Fusion Power Plants: Proxima Fusion Secures €411 Million in Series B Funding

Munich — HTGF port­fo­lio company Proxima Fusion has closed a funding round of 411 million euros, valuing the company at 2.4 billion euros and marking a mile­stone for our multi-stage VC plat­form. Led by XTX Ventures and East X Ventures, with RWE and Google as stra­te­gic inves­tors, the round makes Proxima the best-funded fusion company in Europe. 

The round is led by XTX Ventures and East X Ventures —with RWE and Google joining as stra­te­gic inves­tors. Google’s parti­ci­pa­tion as an inves­tor shows just how seriously Big Tech is taking this issue—the AI data centers of the future will need exactly this kind of elec­tri­city, around the clock and, ideally, CO₂-free.
Planck Power: Invest­ment in fusion has nearly quadru­pled in four years ($2.6 billion in 2025 alone), and Proxima is buil­ding on the Max Planck Institute’s Wendel­stein 7‑X (think: deca­des of cutting-edge German rese­arch as a head start)

The capi­tal is being inves­ted in Alpha, Proxima’s net-energy demons­tra­tor near Munich, which is being deve­lo­ped in colla­bo­ra­tion with the Free State of Bava­ria, the Max Planck Insti­tute for Plasma Physics, and RWE on the site of a former nuclear power plant in Gund­rem­min­gen. Alpha is inten­ded to vali­date key tech­no­lo­gies and pave the way for Stel­la­ris, the world’s first commer­cial stel­la­ra­tor fusion power plant. 

HTGF has been support­ing Proxima since its pre-seed phase in 2023; DTCF joined during the seed phase and played a key role in the Series A finan­cing round in 2025.

From Rese­arch to Indus­trial Implementation

Proxima Fusion is deve­lo­ping commer­cial fusion power plants based on its QI-HTS stel­la­ra­tor concept, buil­ding on the scien­ti­fic breakth­roughs of the Wendel­stein‑7‑X program. The funding will go toward Alpha, Proxima’s net-energy demons­tra­tor near Munich, deve­lo­ped in colla­bo­ra­tion with the Free State of Bava­ria, the Max Planck Insti­tute for Plasma Physics, and RWE. Alpha is inten­ded to vali­date key tech­no­lo­gies and pave the way for Stel­la­ris, the world’s first commer­cial stel­la­ra­tor fusion power plant. 

“This funding demons­tra­tes that Germany and Europe are capa­ble of mobi­li­zing inter­na­tio­nal capi­tal for stra­te­gic future tech­no­lo­gies,” says Dr. Fran­cesco Sciort­ino, co-foun­­der and CEO of Proxima Fusion. “The inter­na­tio­nal inves­tor commu­nity has sent a strong signal: it has confi­dence not only in Europe’s scien­ti­fic excel­lence, but also in our ability to build globally compe­ti­tive indus­trial compa­nies based on that excellence.” 

Romy Schnelle (photo), Mana­ging Direc­tor of the DTCF and HTGF: “When we funded Proxima in the pre-seed phase, fusion was still just a scien­ti­fic ambi­tion for most people. Just three years later, with 411 million euros in funding and inves­tors like RWE and Google, it has become an indus­trial reality. Reco­gni­zing this shift early on and having the courage to fund it—that is exactly what our multi-stage VC plat­form stands for.” 

Johan­nes Weber, Part­ner at HTGF: “We’ve supported Proxima since the very first round—not in spite of, but because of its ambi­tion. Ground­brea­king deep tech that can spark a new econo­mic mira­cle in Germany and Europe is exactly what gets us out of bed in the morning. Proxima has a real chance to create an enti­rely new indus­try and supply chain with far-reaching econo­mic impli­ca­ti­ons. We couldn’t be prou­der to be part of this journey.” 

https://www.htgf.de/