Solar Power Technologies and Draker complete merger deal, close $8M round | VentureBeat | Deals | by Tom Cheredar
Summary
As for the funding, Draker will use the new capital to accelerate the development of its products, boost sales and marketing efforts, and expand its operations around the world. Under terms of the deal, current Draker CEO Charles Curtis will assume the roll of chief executive for the combined companies. The round of funding was led by Austin Ventures, with participation from Harbor Light Capital Partners and other existing investors from both companies. “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, partner at Austin Ventures, in a statement. Including the new round, Austin, Tex.-based Solar Power Technologies and Burlington, Vt.-based Draker have raised a total of $18.8 million in funding to date.