The Munich-based startup Proxima Fusion is pursuing the magnet-based fusion approach and is working on a reactor based on the Stellerator principle. In May of last year, the spin-off from the Max Planck Institute for Plasma Physics (IPP) was able to financing of seven million euros Now the young company is securing fresh capital again. The €20 million seed round is led by Redalpine, with participation from Bayern Kapital, the DeepTech & Climate Fund, and the Max Planck Foundation. Existing investors UVC Partners Plural, High-Tech Gründerfonds, Wilbe, and Visionaries Club are also participating in the round.
Construction of the first generation of fusion power plants
With the €20 million raised, Proxima Fusion aims to accelerate the construction of the first generation of fusion power plants. The Munich-based startup aims to enable a new era of scalable, emission-free energy. The technology is based on optimized quasi-isodynamic (QI) stellarators and high-temperature superconductors.
QI stellarators represent one of the most promising technologies for developing CO2-free energy. The fundamental scientific questions surrounding magnetic fusion have been intensively investigated for more than six decades. However, generating sustained and economically viable fusion energy has remained a challenge. Proxima Fusion builds on the results of the Wendelstein 7-X (W7-X) experiment, the world's largest stellarator at the Max Planck Institute for Plasma Physics.
Accelerate development & expand team
Francesco Sciortino, Co-founder and CEO of Proxima Fusion:
"In April 2023, we began technical optimization and the development of magnets made of high-temperature superconductors. We are now making tremendous progress in integrated design with our StarFinder automation system. The support from top-class investors confirms the high quality of the team and its groundbreaking impact."
In addition to accelerating development in hardware and software, Proxima Fusion will use the seed funding primarily to expand its team.
Benjamin Erhart, General Partner at UVC Partners:
"Proxima Fusion's strengths in automated design, AI-assisted engineering, high-temperature superconducting magnet technology, and the team's rapid growth and capabilities give us confidence in making fusion power a reality in power plant operations."
