A Newark-primarily based software program developer and technique integrator has signed a letter of intent to obtain a South Carolina-primarily based renewable power company, it announced Monday.
Arkados Group Inc., which focused on the Internet of Things, stated in a news release that it will spend $15 million in money, debt and stock for substantially all the assets of Charleston-primarily based SolBright Renewable Energy LLC. The deal contains a backlog of about $40 million in projects and a pipeline of added projects, Arkados stated.
&ldquoThe SolBright group has constructed a fantastic renewable power organization by delivering superior service to Fortune 500 and other industrial, industrial and military buyers,&rdquo Arkados CEO Terrence DeFranco stated in a ready statement. &ldquoThis acquisition makes it possible for us to tremendously scale and diversify our services organization, add considerable existing and future revenues and money flows, and expand the penetration of our intelligent creating options primarily based on our Arktic software program platform into a blue-chip consumer base.&rdquo
SolBright offers turnkey improvement, engineering, procurement and building services for industrial, industrial and military solar markets.
&ldquoThe solar marketplace is poised for explosive development more than the subsequent 5 years and beyond, and this mixture positions Arkados to capitalize on the tremendous development in renewables and the Internet of Things,&rdquo DeFranco stated.
The deal is anticipated to close by March 31, topic to customary situations and approvals.
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Eric Strauss is the Managing Editor of NJBIZ. He has been a reporter and editor for newspapers in New Jersey and Pennsylvania, as properly as for a quantity of internet sites. You can speak to him at [email protected].
