AIDEA invests $25 million in NuCube Energy

The Alaska Industrial Development and Export Authority purchased $25 million in equity in NuCube Energy on October 23. The transaction involved the acquisition of Class A ordinary shares at a price of $9.25 per share. This purchase represents a 14.5 percent discount to the reference price of $10.82 used in NuCube's capital stock exchange ratio. The reference price was established during the company's business combination with Launch Two Acquisition Corp.

NuCube Energy is based in Idaho and is developing the NuSun platform. This system uses a solid-state, heat-pipe-cooled microreactor design. Unlike traditional generators that use heated fluid to drive turbines, NuSun generates current directly from infrared waves. The process, known as thermophotovoltaic conversion, operates at temperatures around 2000 degrees Fahrenheit. The company plans to use the investment to advance manufacturing readiness and licensing for the technology.

Cristian Rabiti, CEO of NuCube Energy, stated that the investment helps the firm advance its work with Alaska's needs in focus. Rabiti co-founded NuCube Energy in 2023 with entrepreneur Bill Gross. He previously served as vice president of business development for Seattle-based Ultra Safe Nuclear Corporation, or USNC. Rabiti left USNC before it declared bankruptcy in 2024. Several USNC alumni joined NuCube Energy after its founding.

NuCube Energy is one of four companies selected in April for the Department of Energy's Nuclear Energy Launch Pad. The selection was made in partnership with Idaho State University. The Launch Pad initiative provides federal infrastructure, technical expertise, and regulatory support. These resources are intended to streamline reactor testing and accelerate the commercialization of next-generation reactor technologies.

AIDEA joins a group of investors that includes Arizona Nuclear Ventures and Nuclear Energy Corp. The investor list also features S. Robson Walton, former chairman of Walmart and owner of the Denver Broncos. Jordan Rose, an Arizona philanthropist and founder of the Rose Law Group, is also listed as an investor. AIDEA's investment marks a shift from its typical financing methods, which usually involve loans, to equity ownership in assets like the Ketchikan Shipyard and the DeLong Mountain Transportation System.

Brandon Brefczynski, AIDEA Deputy Director, said the investment aims to expand possibilities as the technology moves from development to commercialization. He noted that affordable energy affects whether families can remain in their communities and whether businesses can grow. The authority seeks to turn lower-cost energy into more jobs and stronger local economies in Alaska.

NuCube Energy commits to establishing a long-term operational presence in the state. The company intends to work with communities, utilities, and industry to develop practical projects. These projects are designed to deliver reliable power and useful heat. Previously, while Rabiti was at USNC, Copper Valley Electric Association expressed interest in exploring a micro-modular reactor in Valdez. A new state law streamlined permitting for nuclear reactor siting, while the Nuclear Regulatory Commission retains authority over safety certification.

The Department of Air Force announced plans for a 5 MW microreactor built by Oklo at Eielson Air Force Base. The unit was scheduled to be operational in 2027. Procurement was paused for additional review, and Oklo now aims for completion in 2030.