Proxima Fusion raises €411m in funding round

(Sharecast News) - German energy tech start up Proxima Fusion has secured a €411m financing round, pushing the company to a €2.4bn valuation, the company said on Tuesday.

The round drew strategic investments from Alphabet's Google and German energy giant RWE, which committed €25m. It also triggered a matching €400m public funding contribution from the Bavarian regional government.

Proxima Fusion, a spin-out from the Max Planck Institute for Plasma Physics, is leveraging advanced computing and high-temperature superconducting magnets to develop stellarator fusion reactors. Through a partnership with RWE, the company plans to construct its debut power plant at the decommissioned Gundremmingen nuclear site in Bavaria.

Reporting by Frank Prenesti for Sharecast.com