AIDEA Buys $25M Equity Stake in Solid-State Nuclear Power Developer
A thermophotovoltaic apparatus inside a bell jar is tested at the NuCube Energy facility in Idaho Falls, Idaho. Infrared light causes current to flow, much like in a solar panel, at temperatures around 2000°F.
Photo Credit: NuCube Energy
Alaskans now own part of a nuclear energy startup company, thanks to an equity investment from the Alaska Industrial Development and Export Authority (AIDEA). The $25 million equity investment in Idaho-based NuCube Energy is meant to support development of compact, factory-built nuclear reactors designed to be deployed to remote communities and industrial sites. The company intends to use AIDEA’s investment to advance development, manufacturing readiness, and licensing of its NuSun platform.
New Nuclear
“We are developing NuCube’s technology to serve places where dependable energy can open the door to new opportunity,” says Cristian Rabiti, CEO of NuCube Energy. “AIDEA’s investment helps us advance that work with Alaska’s needs in focus.”
Rabiti has toured Alaska before, seeking customers interested in a micro-modular reactor when he was vice president of business development for Seattle-based Ultra Safe Nuclear Corporation (USNC). He left in 2023 to co-found NuCube Energy with entrepreneur Bill Gross, and USNC declared bankruptcy in 2024. Its patents were acquired by NANO Nuclear Energy, and the technology was rebranded as Kronos MMR.
Several USNC alumni followed Rabiti to NuCube Energy, which is developing NuSun as its own solid-state, heat-pipe-cooled microreactor. Unlike most other nuclear power generators, it would not transfer energy to a turbine with heated fluid. Instead, thermophotovoltaic conversion would generate current directly from infrared waves, much as photovoltaic solar panels generate electricity from visible light.
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October 2026
In partnership with Idaho State University, NuCube Energy was one of four companies competitively selected in April for the Department of Energy’s Nuclear Energy Launch Pad, an initiative meant to streamline reactor testing and to fast-track licensing and commercialization of next generation reactors. This selection into Launch Pad grants NuCube and partners access to federal infrastructure, technical expertise, and regulatory support to accelerate the siting, testing, and deployment of technology.
Under the terms AIDEA’s investment, the authority agreed to purchase $25 million of Class A ordinary shares at $9.25 per share, representing an approximately 14.5 percent discount to the reference price of $10.82 used to determine the exchange ratio for NuCube’s capital stock in its business combination with Launch Two Acquisition Corp. “As our anchor investor, AIDEA gives us a solid capital foundation as we continue towards closing our business combination with Launch Two,” says Rabiti.
AIDEA joins other NuCube investors, including Arizona Nuclear Ventures, Nuclear Energy Corp. (formerly Emission Reduction Corp.), former Walmart chairman and Denver Broncos owner S. Robson Walton, and his fellow Arizona philanthropist Jordan Rose, founder of Rose Law Group.
NuCube commits to advancing the commercial deployment of its microreactor technology in Alaska and establishing a long-term operational presence in the state. “We look forward to working with communities, utilities, and industry to develop practical projects that can deliver lasting value through reliable power and useful heat,” Rabiti says.
Expanding Possibilities
Less than 1 millimeter wide, a TRISO fuel pellet is driving development of small-scale reactors by several companies. Ceramic coating prevents the most dangerously radioactive products of nuclear fission from escaping as gases.
Photo Credit: Ultra Safe Nuclear Corporation
AIDEA’s mission is to promote economic growth and jobs in Alaska, usually by financing or loan participation, but the authority also holds equity ownership in various assets, such as the Ketchikan Shipyard, the Snettisham Hydroelectric Project, and the DeLong Mountain Transportation System, which moves ore from Red Dog Mine.
“Affordable energy is about more than a utility bill. It is about whether families can afford to stay in their communities and whether businesses can afford to grow,” says AIDEA Deputy Director Brandon Brefczynski. “Our investment in NuCube is focused on expanding those possibilities as this technology matures from development into commercialization. We want to help turn lower-cost energy into more jobs, stronger local economies, and projects that make financial sense in Alaska.”
When Rabiti was with USNC, Copper Valley Electric Association expressed interest in exploring the feasibility of a micro-modular reactor in Valdez. Around the same time, a new state law streamlined state permitting for nuclear reactor siting; the US Nuclear Regulatory Commission retains authority for certifying the safety of reactor technologies.
At the time, the US Department of Air Force announced plans for a 5 MW microreactor built by California-based Oklo at Eielson Air Force Base. It was scheduled to be operational in 2027, but procurement was paused for additional review. Oklo continues to develop the technology, now aiming for completion in 2030.