Hoku Materials, Inc., a wholly owned subsidiary of Hoku Scientific, Inc., (NasdaqGM:HOKU) established to manufacture and sell polysilicon for the solar market, today announced an amendment to its polysilicon supply agreement with SANYO Electric Co., Ltd., to extend the date for Hoku to complete the financing for its planned polysilicon plant.
Under the terms of the amendment, Hoku or SANYO may terminate the supply agreement if Hoku has not secured financing for its polysilicon plant by February 15, 2008, which is a six week extension from the previous deadline of December 31, 2007.
"SANYO continues to demonstrate their support for our project by providing us the flexibility we need to complete the financing of our plant without added time pressures," said Dustin Shindo, CEO of Hoku Scientific. "We continue to commit capital to the design and engineering of our plant, and to the purchase of long lead-time items such as the reactors, to stay on schedule for our planned 2009 product deliveries."
In December, Hoku Scientific announced that it had signed a non-binding term sheet with Merrill Lynch Pierce Fenner & Smith Inc. for Hoku Materials to borrow up to approximately $185 million for the construction, procurement and start-up of its planned polysilicon production plant in Pocatello, Idaho.
About Hoku Scientific, Inc.
Hoku Scientific (NasdaqGM:HOKU) is a diversified clean energy technologies company with three business units: Hoku Materials, Hoku Solar and Hoku Fuel Cells. Hoku Materials plans to manufacture, market, and sell polysilicon for the solar market from its plant currently under construction in Pocatello, Idaho. Hoku Solar markets, sells and installs turnkey photovoltaic systems in Hawaii. Hoku Fuel Cells has developed proprietary fuel cell membranes and membrane electrode assemblies for stationary and automotive proton exchange membrane fuel cells.
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