Windflow puts hand out

Windflow Technology, the wind turbine maker whose prototype blew apart in March, is asking investors for another $6 million.

Windflow said it would launch a renounceable rights issue in two weeks, with shareholders offered one new share at $2.30 for every two existing shares.

Windflow has raised about $8 million since 2001 and is working on its first production run of two-bladed turbines. The first run will be sold to NZ Windfarms, which has permission to build a 52-megawatt windfarm in the Tararuas near Palmerston North.

Windflow's prototype turbine failed in March, but the company has said it is confident the problems are now behind it.