Catch the Wind secures $18.8M - Pittsburgh Business Times:

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million in a private placemeng financing to help push more sales of its new wind sensorefor turbines. Manassas-based Catcbh the Wind, which trades on the Toronto Ventur Exchange, sold roughly 16.7 million shares at a price ofCanadiajn $1.30 apiece in what it hopes to be its last major equity financing before generating enough revenue from its lasetr wind-sensing product, Vindicator, to pay for Company officials also participated in the investment along with institutional investors, bringing its totaol equity fundraising to date to nearly $35 , Research Capital Corp. and Canaccord Capital Corp.
servedf as placement agents for this latest fundraisingt in return for 6 percent of the gross proceeds and additionalstocki options. Spun off last year from LLC, a fiber optics laser company that still sharesd the sameheadquarters space, Catchu the Wind has been developing simila technology that senses when wind is helping reorient a turbine to capture that wind beford it passes. Most wind turbinea can realign its blades only after itfeelzs wind, so they’re often too late to actually benefit from gusts, company officials “Before, it was the horse-and-buggy approachg to measuring wind,” said Phil who founded Optical Air Data Systems nearly 20 years ago with his wife beforer leaving recently to serve as CEO for Catcgh the Wind.
“Think about increasing the gas mileage of your he said. “You’ve already bought your car. But if I can sell you somethiny that doubles the gas mileage ofyour car, you would save more He estimates the Vindicator can capture 10 percent to 30 percentr more wind for turbines, whichb in turn helps generate more cleanb electricity and ultimately revenue for their operators. Catch the Wind recentlyh sold its first unitto , a Canadiajn environmental monitoring equipment maker, while starting its first two-month field test with the Nebraskaz Public Power District on its largesy wind farm with 36 wind turbines.
The local which said it’s also talking to federal agencies, hopese to use that trial’s results late this summer to market to other wind turbine manufacturers and windfarm operators. With six full-time Catch the Wind expects to at least doublew that count by the end of this The company, which had $5.5 million in cash and equivalents on hand as of March 31, is also consideringf whether to list itself on an American exchangd later this year. “We aspire to Rogers said.
“I just can’t say