GoKawiilGoogle has backed Germany-based Proxima Fusion, which is looking to build Europe's first commercial fusion power plant, in a 411 million euros ($468 million) round, the company announced on Tuesday.
Nuclear fusion is the process of combining two hydrogen atoms to form one helium atom, releasing huge amounts of energy.
While it promises an abundance of energy, the technology has not been deployed commercially, with the industry racing to overcome technical challenges. All current nuclear power plants use fission, which involves splitting atoms.
Google's investment underscores its continued interest in fusion as a potential source of abundant, carbon-free, firm energy over the long-term, Proxima, which hit a $2.7 billion valuation, said.
The round was led by XTX Ventures and East X Ventures, with RWE and Google as strategic investors. Other venture capital firms including Plural, UVC Partners, Balderton and Cherry Ventures also participated.
"Europe is racing with the United States and China to get to the first fusion power plant," Francesco Sciortino, cofounder and CEO, said in a statement.
"Proxima's financing demonstrates that Europe can not only invent breakthrough technologies, but also build globally competitive companies around them," he added.
"Investors recognise both the urgency and the opportunity of what we're doing and are backing us to develop a generational energy technology company."