Latest news with #Proxima
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First Post
3 days ago
- Business
- First Post
Contrary to expert opinion, is Trump winning tariff war? US collects $47 bn extra customs levies
International brands are spreading the cost increases globally to soften the blow in the American market, which means that Trump's tariffs are hitting consumers worldwide read more US President Donald Trump appears on a television screen at the stock market in Frankfurt, as he announces tariffs on April 2. The reciprocal tariffs on countries come into effect today (April 9). AP US President Donald Trump was nicknamed TACO or 'Trump always chickens out' for his inconsistent policies and frequent U-turns on tariffs. However, it turns out that he actually managed to raise nearly $50bn in additional customs revenues at little cost. It happened as most of the USA's trading partners refrained from hitting back at the world's largest economy. Four months after President Trump kicked off his trade war, only China and Canada have pushed back against Washington's steep tariffs: a minimum 10 per cent on global imports, 50 per cent on steel and aluminium, and 25 per cent on cars. STORY CONTINUES BELOW THIS AD Meanwhile, US customs revenue soared to a record $64 billion in the second quarter, a $47 billion jump from the same period last year, according to US Treasury data released Friday (July 11). China's tariff retaliation falls flat China's retaliatory tariffs on US goods have been the most significant, but they've had limited impact, with customs income rising just 1.9 per cent in May 2025 compared to the previous year. Canada's response has been minimal, and with their second-quarter customs data still pending, the global tariffs on US exports remain a tiny fraction of America's revenue haul. Are US consumers paying this additional duty? Supply chain experts point out that Trump's tariffs aren't hitting US consumers alone. International brands are spreading the cost increases globally to soften the blow in the American market. Simon Geale, executive vice-president at Proxima, a Bain & Company-owned supply chain consultancy, was quoted as saying by Financial Times that major companies like Apple, Adidas, and Mercedes are strategising to absorb some costs. 'Global brands can try and swallow some of the tariff cost through smart sourcing and cost-savings but the majority will have to be distributed across other markets, because US consumers might swallow a 5 per cent increase, but not 20 or even 40,' Geale said. Despite US tariffs reaching levels not seen since the 1930s, the global response has been cautious, avoiding a tit-for-tat spiral that crippled trade between the world wars, reported the FT. Economists attribute this restraint to America's dominance as the world's largest consumer market and Trump's threats to double down on tariffs against defiant nations. STORY CONTINUES BELOW THIS AD Other countries chose pragmatism over ego For most countries, holding back isn't cowardice—it's pragmatic. Capital Economics modeling shows a high-escalation trade war with 24 per cent reciprocal tariffs could slash global GDP by 1.3 per cent over two years, compared to just 0.3 per cent if tariffs stay at 10 per cent. 'Unlike the 1930s when countries had more balanced trading relationships, today's world features a hub-and-spoke system with the US at the centre,' said Marta Bengoa, professor of international economics at City University of New York. 'That makes retaliation economically less desirable for most countries, even when it might be politically satisfying.' Alexander Klein, professor of economic history at Sussex University, added that short-term concerns—like avoiding tariff exposure and curbing inflation—are driving negotiations with Trump, giving the White House the upper hand. 'I'd like to think leaders were learning the lessons of history, but I fear that's optimistic. More likely, the EU, Canada and many other governments fear the hit to global supply linkages and inflation from escalation,' he said. 'Trump cares less about that, so is taking advantage.' STORY CONTINUES BELOW THIS AD
Yahoo
08-07-2025
- Entertainment
- Yahoo
Karlovy Vary to Tribute Stellan Skarsgård, Vicky Krieps, Dakota Johnson, and Peter Sarsgaard
