Google has participated as a strategic investor in a €411 million ($468 million) funding round for Germany-based Proxima Fusion, which aims to construct Europe’s first commercial nuclear fusion power plant, according to an announcement made on Tuesday [1]. The funding round was led by XTX Ventures and East X Ventures, with additional participation from RWE, Plural, UVC Partners, Balderton, and Cherry Ventures [1]. Proxima Fusion’s valuation has now reached $2.7 billion [1].
Proxima Fusion is developing stellarator fusion technology, one of several approaches to achieving nuclear fusion, and plans to have a fusion demonstrator operational in the early 2030s, with a commercial power plant targeted for later in that decade [1]. The company stated that the new funding will be used to expand high-temperature superconducting cable and magnet production, as well as to develop the necessary engineering and manufacturing systems for stellarators. Proxima also plans to hire across engineering, manufacturing, and operations to accelerate progress [1].
CEO Francesco Sciortino emphasized that Europe is in a race with the United States and China to build the first fusion power plant, and highlighted that the financing demonstrates Europe’s ability to invent and commercialize breakthrough technologies [1]. Proxima Fusion is currently the best-funded fusion startup in Europe, but U.S. competitors such as Commonwealth Fusion Systems (CFS) and Helion Energy have raised larger sums, with CFS securing $863 million in August for a total of $2.9 billion, and Helion Energy raising $465 million last month for a total of $1.5 billion [1].
Google’s continued investment in fusion technology is further evidenced by its previous investments in CFS and a signed offtake agreement in June 2025 with CFS for energy from its first commercial plant [1]. Google described fusion as a clean, abundant, and inherently safe energy source that can be built almost anywhere [1].
CONCLUSION
Google’s backing of Proxima Fusion in this significant funding round marks a major step for European fusion energy ambitions. The investment highlights growing confidence in fusion as a future energy source and positions Proxima as a leading contender in the global race to commercialize fusion power. Market sentiment is positive, reflecting strong investor interest and the potential for transformative impact on the energy sector.