Axium’s first renewable energy development company acquisition will provide BlueWave with the capital to evolve its business model to develop and construct, as well as own and manage the projects within its development portfolio.
BlueWave, a solar and energy storage developer and certified B Corp based in Boston, Mass, announced that it has been acquired by Axium Infrastructure, an infrastructure investment management firm with a North American renewables portfolio. BlueWave will continue to operate under the same name and with its team in place.
Axium is committed to integrating Environmental Social Governance (ESG) throughout its project development and management process, which aligns well with BlueWave’s mission to transform access to renewable energy through a responsible development philosophy.
BlueWave is known for its community solar, agrivoltaics, and floatovoltaic projects. Its 150 MW portfolio collectively generates enough solar energy to avoid more than 144,000 metric tons of carbon emissions annually. The company recently announced the spin-off of Perch Energy, which will focus on community solar installations. An example agrivoltaic project of BlueWave’s was developed in Maine along with Navisun. The project, which is owned by Navisun, combines solar with blueberries by positioning solar panels above the existing wild blueberry farm field.
While Axium has other asset-based investments in the renewable energy sector, this will be Axium’s first renewable energy development company acquisition. The acquisition will enable BlueWave to build, own and manage projects within its development portfolio. The company will begin by building a team to transition to long-term asset ownership and to focus on company growth.
“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” said 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 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. 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,” said John DeVillars, Co-Founder and Chairman of BlueWave.
