Taylor Wessing advises Cherry Ventures, Balderton Capital and Leitmotif on €130 million Series A financing round for fusion energy start-up Proxima Fusion

Munich-based deep tech start-up Proxima Fusion, a spin-out from the Max Planck Institute for Plasma Physics (IPP), has raised €130 million (approx. US$150 million) in a Series A financing round to develop the world's first fusion power plant based on a stellarator design. The round was co-led by Cherry Ventures and Balderton Capital, with ClimateTech investor Leitmotif also participating. A Taylor Wessing team led by Dr Norman Röchert, partner in the Berlin office and specialist in venture capital transactions in technology-driven industries, provided comprehensive legal advice to all three investors in the transaction.

Proxima Fusion is pursuing a simulation-driven approach to industrialising fusion energy based on the stellarator concept, combining high-temperature superconductivity with state-of-the-art computer technology. The capital raised will be used in particular to advance the development of the first model coil for stellarators and to secure the site for the demonstration stellarator called ‘Alpha’. The goal is to start operations by 2031 with proof of net energy gain, a major milestone on the road to the first fusion power plant.

Investors see Proxima Fusion as a key player in the European race for commercial fusion energy. By combining scientific excellence with entrepreneurial ambition, the company aims to set new standards for a clean, scalable energy future in Europe.

About Cherry Ventures

Cherry Ventures is a European early-stage venture capital firm founded in 2012 and based in Berlin, London and Stockholm. The VC investor currently supports a portfolio of over 100 active start-ups across Europe, complemented by a strong network of leading European entrepreneurs, including the minds behind Dropbox, N26, Skype, Wolt, Supercell and Doordash.

About Balderton Capital

Balderton Capital, a London-based venture capital fund, focuses on supporting Europe's most ambitious entrepreneurs from start-up to IPO and is considered one of Europe's leading venture capital funds. Since its inception in 2000, the fund has launched twelve funds with a total volume of more than $5.7 billion and invested in more than 275 companies.

About Leitmotif

Leitmotif is an independent venture capital firm with investors in Palo Alto and Munich that connects innovative ecosystems in the US and Europe and focuses on deep tech and climate tech solutions for decarbonisation.

Legal advisors to Cherry Ventures, Balderton Capital and Leitmotif:

Taylor Wessing Germany: Dr Norman Röchert (partner, Berlin), Dr Armin Bartsch (salary partner, Berlin), Jasmin Bechtold (associate, Berlin), Johannes Philipp Tapken (associate, Munich), Felix Paul (professional support lawyer, Berlin), all Corporate Technology/Growth VC; Dr Gregor Schmid (partner, Berlin), Dr Gisbert Hohagen (partner, Munich), Stefanie Engmann (associate, Munich), Caroline Bunz (associate, Munich), Dr Jacob Carl (Associate, Munich), all IP/IT; Nico Jänicke (Partner), Kübra Inan (Associate), both Employment, Pensions & Mobility, Berlin; Arno Gotting (Salary Partner, Frankfurt), Katrin Schultz (Associate, Berlin), both Commercial, Dr. Michael Brüggemann (Partner), Tim Hendricks (Associate), both Regulatory, both Düsseldorf