Google has joined a €411 million (approximately $468 million) funding round for Proxima Fusion, a German nuclear fusion startup, which now values the company at $2.7 billion. This investment round was spearheaded by XTX Ventures and Orient Cross Ventures, with support from a consortium of institutional investors. Proxima Fusion specializes in stellarator technology—an advanced approach to magnetic confinement fusion—and aims to construct a prototype fusion reactor by the early 2030s. The company’s longer-term vision includes developing Europe’s first commercial nuclear fusion power plant later in the decade.

The newly secured funds will primarily support technological innovation, infrastructure scaling, and talent acquisition. While nuclear fusion remains in the experimental phase globally, nations worldwide are intensifying their research and development efforts. In the United States, competing fusion startups have collectively raised significantly larger sums, reflecting the sector’s competitive landscape. Google, which has also invested in U.S.-based Commonwealth Fusion Systems, has further solidified its commitment to fusion energy by signing a power purchase agreement with the company, underscoring its strategic interest in advancing sustainable energy solutions.