Europe’s fastest-growing nuclear fusion company raises 8 million in record funding round

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Europe’s fastest-growing nuclear fusion company raises $148 million in record funding round

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1 day ago

June 11, 2025

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Germany, Lower Saxony, Grohnde, Grohnde Nuclear Power Plant.

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German start-up Proxima Fusion on Wednesday announced it had raised 130 million euros ($148 million) in a record funding round, with investors hopeful the company can soon develop the world’s first commercial nuclear fusion power plant.

The Series A financing round, which was co-led by investors Cherry Ventures and Balderton Capital, represents the largest private fusion investment round in Europe to date.

The buzz around nuclear fusion has kicked into overdrive in recent years. Advocates say the technology, which is the process that powers the sun and stars, can play a pivotal role in the energy transition.

Fusion energy is the process of jamming together two hydrogen atoms to form one helium atom, which releases massive amounts of power. Scientists and engineers have been scrambling to recreate and harness nuclear fusion since the theory was first understood in the 1930s.

“Fusion has become a real, strategic opportunity to shift global energy dependence from natural resources to technological leadership,” Proxima Fusion CEO and co-founder Francesco Sciortino said in a statement.

“Proxima is perfectly positioned to harness that momentum by uniting a spectacular engineering and manufacturing team with world-leading research institutions, accelerating the path toward bringing the first European fusion power plant online in the next decade,” he added.

If nuclear fusion can be replicated at an industrial scale, the International Atomic Energy Agency (IAEA) says the technology could provide virtually limitless clean, safe and affordable energy that meets the world’s demand.

Not everyone is convinced, however. Researchers have suggested the technology is likely still a long way off from being ready to be scaled up for commercial use.

The Series A financing round brings Proxima Fusion’s total funding to more than 185 million euros in private and public capital, accelerating the Munich-based firm’s mission of building the first stellarator-based fusion power plant in the 2030s.

An alternative to the more common tokamak, a stellarator is a device that uses magnetic fields to confine plasma in the shape of a donut, according to the U.S. Department of Energy. These magnetic fields allow scientists to control the plasma particles and allow the right conditions for nuclear fusion.

“Stellarators aren’t just the most technologically viable approach to fusion energy—they’re the power plants of the future, capable of leading Europe into a new era of clean energy,” Daniel Waterhouse, partner at Balderton Capital, said in a statement.

Proxima Fusion was founded two years ago as a spin out from the Max Planck Institute for Plasma Physics (IPP).

Environment

Why uranium mining is having a resurgence in the United States

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2 hours ago

June 12, 2025

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Why uranium mining is having a resurgence in the United States

From about the 1960s to the mid-1980s, the United States was a leader in uranium mining. But domestic production of the mineral, which is primarily used as fuel for nuclear reactors, has since fallen off a cliff.

“A lot of this was because it was a government priority. And we strategically used government funding and subsidies to support it. However, what kind of started happening during the 90s is we saw a de-prioritization away from uranium,” said Gracelin Baskaran, director of the Critical Minerals Security Program at the Center for Strategic and International Studies.

Several high-profile nuclear accidents, including the 2011 Fukushima disaster in Japan, also negatively affected public perception of nuclear energy and tanked uranium prices, leading many domestic uranium producers to shutter their mines.

The U.S. is the world’s largest producer of nuclear power, but the latest available data from the U.S. Energy Information Administration shows that the U.S. imports over 95% of the uranium feedstock needed to power its 94 nuclear reactors.

“The difficulty is we’ve prioritized nuclear, but deprioritized uranium, which we need to fuel our nuclear power and is creating an incongruence in our policy,” Baskaran said.

That’s changing as electricity demand skyrockets thanks to power-hungry AI models being developed by tech giants including Microsoft, Google, Meta and Amazon, as well as a global push for cleaner energy.

This emphasis on nuclear power is also driving demand for uranium.

A recently released report by the Nuclear Energy Agency and the International Atomic Energy Agency estimates that if demand for nuclear energy continues to grow, known uranium deposits will run out by 2080.

“Right now the uranium miners globally are not keeping up with demand,” said John Cash, president and CEO of uranium mining company Ur-Energy. “It takes years from discovery to the time you produce. So it’s going to take years for that gap to be closed between those two, and all the while, we see tremendous growing demand for nuclear power.”

The domestic uranium industry has received bipartisan support from the U.S. government.

In 2024, the Biden administration banned the import of Russian uranium and unlocked $2.7 billion in federal funding to expand domestic uranium enrichment and conversion capacity. In May, President Trump signed four executive orders aimed at speeding up the deployment of nuclear reactors to quadruple the nation’s nuclear energy capacity from 100 GW in 2024 to 400 GW by 2050.

But even with all this support, experts say, the U.S. will continue to depend on other countries for uranium.

“Even if all the uranium projects in the United States that are currently permitted and operable, we could not satisfy the demand of the United States of America,” said Mark Chalmers, president and CEO of uranium mining company Energy Fuels.

“The U.S. has a lot of room to increase its uranium production, but the difficulty is we have less than 1% of the world’s reserves. So in the long term, we’re really going to need uranium from other countries,” Baskaran said.

CNBC spoke to two uranium miners, Ur-Energy and Energy Fuels, about how they are working to restart and ramp up domestic production of uranium and the challenges they face in doing so. Watch the video to find out more.

Environment

BYD’s EV price war is headed overseas as its cheapest car launches in Europe for $25,000

Published

3 hours ago

June 12, 2025

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BYD's EV price war is headed overseas as its cheapest car launches in Europe for ,000

After China warned that BYD’s recent EV price cuts are creating “war panic,” the company is now turning up the pressure overseas. BYD launched its most affordable EV in Europe, the Dolphin Surf, starting at about $25,000. The tiny EV is BYD’s top seller in China. Will it have the same impact in Europe?

