Munich, July 15, 2024 — Proxima Fusion has been selected by the European Innovation Council and SMEs Executive Agency (EISMEA) as an awardee in its EIC Accelerator program, supporting the most promising European deep tech startups on the path to commercialization.

‍Proxima Fusion was among 68 startups selected from 969 applicants, judged on the criteria of excellence, impact, and risk level. The selected companies will receive an estimated total of €411 million in funding, including up to €165 million in grants and an estimated €245 million in equity. 

‍Proxima will be awarded a €2.5M grant and an opportunity for €15M investment. This €17.5M award in blended financing is primarily dedicated to the engineering design of the Munich-based startup’s first stellarator, set to demonstrate net fusion energy. Part of the funding will additionally be dedicated to go-to-market developments, including engaging with energy and utility companies to define key requirements for future stellarator-based fusion power plants.

‍“We are grateful to the European Commission for its strong commitment to the commercialization of fusion power plants, building on Europe’s technological leadership in the sector,” said Proxima Co-Founder and COO Lucio Milanese. “Given increasing international competition and escalating energy challenges, building a strong fusion industry and supply chain across Europe has never been more urgent.”

‍The grant program is expected to last approximately three years, with a series of milestones to be met by each company over that time period. Proxima’s milestone deliverables include increasingly detailed engineering design and integration of key stellarator components, including final validation by external experts.

‍Proxima Co-Founder and CEO Francesco Sciortino said, “The program’s milestone approach matches our philosophy: progress must be rapid and measurable. We are committed to demonstrating sound engineering and solid science, ensuring that Europe will continue to play a leading role in fusion research and development.”

About Proxima Fusion‍

Proxima Fusion spun out of the Max Planck Institute for Plasma Physics (IPP) in 2023 and has so far raised a total of €27.5M (approximately $30M) in private funding to design the first generation of fusion power plants using quasi-isodynamic (QI) stellarators. QI stellarators are the clearest, most robust path to commercial fusion power, and Proxima’s engineering- and simulation-focused approach leverages advanced computing to build on the record-breaking results of the Wendelstein 7-X (W7-X) experiment, the world's most advanced stellarator at the Max Planck IPP.