GOOGLE AND RWE BACK PROXIMA FUSION IN €411M FUNDING ROUND

German nuclear fusion startup Proxima Fusion has raised €411 million in a funding round backed by Alphabet Inc.'s Google and energy firm RWE AG. The investment values Proxima Fusion at €2.4 billion, according to reports of the financing. The round represents the largest funding secured by a European fusion energy developer to date, according to available records of such investments.

Proxima Fusion develops nuclear fusion technology with the aim of operating a fusion plant during the 2030s. The company secured backing from multiple investors alongside Google and RWE AG. Nuclear fusion, which mimics the energy-generation process of stars, remains an area of significant commercial and governmental interest as countries pursue low-carbon energy sources.

The funding demonstrates continued investor confidence in fusion technology as a potential energy solution. Google has previously invested in fusion energy ventures as part of its broader climate and energy strategy. RWE AG, a major European energy producer, has signalled its commitment to zero-carbon energy development through the investment in Proxima Fusion's technology.