Wind turbine manufacturer, Windflow Technologies, is trying to raise a further $3.4 million from shareholders so it can stay in business.
The company's fall-back position is that if it can't raise the money, its almost 16% shareholder, David Iles, will fund any shortfall up to $2.5 million.
The company says that will allow the company to continue as a going concern.
In the last five years, Windflow's share price has gone from the $2.80 mark down as low as 6 cents this week, valuing the company at just $1.2 million.
Founder and chief executive Geoff Henderson says the company hit some very hard times in 2010 and 2011 relating to the turbines it supplied to New Zealand Windfarms and entering the British market has been fraught with obstacles.
Mr Henderson says it's hard slow work but the company is determined to persevere and rebuild value and it aims to be making a profit by 2015.
He says he believes building wind turbines in the United Kingdom is something investors can get enthusiastic about because the turbine is proven, the company has been through the hard yards and it's technically successful in New Zealand at the Te Rere Hau site.
New Zealand Windfarms reported a loss of almost $9 million for the 12 months to June, down from a $24.6 million loss the previous year.
Mr Henderson says Windflow is making headway in Britain now and the first turbine has been running since March.
He says with the UK power prices on a good day the company is getting something like $NZ5000 revenue from that turbine.
