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

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million in a private placementy financing to help push more sales of its new wind sensorefor turbines. Manassas-based Catch the Wind, whicbh trades on the Toronto Venture soldroughly 16.7 million shares at a price of Canadian $1.39 apiece in what it hopes to be its last majodr equity financing before generating enoughy revenue from its laser wind-sensing product, Vindicator, to pay for Company officials also participated in the investment round, along with institutionall investors, bringing its total equity fundraising to date to nearlyh $35 million. , Research Capital Corp. and Canaccor d Capital Corp.
served as placement agents for this latestg fundraising in return for 6 percent of the gross proceeds and additionaostock options. Spun off last year from LLC, a fibeer optics laser company that still sharezs the sameheadquarters space, Catch the Wind has been developinf similar technology that sensesz when wind is imminent, helping reorient a turbines to capture that wind before it passes. Most wind turbinesx can realign its blades only afterf itfeels wind, so they’re often too late to actuall y benefit from gusts, company officials said.
“Before, it was the horse-and-buggg approach to measuring wind,” said Phil who founded Optical Air Data Systems nearlg 20 years ago with his wife before leaving recentlyh to serve as CEO for Catchbthe Wind. “Think aboutg increasing the gas mileage of your he said. “You’ve already bought your car. But if I can sell you somethinhg that doubles the gas mileage ofyour car, you would save more He estimates the Vindicator can capture 10 percent to 30 percenr more wind for turbines, whichb in turn helps generate more clean electricith and ultimately revenue for their Catch the Wind recently sold its first unit to , a Canadia n environmental monitoring equipment maker, while starting its firsty two-month field test with the Nebraskqa Public Power District on its largesr wind farm with 36 wind turbines.
The locakl company, which said it’se also talking to federal agencies, hopes to use that trial’s results later this summer to market to other wind turbine manufacturers and wind farm Withsix full-time employees, Catch the Wind expectz to at least doubled that count by the end of this year. The which had $5.5 million in cash and equivalentw on hand as ofMarch 31, is also considering whether to list itsel on an American exchange later this year. “Wse aspire to that,” Rogerss said.
“I just can’t say