Proxima vs CFS: Fusion’s Race | The New Capital Stack | OpenAI Needs a Power Plant

Proxima vs CFS: Fusion’s Race | The New Capital Stack | OpenAI Needs a Power Plant

Author: Hugo Rauch September 26, 2025 Duration: 50:27

Brought to you by:

D-CRBN - a Belgian startup turning industrial CO₂ emissions into valuable feedstock using cutting-edge plasma technology. If you want to learn more, reach out directly to David Ziegler or Gill Scheltjens.

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This week on New Wave Weekly: change is no longer a scientific forecast.

👉 Fusion Energy: Is It Around The Corner?

Proxima Fusion raises $200M, U.S. players pull in mega-rounds up to $900M… and suddenly everyone’s bullish. But is fusion coming in 2030, or 2100? Game-changing tech or just another beautiful mirage?

👉 The capital stack goes creative

Grants, debt, PPAs, infra equity, climate finance is finally evolving beyond pure VC. But who’s funding $100M FOAK projects? And where are all the climate-native CFOs?

👉 OpenAI x Oracle, $300B and 4.5 GW

One AI deal = 4 nuclear reactors. As data centers suck up grid capacity, could the compute boom drag climate tech into the fast lane?

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References:

FT: Europe’s fusion race heats up with billions in funding

TechCrunch: CFS books $1B power deal for its future reactor

TechCrunch: Google inks its first fusion power deal with CFS

LinkedIn: Proxima Fusion extends its Series A

CTVC: Fusion roundup — big rounds, big deals

CFS: CFS raises $863M Series B2 to accelerate commercialization

Sifted: SunSave raises $113M to expand solar subscriptions

WSJ: OpenAI and Oracle sign $300B computing deal

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Wave Makers:

Hampus Jakobsson - Pale Blue Dot

Matthew Blain - Voyager Ventures

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Chapters:

(00:00) Introduction

(01:12) Is Fusion Happening?

(28:31) The Creative Capital Stack

(42:20) A Deal That Needs 4.5GW

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This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit newwavenewsletter.substack.com

Hugo Rauch hosts New Wave, a podcast that lives at the intersection of business ambition and scientific reality. This isn't about distant predictions or abstract science; it's a grounded exploration of the technologies and companies being built right now to address our environmental future. Each episode focuses on the practical journey, dissecting the models, the breakthroughs, and the hard decisions that define the climate tech landscape. You'll hear from founders, researchers, and investors who are actively shaping this space, getting into the specifics of what works, what doesn't, and why. The conversations move beyond hype to examine the tangible mechanics of creating viable solutions, from energy storage and sustainable materials to carbon removal and regenerative agriculture. It’s for anyone who thinks about the climate challenge not just as a crisis, but as a complex and urgent field of innovation. By tuning into this podcast, you gain a clearer understanding of the economic forces and scientific principles driving the next generation of environmental solutions. New Wave connects the dots between the lab, the boardroom, and the impact we need to see in the world, offering a sober yet optimistic look at where substantive progress is truly being made.
Author: Language: English Episodes: 89

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