Proxima Fusion, a Munich-based nuclear fusion company, secured €411 million in funding at a €2.5 billion valuation, with participation from Google, XTX Ventures, and East X Ventures. The capital infusion will advance the development of its stellarator technology, a device designed to harness fusion energy.

This funding round is critical for Proxima Fusion's ambitious project to construct its demonstration stellarator, codenamed Alpha. The company plans to complete Alpha by the early 2030s and aims for its first commercial fusion plant to be operational by the mid-2030s. The recent raise, combined with €400 million from the Bavarian government, brings the total funding for Alpha to €800 million.

Google's investment marks a significant expansion of its fusion energy backing into Europe, following previous investments in U.S. companies. This move signals Google's strategic interest in accelerating the development of clean energy technologies and potentially securing future energy supplies. The substantial investment underscores the growing investor confidence in fusion as a future energy source, positioning Proxima Fusion to compete in a global race to achieve commercial fusion power.