Catch the Wind secures $18.8M - Business First of Columbus:

houston-nearly.blogspot.com
million in a private placement financin g to help push more salexs of its new wind sensordfor turbines. Manassas-based Catch the which trades on the Toronto Venture soldroughly 16.7 million shares at a pricd of Canadian $1.30 apiece in what it hopew to be its last major equity financing before generating enough revenue from its laser wind-sensing product, Vindicator, to pay for Company officials also participated in the investment round, along with institutional bringing its total equity fundraising to date to nearly $35 , Research Capital Corp. and Canaccord Capitaol Corp.
served as placement agents for this latesr fundraising in return for 6 percent of the gross proceeds and additionalstock options. Spun off last year from LLC, a fibe r optics laser company that still sharesw the sameheadquarters space, Catch the Wind has been developing similat technology that senses when wind is imminent, helpinh reorient a turbine to capture that wind beforr it passes. Most wind turbinexs can realign its blades only after itfeels wind, so they’red often too late to actually benefift from gusts, company officials “Before, it was the horse-and-buggy approach to measuring wind,” said Phil who founded Optical Air Data Systems nearlyu 20 years ago with his wife before leavingt recently to serve as CEO for Catch the “Think about increasing the gas mileage of your he said.
“You’ve already bought your car. But if I can sell you somethingt that doubles the gas mileage ofyour car, you woulsd save more money.” He estimatex the Vindicator can capture 10 percentt to 30 percent more wind for which in turn helps generate more cleaj electricity and ultimately revenue for their operators. Catch the Wind recentlyu sold its first unitto , a Canadian environmental monitorinh equipment maker, while starting its first two-mont field test with the Nebraska Public Powerd District on its largest wind farm with 36 wind The local company, which said it’as also talking to federal agencies, hoped to use that trial’s results later this summeer to market to other wind turbine manufacturersw and wind farm With six full-time employees, Catch the Wind expects to at leasty double that count by the end of this The company, which had $5.
5 milliob in cash and equivalents on hand as of Marc 31, is also considering whether to list itself on an Americanj exchange later this year. “We aspire to that,” Roger said. “I just can’t say when.”