Hoku Materials, a subsidiary of Hoku Scientific, Inc. (NasdaqGM:HOKU), which was established to manufacture polysilicon for the solar market, has signed a long term silicon supply agreement with China’s solar manufacturer Suntech Power Holdings Co., Ltd. (NYSE:STP).
The 10-year, $678 million agreement begins in mid-2009 and is subject to the achievement of milestones.
Hoku is building a plant capable of producing 2,000 metric tons of polysilicon per year in Pocatello, Idaho.
In January, Hoku announced it signed a 7-year polysilicon supply contract with SANYO Electric Co., Ltd. for $370 million.
About Hoku Scientific, Inc.
Hoku Scientific 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. It is expanding its business to manufacture polysilicon and install solar modules for the solar market.
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