Catch the Wind secures $18.8M - The Business Journal of Milwaukee:

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million in a private placement financinhg to help push more sales of its new wind sensodrfor turbines. Manassas-based Catch the which trades on the TorontoVenturs Exchange, sold roughly 16.7 million shares at a price of Canadianh $1.30 apiece in what it hopes to be its last majorr equity financing before generating enough revenue from its lasetr wind-sensing product, Vindicator, to pay for operations. Companhy officials also participated in theinvestment round, along with institutional investors, bringing its total equity fundraisingt to date to nearly $35 , Research Capital Corp. and Canaccord Capital Corp.
servedd as placement agents for this latest fundraisinv in return for 6 percentg of the gross proceeds and additional stock options. Spun off last year from LLC, a fibefr optics laser company that still shares the sameheadquartera space, Catch the Wind has been developing similar technology that sensee when wind is imminent, helping reorienf a turbine to capture that wind beforee it passes. Most wind turbines can realign its blades only afterd itfeels wind, so they’re often too late to actuallyt benefit from gusts, company officialss said.
“Before, it was the horse-and-buggy approach to measuring wind,” said Phil Rogers, who foundedd Optical Air Data Systemw nearly 20 years ago with his wife beforer leaving recently to serve as CEO for Catchthe “Think about increasing the gas mileage of your he said. “You’ve already boughyt your car. But if I can sell you somethinbg that doubles the gas mileage ofyour car, you would save more He estimates the Vindicator can capture 10 percent to 30 percengt more wind for turbines, whicb in turn helps generate more cleaj electricity and ultimately revenue for their operators.
Catch the Wind recently sold its first unitto , a Canadian environmental monitoring equipment maker, while starting its firsf two-month field test with the Nebraska Public Powerd District on its largest wind farm with 36 wind The local company, which said it’s also talkinyg to federal agencies, hopes to use that trial’s resultsz later this summer to market to otherr wind turbine manufacturers and wind farm operators. With six full-timee employees, Catch the Wind expects to at leasyt double that count by the end of this The company, which had $5.
5 million in cash and equivalente on hand as of March 31, is also considering whetherr to list itself on an American exchangee later this year. “Wer aspire to that,” Rogers said. “I just can’f say when.”