Original title: German startup Proxima Fusion unveils fusion energy reactor design aimed at commercial viability
Proxima Fusion, a German startup with a team of engineers from prestigious organizations, has introduced its fusion energy reactor design named Stellaris, which it claims is the fastest route to commercially viable fusion power. The quasi-isodynamic stellarator utilizes high-temperature superconducting magnets to create stable, continuous fusion reactions, building on the research from the Wendelstein 7-X. Proxima plans to complete its first demonstrator, Alpha, in six years, which will be the first fusion device to demonstrate net energy production in a steady state. The company aims to develop a 1GW fusion reactor by the 2030s. Stellaris offers advantages over traditional tokamaks, such as requiring less power and being more stable, although its complexity has historically hindered its development. Proxima leverages AI supercomputers to optimize reactor designs, reducing the need for multiple prototypes and enhancing efficiency. The startup, which spun out from the Max Planck Institute for Plasma Physics, has secured €20 million in funding to advance its mission of making fusion energy a viable business.
Original title: European tech founders warn overregulation is stifling innovation and growth
Concerns are rising among European tech founders about the impact of stringent regulations on innovation and growth in the region. Job van der Voort, CEO of Remote, emphasized that excessive tech regulation is stifling innovation and poses a significant risk for Europe, a sentiment echoed by other industry leaders at a recent conference in Paris. Executives like Mistral's Arthur Mensch and DeepMind's Demis Hassabis have called for more flexible regulations to foster competitiveness. The situation has led companies like Dutch software unicorn Bird to relocate operations outside Europe due to overregulation. Van der Voort predicts that more startups will follow suit, particularly at early stages, as many successful European startups have thrived by entering the US market. He argues that the burdensome regulatory environment is making Europe less attractive for starting and maintaining businesses, prompting him to advise startups to consider relocating for better opportunities. Van der Voort's own company, Remote, was established in San Francisco for its favorable business climate, and he warns that the EU must reassess its regulatory approach to avoid harming its economic future.
Original title: Two European sports tech startups are heading to the US for an R&D programme run by media giant Comcast
Two European sports tech startups, Orreco from Ireland and Oz Sports from Iceland, are participating in Comcast NBCUniversal SportsTech's six-month accelerator program in the US. Orreco offers an AI sports analytics platform that provides personalized insights on athletic performance, while Oz Sports has developed an AI-driven multi-camera broadcasting system. The program aims to foster innovation in sports tech by connecting startups with industry leaders, including NBC Sports and the Premier League. Over 1,600 teams applied, with the selection process focusing on problem-solving capabilities, testing potential, and team dynamics. The accelerator not only benefits the startups by enhancing product development and commercial strategies but also allows Comcast to access emerging technologies and strengthen market presence. Previous European participants have successfully entered the US market, highlighting the program's role as a springboard for international companies seeking growth.
Original title: Dutch software firm Bird moves operations out of Netherlands, citing overregulation
Bird, a Dutch software firm, is relocating most of its operations outside the Netherlands, citing excessive regulation in Europe as a significant challenge for businesses. Co-founder and CEO Robert Vis expressed concerns over the AI Act, financing, and employment laws, stating that these factors complicate starting and running a company in Europe. Bird, known for its cloud-based customer communication platform, plans to open new offices in the US, Singapore, Dubai, and Istanbul, while maintaining a presence in Lithuania and keeping its tax base in the Netherlands. The company recently laid off 120 employees, approximately one-third of its workforce, partly due to the introduction of new AI tools aimed at enhancing customer engagement. Vis criticized EU policymakers for hindering innovation and emphasized the need for a more liberal approach to technology regulation, contrasting it with the US's more relaxed stance on AI governance. He believes that to remain competitive, companies must adapt to the rapidly changing technological landscape.
Original title: Prosus to acquire Just Eat Takeaway.com for €4.1bn in major Dutch tech deal
Just Eat Takeaway.com is set to be acquired by Prosus for €4.1 billion, marking a significant acquisition in Dutch tech history. Prosus, the investment arm of South African firm Naspers, will purchase shares at €20.30 each, a 22% premium over recent highs but significantly lower than its pandemic peak. The merger of Just Eat and Takeaway.com in 2020 created one of the largest food delivery platforms, but the company has faced challenges, including a failed acquisition of Grubhub. Prosus aims to leverage its expertise in the delivery sector and AI technology to enhance Just Eat Takeaway's profitability and growth. The deal, which requires shareholder approval, will maintain the current leadership of Just Eat Takeaway. The acquisition is seen as a strategic move to bolster Prosus's delivery empire, which already includes stakes in various global food delivery platforms.
Original title: Elon Musk’s MAGA politics are fast becoming a mega problem for Tesla.
