Google and RWE invest €411M in fusion startup Proxima Fusion
German startup Proxima Fusion has raised €411 million ($469 million) from investors including energy group RWE AG and Alphabet Inc. (Google), lifting its valuation to €2.4 billion. The company is developing a fusion power plant that it expects to bring online in the 2030s.
AI-processed from Bloomberg Tech; edited by Hamidun News
German startup Proxima Fusion has raised €411 million ($469 million) in a new funding round backed by energy group RWE AG and Google parent Alphabet Inc., bringing its valuation to €2.4 billion. The company is developing a fusion power plant that it expects to bring online in the 2030s.
Who invested in the fusion startup
The round includes RWE AG, one of Germany's largest energy groups, and Alphabet Inc., Google's parent company. The participation of a major energy player and one of the world's biggest tech companies signals growing interest from traditional utilities and big tech in nuclear fusion as a source of virtually inexhaustible, low-carbon energy.
- Round size: €411 million ($469 million)
- New valuation: €2.4 billion
- Investors include RWE AG and Alphabet Inc. (Google)
- Goal: a fusion power plant, with commissioning planned for the 2030s
- Proxima Fusion is a German startup
Why is Google investing in nuclear fusion?
Tech giants' interest in fusion energy in recent years comes mainly from the sharply rising power consumption of data centers that train and serve AI models. Major cloud providers are already signing long-term agreements with nuclear and next-generation energy startups to lock in enough stable, low-carbon power for decades to come. In theory, fusion could provide an almost unlimited energy source without the long-lived radioactive waste typical of conventional nuclear plants — but no commercially operating fusion reactors exist anywhere in the world yet.
What it means
The investment shows that the race to power AI is moving beyond traditional nuclear generation and solar and wind capacity. Big business is willing to fund technologies with payback horizons of a decade or more, as long as it secures electricity for future data center demand.
FAQ
How much did Proxima Fusion raise?
The company raised €411 million ($469 million) in a new round, bringing its valuation to €2.4 billion.
Who invested in Proxima Fusion?
Investors in the round include German energy group RWE AG and Alphabet Inc., Google's parent company.
When will Proxima Fusion's fusion power plant come online?
The company expects to put the power plant into operation in the 2030s; no exact date has been given.
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Key Questions Answered
Why is Google investing in nuclear fusion?
Tech giants' interest in fusion energy in recent years comes mainly from the sharply rising power consumption of data centers that train and serve AI models. Major cloud providers are already signing long-term agreements with nuclear and next-generation energy startups to lock in enough stable, low-carbon power for decades to come. In theory, fusion could provide an almost unlimited energy source without the long-lived radioactive waste typical of conventional nuclear plants — but no commercially operating fusion reactors exist anywhere in the world yet.
How much did Proxima Fusion raise?
The company raised €411 million ($469 million) in a new round, bringing its valuation to €2.4 billion.
Who invested in Proxima Fusion?
Investors in the round include German energy group RWE AG and Alphabet Inc., Google's parent company.
When will Proxima Fusion's fusion power plant come online?
The company expects to put the power plant into operation in the 2030s; no exact date has been given.
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