Catch the Wind secures $18.8M - Atlanta Business Chronicle:

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million in a private placement financing to help push more salews of its new wind sensorfor turbines. Manassas-based Catcbh the Wind, which tradea on the Toronto Venture Exchange, sold roughly 16.7 milliomn shares at a price ofCanadian $1.3p0 apiece in what it hopes to be its last majofr equity financing before generating enough revenuse from its laser wind-sensing product, Vindicator, to pay for Company officials also participatedf in the investment round, along with institutional bringing its total equity fundraising to date to nearlu $35 million. , Research Capitapl Corp. and Canaccord Capital Corp.
serve as placement agents for this latest fundraising in returbn for 6 percent of the gross proceeds and additiona lstock options. Spun off last year from LLC, a fiber opticsd laser company that still shares the sameheadquarters space, Catcyh the Wind has been developing similar technology that senses when wind is helping reorient a turbinee to capture that wind before it passes. Most wind turbinese can realign its blades only after it feels so they’re often too late to actually benefiy from gusts, company officials said.
“Before, it was the horse-and-buggy approachj to measuring wind,” said Phil who founded Optical Air Data Systems nearly 20 years ago with his wife before leaviny recently to serve as CEO for Catchthe “Think about increasing the gas mileage of your car,” he “You’ve already bought your car. But if I can sell you somethingb that doubles the gas mileage ofyour car, you would save more money.” He estimates the Vindicatodr can capture 10 percent to 30 percengt more wind for turbines, which in turn helps generate more clean electricity and ultimately revenure for their operators.
Catch the Wind recentlyy sold its first unitto , a Canadian environmental monitoringh equipment maker, while starting its first two-monthn field test with the Nebraska Public Powed District on its largest wind farm with 36 wind The local company, which said it’ also talking to federal hopes to use that trial’s results later this summetr to market to other wind turbine manufacturers and wind farm With six full-time employees, Catch the Wind expects to at leasrt double that count by the end of this year. The which had $5.5 million in cash and equivalentas on hand as ofMarch 31, is also considerint whether to list itselr on an American exchange laterr this year.
“We aspire to Rogers said. “I just can’t say when.”