1 The EIC Accelerator Project

EIC Accelerator Program Overview

The EIC Accelerator (previously known as the SME Instrument) is an initiative under the European Innovation Council (EIC), aimed at supporting small and medium-sized enterprises (SMEs) and startups in the European Union (EU) that are developing groundbreaking innovations. This program is particularly focused on deep tech innovations that have the potential to scale and create significant market impact.

Funding Structure

The EIC Accelerator provides a unique funding structure that combines grants and equity investments.

Companies can receive a grant of up to €2.5 million. This funding is aimed at covering the costs of prototype development, testing, and other early-stage operational costs needed to bring the innovation to market readiness.

• In addition to the grant, the EIC Accelerator also offers equity funding. This was structured as follows:
• Up to €15 million in equity funding was available until the end of 2024.
• From 2025 onwards, this amount is reduced to a maximum of €10 million.
• The equity investment is typically provided in exchange for a stake in the company, and it is intended to enhance the company's capacity for growth, particularly in scaling operations and entering new markets.

Purpose of EIC Accelerator

The EIC Accelerator plays a crucial role in the European DeepTech and startup ecosystem. Its primary purposes include:

• Supporting Innovation: By providing financial resources, the EIC Accelerator helps innovative startups overcome the "valley of death," which is the gap between the initial funding stages and the commercial success of a product.
• Encouraging High-Risk Projects: The program targets high-risk, high-potential projects that might not attract traditional investment due to their innovative nature, thereby fostering a culture of innovation in Europe.
• Global Competitiveness: By bolstering European startups, the EIC Accelerator enhances the competitiveness of European technology on a global scale.

Role in Scaling and Funding

The EIC Accelerator assists companies in scaling their operations and obtaining sufficient funding from private sectors through various mechanisms:

• Validation: Winning the EIC Accelerator funding often serves as a stamp of approval, enhancing credibility and attracting further investment from private investors.
• Networking Opportunities: The program connects startups with a network of investors, mentors, and industry experts, facilitating valuable partnerships and collaboration.
• Tailored Support: Beyond financial resources, the EIC Accelerator provides tailored advisory services to help companies navigate the complexities of scaling their businesses.

EIC Accelerator Winner: Proxima Fusion GmbH

Company Overview:

• Name: Proxima Fusion GmbH
• Country: Germany
• Website: proximafusion.com
• Project Acronym: CSFPP
• Project Description: Current-free Stellarator for Fusion Power Plants
• Funding Type: Blended Finance
• Cut-off Date for Submission: March 13, 2024

Project Summary: CSFPP

Proxima Fusion GmbH focuses on developing a Current-free Stellarator for fusion power plants under the project acronym CSFPP. This technology promises to significantly advance the capabilities of fusion energy, which is seen as a potential game-changer for sustainable energy production.

Technology Basics and Background

Fusion Energy

Fusion energy is derived from the process that powers the sun, where hydrogen nuclei fuse to form helium, releasing vast amounts of energy in the process. This energy source has the potential to provide clean, virtually limitless power, with minimal environmental impact compared to fossil fuels and even traditional nuclear fission.

Stellarators vs. Tokamaks

The Stellarator is a type of magnetic confinement device designed to contain hot plasma needed for fusion. Unlike the more commonly known Tokamak, which uses a combination of magnetic fields to stabilize plasma, Stellarators achieve stability through their twisted, helical shape, reducing the need for electric currents. This characteristic makes Stellarators current-free, which alleviates several challenges associated with plasma confinement and stability.

Current-free Benefits

• Stability: Current-free operation minimizes the risk of disruptions in plasma, which can lead to energy losses and potential damage to the reactor.
• Efficiency: The design promises enhanced efficiency in energy production, a crucial factor in making fusion a viable energy source.
• Sustainability: The technology aligns with global goals for sustainable energy, providing a pathway toward clean electricity generation without the risks associated with nuclear fission.

Proxima Fusion GmbH's CSFPP project represents a significant leap forward in making fusion energy a reality, addressing both technical challenges and contributing to the broader goals of energy sustainability and independence in Europe. By securing funding from the EIC Accelerator, Proxima Fusion is well-positioned to advance this transformative technology and play a crucial role in the future energy landscape.

2 The Funding Rounds

Since receiving the EIC Accelerator funding on July 15, 2024, Proxima Fusion GmbH has secured additional funding to advance its mission of developing fusion power plants based on quasi-isodynamic (QI) stellarators.

