Proxima Fusion has secured €411 million in funding, giving the company a €2.4 billion valuation. This is the largest private fusion funding round ever in Europe.
Both Google and RWE are taking part in this funding round. With this move, Google is now backing fusion companies in Europe as well as in the United States.
The money will go toward developing Alpha, a demonstration project planned for a former nuclear fission site in Bavaria. This investment comes after Commonwealth Fusion Systems raised nearly $3 billion in the United States.
Proxima Fusion announced a €411 million funding round at a €2.4 billion valuation, making it Europe’s best-funded fusion startup. XTX Ventures and East X Ventures led the funding round, with RWE and Google joining as strategic investors.
This is Google’s first investment in a European fusion company. The company still continues to fund TAE Technologies, a rival fusion developer in the US, which it has backed since 2014.
