The financing provides the backing needed to build Alpha, Proxima’s net-energy stellarator demonstrator near Munich, Germany. Alpha is the critical bridge between decades of fusion research and commercial deployment. Led by Proxima in partnership with the state of Bavaria, the Max Planck Institute for Plasma Physics and RWE, the project will validate key technologies and accelerate the development of the world's first fusion power plant later that decade.

With this financing, Proxima’s focus will be on completion of the Stellarator Model Coil, expansion of high-temperature superconducting (HTS) cable and magnet production, and continued development of the engineering and manufacturing systems required for stellarators. Proxima will be hiring across engineering, manufacturing and operations to accelerate progress.

Affordable, clean energy is the most important technological breakthrough innovation of the 21st century. Fusion energy offers us the prospect of generating it almost entirely using our own resources and without geopolitical dependencies, says Rafael Laguna, Director of SPRIND. The capital now being invested in Proxima and other German fusion startups credibly underscores the ambition of both the state and industry—not only to build the world's first fusion power plant in Germany but also to develop novel, cutting-edge technologies in areas such as magnets, lasers, and new materials.

The round was led by XTX Ventures and East X Ventures, with RWE and Google as strategic investors. KfW Capital, SPRIND and Burda Principal Investments joined the round alongside returning investors including Plural, UVC Partners, Balderton, Cherry Ventures, DST Global Partners, Brevan Howard Macro Venture, Lightspeed, DTCF, redalpine, Leitmotif, Elaia, CDP Venture Capital, Bayern Kapital, and the EIC Fund.

Just months after signing its Memorandum of Understanding with the Free State of Bavaria, RWE and the Max Planck Institute for Plasma Physics, Proxima completed this €411 million financing round. The round exceeded its target of matching Bavaria's commitment for €400 million public funding contribution to the company's roadmap, illustrating how targeted public investment can catalyse private capital at scale.

German energy company RWE became an investor to partner with Proxima on building the first stellarator fusion power plant on the site of a former nuclear fission power plant in Gundremmingen, Bavaria.