NuCube, Alaska Fund launch NuAlaska nuclear initiative

NuCube Energy and Alaska Fund signed a memorandum of understanding to create NuAlaska, a joint initiative to develop, finance, own and operate advanced nuclear energy projects in Alaska. The companies announced the agreement Thursday.

The effort would pair NuCube's NuSun-1 microreactor with Alaska Fund's financing model, the companies said. They said the focus is on remote communities, industrial sites and other places where fuel logistics and weather make reliable power expensive. The reactor is designed to provide electricity and heat without refueling for up to 25 years, according to the companies.

The announcement is preliminary. NuCube and Alaska Fund said they will work toward a definitive joint venture structure. They also said they plan to engage local communities, the U.S. Department of Energy and state and federal representatives.

The release was also filed with the U.S. Securities and Exchange Commission by Launch Two Acquisition Corp. In it, Alaska Fund founder and CEO Matt Larkin said NuAlaska would give Alaskans a way to invest in energy projects that shape the state's future. Gov. Mike Dunleavy said advanced nuclear energy has potential for communities and industries where conventional energy is costly or hard to deliver.

Alaska News reported in May that NuCube was one of several nuclear startups targeting Alaska deployments by 2029. No private microreactor has yet operated in the United States, and no commercial customer has signed a long-term power purchase agreement.