Solana Beach, Calif.-headquartered Open Energy Corp., a solar energy product manufacturer, has acquired WaterEye Corp., a Grass Valley, Calif.-based provider of monitoring and diagnostic services to the water and wastewater treatment industries, in an all-stock transaction worth approximately $3 million.
The two companies will combine their products to desalinate water using solar energy. They plan on releasing their first unit, Suncone Desal, in the first quarter of 2007.
Tom Wolfe, WaterEye's founder and president, will join Open Energy's management team as senior vice president of engineering and development, the companies add.