Funding Rounds:

• Amount Raised: €20 million (approximately $21.7 million).
• Lead Investor: Redalpine Venture Partners AG.
• Other Investors: Bayern Kapital GmbH, DeepTech & Climate Fonds Management GmbH, High-Tech Gründerfonds Management GmbH, Max Planck Foundation, Plural UK Management Ltd, UVC Partners, Visionaries Club GmbH, and Wilbe Capital Fund LLC.
• Purpose: The funds are intended to expand Proxima Fusion's team with engineers and physicists and to match public funding awards. (proximafusion.com)

• Amount Raised: An additional €0.5 million, bringing the total to €7.5 million.
• New Investors: Visionaries Tomorrow, Hummingbird Collective, Achleitner Ventures, Bosch Holding, and several angel investors, including Jochen Engert and Niklas Köhler from FlixFounders fund, Alberto Dalmasso from Satispay, and Torsten Reil from Helsing.
• Purpose: To support the development of a new high-performance stellarator and to advance Proxima Fusion's mission in fusion energy. (proximafusion.com)

Investor Information:

• Redalpine Venture Partners AG: A Swiss venture capital firm investing in disruptive technologies, focusing on highly scalable ICT and Health Tech models.
• Bayern Kapital GmbH: The venture capital organization of the Free State of Bavaria, supporting innovative high-tech and deep-tech companies.
• DeepTech & Climate Fonds Management GmbH: Invests in transformative tech companies, particularly in deep tech and climate sectors.
• High-Tech Gründerfonds Management GmbH: A German seed investor financing high-potential, tech-driven startups.
• Max Planck Foundation: A private, independent, and non-profit organization promoting basic research and start-up initiatives.
• Plural UK Management Ltd: An early-stage investment fund backing ambitious founders aiming to change the world through technology.
• UVC Partners: An early-stage venture capital firm investing in European B2B tech startups across various sectors.
• Visionaries Club GmbH: A European early-stage VC backed by Europe's most successful digital founders and family business entrepreneurs.
• Wilbe Capital Fund LLC: An investment firm supporting entrepreneurial scientists in developing disruptive science companies.

Company Valuations:

Specific valuations for Proxima Fusion during these funding rounds are not publicly disclosed. However, the substantial investments from reputable venture capital firms and the extension of the pre-seed round indicate strong confidence in the company's potential and growth prospects.

As of April 16, 2025, there are no new funding rounds reported for Proxima Fusion GmbH beyond the EIC Accelerator funding and the seed funding round in April 2024. The company continues to focus on its mission to develop fusion power plants based on QI stellarators, leveraging the support from its investors and public funding to advance its technological and commercial objectives.

3 The Press Releases

Since receiving the EIC Accelerator funding on March 13, 2024, Proxima Fusion GmbH has published several press releases detailing significant developments:

1. Proxima Fusion Awarded €6.5M from BMBF for AI in Fusion Engineering (December 10, 2024): Proxima Fusion received a €6.5 million grant from Germany's Federal Ministry of Education and Research (BMBF) to advance the design and optimization of stellarator fusion power plants using artificial intelligence (AI). This project involves collaboration with the University of Bonn, Forschungszentrum Jülich, and the Technical University of Munich (TUM). The initiative aims to integrate expertise in plasma physics, machine learning, optimization, and computer science to develop AI-powered simulation tools for optimizing stellarator components. CEO Francesco Sciortino emphasized that this project will accelerate the stellarator design process, reduce costs, and improve the reliability and performance of these devices. (fusionxinvest.com)

2. Proxima Fusion Welcomes Barrington D'Arcy as Chief Manufacturing Officer (December 16, 2024): Proxima Fusion announced the appointment of Barrington "Baz" D'Arcy as Chief Manufacturing Officer. D'Arcy brings extensive experience in manufacturing and operations, which is expected to enhance Proxima Fusion's capabilities in building fusion power plants. (prnewswire.com)

3. Proxima Fusion and Partners Publish Fusion Power Plant Concept (February 26, 2025): Proxima Fusion, along with its partners, published a concept for a fusion power plant in the journal Fusion Engineering and Design. The concept, named "Stellaris," aims to provide a clean and virtually inexhaustible source of energy through the development of fusion power plants. The publication outlines the design and optimization of stellarator fusion power plants using artificial intelligence (AI). (fusionxinvest.com)

4. Proxima Fusion Co-Founder and COO Lucio Milanese Joins Board of the Fusion Industry Association (January 21, 2025): Lucio Milanese, Co-Founder and Chief Operating Officer of Proxima Fusion, joined the board of the Fusion Industry Association. The Fusion Industry Association is a non-profit organization comprising private companies working to develop commercial fusion energy through advocacy and education. (de.wikipedia.org)

