Houston, TX – June 26, 2023 – Pelican Energy Partners is pleased to announce that it has made an investment in Blue Wave AI Labs, LLC (“Blue Wave” or “the Company”). Blue Wave was founded in 2016 and is based in West Lafayette, Indiana. The Company is a software as a service (SaaS) business that develops and sells AI based software to support the nuclear energy industry. The Company’s proprietary software transforms historical reactor operational data into critical intelligence that helps nuclear operators reduce reactor Operating & Maintenance costs through improved fuel use optimization, and improved plant capacity factors via the ability to better predict component failure. The use of Blue Wave software is significantly reducing nuclear unit O&M costs utilizing techniques not previously available for existing nuclear units in the US or the global market.

With the Pelican partnership, Blue Wave will be in a position to expand its customer base, geographic presence, and product offerings in response to growing customer demand. Managing Partner of Pelican Mike Scott stated, “We are delighted to partner with the management team of Blue Wave. They have successfully developed a very unique product offering that is creating a lot of value for their customers. We believe that Pelican is well positioned to help accelerate the growth in revenue and profitability of the Company, building on our 12-year track record of investing in similarly situated energy equipment and service companies.”

Blue Wave Executive Vice President, Tom Gruenwald, said, “We set out to find a private equity partner who could help an already thriving business, accelerate its growth and get to the next level of not only financial performance, but also industry relevance. When it was all said and done, Pelican was the very clear and obvious choice in my mind. In my opinion, they had the most insightful thesis about the growth forces driving nuclear as well as the best strategy for helping and participating in this growth. In addition, Pelican’s track record of working with many companies at our size and stage gave me confidence in their suggestions and recommendations of how to grow the Blue Wave team. Most importantly, the Pelican team, by their reputation and by my experience, is of the utmost integrity. I feel truly aligned and that we have absolute trust between us.”

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.

For more information about Blue Wave, please visit www.bluewaveailabs.com

About Pelican Energy Partners

Pelican Energy Partners is a Houston-based private equity firm specializing in strategic investments in small to middle-market, high-growth potential energy service and equipment companies. The firm has raised $609 million of managed capital since inception and makes investments in energy equipment and service companies in the oil and gas and nuclear sectors.

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