Windar Photonics has raised £1m through a share offer and up to €1.5m through a facility with Nordea Bank Denmark to bring its WindEye lidar system to market.
The initial facility is for up to €400,000 with an understanding to increase later in the year to as much as €1.5m, as the company makes more progress with orders for WindEye.
Windar said the money will enable the company to “fully capitalise on the traction it is encountering in its target markets” for WindEye across “multiple geographies”.
Windar chief executive officer Martin Rambusch said: “We see good traction in all targeted regions – Europe, North America and China.
“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.”
Image: Morgue File
