Latest news with #FrancescoSciortino
Yahoo
27-07-2025
- Business
- Yahoo
Startups shatter records to develop game-changing energy facilities: 'Holds the potential to fundamentally transform the way we think about energy'
Fusion energy is heating up in Europe. Startups raked in a record €290 million (around $339 million) in the first half of 2025 as investors piled into the dream of near-limitless clean power, reported The Next Web. This year's tally has already overtaken 2024's total of €185 million, which was the previous high watermark for European fusion funding, the publication said, citing Dealroom data. Topping the list was Munich-based Proxima Fusion. It scored a record-high deal for a European fusion startup, raising €130 million in June. The company is betting on a fusion device called a stellarator, an intricate, twisted ring of metal that founders hope could offer a more stable source of fusion energy than existing reactors. Proxima cofounder Francesco Sciortino told The Next Web: "Fusion holds the potential to fundamentally transform the way we think about energy, changing the world from a place that's controlled by those with reserves of oil and gas, to one where technology lets countries control their own fate." According to the International Atomic Energy Agency, nuclear fusion is the process of combining two light atoms, such as hydrogen, into a heavier one, which releases a huge amount of energy. It's the same reaction that powers the sun. Scientists are working to recreate it and make it commercially viable on Earth, something that some experts think could happen in the 2030s. The benefit of fusion is that it doesn't depend on the weather, like wind and solar energy production, meaning cheaper, more predictable clean power for everything from public transport to data centers to heating homes. Unlike current nuclear power plants that use fission, which involves splitting atoms and results in radioactive waste, fusion does not create long-lasting harmful byproducts. The second-biggest European fundraiser was Munich-based Marvel Fusion, which raised €113 million in a funding round in March, per The Next Web. Should the government continue to give tax incentives for energy-efficient home upgrades? Absolutely No Depends on the upgrade I don't know Click your choice to see results and speak your mind. Marvel is developing a type of fusion that uses lasers to create extreme heat, causing atoms to fuse together and release energy. Meanwhile, researchers in California achieved a fusion ignition in 2023, meaning they generated more energy than they used in the reaction. While the technology is still a way off, experts think it could eventually become a source of virtually limitless clean energy — cutting out the need for carbon-emitting dirty fuels altogether and making the planet a healthier and safer place for generations to come. Join our free newsletter for good news and useful tips, and don't miss this cool list of easy ways to help yourself while helping the planet.
Yahoo
13-06-2025
- Business
- Yahoo
German fusion energy firm Proxima Fusion secures $150m financing
European fusion energy company Proxima Fusion has closed a €130m ($150m) Series A financing round, bringing its total funding to more than €185m in private and public capital. The Series A round, the largest private fusion investment in Europe to date, was jointly led by Cherry Ventures and Balderton Capital, with substantial contributions from a consortium of investors including UVC Partners, DeepTech & Climate Fonds, Elaia Partners, Visionaries Tomorrow and redalpine. redalpine led Proxima Fusion's seed round in 2024, just one year earlier. Proxima Fusion CEO and co-founder Francesco Sciortino stated: "Fusion has become a real, strategic opportunity to shift global energy dependence from natural resources to technological leadership. Proxima is perfectly positioned to harness that momentum by uniting a spectacular engineering and manufacturing team with world-leading research institutions, accelerating the path toward bringing the first European fusion power plant online in the next decade." This influx of capital bolsters Proxima's mission to pioneer commercial fusion energy, a move supported by the European Union and national governments including Germany, the UK, France and Italy, who view fusion as critical for achieving energy independence and sustainable economic growth. Cherry Ventures founding partner Filip Dames stated: 'We back founders solving humanity's hardest problems — and few are bigger than clean, limitless energy." "Proxima Fusion combines Europe's scientific edge with commercial ambition, turning world-class research into one of the most promising fusion ventures globally. This is deep tech at its best, and a bold signal that Europe can lead on the world stage.' Established in April 2023 as a spin-out from the Max Planck Institute for Plasma Physics (IPP), Proxima Fusion maintains a strong public-private partnership with IPP. The company's approach to engineering is driven by simulations, utilising advanced computing and high-temperature superconducting (HTS) technologies. These strategies build upon the IPP's Wendelstein 7-X stellarator experiment's results. In early 2025 Proxima Fusion, alongside IPP, KIT and other partners, unveiled Stellaris — a stellarator concept that integrates physics, engineering and maintenance. The fresh investment will enable Proxima Fusion to complete its Stellarator Model Coil (SMC) by 2027, a crucial step in validating HTS technology for stellarators and promoting European HTS innovation. The company is finalising the location for Alpha, its demonstration stellarator, and is in discussions with several European governments. Alpha, expected to commence operations in 2031, will be pivotal for demonstrating net energy gain (Q>1) and advancing towards the first-of-its-kind fusion power plant. Proxima Fusion is also expanding its team, which currently exceeds 80 members, across three locations: its Munich headquarters, the Paul Scherrer Institute near Zurich and the Culham fusion campus near Oxford. "German fusion energy firm Proxima Fusion secures $150m financing" was originally created and published by Power Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
11-06-2025
- Business
- Yahoo
Sciortino: Proxima Fusion Is Like a European Treasure
It's time for the German government to go big on nuclear fusion, says Francesco Sciortino, CEO of Proxima Fusion. The German nuclear fusion energy startup has just raised 130 million as it seeks to build a demonstration version of its pioneering fusion power plant by 2031. "The company should feel like a European treasure," says Sciortino. He spoke to Bloomberg's Tom Mackenzie on "Daybreak: Europe." Sign in to access your portfolio
Bloomberg
11-06-2025
- Business
- Bloomberg
Sciortino: Proxima Fusion Is Like a European Treasure
It's time for the German government to go big on nuclear fusion, says Francesco Sciortino, CEO of Proxima Fusion. The German nuclear fusion energy startup has just raised €130 million as it seeks to build a demonstration version of its pioneering fusion power plant by 2031. 'The company should feel like a European treasure,' says Sciortino. He spoke to Bloomberg's Tom Mackenzie on "Daybreak: Europe." (Source: Bloomberg)
Bloomberg
11-06-2025
- Business
- Bloomberg
Bloomberg Daybreak: Europe 06/11/2025
Bloomberg Daybreak Europe is your essential morning viewing to stay ahead. Live from London, we set the agenda for your day, catching you up with overnight markets news from the US and Asia. And we'll tell you what matters for investors in Europe, giving you insight before trading begins. Today's guests: Sree Kochugovindan, senior research economist at aberdeen. Liquidity co-founder and CEO, Ron Daniel & Proxima Fusion's CEO Francesco Sciortino. (Source: Bloomberg)
