Google has invested €411 million in Proxima Fusion to develop Europe's first commercial nuclear fusion power plant. This funding will support the creation of a fusion demonstrator and advanced engineering systems, highlighting Europe's competitiveness in fusion technology against the U.S. and China.
Google's investment in Proxima Fusion totals €411 million ($468 million), aimed at building Europe's first commercial fusion power plant. Proxima, now valued at $2.7 billion, also received backing from XTX Ventures, East X Ventures, and other venture firms.
Nuclear fusion, which combines hydrogen atoms to release energy, remains commercially undeployed. Current nuclear energy relies on fission processes. Proxima is developing stellarator technology, a method among several approaches to fusion.
Francesco Sciortino, Proxima's CEO, emphasized the urgent race for fusion technology among Europe, the U.S., and China. The funding is believed to indicate a recognition of both opportunity and necessity in advancing energy technology.
Proxima aims to set up a fusion demonstrator by the early 2030s, with the full commercial power plant expected later in that decade. The funding will also bolster their high-temperature superconducting cable and magnet production.
Despite being the best-funded fusion startup in Europe, Proxima's funding lags behind U.S. competitors like Commonwealth Fusion Systems, which has raised $2.9 billion in total funding, and Helion Energy, with $1.5 billion.
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Google has invested €411 million in Proxima Fusion to develop Europe's first commercial nuclear fusion power plant. This funding will support the creation of a fusion demonstrator and advanced engineering systems, highlighting Europe's competitiveness in fusion technology against the U.S. and China.