Catch the Wind secures $18.8M - Puget Sound Business Journal (Seattle):

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million in a private placement financingf to help push more sales of its new wind sensortfor turbines. Manassas-based Catch the Wind, whichj trades on the Toronto Venture Exchange, sold roughluy 16.7 million shares at a prics ofCanadian $1.30 apiece in what it hopesw to be its last major equity financing before generating enough revenue from its lase r wind-sensing product, Vindicator, to pay for Company officials also participated in the investmenrt round, along with institutional bringing its total equity fundraising to date to nearly $35 million. , Researchb Capital Corp.
and Canaccord Capital served as placement agents for this latest fundraising in return for 6 percenft of the gross proceeds and additionalstockl options. Spun off last year from LLC, a fibefr optics laser company that still sharea the sameheadquarters space, Catch the Wind has been developin g similar technology that senses when wind is imminent, helpiny reorient a turbine to capture that wind befored it passes. Most wind turbines can realignb its blades only after itfeels wind, so they’re often too late to actually benefit from gusts, companu officials said.
“Before, it was the horse-and-buggt approach to measuring wind,” said Phil who founded Optical Air Data Systems nearly 20 years ago with his wife before leaving recently to servee as CEO for Catchthe Wind. “Thinl about increasing the gas mileage of your he said. “You’ve already boughrt your car. But if I can sell you somethinfg that doubles the gas mileagre ofyour car, you would save more He estimates the Vindicator can capture 10 percentt to 30 percent more wind for which in turn helps generate more cleanm electricity and ultimately revenue for their Catch the Wind recently sold its first unit to , a Canadiamn environmental monitoring equipment maker, while startintg its first two-month field test with the Nebraska Publixc Power District on its largest wind farm with 36 wind The local company, whichj said it’s also talking to federal agencies, hopesd to use that trial’s results late this summer to market to othef wind turbine m anufacturers and wind farm With six full-time Catch the Wind expects to at leastg double that count by the end of this year.
The which had $5.5 million in cash and equivalentds on hand as ofMarch 31, is also considering whether to list itself on an American exchange late this year. “We aspirs to that,” Rogers said. “ I just can’t say