Google Backs Proxima Fusion in €411 Million Round for Europe’s First Commercial Fusion Plant
Updated
Updated · CNBC · Jul 7
Google Backs Proxima Fusion in €411 Million Round for Europe’s First Commercial Fusion Plant
2 articles · Updated · CNBC · Jul 7
Summary
Proxima Fusion raised €411 million ($468 million), with Google joining XTX Ventures, East X Ventures and RWE to fund its push for Europe’s first commercial fusion power plant.
The Germany-based startup said the round values it at $2.7 billion and will expand high-temperature superconducting cable and magnet production, plus engineering and manufacturing systems for its stellarator design.
Proxima aims to run a fusion demonstrator in the early 2030s and target a commercial plant later that decade, even as fusion remains commercially unproven and technically difficult.
Google’s backing extends its broader fusion bet: it also invests in Commonwealth Fusion Systems, signed a 2025 offtake deal with CFS, and has said fusion could be abundant and carbon-free but success is not guaranteed.
The funding makes Proxima Europe’s best-funded fusion startup, though U.S. rivals still lead on capital—CFS has raised $2.9 billion in total and Helion Energy $1.5 billion.
Google is backing two rival fusion designs. Which will be first to power the world's data centers?
As the US finalizes fusion rules, can Europe's startups still win the race to power the grid?
Billions are being invested in fusion energy. Is this a breakthrough or the world's most expensive science project?
Proxima Fusion Raises Record €411M to Lead Europe’s Stellarator Race: Strategic Alliances and the Path to Commercial Fusion Power
Overview
Proxima Fusion has secured a landmark €411 million funding round, the largest ever for a European fusion energy company, valuing it at €2.4 billion. This major investment, led by a consortium including Google, RWE, and top venture capital firms, highlights growing confidence in Proxima Fusion’s innovative stellarator technology and its promise for clean, abundant energy. The new funds will accelerate the development of their advanced fusion devices, boost research and development, and help attract top engineering and scientific talent, positioning Proxima Fusion as a key player in Europe’s push for leadership in the global fusion energy race.