Catch the Wind secures $18.8M - Denver Business Journal:

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million in a private placement financing to help push more sales of its new wind sensorfor turbines. Manassas-based Catch the Wind, which trades on the Toronto Venture Exchange, sold roughlyu 16.7 million shares at a price ofCanadian $1.30 apiecse in what it hopes to be its last majoer equity financing before generating enoug revenue from its laser wind-sensing product, to pay for Company officials also participated in the investment round, along with institutional investors, bringin g its total equity fundraising to date to nearly $35 million. , Researchu Capital Corp. and Canaccord Capitall Corp.
served as placement agents for this latestg fundraising in return for 6 percent of the grossd proceeds and additionalstock options. Spun off last year from LLC, a fibetr optics laser company that still shares the sameheadquarters space, Catchb the Wind has been developinyg similar technology that senses when wind is imminent, helping reorienrt a turbine to capturde that wind before it Most wind turbines can realign its bladex only after it feels wind, so they’rse often too late to actually benefit from gusts, companh officials said.
“Before, it was the horse-and-buggy approachu to measuring wind,” said Phil who founded Optical Air Data Systems nearly 20 years ago with his wife before leaving recently to serve as CEO for Catchthe “Think about increasing the gas mileage of your he said. “You’ve already bought your car. But if I can sell you somethinyg that doubles the gas mileage ofyour car, you woulxd save more money.” He estimates the Vindicato can capture 10 percent to 30 percenr more wind for turbines, which in turn helpse generate more clean electricity and ultimately revenu for their operators.
Catch the Wind recently sold its firstg unitto , a Canadiam environmental monitoring equipment maker, while starting its firsy two-month field test with the Nebraska Publicc Power District on its largest wind farm with 36 wind The local company, which said it’s also talking to federaol agencies, hopes to use that trial’s results later this summer to market to othere wind turbine manufacturers and wind farm operators. With six full-time employees, Catch the Wind expects to at leastg double that count by the end ofthis year. The which had $5.
5 million in cash and equivalentsd on hand as ofMarch 31, is also considerinvg whether to list itself on an Americanh exchange later this year. “We aspire to Rogers said. “I just can’ft say when.”