Recently Austin-based Solar Power Technologies informed that the company merged with a Vermont-based Company named Draker Laboratories Inc. They also added that the new combined company created a new fund of eight million dollars from the Austin Ventures and other different investors. The company officials said that the recent company would operate under the name of ‘Drake’. However, the headquarters will be located in Austin. The company will run different operations in New Jersey, Texas, Vermont, and California. The financial information about the merger was not yet released. Charles Curtis (Draker CEO) will be the Chief Executive Officer of the joined company. On the other side, Ray Burgess (Solar Power Technologies CEO) will be the president of the new company.
The technology of Solar Power Technologies allows large-scale commercial production of solar arrays. The technology of Draker is used to observe the efficiency and effectiveness of the solar arrays. The officials from the company said that combining these two products would create a powerful company that will be capable of leading the transition of the industry from the basic monitoring to the performance management. Both companies (Draker and Solar Power Technologies) have a strong geographical presence, a strong culturally and operationally advantage. Additionally, they have a great variety of complementary technologies. In order to deliver more innovation and value to their customers, they want to influence the strengths of the joint management, progress, performance and support teams.
Clark Jernigan (one of the lead investors of Austin Ventures) told in a written statement said that he believed that the new Draker operation is very well positioned to become the leader of the solar performance management market.
Burgess led Solar Power Technologies since 2009; based on his experience. He told that the decision to merge the two companies came from this idea: a partnership between them would be great; however, merging both is even greater and much more valuable. The new joined company will have an initial workforce of about 80 employees. However, Burgess told that they were planning to increase the number in the upcoming years. Burgess also stated that the products of this combined company will build an exclusive “war chest” that will allow this company to pursue the sectors of solar operations and maintenance. He said that these two sectors make approximately 2 billion dollars marketplace.
According to Burgess, the recent company decided to maintain its headquarters in Austin because they have regional access to qualified talent such as: engineering talent and/or hardware/software development talent. He said that it was a great opportunity to use the qualified talent available in Austin.