XTX Ventures and East X Ventures, with RWE and Google as strategic investors.

KfW Capital, SPRIND and Burda Principal Investments joined the round alongside returning investors including Plural, UVC Partners, Balderton, Cherry Ventures, DST Global Partners, Brevan Howard Macro Venture, Lightspeed, DTCF, redalpine, Leitmotif, Elaia, CDP Venture Capital, Bayern Kapital, and the EIC Fund.

Orrick advised Proxima Fusion.

THE COMPANY

Proxima Fusion is Europe's leading stellarator company and the first spin-out from the Max Planck Institute for Plasma Physics. The company is developing commercial fusion power plants based on the QI-HTS stellarator concept. With Alpha, Proxima is developing a net-energy fusion demonstrator targeted for the early 2030s, paving the way for Stellaris, the world's first commercial stellarator fusion power plant later that decade. Headquartered in Munich, with offices in Zurich and Oxford, Proxima employs around 200 people across engineering, science and operations.

THE IMPACT

One of the largest private investments in European technology this year - and the largest ever in European fusion - the round reflects growing recognition of fusion power as a strategic technology for energy security, economic resilience and industrial competitiveness.

The financing provides the backing needed to build Alpha, Proxima's net-energy stellarator demonstrator near Munich, Germany. Alpha is the critical bridge between decades of fusion research and commercial deployment. Led by Proxima in partnership with the state of Bavaria, the Max Planck Institute for Plasma Physics and RWE, the project will validate key technologies and accelerate the development of the world's first fusion power plant later that decade.

THE TEAM

The Orrick team is led by Sven Greulich and Johannes Rüberg, who have advised Proxima Fusion since its incorporation and throughout all financing rounds. The team further includes Harry Clark, Zaid Mansour, Lars Mesenbrink, Benedikt Migdal, Victoria Newbold, Christopher Sprado, Carsten Engelings, Marianna Urban, Sebastian Hummel, Mae Ji, Benedikt Kamann, Allison Bradham, Marius Molzahn and Kim Olivia Stolz.

LEARN MORE

• Proxima Fusion press release
• Read More Client Results