Burlington, VT (PRWEB) June 28, 2011
Draker Labs, a provider of high performance turnkey monitoring systems for large commercial and utility-scale solar photovoltaic (PV) systems, recently completed a new round of equity funding. Harbor Light Capital Partners, a private investment firm based in Keene, NH, led the $3 million round. Other major participants included existing Draker investors FreshTracks Capital and Campbell Scientific®. In addition to the equity investment, Draker has secured a new $1.5 million credit facility to help the company manage its working capital requirements.
As part of the new equity round, Todd Warden, Managing Partner at Harbor Light, was elected to Draker’s Board of Directors. Commenting on his company’s decision to invest in Draker, Warden said “We are very excited to add Draker to our portfolio of growth-stage companies. The company’s reputation for high quality, turnkey solutions and its focus on the commercial end of the PV market have distinguished it from the competition and driven extraordinary growth over the past 18 months. We look forward to working with the management team to help Draker solidify its position as the leading provider of monitoring solutions for the rapidly growing commercial and utility-scale solar PV market.”
Draker CEO, Charles ‘Chach’ Curtis, said that the equity funding is being invested in new technology development focused on scaling Draker’s current products and services to meet the needs of the rapidly emerging utility-scale market. The equity funding will also be used to add engineers, project managers, and field services and customer support personnel to effectively manage the rapidly growing fleet of solar projects that Draker has under management. “In 2010, a 1MW solar PV project was considered to be a fairly large project by commercial standards. Contrast that with the 18MW project that we’re currently commissioning and you can see how far we’ve come as a company and why we need to continue to invest in R&D in order to remain at the leading edge of this rapidly developing industry. With the new funding, we can maintain our technological advantage and have sufficient boots on the ground to help our customers monitor and manage the large systems they’re currently developing.”
Draker Laboratories provides highly accurate and reliable monitoring solutions that help owners and operators of commercial and utility-scale PV systems maximize the efficiency and profitability of their solar assets. As a supplier of end-to-end monitoring solutions, Draker’s turnkey systems combine proven field instrumentation with an intuitive web-based data management system and unmatched customer support. http://www.drakerlabs.com
About Harbor Light
Harbor Light Capital Partners is a private investment firm investing in early and growth stage companies located in the Northeast. The firm focuses on the technology, healthcare, and energy sectors and makes equity investments in the $1M to $5M range. Harbor Light Capital Partners provides the commitment, capital, and collaboration to build successful and sustainable businesses that are leaders in their industry. http://www.hlcp.com.