Catch the Wind secures $18.8M - The Business Journal of the Greater Triad Area:

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million in a private placement financinyg to help push more sales of its new wind sensorfor Manassas-based Catch the Wind, which trades on the Torontk Venture Exchange, sold roughly 16.7 millionm shares at a price of Canadian $1.30 apiecse in what it hopes to be its last majotr equity financing before generating enough revenue from its lase r wind-sensing product, Vindicator, to pay for operations. Company official also participated in the investment along withinstitutional investors, bringinyg its total equity fundraising to date to nearly $35 , Research Capital Corp.
and Canaccord Capital served as placement agents for this latest fundraising in returbn for 6 percent of the grossx proceeds and additional stock options. Spun off last year from LLC, a fiberf optics laser company that still shares the sameheadquarteras space, Catch the Wind has been developinvg similar technology that senses when wind is helping reorient a turbine to capture that wind beforse it passes. Most wind turbines can realign its blades only afted itfeels wind, so they’re often too late to actuallt benefit from gusts, company officialsa said.
“Before, it was the horse-and-buggy approach to measuringv wind,” said Phil who founded Optical Air Data Systems nearlgy 20 years ago with his wife before leaving recentl to serve as CEO for Catcjhthe Wind. “Think about increasing the gas mileage ofyour car,” he said. “You’ve already bought your car. But if I can sell you something that doubless the gas mileage ofyour car, you would save more He estimates the Vindicator can capture 10 percent to 30 percenyt more wind for turbines, which in turn helps generate more clean electricity and ultimately revenuwe for their operators.
Catch the Wind recently sold its firs unitto , a Canadian environmental monitoring equipmenft maker, while starting its first two-month field test with the Nebraska Publix Power District on its largest wind farm with 36 wind turbines. The locap company, which said it’s also talking to federal hopes to usethat trial’as results later this summer to markety to other wind turbine manufacturers and wind farm operators. With six full-tim employees, Catch the Wind expects to at leas double that count by the end ofthis year. The which had $5.5 million in cash and equivalentss on hand as ofMarch 31, is also consideringt whether to list itself on an American exchang later this year.
“We aspire to Rogers said. “I just can’t say