Google, RWE back Proxima Fusion in €411 million financing round

July 7 (Reuters) - Magnetic ‌fusion start-up ​Proxima ​Fusion has raised €411 million ($469.69 million) from investors including Alphabet's Google and German ‌utility RWE as part of a financing ⁠round, the Munich-based start-up said on Tuesday.

• "Proxima’s financing ‌demonstrates that Europe can ‌not only invent breakthrough technologies, but also build globally competitive companies around them," Francesco ​Sciortino, Proxima Fusion's chief executive, said in a statement

• The round was led by ⁠XTX Ventures and East X Ventures, with RWE and Google ​as strategic investors, the company said

• It added that the financing round brings ​Proxima Fusion's valuation to €2.4 ‌billion ($2.7 billion)

• German utility company RWE invested €25 million euros in the ⁠funding round

• RWE signed an agreement with Proxima to partner on building the first stellarator fusion ⁠power plant on the site of a former nuclear ​fission power plant in Gundremmingen, Bavaria

• Unlike the burning of fossil fuels or the fission process of existing ‌nuclear power plants, nuclear fusion offers the possibility of abundant energy ‌without pollution, radioactive waste or greenhouse gases, ⁠replicating with lasers or ‌magnets the reaction ​that fuels the sun

($1 = 0.8750 euros)

(Reporting by Danny Callaghan, Editing by Friederike ‌Heine)

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