EU picks 77 net-zero projects, Alaska backs NuCube, ITM's record year

Three money stories from October 19, 2026: Brussels picked 77 net-zero projects for €3.4 billion in grants, an Alaska state authority anchored a microreactor developer's merger financing, and an electrolyser maker reported record revenue alongside another annual loss.

EU Innovation Fund selects 77 projects for €3.4 billion

The European Commission selected 77 net-zero technology projects in 23 countries of the European Economic Area for €3.4 billion of Innovation Fund support, it announced on October 19, 2026. The fund reinvests revenue from the EU Emissions Trading System, and for the first time, the Commission said, its list includes a small modular nuclear reactor project and a direct air carbon capture and storage project. Demand ran well ahead of the money: the call drew 358 applications requesting €17.5 billion, against an available budget the Commission put at €2.9 billion.

Minesto's Euro Dragon Farm is one of 16 pilot projects in the round, a group that requested around €394 million in all, according to the Commission. The Swedish developer said it was selected for €20.2 million for the project, a planned tidal kite array of up to 10 MW in Irish coastal waters, and that the grant will cover 60% of the investment the project needs. Chief executive Martin Edlund called it "the most significant commercial milestone in Minesto's history so far," for a grant whose agreement is still being finalised.

The round's reactor sits in the same pilot group. It is Calogena's NetZeroHeat, which the Commission's project descriptions describe as a heat-only small modular reactor delivering 131 GWh a year of low-carbon heat to the Pierrelatte district-heating network in France. Selection is a step short of a grant for all 77: promoters now prepare grant agreements with the EU executive agency CINEA, and the Commission says the results of that process will be announced in the first quarter of 2027.

Alaska's AIDEA puts $25 million into NuCube

NuCube Energy, which is developing factory-built, heat-pipe-cooled microreactors, said on October 19, 2026 that the Alaska Industrial Development and Export Authority (AIDEA) has agreed to invest $25 million as anchor investor in its current financing (NuCube). AIDEA will buy Class A ordinary shares at $9.25 each, about 14.5% below the $10.82 reference price used to set the exchange ratio in NuCube's proposed merger with the special purpose acquisition company Launch Two Acquisition Corp., plus half a warrant per share exercisable at $11.50 within five years. The money counts toward the $75 million minimum cash condition for closing that merger, and NuCube says it will use the proceeds to advance its NuSun reactor's development, manufacturing readiness and licensing.

The investor is a public corporation the Alaska Legislature created in 1967. Its deputy executive director, Brandon Brefczynski, said AIDEA's role is to advance projects that create jobs, expand economic opportunities and improve energy reliability "without relying on state appropriations." NuCube describes Alaska as a state where many communities and industrial operations rely on costly imported fossil fuel and sit beyond the reach of traditional power infrastructure.

The merger's deadline moved the same day. NuCube and Launch Two amended their merger agreement on October 19 to extend its outside date to January 7, 2027 and to let NuCube sell a new series of preferred stock, Series A-4, to investors before closing, Launch Two told the SEC.

ITM Power's revenue rises 68%, and it still loses money

ITM Power's revenue rose 68% to £43.6 million in the year to April 30, 2026, from £26.0 million, the UK electrolyser maker said in preliminary results on October 19, 2026. Its adjusted EBITDA loss narrowed to £20.2 million from £33.0 million, and its loss for the year to £25.0 million from £45.5 million. Year-end cash of £215.6 million was supported by a £40.0 million equity investment from Great British Energy, and the contract backlog held at £144.0 million.

Growth slows in the guidance. ITM expects revenue of £50 million to £60 million in the year to April 2027, which it calls 26% growth; by our arithmetic that is the midpoint, and the bottom of the range is about 15%. It guides to another adjusted EBITDA loss, of £17 million to £20 million. "While FIDs continue taking longer than anticipated, the underlying fundamentals have strengthened," the company says. The 150 MW refinery project for which its Hydropulse unit signed heads of terms on October 12 would be ITM's largest commercial commitment to date if it reaches a final investment decision, which is targeted in 2027. Rival Nel ASA is moving the other way: its alkaline electrolyser revenue fell 91% in the third quarter of 2026.