Windar Photonics PLC on Monday said it had secured a significant turbine order from a North American customer, provided an optimistic update on its trading activities in 2023, and announced a fundraise for up to £4 million to support the business’ ongoing development.
Windar is a Copenhagen-headquartered technology company, focused on the development of its flagship WindEYE LiDAR wind sensor.
Windar has secured a new order with a value of $1.3 million for delivery to the North American market within the first half of the year. The order is for Vestas V82 turbines equipped with the company’s WindEye solution.
The unnamed customer operates several additional sites with around five times the number of V82 turbines as covered by this contract, according to Windar, and this initial order ‘opens up the opportunity to secure further orders from the same customer’.
Windar said that the order, which represents the company’s third full wind farm deployment in North America, will ‘significantly add to the visibility of Windar in the North American Market’.
Chief Executive Officer Jorgen Korsgaard Jensen said: ‘Our new customer operates additional US sites and I am optimistic that the successful execution of this installation could lead to future orders from the same customer for our LiDAR product and software solutions. This new order also makes history for the company as it records its first revenue stream from software sales. I look forward to continued progress as we seek to expand our offering further by selling not only upfront software licenses but also additional performance software-related improvement services.’
Alongside the announcement of the contract, Windar provided an update on its 2023 results.
The company expects to report around €4.8 million in revenue, which would more than double the €1.9 million delivered in 2022.
Adjusted earnings before interest, tax, depreciation and amortisation are also expected to swing to a profit of €0.4 million from a loss of €0.8 million, representing the company’s first ever positive Ebitda.
Looking ahead to its 2024 results, Windar said that trading in the year so far has ‘started strongly’, with an estimated €5.9 million in revenue already exceeding the full-year figure from 2023.
Having received ‘expressions of interest’ from certain directors and investors, Windar has also proposed a placing to raise up to £4 million by way of a placing of new shares at a price of 35 pence each.
Proceeds will go toward fulfilling contract orders, support ongoing research and development, and help to ‘strengthen the company’s balance sheet, pivoting the company into a stronger operating position’, Windar said.
Shares in Windar were up 5.8% at 34.90 pence each in London on Monday afternoon.
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