Full-Time
Updated on 9/3/2026
Develops QI stellarator fusion power plants
No salary listed
Munich, Germany
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Proxima Fusion designs the first generation of fusion power plants based on Quasi Isodynamic (QI) stellarators. These devices use carefully shaped magnetic fields to confine hot plasma so fusion reactions can run continuously. The system relies on high-temperature superconductors and advanced computational design to optimize magnetic confinement, aiming for steady, intrinsic stability. The company’s product is a QI stellarator-based power plant, implemented through partnerships, licensing, and direct sales to utilities and governments. Unlike traditional fusion concepts that depend on large current drives, the QI approach focuses on continuous operation with stable confinement. Proxima Fusion’s goal is to provide clean, abundant, and safe energy that complements renewable sources and supports a sustainable energy transition in Europe.
Company Size
51-200
Company Stage
Series B
Total Funding
$651.5M
Headquarters
Munich, Germany
Founded
2023
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Four Swiss start-ups nominated for the Spark Award 2026. 25 August 2026 13:50 Supporting partner. Düsseldorf/Berlin/Munich - Four Swiss companies have been included on the list of ten nominees for the Spark Award: Jua, terralayr, Proxima Fusion and Sphere Energy. This technology award is presented by "Handelsblatt" and McKinsey to start-ups with the potential to fundamentally and sustainably transform markets. (CONNECT) The German business newspaper "Handelsblatt" and the management consulting firm McKinsey have announced the finalists for their Spark Award - The Technology Award 2026. The nominees include Jua.ai from Zurich and the Zug-based terralayr, two start-ups founded in Switzerland in 2022. Moreover, two German companies with key subsidiaries located in Switzerland, namely Proxima Fusion (Munich/Villigen in the canton of Aargau) and Sphere Energy (Grossaitingen/Zurich), are also in the running for the award. This year marks the 11th occasion on which the Spark Award has been presented to exceptional and innovative start-ups from Germany, Austria and Switzerland, whose ideas have the potential to fundamentally and sustainably transform markets. The award ceremony is set to take place in Munich on November 5. Jua.ai is working on the development of a universal simulation engine for the physical world. The start-up already operates a weather forecasting model, which is now being expanded to cover the entire Earth system in order, for example, to model fluid dynamics around vehicles and turbines or to simulate wildfires and floods. Terralayr, headquartered in Zug with an office in Berlin, develops and operates large-scale battery energy storage systems (BESS). In 2026, the company has managed to secure an investment of 192 million euros. Terralayr is not only the fastest-growing BESS operator in Germany but also makes energy flexibility tradable and scalable through its LAYR platform, which supports grid stability and helps to balance electricity prices. Proxima Fusion is Europe's highest-valued stellarator company and the first spin-off from the Max Planck Institute for Plasma Physics. In 2026, it successfully secured financing of 411 million euros for the development of fusion power plants that operate on the basis of QI-HTS stellarators. Since 2024, Proxima Fusion has been collaborating with the Paul Scherrer Institute to develop high-temperature superconducting magnet technology for the stellarator at its facility located at Switzerland Innovation Park Innovaare (Villigen). Sphere Energy has created an operating system and an associated data platform that uses Artificial Intelligence to make industrial product development almost as fast as software development processes. To this end, the start-up aggregates distributed development data from test facilities or simulations with field data and to provide actionable insights. Also nominated are the Berlin-based start-ups Apheris, deepset and Qdrant, as well as Focused Energy (Darmstadt), Lidrotec (Bochum) and Q.ANT (Stuttgart). ce/mm
Proxima Fusion appoints head of partnerships. Proxima Fusion has appointed Ahmed Diallo as head of global partnerships in Munich, Germany, as it scales its stellarator fusion programme. Diallo brings more than two decades of fusion experience, including work as a research physicist and later as a leader in U.S. federal fusion programmes... Exclusive subscriber content... Not yet a subscriber? Join us today to continue accessing content without any restrictions Or to request access to Proximo Intelligence contact us
Freemelt joins Alpha Alliance to deliver 3D printed tungsten parts for Proxima Fusion's net-energy stellarator. July 16, 2026 We do not usually get to speak twice in the same week about the same company. Yet, here we are, talking about Proxima Fusion, again, the company that claims to be Europe's best-funded fusion company. On the heels of a funding round of more than €650 million ($740 million), including €95 million in public grants, the developer of next-generation stellarators for commercial fusion energy signed a Memorandum of Understanding (MoU) with Freemelt, a manufacturer and supplier of Electron Beam Powder Bed Fusion (E-PBF) 3D printers. Through the agreement, Freemelt becomes a member of the Alpha Alliance, a collaboration between industrial companies and research institutes working on the development of Alpha, a stellarator-based fusion demonstrator. "Fusion is a strategic focus area for Freemelt, and we are pleased to join the Alpha Alliance together with Proxima Fusion and the other partners. This collaboration further validates Freemelt's position within the fusion ecosystem and provides an opportunity to contribute our expertise in tungsten manufacturing to one of Europe's most ambitious fusion programmes," says Daniel Gidlund, CEO of Freemelt. Proxima Fusion focuses on developing stellarator technology for safe, sustainable and cost-effective fusion energy. The company's Alpha programme aims to demonstrate net energy production in a stellarator capable of steady-state operation, representing an important step towards commercial fusion power. The collaboration is expected to progress through successive development phases, including design studies, prototyping, testing and future industrialization activities. The MoU provides a framework for cooperation, and the parties intend to establish specific agreements for future projects and deliveries. "We are pleased to welcome Freemelt to the Alpha Alliance. Freemelt's expertise in additive manufacturing and tungsten components will be an important contribution to the development of Alpha and our shared ambition to accelerate the path towards commercial fusion energy," says Lucio Milanese, co-founder and Chief External Affairs Officer at Proxima Fusion.
Proxima raises €411m for German fusion demonstrator. Proxima Fusion has raised €411 million ($468 million) to develop its Alpha fusion demonstrator near Munich, Germany. XTX Ventures and East X Ventures led the round, with RWE and Google joining as strategic investors. KfW Capital, SPRIND and Burda Principal Investments also joined,... Exclusive subscriber content... Not yet a subscriber? Join us today to continue accessing content without any restrictions Or to request access to Proximo Intelligence contact us
Proxima Fusion today announced a €411 million ($468 million) financing round, bringing the company’s valuation to €2.4 billion ($2.7 billion) and establishing Proxima as the best-funded fusion company in Europe.