The 59th Karlovy Vary International Film Festival (July 4-12) boasts not one but two competitions, the Crystal Globe and Proxima, curated by artistic director Karel Och under the supervision of executive director Kryštof Mucha. The festival is the main summer event in the country, which attracts many sponsors and patrons who want to attend, and faces fewer financial hardships than such festivals as Berlin, Toronto, and Sundance. Last year, 130 films were shown and 140,000 tickets sold. There is little room for growth, given the limited venues, from the many screening rooms at the festival hub, the Hotel Thermal, where jurors hang out between screenings, to the colorful arthouse Kino Drahomira, named after a revered Czech woman director. More from IndieWire 'Relay' Trailer: Riz Ahmed Is an Anonymous Fixer in David Mackenzie's Acclaimed Action-Thriller Indie Beyond 'Erotic Vagrancy': TCM Reframes Legacy of 'Cleopatra,' Elizabeth Taylor, and the Director Who Went Down with the Sphinx The Central European festival falls between Cannes and Venice, and programs many films in its Crystal Globe Competition that did not make the cut at Cannes, as well as films that weren't yet finished. Winning a top prize at KVIFF also adds luster to a film's release trajectory. And visiting celebrities enjoy their time at the festival, from gala dinners at the Hotel Pupp and Hotel Promenada, to after-hours hanging at the basement Becher's Bar at the Pupp, which inspired Wes Anderson's 'The Grand Budapest Hotel.' This year's festival tributes are Stellan Skarsgård, recipient of a Crystal Globe award for Outstanding Artistic Contribution to World Cinema, and Vicky Krieps, Dakota Johnson, and Peter Sarsgaard, who will each accept KVIFF President's Awards. Stellan Skarsgård will personally present the Cannes Grand Prix winner 'Sentimental Value' (Mubi), the sixth film directed by Joachim Trier, which earned raves and is expected to compete for multiple Oscars. Skarsgård was a guest of the festival in 2002, when he presented director István Szabó's film 'Taking Sides.' During his long career, Skarsgård has displayed a range rare among actors, alternating between Hollywood blockbusters and arthouse fare: his name helps indie films to get made. He made his international breakthrough as the lead in Lars von Trier's 'Breaking the Waves' (1996), which won the Grand Prix at the Cannes Film Festival. He also starred in the director's 'Dancer in the Dark' (2000), 'Dogville' (2003), 'Melancholia '(2011), both parts of 'Nymphomaniac' (2013), and the television series 'The Kingdom.' Along with recent roles in 'Mamma Mia!' and its sequel and in the MCU, Skarsgård scored an Emmy nomination for his role in HBO's miniseries 'Chernobyl' (2019) and played memorable villain Baron Harkonnen in Denis Villeneuve's two-part 'Dune' saga. He's also been acclaimed for his role on TV's 'Andor.' At the opening ceremony, the KVIFF President's Award will be presented to Luxembourg-born Vicky Krieps, winner of a European Film Award for Best Actress for the biopic 'Corsage,' a performance for which she also won Best Actress in Cannes' Un Certain Regard. She broke out internationally in 2017, when she appeared opposite Daniel Day-Lewis in Paul Thomas Anderson's 'Phantom Thread.' She appeared at Karlovy Vary last year in Viggo Mortensen's western 'The Dead Don't Hurt' (2023). This year's Un Certain Regard titles at the Cannes Film Festival included 'Love Me Tender' (2025; dir. Anna Cazenave Cambet), which will also screen at Karlovy Vary. Later this year, she is set to appear alongside Cate Blanchett and Adam Driver in Jim Jarmusch's Venice entry 'Father, Mother, Sister, Brother.' American actress Dakota Johnson will also receive the KVIFF President's Award and present her two latest films, Celine Song's 'Materialists' and Michael Covino's Cannes selection 'Splitsville.' Peter Sarsgaard recently starred in director Tim Fehlbaum's 'September 5,' which was nominated for Best Motion Picture Drama at the 2025 Golden Globes. Sarsgaard also won the Volpi Cup at Venice 2023 for Michel Franco's 'Memory,' opposite Jessica Chastain. He also starred as Tommy Molto in the 2024 series 'Presumed Innocent' (Apple TV+) opposite Jake Gyllenhaal, Renate Reinsve and Ruth Negga. In 2021, he starred in the Oscar-nominated 'The Lost Daughter,' written and directed by his wife Maggie Gyllenhaal, based on the novel of the same title by Elena Ferrante. The film garnered Oscar Nominations for both Olivia Colman and Jessie Buckley as well as a nomination for Best Original Screenplay. Sarsgaard recently wrapped production on Warner Bros.' 'The Bride!,' which is set to release later this year. Directed by his wife, Maggie Gyllenhaal, the film takes place in 1930s Chicago and puts a spin on the classic Frankenstein story. Peter will star opposite Christian Bale and Jessie Buckley. In early June, the Karlovy Vary International Film Festival announced 11 films that will be vying for the main prize in the festival's Crystal Globe Competition. The 12th film, Iran's independently produced 'Bidad,' remained secret to protect the safety of the film's delegation. At Karlovy Vary, director Soheil Beiraghi will present the world premiere of his story of the young singer Seti, who refuses to accept the fact that women in Iran are not allowed to perform in public. Per the festival, 'In defiance of her country's religious laws, she decides to sing in the street. Her performances quickly gain in popularity, and Seti becomes a star for a young generation that no longer wants to be oppressed by the regime.' As authorities investigated Beiraghi during filming, it was necessary to withhold announcement of the film's inclusion in the festival's program until he and his crew members could safely travel out of Iran. More on Karlovy Vary's 2025 lineup here. Best of IndieWire Guillermo del Toro's Favorite Movies: 56 Films the Director Wants You to See 'Song of the South': 14 Things to Know About Disney's Most Controversial Movie Nicolas Winding Refn's Favorite Films: 37 Movies the Director Wants You to See
