Connect with us

Hi, what are you looking for?

Germany

European Fusion Startup Proxima Fusion Secures €20 Million Seed Funding to Accelerate Clean Energy Development

Proxima Fusion, a Munich-based startup aiming to revolutionize clean energy with fusion power, has secured €20 million in seed funding. This significant investment will propel the company’s development of the first generation of fusion power plants based on a specific technology called quasi-isodynamic (QI) stellarators.

Fusion energy promises a limitless, carbon-free energy source, but achieving it commercially has remained a challenge. Proxima Fusion believes they can overcome these hurdles by leveraging advancements in engineering, simulation, and artificial intelligence (AI).

Founded in 2023, the company builds upon the groundbreaking research conducted at the Max Planck Institute for Plasma Physics (IPP) and their Wendelstein 7-X (W7-X) experiment, the world’s largest stellarator. This project, backed by €1.3 billion in public investment, has laid the groundwork for Proxima Fusion’s innovative approach.

“Our first year has been incredible,” said Dr. Francesco Sciortino, Co-Founder and CEO of Proxima Fusion. “We’ve made significant progress in design and engineering, and this funding validates our team’s expertise and the potential of our technology.”

Proxima Fusion is a leader in AI-driven design for QI stellarators. The company plans to use the new funding to expand their team with top engineers and physicists, further develop their AI and software systems, and secure additional public funding.

This investment round reflects the growing confidence in Proxima Fusion’s ability to achieve a clean energy breakthrough. Investors see the potential for this technology to revolutionize the energy sector and create a sustainable future for Europe.

Advertisement

You May Also Like

Estonia

The online platform PRNEWS.IO, developed by a startup, is already helping clients save tens of thousands of dollars annually, mostly due to zero fees...

Germany

Mental health is still a sought-after topic. Not only in general society, but also specifically in business, more and more people are becoming aware...

Germany

Mental health continues to be an important topic in our society. More and more startups are founded specifically in this field to support individuals...

News

Onlyfans is starting to get into the Web3 and NFT space by launching an NFT trading card platform called Zoop. After the massive success...

StartupMafia - News from startup industry