Proxima Fusion Raises €130M Series A to Build World’s First Stellarator-based Fusion Power Plant
2 minute read | June.12.2025
Proxima Fusion, Europe’s fastest-growing fusion energy company, today announced the close of its €130 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, with significant participation 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.
Orrick represented Proxima Fusion.
THE COMPANY
Munich-headquartered 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.
THE IMPACT
The Series A financing round 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."
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.
THE TEAM
Sven Greulich and Johannes Rüberg led the Orrick team, which also included Ilona Schütz, Kjell Tönjes, Kim Olivia Supe-Dienes, Martha Verhaelen, Stefan Renner, Lars Mesenbrink, Benedikt Kamann, Julia Fabian, Victoria Newbold, Harry Clark, and Nico Neukam.