An Axium Infrastructure-managed fund (Axium) has acquired BlueWave, a Boston-based solar and energy storage developer and certified B Corp. BlueWave’s name and entire staff will remain the same as before the acquisition. The company will now be focusing on growing its solar energy storage and 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.”
BlueWave will have the opportunity to develop its business model to not just develop, but also manage, build, own, and maintain projects within its development portfolio. BlueWave will be focusing on the hiring process to support long-term asset ownership transition and to build a team to support 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.”