Solar stocks suffer
European cleantech companies reported a mixed batch of results during August. Denmark’s Vestas Wind Systems (VWS:DC) announced that it had shipped 618 wind turbines in the second quarter of 2009, representing a decrease of 12% over Q2 2008, but managed to report an increase in Q2 revenues of 11% to €1.2 billion. However, the EBIT was down 15% – partly as a result of severance payments associated with redundancies in the UK and Denmark. Despite over 1,500 redundancies, the firm increased its total workforce by 22% year-on-year, to 21,153 people, as a result of new factories in the US and China.