Round Combines Equity, Non-Dilutive Federal Project Financing, and Credit Facilities as the Company Transitions into Its Tenth Year
OTTAWA, ON / ACCESS Newswire / November 12, 2026 / BluWave-ai has announced closing $8.1M in financing.
As the Canadian company launches into its tenth year of operations using artificial intelligence (AI) for renewable energy, this financing round which combines the Series A-2 equity close, new non-dilutive federal financing, and operational capital from Royal Bank of Canada (RBC) and Bank of Montreal (BMO), sets a strong foundation for the company's ongoing national and international expansion. This financing round includes new and returning international angel and family office investors including several from Capital Angels Network. The company will use the proceeds to strengthen its Canadian operations, engineering team, patent portfolio - with 17 granted or allowed international patents with over 84 filed - international business development and global expansion, working in partnership with Global Affairs to expand in areas of priority as identified by the Canadian Federal Government.
The BluWave-ai product offering uses advanced AI to optimize renewable energy, battery storage, dynamic pricing markets, electric vehicle (EV) charging, and data center energy use in real-time. This technology is deployed solving complex grid challenges across North America and Asia.
In Ontario, BluWave-ai has partnered with electricity utilities, including Oakville Hydro, Oshawa Power, and Essex Powerlines, to build a province-wide EV based energy storage. By shifting EV charging demand in-real time relative to grid conditions and constraints using patented technology, the AI software prevents local grid overloads and reduces the use of expensive high-emission natural gas power while also reducing the capital upgrades on the grid.
BluWave-ai is also using federal non-dilutive financing to enhance its Energy Storage Autopilot currently with multi-year deployments in Canada for the growing Energy Storage deployments across Canada and the world.
To guide this rapid commercial growth and international scaling, the company has expanded its executive oversight by appointing two industry veterans to its Board of Directors, Mario Montana and Suzanne Grant. Mario Montana brings decades of operational leadership in the semiconductor and energy sectors which includes an extensive career at San Jose based Integrated Device Technology (now Renesas Technologies). Suzanne Grant CD, a veteran of the Canadian Armed Forces and multi-time entrepreneur who also serves as Executive Director of the Capital Angels network adds extensive experience in venture financing and scaling high-growth tech companies from Canada to the Middle East. Both have been instrumental working with BluWave-ai operational management to drive this A-2 round forward.
"For the last nine years our team has been patenting, building, and deploying foundational products for the emerging economies built around wind and solar power along with storage and electrified transportation before these technologies reached critical mass of technology acceptance and volume growth: Now with renewable energy over 1GW added capacity per day, the IEA reporting global electric car sales reaching 30% and projecting over 125 TWh of data center capacity further constraining grids, all drives the need for our technology," said Devashish Paul, CEO and Founder of BluWave-ai, "With substantial outreach from the private equity industry, institutional investors, and electricity utilities for both product deployment and follow on growth capital, our board and past investors decided that the time was right to close another private capital driven round. Injecting this A-2 capital round before what we expect to be a larger institutional investment round to capitalize on the overall growth in grids, we felt this is the right company growth step. The round structure provides full flexibility to chart BluWave-ai's strategic direction with all investors including management as common shareholders."
"The global energy sector is undergoing a fundamental transformation, driven by the rapid growth of renewable energy, electric transportation, and increasingly power-intensive data centers", said Mario Montana, Board Director, BluWave-ai. "These trends are creating unprecedented challenges for electricity grids and a significant market opportunity for AI-driven optimization. BluWave-ai is uniquely positioned to capitalize on this opportunity, with proven technology, a strong intellectual property portfolio, and growing commercial traction. As an early investor, I am excited to rejoin the Board at this pivotal stage and help guide the company through its next phase of international growth and commercial expansion."
"In my industry leadership role at Capital Angel Networks, I have seen many entrepreneurs grow from our home base in Ottawa, leverage local private investor capital for global ambitions," said Suzanne Grant Executive Director of the Capital Angel Network, "The previous and new investors from CAN are excited to enable the team at BluWave-ai to have transformational impact on Canadian and International electricity grids and electrified transport. They are a Canadian Incumbent leader in the key areas where global economies are moving and I am proud to also join the BluWave-ai board to help scale the company."
"BluWave-ai exemplifies the extraordinary potential of Canadian innovation to address some of the world's most pressing challenges while building globally competitive companies right here in Ottawa," said Sonya Shorey, President and CEO of Invest Ottawa. "From its early days in our incubator to this significant investment milestone, Dev and his team have demonstrated what is possible when visionary entrepreneurs combine world-class AI expertise with bold ambition and a commitment to global impact. As countries accelerate the transformation of their energy systems, BluWave-ai is helping position Canadian technology and IP at the forefront of that transition. We are incredibly honoured to support their entrepreneurial journey and excited to see them scale their impact worldwide."
RBC and Lindy Ledohowski, VP Relationship Management, RBCx, are pleased to provide BluWave-ai with operating capital, support, and partnership as the company continues to grow.
"BMO is pleased to provide treasury and payment services to such an impressive and rapidly growing company as they scale and enter new markets." said Layla Darwish, VP, BMO Commercial Bank.
"Canada needs more companies like BluWave-ai: businesses that develop valuable intellectual property here at home, turn it into technology that customers actually use, and compete in global markets," said Patrick Searle, CEO of the Council of Canadian Innovators. "After nearly a decade of building, BluWave-ai is showing what Canadian innovation can accomplish when companies have the capital to scale. This investment is an important next step in turning Canadian ingenuity into a globally competitive business."
"Entrepreneurship in the clean-tech space requires immense resilience and vision. Over the past nine years, Devashish and the BluWave-ai team have built a resilient, scalable business model while navigating a complex regulatory and technical landscape." said Bharat Rudra, President, TiE Ottawa, "TiE Ottawa is immensely proud of their success as the company literally launched in public at TiECon Canada 2017 as the first industry event that they went live."
BluWave-ai has built a comprehensive, foundational intellectual property portfolio. As a result of solving the hardest mathematical and engineering problems at the intersection of AI and energy across key energy transition sectors, the portfolio includes 84 patents filed internationally with 17 granted or allowed to date. Our inventions confer a sustainable competitive advantage, delivering superior capabilities in: automation, performance, optimization, fast adaptation and real time operation.
BluWave-ai is open to aligned corporate and institutional investors for its next commercialization round. Tailored for strategic energy investors, corporate venture capital, and large family offices, this upcoming round offers direct exposure to the rapidly growing AI grid management and EV market as BluWave-ai continues its mission to lower global carbon emissions and build a more resilient energy future.
About BluWave-ai
Founded in Canada in 2017, BluWave-ai is building the premier AI company for the global energy transition, headquartered here in Canada's capital of Ottawa. BluWave-ai is focused on driving the proliferation of renewable energy and electric transportation, working with electricity utilities, independent power producers, and EV fleet operators globally to optimize cost, carbon footprint, and the reliability of renewable energy sources in real-time. Operating from a shared AI engine, the company's solutions include EV Everywhere for managed charging, Energy Storage Autopilot for stationary batteries, and Data Center Autopilot for flexible AI compute loads. Backed by global investors, BluWave-ai has raised over $24M to date, inclusive of the current $8.1M Series A-2 round.
Contact: info@bluwave-ai.com
SOURCE: BluWave-ai
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