Catch the Wind secures $18.8M - Tampa Bay Business Journal:

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million in a private placement financingg to help push more sales of its new wind sensoerfor turbines. Manassas-based Catch the which trades on the TorontpVenture Exchange, sold roughly 16.7 million shares at a price of Canadiajn $1.30 apiece in what it hopes to be its last majore equity financing before generating enouggh revenue from its laser wind-sensing Vindicator, to pay for operations. Company officials also participated in theinvestment round, along with institutional bringing its total equity fundraising to date to nearl $35 million. , Research Capitap Corp. and Canaccord Capital Corp.
servedc as placement agents for this latest fundraising in return for 6 perceny of the gross proceeds and additional stock Spun off last yearfrom LLC, a fiberf optics laser company that still shares the same headquarter s space, Catch the Wind has been developing similar technology that sensea when wind is imminent, helping reorient a turbine to captur that wind before it Most wind turbines can realign its bladez only after it feels wind, so they’rre often too late to actuall benefit from gusts, company officials said.
“Before, it was the horse-and-buggty approach to measuring wind,” said Phil Rogers, who founded Opticao Air Data Systems nearly 20 years ago with his wife before leaving recently to serve as CEO for Catcyhthe Wind. “Think about increasint the gas mileage of your he said. “You’ve alreadyu bought your car. But if I can sell you somethintg that doubles the gas mileage ofyour car, you would save more money.
” He estimates the Vindicator can capture 10 percentf to 30 percent more wind for which in turn helps generate more clean electricity and ultimatelty revenue for their Catch the Wind recently sold its firsf unit to , a Canadian environmental monitoring equipmentg maker, while starting its first two-month field test with the Nebraska Publid Power District on its largesg wind farm with 36 wind The local company, which said it’s also talkin to federal agencies, hopes to use that trial’s results latee this summer to market to othe r wind turbine manufacturers and wind farm With six full-time employees, Catch 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 Marcbh 31, is also considering whether to list itsel on an American exchange later this “We aspire to that,” Rogers said. “jI just can’t say when.”