Tesla has experienced a significant decline in vehicle registrations across Europe, with new registrations dropping nearly 60% in Germany and similar declines in Spain, France, Sweden, and the Netherlands. This downturn is attributed to both broader economic factors and the controversial actions of CEO Elon Musk, who has openly supported far-right politicians and made divisive gestures. The backlash against Musk has led to calls for boycotts, with some Tesla owners expressing a desire to sell their vehicles due to his ideology. Rival brands like Polestar are capitalizing on this sentiment, seeing increased interest from disgruntled Tesla customers. Despite Tesla's Model Y being the best-selling car in Europe in 2023, the company faces intense competition and unique challenges, including an ageing model lineup and a general slump in electric vehicle demand. Analysts suggest that Musk's controversies could be impacting Tesla's sales volume and profitability, with some attributing a portion of the blame to industry factors as well.
Original title: Europe’s startup ecosystem needs to evolve to compete globally
Europe's startup scene is facing challenges as it seeks to enhance its ecosystem model, which connects individuals, organizations, and resources to drive innovation and growth. The European Union plays a crucial role in this ecosystem, with initiatives like the Payment Service Directive enabling fintech success stories such as Swan. However, experts emphasize that startups cannot thrive in isolation; they require a supportive network of talent, infrastructure, partnerships, and customers. While there are positive developments in funding, such as a new EU initiative for AI investments, concerns remain about the fragmented regulatory landscape across member states, which complicates scaling efforts. Experts advocate for harmonizing laws to facilitate smoother expansion and highlight the importance of focusing on product-market fit before scaling. Additionally, they stress the need for attention to HR and finance as essential components of successful scaling. Overall, the call is for greater public and governmental support to foster a thriving startup ecosystem in Europe.
Original title: British R&D unit that’s been compared to DARPA is funding synthetic muscles, electronic skin, and mechanical hands for a robotics dexterity project.
The Advanced Research and Invention Agency (ARIA) in the UK has announced funding for ten teams focused on enhancing robotics dexterity, allocating £52 million to bridge the gap between software and hardware in robotics. This initiative aims to address the limitations of current robotic systems, which struggle to match human flexibility and precision, particularly as the global population ages and labor shortages increase. Among the teams, Arthur Robotics is developing a biologically inspired mechanical hand for manufacturing, while Denmark's Pliantics and US-based Artimus are working on artificial muscles to improve robots' physical interactions. The project emphasizes collaboration across various levels of development, fostering innovation in hardware and integration. Established in 2023, ARIA is modeled after DARPA, funding high-risk research with the potential for significant technological advancements, including projects related to AI safety and climate monitoring.
Original title: European aerospace and defence stocks soar, boosting military tech startups
Shares in European aerospace and defense companies have reached record highs, with significant increases seen in firms like BAE Systems and Rheinmetall. The Stoxx Europe aerospace and defense index hit an all-time peak, reflecting a broader surge in military tech firms, particularly those leveraging AI. Analysts highlight the potential for growth in this sector, noting that AI-driven companies are outperforming traditional defense giants. In 2024, European defense tech startups attracted a record $5 billion in venture capital funding, marking a 24% increase from the previous year, which has raised expectations for future public listings. This surge in investment is driven by heightened concerns over military sovereignty in Europe, exacerbated by the Russia-Ukraine war and calls from leaders for increased defense spending. A McKinsey report indicates that investment in European defense tech startups has increased by over 500% from 2021 to 2024 compared to the previous three years, although the sector still lags behind the US in maturity. The shift in military spending towards software, drones, and robotic solutions suggests a growing demand for innovative defense tech products and services.
Original title: European glaciers are melting at an alarming rate, and the Alps are the worst hit
A study by British startup Earthwave and European scientists reveals alarming glacial melt trends, particularly in the European Alps, which have experienced a 39% reduction in glacier mass over the past two decades, significantly higher than the global average of 5%. The research indicates that glaciers worldwide have lost an average of 273 billion tonnes of ice annually since 2000, with the rate of loss accelerating from 231 billion tonnes per year (2000–2011) to 314 billion tonnes per year (2012–2023). Factors contributing to this decline include rising temperatures in the Alps, which are increasing at twice the global average, and dust from the Sahara that darkens glacier surfaces, leading to faster melting. Human-induced climate change is identified as the primary driver, with predictions suggesting that the Alps could lose over 90% of their glacier mass by 2100 if greenhouse gas emissions continue to rise. This glacial retreat poses significant risks to millions who depend on glacial melt for drinking water, agriculture, and hydropower, while also contributing to global sea-level rise. The study, part of the Glacier Mass Balance Intercomparison Exercise (Glambie), utilized satellite data to provide a comprehensive overview of glacier retreat, highlighting the importance of monitoring these changes to understand their broader impacts on ecosystems and freshwater supplies.