Forbes
23-06-2025
- Business
- Forbes
Why CEOs Should Make AI Their New Leadership Coach
President Donald Trump's tariff policy has sent nearly every company that produces goods scrambling. The race is on to shift sourcing and streamline supply chains in a way that reduces both potential costs and risks. Proxima, part of Bain & Company, recently compiled its detailed Global Sourcing Risk Index which ranks countries according to their risks as sources for goods and manufacturing. The report was developed in partnership with Oxford Economics. This index, unlike many of the quick deliberations conducted in the past months, is not all about the presumed amount of President Trump's so-called reciprocal tariffs. Proxima took a much wider view of all risks, including many of those that countries may have faced in the pre-Trump trade-friendly period. They examined geopolitical conflict, climate exposure, compliance and governance, human rights, trade barriers, labor and input price volatility and supplier concentration—all factors that might matter more in the next decade than the numbers displayed on the chart Trump showed at his 'Liberation Day' press conference announcing the new tariffs. While the tariffs-first analysis of supply chain risk tends to put China at the top, Proxima's analysis doesn't even put it in the top five. The largest supply chain risk comes from Mexico, the study found, mainly because of compliance and governance risks, the country's economic reliance on a small number of foreign partners, and risks associated with geopolitical conflict and climate exposure. The other countries in the top five include Turkey, Russia, India and the Philippines. Mexico, the largest trading partner for the U.S., is seen as particularly risky due to its role as a pass-through for Chinese goods into the U.S., and also because of its heavy reliance on the U.S. market. Its geographic location makes it vulnerable to climate change impacts—though the country has shown remarkable resilience here. Rapid increases in Mexico's manufacturing economy, the report says, have also strained the country's infrastructure and energy grid. However, Mexico isn't the only country finding itself at a surprisingly high position on the risk index. The U.S. ranks 13th, which gives it a greater risk profile than Brazil, Malaysia and South Africa. This positioning on the list largely comes from the labor costs here, as well as the nation's involvement in geopolitical conflict and exposure to risks from climate change. AI can do many things in business, but its potential to help enhance your leadership skills is often overlooked. I talked to Jacqueline Carter, a senior partner and North America director at global leadership development firm Potential Project, about how AI can help you out in that area. An excerpt from our conversation appears later in this newsletter. This is the published version of Forbes' CEO newsletter, which offers the latest news for today's and tomorrow's business leaders and decision makers. Click here to get it delivered to your inbox every week. ECONOMIC INDICATORS A general view of the Port of Kharg Island Oil Terminal, off the Iranian coast in the Persian Gulf and northwest of the Strait of Hormuz. Fatemeh Bahrami/President Trump's Saturday night announcement that the U.S. inserted itself into the current Middle East conflict by bombing three Iranian nuclear sites didn't seem to shake markets in Monday morning trading, as investors stayed in wait-and-see mode. In fact, the Nasdaq, the Dow Jones Industrial Average and the S&P 500 were all up less than a percentage point on Monday morning. However, Goldman Sachs warned, oil prices may rise up to 30% and hit multiyear highs if Iran decides to close the Strait of Hormuz—a vital global shipping lane—in retaliation for the U.S. attacks. At the conclusion of last week's meeting of the Federal Reserve's Open Market Committee, Chairman Jerome Powell said the looming uncertainty from Trump's tariffs led them to hold baseline interest rates at the 4.25% to 4.5% they've been at since December. This decision was widely anticipated, though Trump continued to bash Powell as a 'stupid person' for not cutting rates. And while Federal Reserve staff downgraded its economic projections—increasing projected unemployment in December to 4.5%, inflation moving up to 3.1%, and decreasing GDP growth to 1.4%—it maintained its projection of two quarter-point rate cuts this year. Consumers