Proxima Fusion Stellarator HTS Magnet Progress Update (June 2025)

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Proxima Fusion has raised more than €185 million in total funding to build the world’s first stellarator fusion power plant – and that starts with completing the Stellarator Model Coil (SMC) by 2027 to de-risk high-temperature superconducting (HTS) magnet technology for stellarators. Here's a look inside the Magnet Lab at the Paul Scherrer Institute (PSI) in Switzerland, where we're ramping up magnet prototyping.

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Proxima Fusion spun out of the Max Planck Institute for Plasma Physics (IPP) in 2023 to build fusion power plants using QI-HTS stellarators. Proxima has since assembled a world-class team of engineers, scientists and operators from leading companies and institutions, such as the IPP, MIT, Harvard, SpaceX, Tesla, and McLaren. By taking a simulation-driven approach to engineering that leverages advanced computing and high-temperature superconductors to build on the groundbreaking results of the IPP’s W7-X stellarator, Proxima is leading Europe into a new era of clean energy, for good.