- PowerON Energy Solutions, a subsidiary of Ontario Power Generation, made a strategic investment
- As a result of the PowerON investment, James Brewer, vice president of new growth and business development, was added to BluWave-ai’s board of directors
- The round’s proceeds will be used for commercial scale-out, new customer acquisition, hiring and market expansion
Ottawa-based BluWave-ai, a provider of artificial intelligence cloud software to help drive renewable energy and electric transportation, has raised C$9.5 million in Series A financing.
PowerON Energy Solutions, a subsidiary of Ontario Power Generation, made a strategic investment and took a minority stake along with existing and new private investors led by Capital Angels Network.
As a result of the PowerON investment, James Brewer, vice president of new growth and business development, was added to the board of directors at BluWave-ai.
BluWave-ai also received a C$1.73 million grant from the Canadian government through Federal Economic Development Agency for Southern Ontario, previously announced in November 2022.
BluWave-ai’s solutions apply artificial intelligence cloud software to optimize the cost, carbon footprint and reliability of different energy sources, both renewable and non-renewable, in real time. This lets customers, such as utilities, fleet operators and electricity system operators, to improve their energy-related decision-making in planning and in live systems to decrease costs and carbon footprint.
The round’s proceeds will be used by BluWave-ai for commercial scale-out, new customer acquisition, growing staff to 60, and expansion into existing markets for grid optimization as well as the EV market.
“PowerON has been established by OPG to deliver behind-the-meter electrified solutions for fleet operators across North America,” said Keegan Tully, managing director at PowerON Energy Solutions, in a statement. “We chose to partner with a Canada-based world leader like BluWave-ai that is poised to transform the industry with AI and real-time automation.”