are feeling the economic malaise. Retail spending dropped for a second straight month in May, down 0.9% month-over-month, according to Census Bureau figures. Analysts say part of this decline may be due to purchases surging at the beginning of the year as consumers feared the impact of impending tariffs. However, some of it—including a 0.9% decrease in spending at bars and restaurants—likely indicates that consumers are being more cautious. Forbes senior contributor Erik Sherman writes other measures of consumer behavior show attitudes and outlooks are retrenching, with historically high use of credit cards and other forms of revolving credit. FROM THE HEADLINES A prototype of the Tesla Cybercab stands in a showroom in the Mall of Berlin. Hannes P Albert/picture alliance via Getty Images To the surprise of very few observers of the robotaxi industry—if any—Tesla did not launch its self-driving vehicles in Austin, Texas, over the weekend as anticipated, writes Forbes senior contributor Brad Templeton. What the company did launch was a limited ride service that features a 'safety driver' in the passenger seat, available to take the controls if something goes awry. Tesla's service also has limited hours—6 a.m. to midnight—a restricted service area that avoids downtown Austin and complex intersections and streets, and no service in inclement weather. Templeton writes that the removal of a 'safety driver' is the biggest milestone in robotaxi development. The slower-than-projected rollout puts Tesla at a disadvantage in the robotaxi race—which currently appears to be led by Waymo. But Forbes' Alan Ohnsman writes Amazon's Zoox is the market entrant to watch. Zoox has a custom-designed van-line vehicle loaded with sensors and cameras. It has no steering wheel, pedals or external mirrors, and is designed as a bidirectional vehicle with an identical front and rear. It's electric, with transit-like sliding doors, and will be able to operate for up to 16 hours per day on a single charge. Ohnsman toured Zoox's California factory, where the Amazon subsidiary is producing vehicles, to launch its ride service late this year in Las Vegas. Pilot programs in San Francisco, Austin, Miami, Los Angeles and Atlanta are also planned. BIG DEALS The Los Angeles Lakers celebrate after LeBron James's buzzer-beating tip-in beat the Indiana Pacers at a game in pending major transactions dominated sports talk last week. (Well, until the Oklahoma City Thunder won the team's first-ever NBA championship late Sunday night.) On Wednesday, several sources reported that the Los Angeles Lakers would be sold to Mark Walter, the billionaire owner of the Los Angeles Dodgers, for a record valuation of $10 billion. The team is currently owned by the Buss family, which ESPN reports will maintain a 15% share for an unspecified period of time. Walter, who bought the Dodgers in 2012, has owned a share in the Lakers since 2021. Walter, CEO of Guggenheim Partners, has invested heavily in the Dodgers since buying the team, and it's paid off through two World Series titles. Forbes senior contributor David Bloom writes that the sale—which shatters the record NBA franchise price of $6.1 billion, set by last year's purchase of the Boston Celtics by Bill Chisholm—shows the trend of deep-pocketed private equity moving into professional sports ownership, previously dominated by family owners. Bloom writes that the kind of investment someone like Walter can bring could help the NBA powerhouse team remain at the top of the rankings and continue attracting big-name stars both to play for the Lakers and root for them. In Major League Baseball, homebuilding billionaire Patrick Zalupski is leading a group of investors exclusively negotiating to buy the Tampa Bay Rays for $1.7 billion, writes Forbes' Thomas Gallagher. Zalupksi, founder and CEO of publicly traded Dream Finder Homes, says his business has been profitable every year since its founding in 2008. The other investors negotiating to purchase the Rays include Union Home Mortgage CEO Bill Cosgrove and Fast Forward Sports Group founder Ken Babby. TOMORROW'S TRENDS How To Make AI Your New Leadership Coach Potential Project Senior Partner and North America Director Jacqueline Carter. Foto: Søren Svendsen Business leaders are embracing AI tools to help them be more efficient, perform detailed analysis of financials, engage with customers and do research. But what about as a leadership tool? Jacqueline Carter, a senior partner and North America director at global leadership development firm Potential Project, says many are missing this highly effective use of AI tools. She recently co-wrote a book on the topic, 'More Human, How the Power of AI Can Transform the Way You Lead.' I spoke with Carter about how to make AI your new leadership coach. This conversation has been edited for length, clarity and continuity. How can AI be used to help with leadership effectively? Carter: It can save us