Company secures $150 million to build next-gen device that could reshape global energy industry: 'This is deep tech at its best'
Power Technology reported that Proxima Fusion has raised $150 million to develop its Stellarator Model Coil (SMC). Founded in 2023 as a spinout from the Max Planck Institute for Plasma Physics, the company plans to build a demonstration fusion device by 2031.
Investors include Cherry Ventures, Balderton Capital, and several other backers focused on deep-tech energy breakthroughs.
Unlike traditional nuclear power, fusion combines atoms rather than splitting them, offering the promise of clean, abundant energy without the long-lasting impact of radioactive waste or air pollution. However, no one has successfully made fusion work efficiently at scale yet.
Proxima is attempting to achieve this by using high-temperature superconducting (HTS) magnets and detailed simulations to unlock the potential of a stellarator design. This design is a complex system known for delivering steadier output with fewer engineering tradeoffs.
The company aims to validate the HTS magnet system by 2027 and is in talks with European governments to host its Alpha prototype. The news comes as clean energy startups race to deliver next-gen solutions such as wave and geothermal energy and, now, fusion, to complement solar and wind.
Fusion isn't ready for commercial use yet, but it could one day help stabilize the electricity supply and lower long-term energy costs. In the meantime, accessible options such as solar can help deliver savings now.
Installing solar panels can potentially reduce energy bills to near $0. EnergySage offers a free service that lets users compare vetted local installers and save up to $10,000 on solar installations.
With these options in place, the emergence of fusion can expand clean energy access and create a more reliable and affordable system for everyone.
"This is deep tech at its best, and a bold signal that Europe can lead on the world stage," Filip Dames of Cherry Ventures said.
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