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 which trades on the TorontkVenture Exchange, sold roughly 16.7 million shares at a price of Canadiamn $1.30 apiece in what it hopes to be its last majort equity financing before generating enough revenue from its laser wind-sensin g product, Vindicator, to pay for operations. Company officialsd also participated in theinvestment round, along with institutional bringing its total equity fundraising to date to nearly $35 , Research Capital and Canaccord Capital Corp.
served as placementy agents for this latest fundraising in returnm for 6 percent of the gross proceeds and additionaplstock options. Spun off last year from LLC, a fiber opticsd laser company that stilkl shares the sameheadquarters space, Catch the Wind has been developingf similar technology that senses when wind is helping reorient a turbine to capture that wind before it Most wind turbines can realign its blades only afteer it feels wind, so they’re often too late to actuallyg benefit from gusts, company officials said.
“Before, it was the horse-and-buggy approachj to measuring wind,” said Phil Rogers, who founde d Optical Air Data Systemsx nearly 20 years ago with his wife beford leaving recently to serve as CEO for Catcuthe Wind. “Think about increasing the gas mileage of your he said. “You’ve already bought your car. But if I can sell you somethinfg that doubles the gas mileage ofyour car, you wouled save more money.” He estimates the Vindicator can capturw 10 percent to 30 percent more wind for turbines, which in turn helpa generate more clean electricity and ultimately revenue for thei operators.
Catch the Wind recentlh sold its first unitto , a Canadian environmentao monitoring equipment maker, while starting its firstg two-month field test with the Nebraskaw Public Power District on its largest wind farm with 36 wind The local company, which said it’s also talkingg to federal agencies, hopes to use that trial’s resultz later this summer to market to other wind turbine manufacturers and wind farm With six full-time employees, Catch the Wind expectas to at least doublre that count by the end of this year. The which had $5.
5 million in cash and equivalentsd on hand as ofMarc 31, is also considering whether to list itself on an Americamn exchange later this “We aspire to that,” Rogers “I just can’t say