NEON advises UVC Partners on € 7 million pre-seed financing round of Proxima Fusion

12 June 2023 | NEON has advised early stage investor UVC Partners on the € 7 million pre-seed financing round of Munich-based nuclear fusion start-up Proxima Fusion. Proxima Fusion is the first spin-out company of the Max Planck Institute for Plasma Physics, which built and operates the world’s most advanced stellarator, Wendelstein 7-X (W7-X).

In addition to lead investors UVC Partners and Plural Platform, High-Tech-Gründerfonds and the Wilbe Group also participated in the round.

The company was founded earlier this year by Francesco Sciortino and four other nuclear researchers to drive breakthroughs in nuclear fusion. The goal here is to bring fusion energy from stellarators to the grid, thereby creating new reliable energy sources beyond wind and solar and thus counteracting the future energy transition.

The fresh capital will be used to develop a new high-performance stellarator, which will be the first step towards building a stellarator-based fusion power plant.

Background:

NEON regularly advises on financing rounds both on the part of investors and the company. The contact to UVC Partners was established through advising the Earlybird investment in Aleph Alpha, in which UVC Partners also participated.