Windar Photonics plc (LON:WPHO), a maker of Lidar wind sensors for wind turbines, today said it has secured EUR 1.7 million (USD 1.9m) of funding to beef up its balance sheet in expectation of significant orders in the current year.
The Danish company has raised GBP 1 million (USD 1.4m/EUR 1.3m) through the issue of new ordinary shares. It has also agreed a factoring facility with Nordea Bank Denmark A/S for an initial amount of up to EUR 400,000. The facility could be increased later in the year up to EUR 1.5 million.
Chief executive Martin Rambusch said the company was seeing good traction in all targeted regions - Europe, North America and China - for its WindEYE Lidar technology. "Ensuring that we have a mix of available financing solutions in place to support the expected growth in orders in the current year is an important step in our growing maturity as a business," he said.