The brief

Analyst view

• In July 2026, Proxima raised €411 million in Series A funding, reaching €2.4 billion in valuation—the best-funded fusion company in Europe.
• XTX Ventures and East X Ventures led the round, with strategic investments from RWE and Google.
• The company has secured over €650 million in three years, including €95 million in public grants.

Technical approach

As reported

Geometry

Stellarator design, not tokamak

Stellarators use twisted geometry instead of plasma current, avoiding tokamak disruptions that limit pulse length.

Alpha

Demonstration facility in Germany

Alpha is the stepping stone between research and commercial power. It will be built in Germany in the 2030s to prove stellarator net energy gain.

Stellaris

Commercial power plant

Stellaris is planned as the first commercial stellarator fusion power plant, to be sited at a former nuclear facility in Gundremmingen, Bavaria.