Vermont-based Draker and Austin, Texas-based Solar Power Technologies, Inc. (SPTI) have merged to create a leading provider of performance management solutions for commercial and utility-scale solar markets.
The combined company, which will operate under the “Draker” name, has closed an $8m equity funding.
The round was led by Austin Ventures, with participation from Harbor Light Capital Partners and other existing investors from both companies.
The company intends to use the funding to accelerate the development of its integrated suite of monitoring, optimization, control and asset management products. as well as to increase its sales and marketing efforts and to expand its operations globally.
Following the merger, Charles Curtis, CEO of Draker, will be the CEO of Draker. Ray Burgess, CEO of Solar Power Technologies, will take on the role of President.
The combined company will maintain its existing operations in Texas, Vermont, California and New Jersey, with plans for future geographic expansion.