Draker, a provider of solar monitoring and asset management services has merged with Solar Power Technologies Inc., a provider of monitoring and optimization hardware products.
The combined company, which will operate under the Draker name, plans to offer performance-management products for the commercial and utility-scale solar markets. It has closed an $8 million equity raise led by Austin Ventures, with participation from Harbor Light Capital Partners and other existing investors from both companies.
The funding will be used to accelerate the development of the company's integrated suite of monitoring, optimization, control and asset management products. It will also enable the company to increase its sales and marketing efforts and expand its operations globally.
Charles Curtis, CEO of Draker, will be the CEO of the combined company. Ray Burgess, CEO of Solar Power Technologies, will take on the role of president for the combined company. Existing operations will be maintained in Texas, Vermont, California and New Jersey, with plans for future geographic expansion.