Tech & GadgetsTechnical Deep Dive

Google and RWE Back German Fusion Startup Proxima Fusion at €2.4 Billion Valuation

Published

Google and RWE Back German Fusion Startup Proxima Fusion at €2.4 Billion Valuation

1 min read155 words

The Gist

“German nuclear fusion startup Proxima Fusion has secured €411 million in funding from major backers including Google and RWE to develop its first operational power plant.”

Proxima Fusion, a German startup specializing in nuclear fusion technology, has successfully raised €411 million ($469 million) in its latest funding round. The investment was led by a diverse group of high-profile backers, including Alphabet Inc.’s Google and the national energy giant RWE AG.

A Milestone for Fusion Energy

This significant capital injection brings the company's valuation to €2.4 billion. The funds are earmarked for the development of a nuclear fusion plant, a technology often described as the 'holy grail' of clean energy due to its potential to provide nearly limitless power with minimal environmental impact.

The Road to 2030

Founded by former researchers from the Max Planck Institute for Plasma Physics, Proxima Fusion aims to have its first operational fusion plant online during the 2030s. The involvement of tech giants like Google and infrastructure leaders like RWE underscores the growing private sector confidence in the commercial viability of fusion energy within the next decade.

Related Stories

Semantically matched articles, ranked by topic overlap and freshness.

Nvidia to Invest $1 Billion in Naver to Boost South Korean AI Infrastructure

Tech & Gadgets66%

Nvidia to Invest $1 Billion in Naver to Boost South Korean AI Infrastructure

Nvidia is strengthening its foothold in South Korea with a $1 billion investment in Naver Corp. to fund a massive new AI data center.

Sweden Explores Rare Earth Deposits to Challenge Global Supply Dominance

Sweden Explores Rare Earth Deposits to Challenge Global Supply Dominance

Researchers are mapping Sweden's mineral wealth to create magnets from natural element combinations, aiming to reduce reliance on Chinese exports.

Samsung Secures Massive $200 Billion Chip Deal with Broadcom

Tech & Gadgets63%

Samsung Secures Massive $200 Billion Chip Deal with Broadcom

Samsung Electronics has landed a historic contract to manufacture chips for Broadcom as both companies look to dominate the AI infrastructure sector.

CATL Reports 42% Profit Surge Driven by Energy Storage Demand

Tech & Gadgets63%

CATL Reports 42% Profit Surge Driven by Energy Storage Demand

The world’s leading EV battery manufacturer, CATL, saw a significant profit increase in the first half of the year, bolstered by the rapidly expanding energy storage sector.

Prentis AI Lab in Talks to Raise $100M for Task Automation

Artificial Intelligence63%

Prentis AI Lab in Talks to Raise $100M for Task Automation

Co-founded by Reid Hoffman and Mark Pincus, Prentis is pivoting focus toward automating routine computer tasks over traditional coding.

Laos Implements Near-Total Ban on Combustion Vehicle Imports Through 2026

Electric Vehicles62%

Laos Implements Near-Total Ban on Combustion Vehicle Imports Through 2026

In a bold move to slash fossil fuel reliance, the government of Laos has suspended the import of gasoline and diesel vehicles for the next two years.

Hugging Face Enters Robotics Hardware Market via Pollen Robotics Acquisition

Artificial Intelligence62%

Hugging Face Enters Robotics Hardware Market via Pollen Robotics Acquisition

The open-source AI leader Hugging Face is expanding into physical hardware following its acquisition of French startup Pollen Robotics.

Massachusetts EV Owners to Earn Revenue by Selling Battery Power Back to the Grid

Electric Vehicles62%

Massachusetts EV Owners to Earn Revenue by Selling Battery Power Back to the Grid

A new initiative in Massachusetts allows electric vehicle owners to monetize their car batteries by discharging stored energy during peak demand periods.