5. Proxima Fusion's Simulation-Driven Engineering Approach (September 9, 2024): Proxima Fusion emphasized its use of simulation-driven engineering to accelerate the development of stellarator fusion power plants. The company believes that smart software can significantly speed up hardware development, making it a central part of their strategy. (proximafusion.net)

6. Proxima Fusion's Collaboration with the Paul Scherrer Institute (June 28, 2024): Proxima Fusion and the Paul Scherrer Institute (PSI) signed a framework agreement to advance the development of high-temperature superconducting (HTS) magnet technology. This collaboration aims to enhance fusion energy and particle physics research by leveraging PSI's expertise in superconducting materials and Proxima Fusion's focus on fusion power plant development. (proximafusion.net)

These press releases highlight Proxima Fusion's ongoing efforts in advancing fusion energy technology, including strategic appointments, significant funding, collaborative agreements, and innovative approaches to fusion power plant development.

4 The Technology Advancements

Proxima Fusion GmbH, a Munich-based startup specializing in fusion energy, has made significant technological advancements since receiving the EIC Accelerator funding on March 13, 2024.

Technology Advancements:

• Simulation-Driven Engineering: Proxima Fusion has developed a cloud-based stellarator optimization and simulation environment called StarFinder. This AI-powered platform accelerates the design and engineering of stellarators, enhancing performance and reducing development time. (startbase.com)
• High-Temperature Superconducting Magnets: The company has partnered with the Paul Scherrer Institute (PSI) to advance high-temperature superconducting magnet technology. This collaboration aims to improve the efficiency and scalability of fusion reactors. (proximafusion.net)

Development Phase and Scaling:

Proxima Fusion is in the development phase, focusing on engineering design and technology validation. The EIC Accelerator funding supports the engineering design of their first stellarator and market development, including engagement with utility companies to define future fusion power plants. (fusionxinvest.com)

Market Demonstration:

As of now, Proxima Fusion has not publicly demonstrated its technology in the market with customers or demonstrators. The company is concentrating on research, development, and strategic partnerships to advance its fusion energy solutions.

Intellectual Property and Publications:

Proxima Fusion has not publicly disclosed any new patents, scientific studies, clinical trials, or whitepapers since receiving the EIC Accelerator funding. The company continues to collaborate with research institutions and industry partners to advance fusion energy technology.

In summary, Proxima Fusion GmbH is actively developing fusion energy technologies, focusing on simulation-driven engineering and superconducting magnets, with plans to scale and demonstrate its solutions in the future.

5 The Partnerships and Customers

Since receiving the EIC Accelerator funding on March 13, 2024, Proxima Fusion GmbH has secured several strategic partnerships and collaborations to advance its mission in fusion energy development.

New Partnerships and Collaborations:

Nature and Purpose of Relationships:

• PSI Collaboration: The partnership with PSI focuses on developing HTS magnet technology, which is crucial for building efficient and stable fusion reactors.
• Bavarian State Chancellery Engagement: The meeting with Minister Herrmann aims to align Proxima Fusion's objectives with regional energy policies, facilitating support and resources for fusion energy initiatives.
• Lamarr Institute Project: The collaboration with the Lamarr Institute seeks to leverage academic expertise to address complex challenges in fusion research, potentially leading to innovative solutions.

Market Positioning:

These collaborations position Proxima Fusion as a key player in the European fusion energy sector. Engaging with esteemed institutions like PSI and the Bavarian State Chancellery enhances the company's credibility and access to resources, while the project with the Lamarr Institute underscores its commitment to cutting-edge research.

Technology Advancements and Scaling:

• HTS Magnet Development: The partnership with PSI is expected to accelerate the development of HTS magnets, a critical component for building compact and efficient fusion reactors.
• Policy Support: Engagement with the Bavarian State Chancellery may lead to favorable policies and funding opportunities, facilitating the scaling of Proxima Fusion's technologies.
• Academic Collaboration: The project with the Lamarr Institute could result in innovative solutions and methodologies, enhancing Proxima Fusion's technological capabilities and research outcomes.

These strategic partnerships and collaborations collectively strengthen Proxima Fusion's position in the market and support its technological advancements and scaling efforts in the fusion energy sector.

6 The Hiring and Company Growth

Proxima Fusion GmbH, a Munich-based startup specializing in fusion energy, has demonstrated significant growth and strategic developments since receiving EIC Accelerator funding on March 13, 2024.

