German startup Proxima Fusion has successfully raised €411 million ($469 million) in an investment round that includes contributions from energy company RWE AG (OTC:RWEOY) and Alphabet Inc. (NASDAQ:GOOGL) (NASDAQ:GOOG), which values the company at €2.4 billion ($2.74 billion).
Proxima Fusion is developing a nuclear fusion plant, which is projected to be operational in 2030.
RWE joined the investment round following its recent collaboration with Proxima to construct the first stellarator fusion power plant in Gundremmingen, Bavaria.
The funding round also drew participation from new investors KfW Capital, SPRIND, and Burda Principal Investments, alongside existing backers including Plural, UVC Partners, Balderton, Cherry Ventures, DST Global Partners, Brevan Howard Macro Venture, Lightspeed, and others.
The funding will support the construction of Alpha, Proxima Fusion’s net-energy stellarator demonstrator near Munich, Germany. Alpha aims to validate key fusion technologies and pave the way for the world’s first commercial fusion power plant later this decade, the start-up said.
