Windar raises GBP 2.2m in equity

Windar Photonics Plc (LON:WPHO), a Danish company offering LiDAR wind sensors for wind turbines, on Thursday said it has raised around GBP 2.2 million (USD 2.9m/EUR 2.5m) before costs by way of a subscription for shares.

According to the announcement, the company will use the fundraise to strengthen its balance sheet in view of expected increasing working capital requirements following the recent global distribution agreement and increased revenues.

On June 28, Windar announced a global distribution agreement with Danish wind turbine maker Vestas Wind Systems A/S (CPH:VWS) for the sale of its 2-beam LiDAR system as a retrofit after-sales solution to the wind industry.

The subscription for 2.7 million ordinary shares at GBP 0.825 per share -- which represents the mid-market closing price on July 11 -- equates to 6.1% of the company's enlarged issued share capital.

"Following the recently announced new distribution agreement servicing the retro-fit markets and our general positive growth outlook for the coming periods, I am pleased to announce this Subscription which provides Windar with a strong balance sheet and net cash position to finance our expected working capital requirements," said chief executive Jorgen Korsgaard Jensen.

(GBP 1 = USD 1.315/EUR 1.130)

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