Community wind energy developer Juhl Wind says it is expanding its strategy to include the diversification into other forms of clean energy, the company said when releasing its second-quarter financial results.
Juhl Wind says its revenue increased by approximately $792,000, or 72.9%, from approximately $1.087 million for the quarter ending June 30, 2011, to approximately $1.879 million for the quarter ending June 30. However, that increase is primarily attributable to the increased revenues from the effects of the acquisition of the Power Engineers Collaborative (PEC) in April of this year and three wind farms last year.
According to Juhl Wind, the PEC acquisition "offers increased capabilities beyond wind and into the full range of clean energy sectors, including natural gas, biomass, waste-to-energy, medium-to-large on-site solar, and support to larger wind farm construction."
Despite increase revenues, the company incurred a net loss attributable to common stockholders of approximately $1.203 million for the second quarter.
Juhl Wind's president, John Mitola, says the company will continue to focus on wind, but it is opening up its options by diversifying into other forms of clean energy.
"While our core business will always center upon wind power development, ownership and operation, we have made great progress toward making a very natural progression into all forms of complementary clean energy," Mitola said in a statement. "We are confident that all of our operating divisions can work extremely well together by drawing from our core development skills while we move into other clean energy assets. We plan to take similar steps in the latter half of 2012."
