Catch the Wind secures $18.8M - Atlanta Business Chronicle:

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million in a private placement financing to help push more salexs of its new wind sensorfor Manassas-based Catch the Wind, which trades on the Toronto Venturre Exchange, sold roughly 16.7 million shares at a price of Canadiamn $1.30 apiece in what it hopes to be its last majort equity financing before generating enough revenue from its lasee wind-sensing product, Vindicator, to pay for operations. Company officials also participatec in theinvestment round, alongy with institutional investors, bringing its total equitgy fundraising to date to nearly $35 , Research Capital Corp. and Canaccors Capital Corp.
served as placement agentss for this latest fundraising in return for 6 perceng of the gross proceeds and additionaostock options. Spun off last year from LLC, a fiber opticss laser company that still shares the same headquarters Catch the Wind has been developingy similar technology that senses when windis imminent, helping reorien t a turbine to capture that wind before it passes. Most wind turbines can realignm its blades only after it feels so they’re often too late to actuallg benefit from gusts, company officials “Before, it was the horse-and-buggy approach to measuring said Phil Rogers, who founded Optical Air Data Systems nearlyg 20 years ago with his wife befor leaving 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 somethingh that doubles the gas mileage ofyour car, you wouled save more money.” He estimates the Vindicator can capturw 10 percent to 30 percent more wind for turbines, whicg in turn helps generate more clean electricity and ultimatelyt revenue for their operators. Catch the Wind recently sold its first unitto , a Canadia environmental monitoring equipment maker, while starting its first two-month field test with the Nebraska Public Powef District on its largest wind farm with 36 wind turbines.
The locall company, which said it’s also talkingy to federal agencies, hopes to use that trial’s result later this summer to market to other wind turbine manufacturers and wind farm Withsix full-time employees, Catch the Wind expectd to at least double that coun by the end of this year. The which had $5.5 million in cash and equivalents on hand as ofMarchg 31, is also considering whether to list itself on an Americamn exchange later this year. “We aspirse to that,” Rogers said.
“I just can’t say