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Alternative Assets  + Private Equity  + Real Assets  |  July 6, 2023
Pelican Energy Partners Invests in AI-Based Software Provider
Joe Palmisano
By: Joe Palmisano

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.

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Inside The Story

Pelican Energy PartnersBlue Wave AI Labs LLC.

About Joe Palmisano

Joe Palmisano is editorial director of Connect Money, where he oversees daily coverage of alternative assets, direct investments, financial advisory and the economy. He brings three decades of experience as a financial journalist, analyst and portfolio manager. Before joining Connect Money, Palmisano wrote for The Wall Street Journal, covering foreign exchange, global fixed-income and equity markets. He later served as a senior research analyst and portfolio manager, producing market analysis and managing foreign exchange and U.S. equity portfolios for FX Concepts. His work has also appeared in SFO Magazine and CMT Association publications. Palmisano earned a bachelor’s degree in finance from The American University and holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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