time. As a leader, time is one of the most valuable commodities. I can more quickly draft an email. It can take notes for me at a meeting so that I don't have to worry about being able to remember what the priorities were. A lot of organizations right now are looking at implementing systems that do what AI does best, which is collect data, collect information and consolidate. That can be really amazing for leaders to be able to step out of management activities and lean more into leadership. The big question is, what are you going to do with that time saved? What we're concerned about is, 'It helped me write this email faster. I'm going to just write more emails.' There's a real opportunity to use that time to be able to have more human connections, and be more present with your people. AI can help with that, too. For a performance review, there's some amazing AI tools. You can say, 'Here's some of the things that I know about [an employee]. Here's what I need to talk to her about. What would be a good way to approach this conversation, because I think it's going to be a little bit challenging.' AI can consolidate that information. But the key thing is to be able to make sure that I'm really focusing on you and having that really personalized experience using the technology, and leveraging it to be able to be more human. We've also seen amazing tools that can identify sentiment analysis, help a leader to be able to understand: I sent out a message about a major communication last week. What's the sentiment in the organization? That's data that we would never be able to have. That's what AI does well, and it can be gold for leaders. The final thing that we see is that it can be a great coach. A lot of leaders that we work with are creating their own AI avatars where they share a lot of personal information about themselves. But then they can have a coach in the pocket. It can be like, 'I'm about to have a conversation with [an employee]. Based on what you know about me, what do you think could be some of the blind spots?' From your perspective, what would the ideal AI-augmented leadership look like? There's three core qualities of effective leadership. The first one is awareness: being aware of what's going on inside and outside. Wisdom: the ability to be able to make good decisions and discern. And finally, the ability to bring compassion to the table: Being able to do hard things, but do them in a human way. There [are] key ways that we can enhance our awareness, our wisdom, our compassion. From an awareness perspective, we know that human beings are amazing at context. Who am I talking to? Why is this important? Do I care? Should I care? Am I tired? Should I not have this conversation if I haven't had enough sleep? This is context. AI is amazing at content. That's a real way to be able to move from my limited awareness to be able to leverage AI, which has amazing content to be able to help me in terms of enhancing my awareness. Content would be, 'Hey, that email that you sent out last week about the organizational change, people don't like it.' That's adding to my awareness. On the wisdom side, human beings are amazing at being curious and asking questions. AI is amazing at giving answers. That interplay, and then questioning the answers is a great way to play with the tool. It actually enhances our ability to make good decisions. If you ask questions like, 'What am I not thinking?' or 'What's a really bad way to go about what I'm about to do?', this is a way to expand our wisdom. On the compassion side, because AI systems are designed to embed human empathy, human intelligence and models of good leadership, we can use those algorithms to be able to bring our human heart to the table. I want to be able to support my team in feeling more connected. Use those algorithms. Those algorithms can really help you to be able to enhance it. The augmented leader of the future—which is really now—is a both/and leader. They look at ways to be able to leverage the technology to be able to support their awareness, wisdom, compassion, and they also double down on being more aware, wise, compassionate. Where would you tell a business leader who has been thinking of using AI to enhance leadership to start? There's two important places to start. We believe that in the age of AI, we need to make sure that we're developing the best of our human capabilities and human qualities. As AI gets more and more advanced, we need to make sure that equally we're being the best versions of ourselves. The starting point should always be your own humility, your own awareness of your limitations, your own ability to be able to set your vision? What kind of a leader do I want to be? Those are kind of the foundational questions that then will enable you to use the tools better. The starting point is around you and your own ability to be able to really know yourself well and [figure out] what are your opportunities? Then