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ESG Policy



ESG Policy

The secular rise in global incomes, population and consumption are creating intense pressures on ecosystems around the world. The effect is felt not only in environmental degradation, but also in rising economic hardship and social suffering for some of the poorest and vulnerable communities, especially women and children.

WAVE embraces investment principles that align the positive power of private capital with the social and environmental needs of society at-large. We believe that we can attain positive environmental, social and governance (ESG) impact without sacrificing financial returns. On the contrary, our experience suggests that if we invest in cost-effective solutions to our most intractable challenges, we can generate exceptional investor returns on a consistent basis.


WAVE invests in essential industries—clean energy, food, water and waste recycling—that are critical for a healthy planet and harmonious society. Hence, the ESG impact is not an afterthought but a natural by-product of our private equity investments.

Our portfolio companies generate strong environmental and social impact at no cost to the customer. Their innovative solutions enhance industrial efficiency and resource productivity. They save money and conserve resources for their customers by improving existing processes and reducing energy and other inputs. Our investment practices adhere to the dictum: That which is not profitable, is not sustainable.


WAVE’s investment activities promote financial responsibility as well as ESG impact. In fact, we believe that these goals are intimately linked and complementary. Our portfolio companies create long-lasting impact because their innovations improve industry-wide impact in multiple global industries by:

  • Conserving the use of energy, water and other natural resources,
  • Creating high quality manufacturing jobs in rural communities with low to moderate incomes,
  • Investing in employee and stakeholder development, training and education,
  • Fostering inclusion of women and minorities in employment and contracts,
  • Promoting ESG dialog and ethics through industry and civic engagements,
  • Reducing pollution and waste, and promoting close-loop recycling of natural resources,
  • Incorporating responsible governance measures in the board and management practices, and
  • Avoiding investments that promote violence, spread addiction and substance abuse, utilize child or forced labor, indulge in bribery practices, or violate local laws.

Since WAVE makes profitable impact investments that capture rising market demand for sustainable products at affordable prices, it offers several compelling value propositions to the investors. Benefits to the investors include:

  • A pragmatic option to those investors who want profit with purpose,
  • Low volatility investments in sectors with consistent demand – clean energy, food, waste and water,
  • Ability to seize opportunities to capture alpha through market inefficiencies, and
  • Capitalize on long-term social and environmental trends.


WAVE is a signatory to the United Nations Principles of Responsible Investing and applies these principles to all investment activities. We adhere to the following six UNPRI principles:

  • We incorporate ESG issues into investment analysis and decision-making processes,
  • We actively incorporate ESG issues into portfolio management,
  • We seek appropriate disclosure on ESG issues by our portfolio companies,
  • We promote adoption of ESG practices among our peers,
  • We collaborate with investors and experts to enhance our effectiveness in implementing the Principles, and
  • We review and report on our activities and progress towards implementing the Principles.

Each year, WAVE publishes a Sustainability Report that measures the ESG impact of our portfolio companies and shares these reports with the Limited Partners in WAVE funds.



WindESCo is a provider of wind turbine optimization systems intended to ensure that every wind turbine is optimized for maximum energy. The company’s systems maximize assets’ performance, energy production, and reliability to ultimately discover the hidden value of renewable energy plants, enabling clients to increase revenue by increasing annual energy production.


In a world where energy demand escalates alongside digital growth, QiO Technologies offers a beacon of innovation. Their DC+ software, powered by advanced machine learning, intelligently fine-tunes power management in data centers at the granular level of CPU operations. QiO technology is a testament to their capability to significantly enhance energy savings while ensuring peak performance.


Novolyze is a developer of a tech-enabled system designed to empower food and beverage companies to enhance food safety and quality performance. Their surrogate microorganisms technology specializes in food safety microbiology. It offers monitoring of steam pasteurizers, sterilizers, dryers, roasters, extruders, and ovens, enabling food companies to produce and provide clean food products to customers.

Micatu, Inc.

MICATU is a provider of next-generation optical sensing solutions for the measurement of voltage, current, vibration, and temperature for next generation grid intelligence solutions. Its solutions provide enhanced data fidelity, accuracy, precision, and the ability to sense harmonic disturbances in the grid before they become a problem for grid operators.

MayMaan Research Inc.

MayMaan is at the vanguard of addressing the 21st century’s critical global energy challenges. Their commitment to creating alternative energy solutions led them to develop an innovative engine/fuel combination. Their award-winning technology, running on a mix of 70% water and 30% ethanol, is set to replace traditional Internal Combustion Engines with a commercially viable, energetically superior, and less polluting alternative.

Living Greens Farm

Living Greens Farm has developed and commercialized an efficient semi‑automated system for indoor farming of leafy crops such as lettuce, spinach, kale and other crops. Like other indoor farms, LGF uses 98% less land, 95% less water than traditional farms, and eliminates pesticides, herbicides, and chemicals. In addition, it has been able to grow superior, robust, full sized plants at low cost.


Intellihot is a leading manufacturer of high-efficiency water heating systems for commercial and industrial markets. Their on-demand gas/propane-fired heaters operate at 95% efficiency, surpassing traditional products. Intellihot’s reliable and space-saving solutions reduce operating expenses by 30-60%, cut capital expenditures by 50%, and contribute to a sustainable future. 

Intelligent Fluids

Based in Leipzig, with a state-of-the-art manufacturing facility in Leuna, Intelligent Fluids employs and partners with top notch researchers to conduct cutting edge research and launch groundbreaking innovation. They have pioneered green impact chemistry for cleaning. A new era of professional cleaning materials for industrial applications that combine the highest performance with sustainability.


Gradiant is a water recycling company with broadly patented processes to purify and recycle toxic water with a global customer base in multiple industries, including desalination, power generation, textiles, oil and gas, leather tanning, and mining. After spinning out of MIT in 2013, the Company has quickly established a diverse business footprint while significantly impacting the world’s water supply.

Factorial Inc.

Factorial is a manufacturer of nano-engineered batteries designed for electric vehicles, homes, and critical applications. The company’s batteries increase energy density and improve capacity, have an extended life, and recharge faster than any other existing material, enabling battery manufacturers to use more environmentally friendly, safer, and less expensive materials.

CHASM Advanced Materials

CHASM produces a range of advanced materials, including carbon nanotubes, transparent conductive films, and nanometal inks, which are used in various applications, such as cement production, EV batteries, antennas, heaters, and flexible electronics. In addition to their advanced materials, CHASM also offers development and manufacturing services to help their customers bring their products to market quickly & efficiently.

Carbon Clean Solutions

Carbon Clean is a developer of carbon capture technology designed to help industries decarbonize and leverage the growing value of captured carbon. The company’s technology offers an energy-efficient process that provides improved capture rates and delivers industrial-quality carbon dioxide for reuse or sequestration, enabling clients to have easy, affordable, and scalable carbon capture.

AeroSafe Global

AeroSafe is a leading provider of ‘Cold Chain as a Service’ (CCaaS) to ensure safe, sustainable delivery and effective use of pharmaceuticals. Its reuse program includes high-tech reusable thermal packaging, outsourced supply chain services, and a temperature monitoring control tower, reducing carbon usage and landfill by 65% and 90%, respectively, compared to traditional Styrofoam containers.

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