Overview
- Proxima said it closed a €411 million round on Tuesday that was led by XTX Ventures and East X Ventures, included Google and RWE as strategic investors, and values the company at about €2.4 billion.
- The company plans to use the cash to expand high‑temperature superconducting (HTS) cable and magnet production, build a Stellarator Model Coil by 2027, and hire engineering and manufacturing staff for the Alpha demonstrator.
- Alpha is planned for the decommissioned Gundremmingen site in Bavaria under an MOU with the state, RWE and the Max Planck IPP, with Bavaria already committing €400 million and RWE reported to have invested about €25 million and to provide industrial support.
- Despite the private round and public backing that bring Proxima’s claimed secured funding above €650 million, the company is seeking roughly €1.2 billion in federal support and still faces major technical, regulatory and execution risks that could delay its timeline.
- Proxima is developing a quasi‑isodynamic stellarator that aims for continuous operation using twisted HTS coils, a different confinement approach from tokamaks that draws on Wendelstein 7‑X research and appeals to industrial and tech backers seeking firm, low‑carbon power.