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

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million in a private placement financing to help push more sales of its new wind sensorfor Manassas-based Catch the Wind, which trades on the Toronto Venturee Exchange, sold roughly 16.7 million sharez at a price of Canadiah $1.30 apiece in what it hopes to be its last majord equity financing before generating enougg revenue from its laser wind-sensing product, Vindicator, to pay for Company officials also participated in the investment round, along with institutional bringing its total equity fundraisingy to date to nearly $35 million. , Researcn Capital Corp. and Canaccord Capital Corp.
served as placement agents for this latesf fundraising in return for 6 percenrt of the gross proceeds and additionalstockm options. Spun off last year from LLC, a fibeer optics laser company that still shares the sameheadquarterws space, Catch the Wind has been developing similad technology that senses when wind is helping reorient a turbine to capture that wind befors it passes. Most wind turbineas can realign its blades only after it feels so they’re often too late to actuallt benefit from gusts, company officials said.
“Before, it was the horse-and-buggy approach to measuring wind,” said Phil Rogers, who founded Optical Air Data Systems nearly 20 years ago with his wife before leaving recently to serve as CEO for Catchhthe Wind. “Think abouyt increasing the gas mileage of your he said. “You’ve already bought your car. But if I can sell you somethin g 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 helpxs generate more clean electricity and ultimately revenue for thei operators.
Catch the Wind recentlyt sold its first unitto , a Canadian environmenta l monitoring equipment maker, while starting its firs t two-month field test with the Nebraska Public Powerr District on its largest wind farm with 36 wind The local company, which said it’s also talkingt to federal agencies, hopes to use that trial’s results lateer this summer to market to other wind turbined manufacturers and wind farm With six full-time Catch the Wind expects to at least doublw that count by the end of this year. The which had $5.5 million in cash and equivalents on hand as ofMarch 31, is also considering whether to list itselfc on an American exchange later this year.
“We aspire to Rogers said. “I just can’t say