Proxima Fusion, a German mini-fusion startup, has raised €130 million (about $148 million) in a Series A funding round. The investment will support the company’s continued, rapid advancement of stellarator fusion technology. This funding round, led by Balderton Capital and Cherry Ventures, was the greatest milestone so far for Proxima Fusion.

Proxima Fusion’s mission is to create the world’s first commercially viable fusion power plant. The company’s approach is rooted in stellarator technology, a less widely studied alternative to the more familiar tokamak design.

Francesco Sciortino, CEO and co-founder of Proxima Fusion, is a physicist with decades of experience in fusion research. His previous U.S. research experience includes research positions in the U.K., Switzerland, and MIT in the U.S.

"We consider Proxima to be thoroughly European and not just German." - Sciortino

Proxima Fusion works alongside teams at Switzerland’s Paul Scherrer Institute. It collaborates with specialists at the Culham Centre for Fusion Energy in the U.K.

The company has thus far released blueprints for a commercial-scale, working fusion power plant in a leading, peer-reviewed scientific journal. Proxima Fusion design, Stellaris, was designed next to Germany’s Wendelstein 7-X, the world’s foremost stellarator experiment. Of notable interest, the company has a hardware critical design review slated for 2027—a key milestone in its development arc.

Balderton Capital, one of the other strong investors in this round, raised a handsome $1.3 billion fund in 2024. This allocation advances their Early Stage Fund IX and Growth Fund II. Cherry Ventures, another major investor, closed its new fund at $500 million in February 2024.

"I'm a fairly proud European, and always wanted to think that there is a future on this continent that somebody has to build." - Sciortino

As far as funding needs, Sciortino estimates that Proxima Fusion will need additional venture capital funding through 2031. Geopolitical focus In addition to more traditional energy hubs, he hopes to see the emergence of fusion giants in other geopolitical regions.

"Wait for the early 2030s and you will see fusion giants in each geopolitical block." - Sciortino

With this funding milestone, Proxima Fusion has done so in less than half the time it initially stated to investors. This rapid progress is a testament to the immense potential of its approach and the increasing enthusiasm in favor of developing fusion energy.

"Proxima represents an opportunity to decarbonize and provide a stable baseload for all the downstream energy needs the world has, and for Europe to play a global leadership role in driving the energy transition." - Ian Hogarth