Current Team Size and Hiring Status:

As of December 31, 2023, Proxima Fusion had a team of 10 employees. (de.wikipedia.org) By April 2024, the company had expanded to over 30 employees, attracting talent from prestigious institutions such as Google, Tesla, the Technical University of Munich (TUM), Harvard, MIT, CentraleSupélec, and EPFL. (techfundingnews.com) This rapid growth indicates a strong hiring trend, though specific current headcount figures are not publicly available.

Recent Key Hires:

In December 2024, Proxima Fusion appointed Atul Agrawal as a Machine Learning Researcher. Agrawal previously held the same role at another company, bringing valuable expertise to Proxima Fusion's team. (rivalsense.co)

Strategic Developments:

The company has made several strategic moves to bolster its operations:

• Leadership Changes: Proxima Fusion replaced the Head of Communications position with a Financial Controller role and added a new Head of German Policy position. (rivalsense.co)
• Relocation: The company relocated its headquarters to Flößergasse 2, 81369 Munich, Germany. (rivalsense.co)
• Awards: In December 2024, Proxima Fusion was recognized as the 'Startup of the Year' in the 'DeepTech & AI' category at Business Insider Deutschland's Gründerszene Awards. Co-Founder and Chief Scientist Jorrit Lion accepted the award in Berlin. (rivalsense.co)

Impact of New Team Members:

The addition of professionals like Atul Agrawal enhances Proxima Fusion's capabilities in machine learning, which is crucial for advancing fusion energy research. The strategic leadership changes and relocation to a new headquarters position the company to scale operations effectively and strengthen its presence in the industry.

Management and Founding Team Changes:

Co-Founder and Chief Operating Officer Lucio Milanese joined the board of the Fusion Industry Association in January 2025, indicating active involvement in industry leadership. (de.wikipedia.org)

These developments reflect Proxima Fusion's commitment to growth and innovation in the fusion energy sector.

7 The Media Features and Publications

Since receiving the EIC Accelerator funding on July 15, 2024, Proxima Fusion GmbH has been featured in various media outlets, participated in industry events, and engaged in significant collaborations. Below is a summary of their activities and media coverage:

Media Features and Publications:

• Press Releases and Articles:
• On April 10, 2024, Proxima Fusion announced a €20 million seed funding round led by redalpine, with participation from Bayern Kapital, DeepTech & Climate Fonds, and the Max Planck Foundation. Existing investors, including Plural, UVC Partners, High-Tech Gründerfonds, Wilbe, and TOMORROW of Visionaries Club, also increased their investments. The funding aims to accelerate the development of fusion power plants based on quasi-isodynamic (QI) stellarators with high-temperature superconductors. (dtcf.de)
• On July 15, 2024, Proxima Fusion was awarded €2.5 million in grant funding and the opportunity for a €15 million equity investment through the EIC Accelerator program. The funds are designated for the engineering design of the company's first stellarator and market development, including engagement with utility companies to define future stellarator-based fusion power plants. (fusionxinvest.com)
• On June 28, 2024, Proxima Fusion and the Paul Scherrer Institute (PSI) signed a framework agreement to advance the development of high-temperature superconducting magnet technology, applicable to both fusion energy and particle physics research. (proximafusion.net)
• Media Coverage:
• On April 10, 2024, Tech.eu reported on Proxima Fusion's €20 million seed funding round, highlighting the company's progress in developing fusion power plants and its plans to expand its team with world-class engineers and physicists. (tech.eu)
• On April 10, 2024, Silicon Canals covered Proxima Fusion's seed funding, emphasizing the company's mission to build the first generation of fusion power plants and its strategic partnerships with leading investors. (siliconcanals.com)

Podcasts and Interviews:

As of April 16, 2025, there are no publicly available records of podcasts or interviews featuring Proxima Fusion's team since July 15, 2024.

Conference and Fair Participation:

• In November 2023, Proxima Fusion partnered with leading European unicorn founders for its clean energy initiative, indicating potential participation in industry events and conferences. (proximafusion.net)
• In May 2024, Proxima Fusion was featured in the Wolves Summit CEE event, showcasing its advancements in fusion energy and attracting attention from the startup ecosystem. (wolvessummit.com)

Involvement in Events:

• In November 2023, Proxima Fusion's new investments brought together unicorn founders who have proven experience in scaling complex tech businesses valued at more than $1 billion, highlighting the company's involvement in significant industry events. (proximafusion.net)
• In May 2024, Proxima Fusion was featured in the Wolves Summit CEE event, showcasing its advancements in fusion energy and attracting attention from the startup ecosystem. (wolvessummit.com)

Please note that while this summary provides an overview of Proxima Fusion GmbH's activities and media coverage since July 15, 2024, it may not encompass all events and publications.