The following is an excerpt from the press release. To read the complete original article, please click here: Draker and Solar Power Technologies Merge.
Draker and Solar Power Technologies, Inc. (SPTI) jointly announce that they have successfully merged, effective August 21, 2012. The combination creates a global leader with the most innovative offering of performance management solutions for commercial and utility-scale solar markets. The combined company will continue to operate under the “Draker” name.
The combined company also announces that 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. 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.
“The newly combined company brings a unique range of leadership solutions to a solar industry that is increasingly focused on capital efficiency, asset performance and reducing operating costs,” said Clark Jernigan, of Austin Ventures. “Building on complementary product and service offerings, a reputation for excellent customer service, and the experience from over a decade in solar monitoring, I believe the new Draker is well positioned to lead the solar performance management marketplace.”