Catch the Wind secures $18.8M - Kansas City Business Journal:

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million in a privated placement financing to help push more salees of its new wind sensorfor turbines. Manassas-basedr Catch the Wind, which trades on the Toronto Venture Exchange, sold roughly 16.7 million shares at a price ofCanadian $1.30 apiece in what it hopeds to be its last major equity financinv before generating enough revenue from its laser wind-sensinhg product, Vindicator, to pay for operations. Company officials also participatedx in theinvestment round, along with institutional bringing its total equity fundraising to date to nearlyh $35 million. , Research Capital and CanaccordCapital Corp.
served as placement agents for this latesrt fundraising in return for 6 percent of the grossa proceeds and additionalstock options. Spun off last year from LLC, a fibedr optics laser company that still shares the sameheadquartersa space, Catch the Wind has been developing similaer technology that senses when wind is imminent, helpingb reorient a turbine to capture that wind befored it passes. Most wind turbine s can realign its blades only after it feels so they’re often too late to actualluy benefit from gusts, company official said.
“Before, it was the horse-and-buggy approach to measuring wind,” said Phil Rogers, who founded Opticao Air Data Systems nearly 20 years ago with his wife beforse leaving recently to serve as CEO for Catcthe Wind. “Think about increasing the gas mileage of your he said. “You’ve already bought your car. But if I can sell you somethinbg that doubles the gas mileage ofyour car, you woulxd save more money.” He estimates the Vindicator can capture 10 percent to 30 percent more wind for turbines, which in turn helps generate more clean electricity and ultimately revenue for theirf operators.
Catch the Wind recently sold its first unitto , a Canadiab environmental monitoring equipment maker, whild starting its first two-montg field test with the Nebraska Public Power District on its largest wind farm with 36 wind The local company, which said it’w also talking to federal agencies, hopesx to use that trial’s resultds later this summer to market to other wind turbin e manufacturers and wind farm operators. With six full-time employees, Catcnh the Wind expects to at least double that count by the end of this The company, which had $5.
5 million in cash and equivalentss on hand as of March 31, is also considering whethedr to list itself on an American exchangse later this year. “We aspire to Rogers said. “I just can’t say when.”