Proxima Fusion, a German deep tech startup, is developing the next generation of nuclear fusion. Just recently they hit an important milestone funding-wise, raising €130 million (roughly $148 million) in a Series A round. Cherry Ventures and Balderton Capital co-led this Series A round. It represents yet another remarkable achievement by the company, reached in 2.5 years—half of the time they first promised to investors. The funds will allow Proxima Fusion to continue building on its innovative fusion power plant design which is called Stellaris.
Italian physicist and entrepreneur Francesco Sciortino founded the startup Proxima Fusion. We applaud their efforts and agree they’re making big moves to lead us all toward more sustainable energy solutions. For example, Sciortino has decades of experience in fusion research. He has held leadership positions in highly regarded institutions across the U.K., Switzerland, and Massachusetts Institute of Technology (MIT) in the U.S. Under his leadership, Proxima Fusion has established teams at Switzerland’s Paul Scherrer Institute and the Culham Centre for Fusion Energy in the U.K.
The company recently released its blueprint for a commercially viable, grid-connected fusion power plant in the journal Fusion Engineering and Design. This action reflects its robust dedication to transparency and scientific integrity. The Stellaris design, conceived just a few hundred miles from Germany’s Wendelstein 7-X, is the most recent and promising step on the path to commercializing fusion energy.
In 2027, Proxima Fusion plans to test its long-game technological advancements in one of its most vital hardware demonstrations. Sciortino thinks the venture will require annual investment until 2031. Perhaps most significantly, he stresses the need to get the right amount of funding to truly meet their unprecedented goals.
“We consider Proxima to be thoroughly European and not just German,” – Francesco Sciortino
This support from Balderton Capital and Cherry Ventures is emblematic of the trend towards deeper recognition of the promise of fusion technology. Balderton Capital recently closed an astounding $1.3 billion for its Early Stage Fund IX and Growth Fund II. At the same time, Cherry Ventures was able to raise its fifth fund to $500 million in February 2025. These public investments are part of the growing bets being placed on startups that are addressing global developing challenges in energy.
For Proxima Fusion, the mission is about more than achieving technological milestones. It aims to make Europe the global leader in the energy transition. Sciortino made no small measure of his pride in European innovation or his vision for the continent’s future.
“I’m a fairly proud European, and always wanted to think that there is a future on this continent that somebody has to build,” – Francesco Sciortino
Investors shouldn’t think of their commitment to Proxima as a long-term trip.
“That this is not an infinitely long journey for our current investors,” – Francesco Sciortino
Sciortino expects notable advances in fusion technology by the early 2030s. These breakthroughs will help create world-beating “fusion giants” on each side of the emerging geopolitical super divisions.
“Wait for the early 2030s and you will see fusion giants in each geopolitical block,” – Francesco Sciortino
Production of energy is just part of Proxima Fusion’s mission. This presents an important opportunity, not only to decarbonize global energy systems but to provide the stable baseload energy that our world requires to meet its ever-increasing demands. This is the idea expressed by Ian Hogarth, another backer of the venture, in focusing on this potential.
“Proxima represents an opportunity to decarbonize and provide a stable baseload for all the downstream energy needs the world has, and for Europe to play a global leadership role in driving the energy transition,” – Ian Hogarth
