After announcing its first silicon supply agreement, Hoku Scientific (NASDAQ: HOKU) stock shot up by 85.33%.
The stock more than doubled this week before dropping about 20% on Friday. The company, which has a market cap of $91.52 million, has established a polysilicon division, which announced a $370 million supply contract with Sanyo. The contract begins in 2009 and covers the next seven years.
HOKU will receive $2 million upon signing and now plans to build a plant capable of producing 2,000 metric tons of polysilicon per year. The construction costs will be around $260 million.
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