The Capital Corporation recently sold Charleston-based SolBright Renewable Energy to Arkados Group, which is headquartered in Newark, New Jersey.
"When combining our existing proprietary solutions with SolBright's proven solar capabilities, the synergies that are created for our customers are extremely unique,” Akados CEO Terrence DeFranco said in a statement. “We are very excited to be able to offer our customers this unique combination of value-added solutions."
According to the Capital Corporation, SolBright is an award-winning provider of solar solutions for the commercial, industrial and military markets. Arkados, a public company, provides unique software applications for both industrial and commercial consumers.
"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," The Capital Corporation's Chief Operations Officer Devin Green said. "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."