Google took part as a strategic investor in a €411 million (approximately $468-470 million) funding round for Proxima Fusion, a Munich-based nuclear fusion startup, announced on July 7, 2026 [1, 2]. The financing round was led by XTX Ventures and East X Ventures, with participation from energy company RWE and venture capital firms including Plural, UVC Partners, Balderton, and Cherry Ventures [1, 3, 2].
The funding boosted Proxima Fusion's valuation to about €2.4 billion to €2.7 billion ($2.7 billion to $2.8 billion), making it the best-funded fusion startup in Europe [1, 3, 2]. Proxima Fusion is developing stellarator nuclear fusion technology and plans to build a fusion demonstrator machine named Alpha near Munich in the early 2030s [1, 2]. Later in the decade, the company intends to construct Stellaris, Europe’s first commercial fusion power plant [1, 2].
The new capital will fund expansion of high-temperature superconducting wire and magnet production, development of engineering and manufacturing systems for stellarators, and broader hiring across engineering, manufacturing, and operations teams [1, 2]. Proxima Fusion cofounder and CEO Francesco Sciortino said, "Europe is racing with the United States and China to get to the first fusion power plant" and that Proxima's financing "demonstrates that Europe can not only invent breakthrough technologies, but also build globally competitive companies around them" [1, 2].
Google has previously invested in US fusion startups Commonwealth Fusion Systems and Helion Energy [1].
Proxima Fusion’s progress marks a significant step toward realizing commercial fusion energy in Europe. The company plans to begin building the Alpha fusion demonstrator in the early 2030s near Munich and aims to complete Stellaris, the commercial plant, later in that decade [1, 2].
