Proxima Fusion, a magnetic fusion start-up, has raised €411 million ($469.69 million) from investors including Alphabet’s Google and German utility RWE as part of a financing round.
The round was led by XTX Ventures and East X Ventures, with RWE and Google as strategic investors. Proxima Fusion’s valuation now stands at €2.4 billion ($2.7 billion).
RWE invested €25 million euros in the funding round and signed an agreement with Proxima to partner on building the first stellarator fusion power plant on the site of a former nuclear fission power plant in Gundremmingen, Bavaria.
Nuclear fusion offers the possibility of abundant energy without pollution, radioactive waste or greenhouse gases, replicating with lasers or magnets the reaction that fuels the sun.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
