An Axium Infrastructure-managed fund has acquired BlueWave, a Boston-based solar and energy storage developer. Under the terms of the acquisition, BlueWave will keep its name and entire team in place as the company focuses on the growth of its solar energy and storage development portfolio.
With an intent to integrate environmental social governance (ESG) at the heart of its project development and management process, Axium’s values align with BlueWave’s mission to transform access to renewable energy through a responsible development philosophy. Axium is supporting BlueWave’s work in community solar development and the practice of agrivoltaics and floatovoltaics. While Axium has several other asset-based investments in the renewable energy sector, this will be Axium’s first renewable development company acquisition.
“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” says Trevor Hardy, CEO of BlueWave. “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.”
The acquisition marks an opportunity for BlueWave to evolve its business model to not only develop, but also build, own and manage the projects within its development portfolio. With this, BlueWave will focus on hiring to support the transition to long-term asset ownership and build a team to support ongoing company growth.
“BlueWave is thrilled to join forces with such a deeply committed, mission-driven, ESG investor. Axium and BlueWave share common values and purpose and are united in a vision for achieving significant growth, innovation, and impact in the climate battle,” states John DeVillars, co-founder and chairman of BlueWave. “It’s a wonderful match, and with the talent and resources Axium adds to the equation, I have every confidence we will achieve that vision.”
“Our acquisition of BlueWave is a reflection of their solar and energy development innovation and a desire for us to significantly grow our renewable energy portfolio. We’re proud to support a company that not only shows growth and financial promise, but also aligns with our values and strong focus on ESG,” comments Thierry Vandal, president of Axium Infrastructure U.S. Inc. “We look forward to a bright and more sustainable future working alongside BlueWave’s tenured and talented team to push the limits on solar innovation.”