EP60 — Deep Tech Files — Proxima Fusion: Europe tries to ignite a star

Founded in 2023 as the first spin-off from the Max Planck Institute for Plasma Physics, Proxima Fusion is developing quasi-isodynamic stellarators. This magnetic fusion approach is harder to manufacture than a tokamak but is designed for stable, continuous operation. Following a €411 million financing in July 2026, Proxima reached a €2.4 billion valuation and more than €650 million in secured private and public funding. Its roadmap includes a model coil in 2027, the Alpha net-energy demonstrator in the early 2030s and the commercial Stellaris plant later in that decade. Alpha is expected to cost approximately €2 billion and still depends heavily on German federal support. This episode examines the technology, public-private funding model, the roles of Google and RWE, and the remaining scientific and industrial risks.

• Nella deep tech il round non è il risultato: conta quale rischio tecnico viene eliminato con il capitale.
• Gli stellarator promettono funzionamento continuo e stabilità, ma richiedono magneti dalla geometria estremamente complessa.
• Proxima trasforma la visione lontana in milestone verificabili: model coil, Alpha e Stellaris.
• La fusione commerciale richiede una coalizione tra ricerca pubblica, venture capital, industria energetica e Stato.
• Il vantaggio scientifico europeo crea valore solo se l'industrializzazione e la supply chain restano sul continente.