Proxima Fusion Secures 130 Million Euros for Stellarator Breakthrough

Proxima Fusion, a German startup, has secured a record-breaking investment of 130 million euros, setting a new benchmark in Europe's nuclear fusion industry. The funding will be utilized to construct a powerful magnet named the "Stellarator Model Coil" by 2027, aiming for a critical technological breakthrough. The company plans to build its first commercial fusion power plant by the 2030s.

Proxima Fusion, headquartered in Munich, was founded two years ago and is an offshoot of the Max Planck Institute for Plasma Physics. The company has chosen a unique technological path, focusing on developing a fusion device called the "stellarator," which contrasts with the traditional "tokamak" approach. While both methods use giant magnets to suspend hydrogen plasma and induce nuclear fusion at extremely high temperatures, the stellarator's complex, twisted structure offers better plasma stability, making it more suitable for commercial power plants.

The tokamak technology, developed by Soviet scientists in the 1950s, remains the dominant approach in global fusion research. However, Proxima Fusion's stellarator design, though more challenging to build, offers advantages in plasma stability. The company aims to prove the commercial viability of the stellarator, potentially opening a new path for Europe in the fusion energy race.

Proxima Fusion's CEO, Francesco Sciortino, expressed confidence in the company's future. The newly raised funds will be used to build the "Stellarator Model Coil," a crucial magnet for achieving technological breakthroughs. Following this, the company plans to construct a demonstration plant by 2031, with an estimated cost of 1 billion euros, and hopes to secure partial funding from the European government. The ultimate goal is to complete the first commercial fusion power plant by the 2030s.

Despite the optimism, Sciortino acknowledged the significant uncertainties surrounding the commercialization of nuclear fusion. Currently, no fusion device worldwide has achieved net energy output, and some scientists believe commercialization may take several more decades. Daniel Waterhouse, a partner at Balderton Capital, expressed confidence in Proxima Fusion's exceptional team and their ability to solve design problems using simulation software, although he acknowledged the risks involved in this investment.