The Sherpa Signal · 2026-07-08 FIRST MOVE

RWE's First Nuclear Bet: €411M Fusion Funding

Proxima Fusion raises $468 million in Series funding led by XTX Ventures.

Proxima Fusion raises €411 million ($468 million) in Series funding led by XTX Ventures and East X Ventures with participation from Google, RWE, and others

RWE InvestorGoogle InvestorEast X Ventures LenderSPRIND LenderXTX Ventures LenderCherry Ventures LenderPlural LenderBalderton LenderDTCF LenderKfW Capital LenderDST Global Partners LenderBrevan Howard Macro Venture LenderBurda Principal Investments LenderBayern Kapital LenderProxima Fusion DeveloperLightspeed LenderCDP Venture Capital LenderLeitmotif LenderElaia LenderEIC Fund LenderUVC Partners Lender
Deal value
$468M
Country
Germany
Announced
2026-07-07
THE DEAL
Lead roleInvestor
SectorNuclear
CountryGermany
Announced2026-07-07
THE PATTERN
Usual sectorsOffshore Wind, Onshore Wind, Solar
Prior Nuclear deals0
Tracked deals28
Standout First Nuclear deal across 28+ tracked RWE transactions
Sherpa analysis

RWE, with 32 tracked deals, made its first nuclear investment in Proxima Fusion's €411 million Series funding. This marks RWE's first nuclear deal across 28+ tracked transactions, departing from its usual focus on Offshore Wind, Onshore Wind, and Solar. Google also participated in the $468 million financing for the German developer.

Parties

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