BYD’s EV price war heads overseas with the Dolphin Surf

The Dolphin Surf is the European version of BYD’s best-selling EV in China, the Seagull. The Seagull is already sold for under $10,000 (69,800 yuan) in China, but after another round of price cuts last month, it’s now listed at just $7,800 (55,800 yuan).

Although it didn’t single out BYD, the China Automobile Manufacturers Association warned earlier this month (via Bloomberg) that recent price cuts are “triggering a new round of price war panic” in China.

After launching the Dolphin Surf in the UK and Europe, starting at just £18,650 (just over $25,000), BYD is now bringing its EV price war overseas.

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BYD outsold Tesla in the UK last month, registering 3,025 vehicles compared to Tesla with 2,016, and it’s quickly closing in on full-year sales.

BYD-EV-price-war-overseas — BYD Dolphin Surf EV for Europe (Source: BYD)

In what’s being called a “watershed moment,” the Chinese EV giant also registered more vehicles than Tesla in Europe for the first time in April. And that’s before the Dolphin Surf arrived, which is now among the cheapest cars in the UK.

The UK’s cheapest EV is currently the Dacia Spring, starting at £14,995 ($20,000) with a WLTP range of 140 miles.

BYD’s base Dolphin Surf “Active” offers 203 miles WLTP range. A longer-range “Boost” variant is available with a range of up to 305 miles (507 km), starting at £21,950 ($30,000). Both include tech and features typically found on more premium vehicles, including a 10.1″ rotatable touchscreen and smart driving capabilities.

“Compact cars are the next frontier for electrification in Europe,” BYD’s executive vice president, Stella Li, said during the recent Dolphin Surf launch event in Rome.

Will BYD’s new Dolphin Surf spark a new EV price war overseas? Although China is warning it will have devastating impacts on domestic auto brands, it could fuel EV demand in Europe and the UK with more affordable options arriving.

Electrek’s Take

With a commanding lead in China, BYD is rapidly expanding its presence overseas to drive growth over the next few years.

According to S&P Global Mobility, BYD is expected to more than double its sales in Europe in 2025 to around 186,000 units. By 2030, BYD’s sales in Europe could reach upwards of 400,000.

And it’s not just Europe. BYD is already a leading EV brand in overseas markets, such as Brazil, Thailand, and Mexico, and is emerging as a threat in South Korea, Japan, and other key regions.

By building nearly all vehicle components in-house, including EV batteries and powertrains, BYD can offer electric vehicles at a significantly lower cost and still make a profit.

Its decision to stop making purely gas-powered vehicles in 2022 is already paying off as BYD emerges as a true global threat. One thing is for sure: BYD will be a brand to watch over the next few years as demand for lower-cost, efficient electric cars continues to grow.

Source: FT

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Environment

BHP taps XCMG to clean up its global mining operations with electric equipment

Published

3 hours ago

June 12, 2025

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BHP taps XCMG to clean up its global mining operations with electric equipment

XCMG & BHP sign global framework agreement on mining equipment supply — XDR80TE-AT autonomous haul truck concept; via XCMG.

The iron-mining giants at BHP have big plans to decarbonize their mining operations, and they’re turning to the Chinese heavy equipment electrification and automation experts at XCMG to help make it happen.

BHP counts itself among the world’s top resource companies, and this new Agreement signed at XCMG headquarters in Xuzhou, China aims to pair their mining expertise and operations with XCMG’s innovative line-up of electric heavy equipment options to usher in, “a new era of strategic cooperation in the field of green and smart mines.”

International Mining reports that the Agreement between XCMG and BHP will deepen the companies’ cooperation in multiple dimensions, including joint equipment research and development ventures and localized (to Australia) service system construction.

“Our cooperation with XCMG is a key initiative for BHP to work with strategic suppliers to promote the future development of mining technology,” explains Rashpal Bhatti, BHP Group Procurement Officer. “Combining our operational experience with XCMG’s innovative capabilities to provide strong support for a safer and more sustainable mining fleet solution is an important step in BHP’s overall drive to reduce emissions from its operational assets.”

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Both groups are quick to underscore the fact that this Agreement is being seen as a starting point, not a complete definition of their new relationships. Talks are already underway to see more cooperation in key areas of technological innovation and industry standard-setting, which builds on the latest, massive $400 million deal XCMG scored with Fortescue last year.

More standardization across mining operations means lower costs, which means even higher ROI and lower TCO metrics. And, of course, That’s all that matters in this space: if something makes cents, it makes sense.

Why choose XCMG

BHP team posing with XCMG haul truck; via IM.

It should come as no surprise that BHP is tapping XCMG to help it decarbonize. At the 9th Annual Energy and Mine Australia Summit held last month Perth, Australia, the battery electric heavy equipment deal XCMG (“XCMG”, SHE: 000425) signed with Fortescue received the Innovation In Decarbonizing Material Movement award. Its proposed autonomous vehicles, too — like the XDR80TE-AT Autonomous Electric Mining Truck concept (shown, at top) — are winning prestigious international industrial design awards.

That deal pairs low-carbon manufacturing with carbon offsetting to build its machinery as XCMG works towards a net-zero emissions goal. Once the equipment is operational, it’s expected to reduce fossil fuel consumption by millions of gallons of diesel annually, setting another industry benchmark for decarbonization in the mining sector.

SOURCES | IMAGES: XCMG, via International Mining, PR Newswire.

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