Catch the Wind secures $18.8M - Washington Business Journal:

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million in a private placement financintg to help push more sales of its new wind sensotrfor turbines. Manassas-based Catch the which trades on the Toronto Venture soldroughly 16.7 million shares at a price of Canadian $1.3p apiece in what it hopes to be its last major equity financing before generating enough revenure from its laser wind-sensing product, to pay for operations. Company officialx also participated in theinvestment round, alont with institutional investors, bringing its total equityy fundraising to date to nearly $35 , Research Capital Corp. and Canaccord Capitakl Corp.
served as placement agents for this latest fundraising in return for 6 perceny of the gross proceeds and additionalstock options. Spun off last year from LLC, a fiberf optics laser company that still shares the sameheadquarterds space, Catch the Wind has been developing similard technology that senses when wind is imminent, helping reorientf a turbine to capture that wind beforew it passes. Most wind turbines can realign its blades only aftetr itfeels wind, so they’re often too late to actualluy benefit from gusts, company officials said.
“Before, it was the horse-and-buggh approach to measuring wind,” said Phil who founded Optical Air Data Systems nearly 20 years ago with his wife before leaving recentlg to serve as CEO for Catchthe “Think about increasing the gas mileage of your car,” he “You’ve already bought your car. But if I can sell you somethinvg that doubles the gas mileage ofyour car, you would save more He estimates the Vindicator can capture 10 percent to 30 percentg more wind for turbines, which in turn helpa generate more clean electricituy and ultimately revenue for theif operators.
Catch the Wind recently sold its first unitto , a Canadiab environmental monitoring equipment maker, while starting its first two-monthu field test with the Nebraska Public Poweer District on its largest wind farm with 36 wind turbines. The local company, which said it’s also talking to federalk agencies, hopes to use that trial’s resulte later this summer to market to other wind turbinw manufacturers and wind farm Withsix full-time employees, Catch the Wind expecta to at least double that count by the end of this The company, which had $5.
5 million in cash and equivalentds on hand as of Marcuh 31, is also considering whether to list itself on an Americamn exchange later this year. “We aspire to Rogers said. “I just can’t say when.”