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Hoku & Sanyo Enter Polysilicon Supply Contract

Hoku Materials, a division of Hoku Scientific, Inc. (NASDAQ:HOKU) established to manufacture polysilicon for the solar market, announced it has signed a contract with Sanyo Electric Company, Ltd., to supply polysilicon to SANYO over a seven-year period beginning in January 2009. Under the contract, up to approximately $370 million may be payable to Hoku during the seven-year period, subject to the achievement of milestones, the acceptance of product deliveries and other conditions. The contract provides for the delivery of predetermined volumes of polysilicon each year at set prices from January 2009 through December 2015. The contract also provides for an initial direct deposit of $2 million to Hoku upon signing and requires that SANYO place approximately 30% of the total purchase amount in an escrow account with Bank of Hawaii. Under the agreement, the escrowed funds are to be released to Hoku in installments, subject to Hoku’s successful achievement of certain polysilicon quality and production volume milestones and other conditions. Hoku plans to build a plant capable of producing 2,000 metric tons of polysilicon per year. Hoku estimates that the establishment of this larger facility may require total construction costs of approximately $260 million. In connection with the financing of […]

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ICP Solar to Acquire Discover Power

ICP Solar Technologies Inc. (OTCBB: ICPR), a developer, manufacturer and marketer of solar cells and products, has executed a binding letter of intent to purchase Discover Power Inc., another solar company. “Discover Power’s team features over 18 years of experience in selling complete solar solutions for off-grid and grid-tie systems. Their location in Southern California is ideal given the Million Solar Roofs initiative being put into place by California Governor Arnold Schwarzenegger. Having installed the first ever solar roof shingle system in southern California and with a nationwide installer network, the Discover Power brand and organization will be a great addition in line with our growth plans,” said ICP Solar CEO and Chairman Sass Peress. “This revenue-generating acquisition compliments our strategy for rooftop solutions and creates immediate opportunities for ICP Solar’s retailer sales network to add significant off-grid and grid-tie solution offerings.”

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VYCON & MGE Enter Green Battery Alliance for Back Up Systems

VYCON,a company developing advanced flywheel systems, has entered into a strategic alliance with MGE UPS SYSTEMS, Inc. to provide a clean energy alternative to traditional Uninterruptible Power Supply systems. MGE’s Comet and Galaxy PW models will be integrated with VYCON’s VDC flywheel system. The VYCON VDC is a flywheel based energy storage system that provides a stable, reliable, low-maintenance, extended-life DC voltage source for critical power applications. The VDC, which can be seamlessly paralleled for higher power requirements, can completely eliminate the need for maintenance-laden batteries in traditional UPS applications by providing sufficient ride-through for short duration power outages or until a standby engine-generator can come on line. “This alliance represents an important opportunity for both companies,” said Tony Aoun, President and CEO of VYCON. “MGE is a market leader in the UPS industry and working with them will allow us to bring highly reliable green technology to a greater number of companies around the world. As MGE customers are requesting higher reliability and environmentally beneficial systems, MGE will now be able to provide customers with a solution for both concerns through our VDC system.” Website: [sorry this link is no longer available]     

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