Germany-based Proxima Fusion announced on Tuesday that it has raised €411 million (approximately $468 million) in its latest funding round, with Google (GOOG.O) participating. Proxima is working on building Europe's first commercial nuclear fusion power plant. Nuclear fusion is the process of combining two hydrogen atoms to form a helium atom, releasing enormous amounts of energy. While nuclear fusion technology promises to provide ample energy, it is not yet commercially viable, and the industry is racing to overcome the related technological challenges. All existing nuclear power plants use nuclear fission, which generates energy by splitting atoms. Proxima is currently valued at $2.7 billion. The company stated that Google's investment demonstrates its continued focus on nuclear fusion, viewing it as a potential technology that can provide ample, zero-carbon, and stable energy in the long term. This funding round was led by XTX Ventures and East X Ventures, with RWE and Google participating as strategic investors. Other venture capital firms such as Plural, UVC Partners, Balderton, and Cherry Ventures also participated in the investment.