start playing around. Start experimenting with the tools, because the tools are fun to play with. Make it an adventure. And really challenge yourself to be creative about how you start to leverage the tools. If you're asking questions and it's giving answers that you think are not very helpful, there's two things that I would say to that. The first is that the AI that you're using today is already the worst AI that you'll ever use. A lot of times when we don't get good answers, it's because we're not asking good questions. If you're asking a simple question—draft an email for me—and you're not providing context [or] saying what you want, the outcomes, how do I want [the recipient] to feel, you are not providing enough context to be able to then get good content. If you get a bad answer, challenge yourself to be able to provide more context, ask better questions, bring more heart to the table. COMINGS + GOINGS Food production giant Hormel Foods will tap Jeffrey Ettinger as its interim chief executive officer, effective July 14. Ettinger worked in the same role from 2005 to 2016, and is currently board chair for the Hormel Foundation. He was selected for a 15-month appointment after a search to replace retiring CEO James Snee. will tap as its interim chief executive officer, effective July 14. Ettinger worked in the same role from 2005 to 2016, and is currently board chair for the Hormel Foundation. He was selected for a 15-month appointment after a search to replace retiring CEO James Snee. Luxury group Kering appointed Luca de Meo as chief executive officer, effective September 15. De Meo joins the company from Renault, and current CEO and son of the founder François-Henri Pinault will continue in his board chair role. appointed as chief executive officer, effective September 15. De Meo joins the company from Renault, and current CEO and son of the founder François-Henri Pinault will continue in his board chair role. Children's entertainment company Spin Master selected Christina Miller as its next chief executive officer, effective July 7. Miller has served on the firm's board for the last five years, and she will succeed Max Rangel. Send us C-suite transition news at forbescsuite@ STRATEGIES + ADVICE The Trump Administration is ramping up its crackdown on immigrants who are in the U.S. illegally or are no longer authorized to work. Here's what employers should know to prepare for potential impacts on your employees and company. Part of what's making work feel burdensome could be carrying the weight of problems that are actually keeping you from advancing. Here are five ways to get beyond doing things the way you've always done them and move toward improving your business. QUIZ The U.S. had the highest number of new millionaires in the world last year, according to the UBS Global Wealth Report 2025. How many Americans earned millionaire status for the first time in an average day? A. 100 B. 500 C. 1,000 D. 1,500 See if you got it right here.
Korea Herald
20-06-2025
- Business
- Korea Herald
Faraday Factory Japan signed an agreement to deliver superconductor tape for the demo stellarator magnet of Proxima Fusion
Proxima Fusion's first-of-a-kind power plant Stellaris will use high temperature superconductor magnets to confine the burning plasma TOKYO, June 20, 2025 /PRNewswire/ -- Proxima Fusion and Faraday Factory Japan have signed a contract for the supply of high temperature superconducting (HTS) tape. This delivery will help the leading European stellarator developer Proxima Fusion to achieve its next milestone – a superconducting demo magnet. Stellarators are fusion machines which contain hot, ionized matter (plasma) within a magnetic field of remarkable strength and sophisticated geometry. Significant progress including the highest plasma triple product sustained for tens of seconds was attained recently with the W7-X stellarator, which is built and operated by the Max Planck Institute of Plasma Physics (IPP) in Germany. Proxima Fusion, originally spun out from the IPP, is building on the record-breaking expertise of W7-X, combining it with advances in stellarator optimization, computational design and state-of-the-art HTS magnet technology. After completing delivering its demo magnet in 2027, Proxima will focus on the delivery of Alpha in 2031, Proxima's net-energy demo stellarator, followed by the first-of-a-kind commercial fusion power plant Stellaris in the 2030s. Timely supply of high-quality HTS tape is essential to keep fusion on fast track. While it takes thousands of kilometers of superconducting tape to build a typical energy-positive fusion prototype, scaling up the fusion industry to commercial power will require millions of kilometers. Since 2020, Faraday Factory has ramped up production by 10 times. The new HTS tape delivery contract is an important milestone, further strengthening the HTS supply chain for the nascent but transformative fusion industry.
