Proxima Fusion closes €411M round with Google, RWE backing

Proxima Fusion raised €411 million in new financing on July 7, 2026, lifting its valuation to €2.4 billion. The round was led by XTX Ventures and East X Ventures, with Google and RWE participating as strategic investors.

The company said the raise makes it Europe’s best-funded fusion startup and adds major backing for its plan to build a stellarator-based fusion power plant. Reuters reported that RWE invested €25 million in the round, and that the utility has an agreement with Proxima to help develop the first such plant at a former nuclear site in Gundremmingen, Bavaria.

The financing comes as fusion companies compete for capital to move from laboratory progress toward commercial power generation. Proxima, based in Munich, Oxford, and Zurich, is focused on stellarator technology, which the company says underpins its path to a net-energy demonstrator and eventual commercial plant.