Germany-based Proxima Fusion today announced a €411m ($468m) financing round, bringing the company’s valuation to €2.4bn and establishing it as the best-funded fusion company in Europe.
The round was led by venture capital firms XTX Ventures and East X Ventures, with German energy company RWE and US technology giant Google as strategic investors.
RWE becomes an investor just months after signing an agreement with Proxima to partner on building the first stellarator fusion power plant on the site of a former nuclear fission power plant in Gundremmingen, southern Bavaria.
Proxima said Google’s investment underscores continued interest in fusion as a potential source of abundant, carbon-free, firm energy over the long-term.
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