Proxima Fusion is investing €140 million in a new factory to produce superconducting tape for its fusion reactors, a critical component for generating powerful magnetic fields to contain the plasma required for fusion reactions. The move comes after raising €411 million, catapulting the Germany-based startup among the world’s best-funded fusion ventures. With 20,000 kilometers of HTS tape needed for its demonstration plant, Proxima aims to use a mix of public and private funding, with the German state of Lower Saxony contributing €21 million. Despite HTS tape’s emergence over a decade ago, the vast majority of its production remains in the hands of Asian countries, particularly China and Japan. This investment by Proxima could signal a shift towards more diversified global production, enabling smaller and more efficient reactor designs for the nascent fusion industry.