Germany-Backed Proxima Fusion Raises EUR 411 Million for First Demonstration Facility

Germany has launched a high-risk strategic technology investment plan to convert two decommissioned nuclear power plants shut after the 2011 Fukushima accident into controlled nuclear fusion energy projects, aiming to strengthen Europe’s industrial base and energy autonomy, according to 36Kr. People familiar with the matter said fusion startup Proxima Fusion raised EUR 411 million (about USD 470 million) this week to build its first demonstration facility, with investors including Google and high-frequency trading firm XTX Markets. Separately, fusion company Focused Energy raised USD 240 million in May.