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As Google invests $468 million in Europe’s nuclear fusion startup; the company ‘cautions’ that while Fusion technology can change the world, it is not guaranteed to
TOI Tech Desk / TIMESOFINDIA.COM / Jul 07, 2026, 14:15 IST
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Google has invested in Germany-based Proxima Fusion as part of a €411 million ($468 million) funding round to support the company’s effort to build Europe’s first commercial nuclear fusion power plant. While announcing the investment, Google also cautioned that although fusion technology has the potential to transform global energy production, commercialising it remains difficult. “Fusion holds huge potential as an energy source of the future,” the company said, but added that commercialising the technology is “immensely challenging, and success is not guaranteed.”
Google joins €411 million funding round
Proxima Fusion announced on Tuesday that it had raised €411 million ($468 million) in fresh funding. The round was led by XTX Ventures and East X Ventures. Google and German energy company RWE joined as strategic investors. Other investors included Plural, UVC Partners, Balderton and Cherry Ventures. The funding values Proxima Fusion at $2.7 billion.Proxima Fusion is developing stellarator technology, one of several approaches to nuclear fusion. The company aims to build a fusion demonstrator, a proof-of-concept system, in the early 2030s. It plans to develop a commercial fusion power plant later in the decade.The new funding will be used to expand high-temperature superconducting cable and magnet production. It will also support engineering, manufacturing and hiring across the company.
Google says fusion has huge potential
Google has invested in fusion technology before, including US-based Commonwealth Fusion Systems.The company signed an electricity offtake agreement with Commonwealth Fusion Systems in 2025, under which it plans to purchase power once the company’s first commercial plant becomes operational.In a blog post, Google said: “Fusion holds huge potential as an energy source of the future: it’s clean, abundant and inherently safe, and it can be built just about anywhere.”However, the company also highlighted the challenges facing the industry. Google said commercialising fusion technology is “immensely challenging, and success is not guaranteed.”
Proxima Fusion CEO says Europe is racing with US and China
Proxima Fusion CEO and co-founder Francesco Sciortino said the company is competing in a global race to commercialise fusion energy.”Europe is racing with the United States and China to get to the first fusion power plant,” Sciortino said. “Proxima’s financing demonstrates that Europe can not only invent breakthrough technologies, but also build globally competitive companies around them.”He added: “Investors recognise both the urgency and the opportunity of what we’re doing and are backing us to develop a generational energy technology company.”Get the latest technology news and updates. Download the TOI App.
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