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Proxima Fusion raises $21M to build on its ‘stellarator’ approach to nuclear fusion

Munich-based Proxima has raised €20 million ($21.7M) in a seed round to begin building its first generation of fusion power plants.

The field reached a significant milestone in 2022 when the Department of Energy’s National Ignition Facility managed to bring about a fusion reaction that produced more power than was required to spark the fuel pellet. He thinks that Proxima being the first spin out from that ambitious government project will give it the edge it needs to succeed: “It’s a classic example of the ‘entrepreneurial state,’ where a startup can build on top of this incredible public investment.” Helion Energy raised a $500 million Series E two years ago, led by tech entrepreneur and OpenAI CEO Sam Altman, for instance.

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