Wellington Drive raises $1.5 million

Managing director, Ross Green, says the placement proceeds will bring the company's total cash on hand at the end of March to $2.8 million.

Mr Green says the extra money will support sales and promotional efforts and further commercialisation of the company's underlying electric motor technologies.

"This additional support is most welcome, as it enables the company to continue to seek commercial arrangements internationally that promote good medium and longer outcomes for all shareholders.

WDT says it exhibited the international "Hometech" exposition in Berlin earlier this month at Germany and received a solid response to the company's new offer of "drop-in" products and it expects to make a further announcement soon.

The company recently announced an interim loss of $1.27 million for the six months ended December with first half expenses of $1.55 million.

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