As of August 21, Draker and Solar Power Technologies (SPTI) completed their merger, combining the two companies into one organization that will operate under the Draker name. Charles Curtis, CEO of Draker will remain in his position as the CEO of the combined company, while Ray Burgess, CEO of SPTI, has been named the combined company’s president. Draker noted that it will keep its existing operations in Texas, Vermont, California and New Jersey, and also holds plans to expand into other locales.
“Solar owners and operators want more granular and actionable data on both the DC and AC sides of their plants in order to more actively manage performance and improve ROI. Until now, existing providers have not adequately addressed these needs with an integrated solution. With this merger, the new Draker becomes the first solution provider to combine selective DC monitoring and optimization, AC monitoring, intelligent diagnostics and control in a single, cost-effective platform,” commented Ray Burgess, president and CEO of Solar Power Technologies.
Draker further advised that it had closed a US$8 million equity raise, which was led by Austin Ventures with participation from Harbor Light Capital Partners and other current investors in both companies. The funding will be used to speed up the development of the company’s integrated suite of monitoring, optimization, control and asset management products while additionally allowing for it to increase sales and marketing efforts and expand its operations to a more global scale.