Draker and SPTI announce merger; raise $8 million in equity

The new company, which will operate under the name Draker, says it is now the "first solution provider to combine selective DC monitoring and optimization, AC monitoring, intelligent diagnostics and control in a single, cost-effective platform."

Charles Curtis, CEO of Draker, will retain his position at the new company, while Ray Burgess, CEO of SPTI, will become president. A statement released added that existing operations in Texas, Vermont, California and New Jersey will be maintained, and that expansion plans are on the cards.

"This merger and financing solidifies Draker’s position as an industry leader and gives us the ability to aggressively compete not only in the United States, but globally," said Curtis. "Solar Power Technologies and Draker are a great fit geographically, operationally and culturally, with very complementary technologies."

In other news, the new Draker has closed an $8 million equity raise led by Austin Ventures, and 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," said Draker in a statement released.