Pelican Energy Partners Invests in AI-Based Software Provider

Pelican Energy Partners, a Houston-based private equity firm focusing on investment in small to middle-market energy services and equipment companies in the oil and gas and nuclear industry, has made an investment in Blue Wave AI Labs LLC.

Financial terms of the transaction were not disclosed.

Founded in 2016, the West Lafayette, IN-based company is a software as a service (SaaS) business that develops and sells AI-based software to support the nuclear energy industry.

“In my opinion, they (Pelican) had the most insightful thesis about the growth forces driving nuclear, as well as the best strategy for helping and participating in this growth,” said Blue Wave Executive Vice President, Tom Gruenwald.

Pelican’s last announced deal was the acquisition of Iron Horse Tools, Inc., a provider of automated drilling chokes, from Bluehenge Capital Partners for an undisclosed amount.

Hirsch & Westheimer, P.C. acted as legal counsel to Pelican Energy Partners, and Nelson Mullins Riley & Scarborough LLP served as legal counsel to Blue Wave. Benchmark International acted as financial advisor to Blue Wave.