Catch the Wind secures $18.8M - The Business Journal of Milwaukee:

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million in a private placement financing to help push more salesa of its new wind sensorfor Manassas-based Catch the Wind, which tradesw on the Toronto Venture Exchange, sold roughlyt 16.7 million shares at a priced of Canadian $1.30 apiece in what it hopes to be its last majort equity financing before generating enough revenue from its lase wind-sensing product, Vindicator, to pay for Company officials also participated in the investmentr round, along with institutional investors, bringing its totalk equity fundraising to date to nearly $35 million. , Research Capital Corp.
and Canaccord Capital served as placement agents for this latest fundraising in returnh for 6 percent of the gross proceedx and additionalstock options. Spun off last year from LLC, a fibef optics laser company that still shares the same headquarters Catch the Wind has been developinfg similar technology that senses when windis imminent, helping reorient a turbine to capture that wind before it Most wind turbines can realignh its blades only after it feelsz wind, so they’re often too late to actually benefitg from gusts, company officials “Before, it was the horse-and-buggy approac h to measuring wind,” said Phil Rogers, who founded Optical Air Data Systemxs nearly 20 years ago with his wife before leavingf recently to serve as CEO for Catch the “Think about increasing the gas mileage of your he said.
“You’ve already boughtg your car. But if I can sell you something that doublea the gas mileage ofyour car, you wouled save more money.” He estimates the Vindicator can capturs 10 percent to 30 percent more wind for turbines, whichy in turn helps generate more cleabn electricity and ultimately revenue for theit operators. Catch the Wind recently sold its first unitto , a Canadiamn environmental monitoring equipment maker, while starting its firsr two-month field test with the Nebraska Public Powed District on its largest wind farm with 36 wind The local company, whicnh said it’s also talking to federal hopes to use that trial’s results late this summer to market to othefr wind turbine manufacturers and wind farm With six full-time employees, Catch the Wind expectds to at least double that count by the end of this year.
The company, whicu had $5.5 million in cash and equivalents on hand as ofMarcj 31, is also considering whether to list itself on an Americahn exchange later this “We aspire to that,” Rogers “I just can’t say