HomeGermanyProxima Fusion Raises €20M in Seed Funding

Proxima Fusion Raises €20M in Seed Funding

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proxima fusion

Proxima Fusion, a Munich, Germany-based developer of fusion power plants based on stellarator, raised €20M in Seed funding

The round was led by redalpine, with participation from Bayern Kapital, DeepTech & Climate Fonds, and the Max Planck Foundation and existing investors including Plural, UVC Partners, High-Tech Gründerfonds, Wilbe, and TOMORROW of Visionaries Club.

The company intends to use the funds to further expand the team with engineers and physicists, as well as to match public funding awards.

Led by CEO Dr. Francesco Sciortino, Proxima Fusion is working to develop a quasi-isodynamic stellarator power plant using high-temperature superconducting magnets.

It is a spin-out from the Max Planck Institute for Plasma Physics (IPP).

FinSMEs

10/04/2024