Juhl Energy Acquires Online Solar System Distributor
Juhl Energy, Inc., acquired an online distributor of solar power systems and components in a stock deal that closed February 5.
The Pipestone-based solar and wind energy systems manufacturer said that its acquisition of Chicago-based PV Power, Inc., will expand its offerings in the consumer and small business sector. Juhl Energy transferred 600,000 shares of its common stock under the terms of the transaction. If calculated based on February 5’s closing price of $0.18 per share, the deal’s value would be in the ballpark of $108,000.
“We believe that this market is where significant growth and opportunity is obtainable,” Dan Juhl, chairman and CEO of Juhl Energy, said in a statement. “We view the purchase of PV Power as a smart and focused expansion strategy based on their success and the fact that they have been operating profitably for the past year.”
Juhl Energy spokesman Jody Janson told Twin Cities Business that his company expects PV Power will add $700,000 to $1 million to its annual revenue.
Founded in 2009, PV Power distributes solar power components (including solar panels, inverters, monitors, charge controllers, and solar batteries) through self-developed Web applications. Those applications allow installers to plan, propose, and purchase their solar projects through an online product catalog.
Juhl Energy said that as part of the acquisition, the two companies will jointly develop a line of complete solar power systems.
Janson said that the line will consist of three packages, each of which will consist of PV panels, general racking components, DC/AC inverters, monitoring, and AC disconnects. The “Cabin” package, which contains two kilowatts of energy capacity, will retail for $5,330. Retailing for $12,790, the “Home” package will contain five kilowatts of energy. The “Small Business” package, which contains 10 kilowatts of energy, will retail for $25,550.
Janson said that it hasn’t been determined whether PV Power’s employees will transition to Juhl, adding that PV Power will retain its name and will continue to operate out of Chicago.
Juhl Energy operates as a holding company for several subsidiaries and affiliates. The company is among the 100-largest public companies in Minnesota, with $8.1 million in 2012 revenue. It currently employs approximately 65 people.