Germany’s Focused Energy has raised $240m (€206m) in an investment round led by utility company RWE to support the construction of a laser fusion energy plant at the former Biblis nuclear power station in the region of Hesse, central Germany.

The company said this was the largest investment round to date for a fusion energy company and it comes as Germany advances its plans to create a fusion energy industry having closed its its last commercial, large-scale nuclear power plants in 2023.

In a statement, Focused Energy said that the new capital would almost entirely be spent on the Biblis site, which already has the necessary infrastructure, a grid connection and would benefit from RWE’s site expertise.

In addition to RWE, other investors included the German Federal Agency for Disruptive Innovation, the European Innovation Council Fund, US-based Prime Movers Lab and others from Europe, Asia and the Middle East.