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

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million in a private placement financing to help push more salesx of its new wind sensorfor Manassas-based Catch the Wind, which trades on the Toront Venture Exchange, sold roughly 16.7 milliohn shares at a price of Canadian $1.30 apiece in what it hopesw to be its last major equity financin before generating enough revenue from its laser wind-sensingt product, Vindicator, to pay for operations. Company officials also participatedr in theinvestment round, along with institutionalp investors, bringing its total equity fundraising to date to nearly $35 million. , Research Capitak Corp. and Canaccord Capital Corp.
served as placement agentsx for this latest fundraising in return for 6 percenft of the gross proceeds and additional stock Spun off last yearfrom LLC, a fiber opticws laser company that still shares the same headquartersw space, Catch the Wind has been developingy similar technology that senses when wind is imminent, helping reorienf a turbine to capture that wind before it passes. Most wind turbinez can realign its bladesd only after itfeels wind, so they’re often too late to actuallu benefit from gusts, company officiald said.
“Before, it was the horse-and-buggu approach to measuring wind,” said Phil who founded Optical Air Data Systems nearly 20 years ago with his wife befor leaving recently to serve as CEO for Catcnthe Wind. “Think about increasing the gas mileaged ofyour car,” he “You’ve already bought your car. But if I can sell you somethinb that doubles the gas mileages ofyour car, you would save more money.” He estimatesa the Vindicator can capture 10 percengt to 30 percent more wind for which in turn helps generate more clean electricity and ultimately revenue for their operators.
Catch the Wind recentlu sold its first unitto , a Canadianm environmental monitoring equipment maker, while starting its first two-month field test with the Nebraska Publicf Power District on its largest wind farm with 36 wind The local company, which said it’s also talkingf to federal agencies, hopex to use that trial’s results later this summer to markett to other wind turbine manufacturersw and wind farm operators. With six full-time Catch the Wind expects to at least doubled that count by the end of this The company, which had $5.5 million in cash and equivalentes on hand as of Marcn 31, is also considering whether to list itsel f on an American exchangew later this year.
“We aspirde to that,” Rogers said. “I just can’t say