IMAP South Carolina (The Capital Corporation) is pleased to announce the sale of SolBright Renewable Energy ("SolBright", headquartered in Charleston, South Carolina) to Arkados Group ("Arkados", headquartered in Newark, New Jersey). SolBright is an award-winning, vertically integrated service provider of turnkey solar photovoltaic solutions to the commercial, industrial, and military markets. Arkados is a public company (OTC: AKDS) that provides unique software and systems that enable the Internet of Things (IoT) applications for both commercial and industrial customers.
Since SolBright's inception, roughly eight years ago, the company has been one of the more active super-regional designers and installers of solar systems primarily along the East Coast but as far reaching as California, by completing approximately 30 MW of projects during that time. SolBright's strong track record yielded industry leading win rates and a loyal, blue chip customer base. The combination of SolBright's strong brand, proven team, and demonstrated expertise, led to a surging backlog for the company's services. When thinking through how to most effectively scale his business,
The combination of SolBright with Arkados allows both companies to unlock value by cross-selling their complimentary services to a loyal and growing customer base. When combined, the two entities' solutions will not only generate power, but they will also monitor, manage, and optimize power generating assets.
Patrick Hassell, SolBright's CEO, said
"I considered the significant opportunity ahead of SolBright, and I felt like it was the right time to partner with a company that would allow us to continue to meet our strict service standards for our clients while also meeting the growing demand for enhanced, data-driven services."
Terrence DeFranco, CEO of Arkados, added
"When combining our existing proprietary solutions with SolBright's proven solar capabilities, the synergies that are created for our customers are extremely unique. We are very excited to be able to offer our customers this unique combination of value-added solutions."
Devin Green, COO of The Capital Corporation, commented
"We view the U.S. solar industry as both a proven and high growth space where we expect energy production and data to converge in the future. In order to best position SolBright to capitalize on the growing solar market, we targeted buyers that could offer the company a strategic edge via a differentiated, sustainable value proposition. After conducting a thorough process where we considered a number of impressive companies, we felt that Arkados proved to be the best strategic fit for SolBright."
The Capital Corporation, a leading investment bank headquartered out of Greenville, South Carolina and with offices in Spartanburg, South Carolina and Boca Raton, Florida, served as the exclusive investment banking advisor to SolBright on the transaction.
About SolBright Renewable Energy
SolBright Renewable Energy is a turnkey developer and EPC of solar photovoltaic projects for long term, stable, distributed power solutions. SolBright focuses on military, municipal, and commercial/industrial markets, with projects ranging in size from 100 kWp to 5,000 kWp. SolBright's services include market assessment, design/engineering, installation, operation and maintenance/monitoring, financing and project ownership. SolBright has distinct competitive advantages for ground, parking canopy, and roof-top solar applications that ensure integration with existing/new roof warranties. SolBright has a national reach within the United States, with projects successfully delivered throughout the southeast, mid-Atlantic and northeast and as far west as California. For more information about SolBright, please visit: http://www.solbrightre.com.
About Arkados Group
Arkados Group, Inc., through its subsidiaries, is a leading software development and system integrator enabling Internet of Things applications for home and building automation and energy management. The Company's solutions are uniquely designed to drive a wide variety of wireless and powerline communication (PLC)-based products, such as sensors, gateways, video cameras, appliances and other devices. By utilizing the Company's solutions, Arkados' customers can bring numerous sophisticated, full-featured products to market faster at a lower overall development cost. Arkados is a registered trademark of Arkados Group, Inc. For more information about Arkados, please visit: http://www.arkadosgroup.com.