LONDON (Alliance News) - Windar Photonics PLC on Monday said it has raised funds through a subscription and has agreed a factoring facility.
Windar said it has raised GBP1.0 million through the subscription of 885,502 shares at 110 pence each. Shares in Windar were untraded on Monday morning, having last traded at 120.00 pence.
The technology group, which develops sensors for wind turbines, said it has also agreed a factoring facility with Nordea Bank Denmark A/S for an initial facility of EUR400,000 which will increase later in the year to up to EUR1.5 million.
The proceeds of the subscription and funds from the facility will go towards Windar's WindEYE LiDAR technology as well as providing the funding required to deliver its products to customers across the globe.
"We see good traction in all targeted regions - Europe, North America and China - for our market leading WindEYE LiDAR technology. The subscription and the factoring facility funding help to strengthen our balance sheet as we expect significant orders to come through in the current year. 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," Chief Executive Martin Rambusch said in a statement.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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Windar Photo (WPHO)