Hoku Materials, Inc., a division of Hoku Scientific, Inc. (NasdaqGM:HOKU has entered into a 99-year ground lease with the City of Pocatello, Idaho, for approximately 67 acres of land to construct a polysilicon production plant.
The plant will be capable of producing up to 2,000 metric tons of polysilicon per year. The annual rent for the ground lease is fixed at one dollar per year until the expiration of the lease on December 31, 2106. Hoku and the City of Pocatello have also signed an agreement granting Hoku an option to lease an additional 450 acres of land for future expansion.
“The land we are leasing is conveniently located adjacent to major interstate highways and railroads,” said Dustin Shindo, Chairman and CEO of Hoku Scientific. “We look forward to breaking ground in the next several weeks.”
“Said Roger Chase, Mayor of the City of Pocatello, “Hoku is bringing an entirely new industry to Pocatello, and we are pleased to support their efforts. This is a great opportunity for our community.”
About Hoku Scientific, Inc.
Hoku Scientific (NasdaqGM:HOKU – News) develops and manufactures fuel cell membranes and membrane electrode assemblies for stationary (including residential and back-up power applications) and automotive proton exchange membrane fuel cells. The Company is currently expanding its business to manufacture solar modules and polysilicon for the solar market.
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