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A Munich-based fusion startup that didn’t even exist three years ago is now sitting on one of the largest war chests in European energy history. Proxima Fusion, spun out of the Max Planck Institute for Plasma Physics in April 2023, closed a record-breaking €130 million Series A round in June 2025, co-led by Cherry Ventures and Balderton Capital. That round alone was the largest private fusion funding deal Europe had ever seen. Total funding now exceeds €185 million, and the company is targeting net energy generation from fusion in the early 2030s.
A €2 billion stellarator project takes shape
In February 2026, Proxima signed a memorandum of understanding with RWE, the Free State of Bavaria, and the Max Planck Institute’s IPP division to build what they’re calling the “Alpha” demonstration stellarator. The price tag: roughly €2 billion. Bavaria alone has committed €400 million to the project, with the site being the decommissioned Gundremmingen nuclear power plant. Proxima is also seeking an additional €1.2 billion in federal funding from Germany to close the gap.
The technology itself is a quasi-isodynamic stellarator. Unlike the tokamak design, stellarators use twisted magnetic coils to confine plasma without needing a continuous electrical current running through it, making them potentially more stable and capable of continuous operation.
Proxima’s roadmap calls for completing a Stellarator Model Coil by 2027, achieving net energy in the early 2030s, and launching fully commercial “Stellaris” plants by the late 2030s.
Why big energy and big tech are paying attention
RWE is one of Europe’s largest energy utilities. When a company like that signs an MOU for a fusion project, it signals that the technology has crossed some internal credibility threshold that pure research projects never reach.
Despite rumors of a potential €411 million investment involving Google or RWE, there has been no verification of such reports.
What this means for crypto and energy markets
Proxima Fusion has no crypto token, no blockchain integration, and no Web3 strategy. No direct connections to cryptocurrencies or tokens have been reported in relation to Proxima Fusion’s activities.
The risk is execution. The €1.2 billion in federal funding Proxima needs hasn’t been secured yet, and German fiscal politics are notoriously complicated. Even if the science works, regulatory approvals for a new class of power plant could introduce years of delay.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
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