Proxima Fusion
European fusion energy company developing commercial fusion power plants using quasi-isodynamic (QI) stellarators with high-temperature superconducting (HTS) magnets, spun out from the Max Planck Institute for Plasma Physics.
- CEO / Founder
- Dr. Francesco Sciortino
- Team Size
- 51-200
- Stage
- Growth Stage
- Total Funding
- $715.0M
- Latest Round
- Series A
- Key Investors
- XTX Ventures; East X Ventures; RWE; Google; KfW Capital; SPRIND; Burda Principal Investments; Plural; UVC Partners; Balderton; Cherry Ventures; DST Global Partners; Brevan Howard Macro Venture; Lightspeed; DTCF; redalpine; Leitmotif; Elaia; CDP Venture Capital; Bayern Kapital; EIC Fund; High-Tech Gründerfonds; Wilbe; Visionaries Club; Max Planck Foundation
Technology & Products
Key Products
Stellaris (commercial fusion power plant concept, ~1 GW, peer-reviewed 2025); Alpha (net-energy demonstration stellarator, targeted early 2030s); Stellarator Model Coil (SMC, HTS magnet demonstration, targeted 2027); StarFinder (cloud-based stellarator optimization and design framework)
Technological Advantage
Access to W7-X intellectual heritage via Max Planck IPP spin-out; proprietary StarFinder optimization framework; patent-pending liquid-metal breeding blanket technology; HTS magnet partnership with Paul Scherrer Institute; simulation-driven engineering combining ML, supercomputing, and rapid prototyping.
Differentiation
Value Proposition
QI-HTS stellarators offer continuous, stable operation with no risk of plasma disruptions (unlike tokamaks), and a proven heat exhaust concept (island divertor), enabled by AI-optimized design and HTS magnets for smaller power plants.
How They Differentiate
Proxima is pursuing QI-HTS stellarators (quasi-isodynamic + high-temperature superconducting), a configuration where toroidal currents cancel to zero, eliminating disruption risks inherent to tokamaks. Their design leverages the W7-X legacy, AI-driven optimization (StarFinder framework), and a vertically integrated strategy spanning HTS tape production, magnet manufacturing, and power plant design. The Stellaris concept is the first fully integrated, peer-reviewed stellarator power plant design.
Market & Competition
Target Customers
Utility companies, grid operators, governments seeking carbon-free baseload energy; strategic partners in energy infrastructure
Industry Verticals
Energy generation; Clean energy infrastructure
Competitors
Type One Energy (US, stellarator-based fusion); Commonwealth Fusion Systems (US, tokamak-based fusion); Helion Energy (US, field-reversed configuration fusion)
Growth & Milestones
Growth Metrics
Grew from 0 to ~200 employees in ~3 years (2023-2026); secured €650M+ total funding including €95M in public grants; valuation reached €2.4B by July 2026
Major Milestones
2023-04: Company founded as spin-out from Max Planck IPP; 2023-05: €7.5M pre-seed raised; 2024-04: €20M seed round; 2024-06: HTS magnet framework agreement with PSI; 2025-02: Stellaris fusion power plant concept published (peer-reviewed); 2025-06: €130M Series A; 2025-09: €15M Series A extension; 2026-03: MOU signed with Bavaria, RWE, and IPP for first commercial fusion plant; 2026-07: €411M financing round at €2.4B valuation with Google and RWE as strategic investors
Notable Customers
RWE (German energy company, partner for first commercial fusion power plant)