Proxima Fusion joins the club of well-funded nuclear contenders with €130M Series A

Proxima Fusion, a German nuclear fusion startup, has raised €130 million (about $148 million) in a Series A funding round led by Balderton Capital and Cherry Ventures. This brings its total funding to over €185 million ($200 million), positioning Proxima as a leading European contender in the race to develop commercial fusion energy. The company focuses on stellarator reactors, which use twisted magnetic fields to confine plasma more stably than the more common tokamak designs. Proxima’s Stellaris design, developed near Germany’s Wendelstein 7-X stellarator, represents a significant technical milestone that helped secure the oversubscribed funding round. CEO Francesco Sciortino emphasized that the new capital will enable Proxima to reach critical milestones, including a key hardware demonstration planned for 2027, with the goal of advancing toward commercial viability by around 2031. The funding round attracted primarily European investors, reflecting a broader ambition for Europe to play a leadership role in the global energy transition by developing clean, stable, and uranium-free fusion power. Proxima operates across multiple European countries, with headquarters in Munich and research teams in Switzerland and the UK, underscoring its pan-European identity and commitment to building a sustainable energy future on the continent.