Axium Infrastructure, a Canadian infrastructure investment management firm announced its acquisition of BlueWave Solar, a leading Boston-based solar and energy storage developer and developer of community solar projects.
The terms of the deal allow BlueWave to retain its name and its entire team, which will allow it to grow its portfolio of solar and storage projects.
“This acquisition marks a pivotal new period in BlueWave’s history. It was crucial for us to find a like-minded owner who shares in our mission to revolutionize renewable energy and to help us scale, and that partner is unequivocally Axium.
Axium’s ownership will enable tremendous growth opportunities as we look to own and operate our development assets and continue pioneering in dual-use solar development, storage development and accessibility of renewable energy for low- to middle income communities.” – Trevor Hardy, CEO of BlueWave.
BlueWave will now have the financial security to overcome obstacles in business development and continue seeking innovative solutions for renewable energy. They are a leading developer of agrivoltaic and floatovoltaic solutions which give a dual-use to their solar panels.
Their panels can efficiently harvest clean energy while simultaneously respecting conservation issues and preserving the neighboring ecosystems.
A Refreshed Business Model
Axium Infrastructure’s acquisition of BlueWave not only helps them financially, but also their operations. Before, BlueWave would solely focus on building brand new projects around the United States to develop their portfolio.
The founders have always envisioned the importance of local solar energy and wanted to tap into its long-term value. With the help of Axium, BlueWave will be enabled to own and manage the projects they have within their development portfolio. Executive management is focused on hiring the right team that shares the same vision that they do. This will ensure the transition to ownership of the assets that they developed as well as more projects within the pipeline.
Being able to transform access to renewable energy through cutting-edge solutions was the value that lined Axium Infrastructure and BlueWave to create a mutually beneficial deal. Axium Infrastructure had the intent to integrate environmental social governance (ESG) in its project development and management process. Although they have several investments within the renewable energy sector, BlueWave is their first renewable development acquisition.
Companies Similar to BlueWave
- Solential Energy – An Indiana based solar company that was one of the first and only companies in the Midwest to offer floatovoltaic solutions. These are solar panels that are built on bodies of water to preserve the ecosystem and provide dual use function to the land. They also incorporate battery storage in their solutions to allow consumers to use their energy more efficiently.
- Sandbox Solar – A Colorado based solar company that provides residential and commercial solar solutions with battery storage. They have recently enabled agrivoltaic solutions to their pipeline. Agrivoltaics combines the agricultural land use with the production of renewable photovoltaic electricity to preserve developed land and not tamper with the ecosystem.
