Windar Photonics raises GBP 480k via share subscription

Windar Photonics Plc (LON:WPHO), a Danish company that has developed a Lidar wind sensor for wind turbines, on Tuesday said it is raising GBP 479,262 (USD 623,000/EUR 555,000) before costs through a share subscription.

The funds will help the company capitalise on demand for its WindEYE and WindVision Lidar technologies and help enable the delivery of its products to global customers. All of the company's directors took part in the subscription, with the sold shares representing some 1.8% of its enlarged share capital.

"As we have previously announced, we expect to be cash flow positive in the second half of 2016 and the Subscription helps to strengthen our balance sheet to support the expected growth in the remaining part of 2016 and into 2017," said founder and interim chief executive Jorgen Korsgaard Jensen.

Earlier this month the company said that a number of successful tests and trial orders have not yet resulted in the follow-on orders that would be expected and remain under negotiation and that its main focus now is to convert the potential sales into firm orders.

(GBP 1.0 = USD 1.299/EUR 1.159)

Choose your newsletter by Renewables Now. Join for free!