Orrick, Kirkland & Ellis, Winston Taylor and NEON advised on Proxima Fusion’s €411 million Series A2 financing round.

Proxima Fusion, Europe’s fastest-growing fusion energy company, has raised €411 million in its Series A2 financing round, bringing the company’s valuation to approximately €2.4 billion and establishing Proxima as the best-funded fusion company in Europe.

The financing round was led by XTX Ventures and East X Ventures, with strategic investments from RWE and Google. The round also saw participation from KfW Capital, SPRIND, Burda Principal Investments and several existing investors, including Plural, UVC Partners, Balderton, Cherry Ventures, DST Global Partners, Brevan Howard Macro Venture, Lightspeed, DTCF, redalpine, Leitmotif, Elaia, CDP Venture Capital, Bayern Kapital and the EIC Fund.

Proxima Fusion is a Munich-based deep-tech company developing next-generation fusion energy technology based on QI-HTS stellarators, with the aim of constructing commercial fusion power plants. The company is the first spinout from the Max Planck Institute for Plasma Physics and is focused on developing the next generation of clean energy infrastructure. The proceeds from the financing will support the continued development of its Alpha demonstration stellarator and expansion of its engineering and production capabilities.

Orrick advised Proxima Fusion on its €411 million Series A2 financing round.

The Orrick team is led by Sven Greulich and Johannes Rüberg, who have advised Proxima Fusion since its incorporation and throughout all financing rounds. The team further includes Harry Clark, Zaid Mansour, Lars Mesenbrink, Benedikt Migdal, Victoria Newbold, Christopher Sprado, Carsten Engelings, Marianna Urban, Sebastian Hummel, Mae Ji, Benedikt Kamann, Allison Bradham, Marius Molzahn and Kim Olivia Stolz.

Kirkland & Ellis advised RWE on its strategic investment in Proxima Fusion in connection with the Series A2 financing round.

As part of its investment, RWE will provide Proxima Fusion access to its Gundremmingen site for the construction of the first commercial stellarator fusion plant.

The Kirkland team included transactional lawyers Tobias Larisch, Friedrich von der Heydt-von Kalckreuth and Henrik Kilian.

Winston Taylor advised East X Ventures on its investment in Proxima Fusion as part of the financing round.

The team comprised Ross McNaughton and Oli Denne in the Venture Capital Team, and Shervin Shameli and Lizzie Freeth in the Private Investment Funds Team.

NEON advised UVC Partners on its investment in Proxima Fusion as part of the Series A2 financing round.

The NEON team comprised Dr. Alexander Wulff, Rouven Kolodziej and Lukas Brehmenkamp.