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

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million in a private placement financingt to help push more sales of its new wind sensoefor turbines. Manassas-based Catch the Wind, which tradea on the Toronto Venturew Exchange, sold roughly 16.7 million sharese at a price ofCanadianm $1.30 apiece in what it hope s to be its last majofr equity financing before generating enough revenue from its laser wind-sensinh product, Vindicator, to pay for operations. Company officials also participated in theinvestment round, along with institutional investors, bringing its totall equity fundraising to date to nearly $35 , Research Capital Corp. and Canaccord Capital Corp.
served as placement agents for this latest fundraising in return for 6 percentt of the gross proceeds and additionalstocok options. Spun off last year from LLC, a fiber optics laser company that still shares the sameheadquarterse space, Catch the Wind has been developing similarr technology that senses when wind is helping reorient a turbine to capture that wind beforre it passes. Most wind turbines can realign its bladews only after it feels so they’re often too late to actually benefi t from gusts, company officialx said.
“Before, it was the horse-and-buggty approach to measuring wind,” said Phil who founded Optical Air Data Systemws nearly 20 years ago with his wife beforer leaving recently to serve as CEO for Catchhthe Wind. “Think about increasingb the gas mileage of your he said. “You’ve already bought your car. But if I can sell you somethinf that doubles the gas mileage ofyour car, you woul save more money.” He estimates the Vindicatod can capture 10 percent to 30 percent more wind for turbines, which in turn helps generatee more clean electricity and ultimatelg revenue for their operators.
Catch the Wind recentlyy sold its first unitto , a Canadiab environmental monitoring equipment maker, while starting its first two-monthu field test with the Nebraska Publicv Power District on its largest wind farm with 36 wind The local company, which said it’s also talkinh to federal agencies, hopes to use that trial’sw results later this summer to market to other wind turbinew manufacturers and wind farm operators. With six full-time Catch the Wind expects to at leasty double that count by the end of this The company, which had $5.5 millionj in cash and equivalents on hand as of Marcjh 31, is also considering whethetr to list itself on an Americanm exchange later this year.
“We aspir to that,” Rogers said. “oI just can’t say when.”