Wind turbine sensor specialist Windar Photonics PLC (LON:WPHO) unveiled financing deals worth up to €2.7mln to capitalise on the traction it is receiving for its WindEYE LiDAR technology.
The tech firm said it had brought in €1.2mln (£1mln) via a share subscription at 110 pence each and agreed what's called a factoring facility with Nordea Bank Denmark A/S - the largest financial services group in the Nordic and Baltic region.
This facility is for initially €400,000 with scope to increase in later in the year to €1.5mln, the group said. These types of transactions involves selling accounts receivable to a third party, or factor, to meet immediate cash needs.
Windar's chief executive Martin Rambusch said: "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."
The firm added that the subscription price represented a discount of 4.4% to the mid-market closing price of 115 pence on Friday (May 6).
Windar’s technology analyses wind so a turbine can be optimised to fit conditions and, depending on the price of power, the sensor can pay for itself within 12 - 36 months.
The AIM company already acts as supplier to six of the top ten global utilities and four of the top ten global wind turbine manufacturers and is in talks with many more.
In April this year it won an order form China for 15 units and in March had order for eleven units from large utility firms and wind farm owners and operators in North America.
Shares on Monday added 4.35% to stand at 120p.