White & Case advises XTX Ventures and Balderton on €411 million Proxima Fusion financing round

Global law firm White & Case LLP has advised XTX Ventures and Balderton on Proxima Fusion's €411 million (US$468 million) financing round, bringing the company's valuation to €2.4 billion (US$2.7 billion).

The round was led by XTX Ventures and East X Ventures, with participation of RWE and Google as strategic investors, as well as further new and existing investors including, among others, Balderton, Cherry Ventures, Lightspeed and Leitmotif.

The transaction is one of the largest private investments in European technology this year and the largest ever in European fusion, underpinning Proxima's strategy to build Europe's commercial fusion champion. It provides the backing needed to develop Alpha, Proxima's net-energy stellarator demonstrator near Munich.    

Proxima Fusion is a European stellarator fusion company and the first spin-out from the Max Planck Institute for Plasma Physics, developing commercial fusion power plants based on its QI-HTS stellarator concept. Alpha is Proxima's planned net-energy stellarator demonstrator designed to bridge fusion research and commercial deployment.

XTX Ventures is the venture capital arm of XTX Markets, investing in early-stage deeptech companies. Balderton is a leading multistage venture capital firm with more than 25 years of experience supporting Europe's best founders from seed to IPO.

The White & Case team in Berlin which advised on the transaction was led by partner Norman Röchert and included partner Erasmus Hoffmann and associates Jasmin Bechtold and Anna Hankings-Evans.

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