Business Wire
11-06-2025
- Business
- Business Wire
Proxima Fusion Raises €130M Series A to Build World's First Stellarator-Based Fusion Power Plant in the 2030S
MUNICH--(BUSINESS WIRE)-- Proxima Fusion, Europe's fastest-growing fusion energy company, today announced the close of its €130 million ($150 million) Series A financing — the largest private fusion investment round in Europe. The Series A financing was co-led by Cherry Ventures and Balderton Capital. Significant participation also came from UVC Partners, DeepTech & Climate Fonds (DTCF), Plural, Leitmotif, Lightspeed, Bayern Kapital, HTGF, Club degli Investitori, Omnes Capital, Elaia Partners, Visionaries Tomorrow, Wilbe and redalpine, the latter of which led Proxima Fusion's seed round just one year ago. This brings Proxima Fusion's total funding to more than €185 million ($200 million) in private and public capital, accelerating its mission to build the world's first commercial fusion power plant based on a stellarator design. Francesco Sciortino, CEO and Co-founder of Proxima Fusion, said: "Fusion has become a real, strategic opportunity to shift global energy dependence from natural resources to technological leadership. Proxima is perfectly positioned to harness that momentum by uniting a spectacular engineering and manufacturing team with world-leading research institutions, accelerating the path toward bringing the first European fusion power plant online in the next decade." Shifting global energy dependence Proxima was founded in April 2023 as a spin-out from the Max Planck Institute for Plasma Physics (IPP), with which it continues to work closely in a public-private partnership to lead Europe into a new era of clean energy. The EU, as well as national governments including Germany, UK, France and Italy, increasingly recognize fusion as a generational technology essential for energy sovereignty, industrial competitiveness, and carbon-neutral economic growth. By building on Europe's long-standing public fusion investment and industrial supply chains, Proxima Fusion is laying the groundwork for a new high-tech energy industry—one that transforms the continent from a leader in fusion research to a global powerhouse in fusion deployment. 'We back founders solving humanity's hardest problems — and few are bigger than clean, limitless energy," said Filip Dames, Cherry Ventures Founding Partner."Proxima Fusion combines Europe's scientific edge with commercial ambition, turning world-class research into one of the most promising fusion ventures globally. This is deep tech at its best, and a bold signal that Europe can lead on the world stage.' Proxima is taking a simulation-driven approach to engineering that leverages advanced computing and high-temperature superconducting (HTS) technology to build on the groundbreaking results of the IPP's Wendelstein 7-X stellarator experiment. Just earlier this year, together with the IPP, KIT and other partners, Proxima unveiled Stellaris. As the first peer-reviewed stellarator concept to integrate physics, engineering, and maintenance considerations from the outset, Stellaris has been widely recognized as a major breakthrough for the fusion industry, advancing the case for quasi-isodynamic (QI) stellarators as the most promising pathway to a commercial fusion power plant. Daniel Waterhouse, Partner at Balderton Capital, said:"Stellarators aren't just the most technologically viable approach to fusion energy—they're the power plants of the future, capable of leading Europe into a new era of clean energy. Proxima has firmly secured its position as the leading European contender in the global race to commercial fusion. We are thrilled to partner with Proxima's game-changing team of engineers, alongside Europe's top manufacturers, to build a company that will be transformational for Europe." With this new funding, the company will complete its Stellarator Model Coil (SMC) in 2027, a major hardware demonstration that will de-risk high-temperature superconductor (HTS) technology for stellarators and stimulate European HTS innovation. Proxima will also finalize a site for Alpha, its demonstration stellarator, for which it is in talks with several European governments already. Alpha is scheduled to begin operations in 2031, and is the key step to demonstrating Q>1 (net energy gain) and moving towards a first-of-a-kind fusion power plant. The company will continue to grow its 80+-strong team across three offices: at the headquarters in Munich, at the Paul Scherrer Institute near Zurich (Switzerland), and at the Culham fusion campus near Oxford (UK). ' Fusion energy is entering a new era—moving from lab-based science to industrial-scale engineering, ' said Dr. Francesco Sciortino. 'This investment validates our approach and gives us the resources to deliver hardware that is essential to make clean fusion power a reality.' Ian Hogarth, Partner at Plural said: 'Proxima Fusion exemplifies a new kind of European ambition - a full force effort to develop the world's first fusion power plant. Since their first round of funding two years ago, Francesco and the team have hit extremely challenging milestones ahead of schedule and hired a team that spans plasma physics, advanced magnet design and computer simulation. Their peer-reviewed stellarator power plant design concept confirms that fusion really can be commercially viable, and creates an opportunity for Europe to be first to the target.' About Proxima Fusion Proxima Fusion spun out of the Max Planck Institute for Plasma Physics (IPP) in 2023 to build fusion power plants using QI-HTS stellarators. Proxima has since assembled a world-class team of engineers, scientists and operators from leading companies and institutions, such as the IPP, MIT, Harvard, SpaceX, Tesla, and McLaren. By taking a simulation-driven approach to engineering that leverages advanced computing and high-temperature superconductors to build on the groundbreaking results of the IPP's W7-X stellarator, Proxima is leading Europe into a new era of clean energy, for good.
