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1.2.2008: Meldung: Polysilicon Supply Contract of Hoku Scientific & Sanyo extended
Hoku Materials, Inc., a wholly owned subsidiary of Hoku Scientific, Inc., established to manufacture and sell polysilicon for the solar market, today announced that it has amended its polysilicon supply contract with SANYO Electric Co., Ltd. to increase the term of the contract from seven to ten years. Total amounts that may be payable to Hoku Materials under the contract have increased from up to approximately $371 million for the seven year contract, to up to approximately $530 million for the amended ten year contract. Hoku Materials and SANYO also agreed to extend to May 31, 2008 the date on which either party may terminate the supply agreement if Hoku Materials is unable to complete the financing for its polysilicon production plant. The amendment also extends the dates when SANYO may terminate the agreement if Hoku Materials is unable to complete the various polysilicon production, testing, process implementation, and shipment milestones. In addition, under the amended contract, Hoku Materials will start shipments to SANYO by the beginning of 2010; however, the agreement provides that Hoku Materials may ship product to SANYO in 2009.
"Our continuing commitment of capital to the design and engineering of our plant, and to the purchase of long lead-time items such as the reactors, has enabled us to stay on schedule for first commercial product deliveries in the first half of 2009," said Dustin Shindo, Chief Executive Officer of Hoku Scientific. "This Amendment provides us with added cushion in our construction and ramp up schedule, which improves the certainty and progress of the overall project. We remain very pleased with the strength of our relationship with SANYO, as evidenced by SANYO"s extension of the contract from seven to ten years."
About Hoku Scientific, Inc.
Hoku Scientific (NasdaqGM:HOKU - News) 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. For more information visit www.hokuscientific.com.
Forward-Looking Statements
This press release contains forward-looking statements that involve many risks and uncertainties. These statements relate to Hoku Materials" ability to successfully raise sufficient funds to establish polysilicon manufacturing facilities; its ability to engineer and construct a production plant for polysilicon; its ability to manufacture polysilicon; its cost to procure a polysilicon production facility; Hoku Materials" ability to meet the delivery schedules in its customer contracts in general, and to begin shipping products in 2009, in particular; it"s ability to successfully achieve the milestones in its contract with SANYO Electric, Co., Ltd.; the quality of polysilicon to be manufactured; Hoku Materials" costs to manufacture polysilicon, Hoku Scientific"s future financial performance; Hoku Scientific"s business strategy and plans; and objectives of management for future operations. In some cases, you can identify forward-looking statements by terms such as "anticipate," "believe," "can," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "will," "would" and similar expressions intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause Hoku Scientific"s actual results, performance, time frames or achievements to be materially different from any future results, performance, time frames or achievements expressed or implied by the forward-looking statements. Given these risks, uncertainties and other factors, you should not place undue reliance on these forward-looking statements. In evaluating these statements, you should specifically consider the risks described in Hoku Scientific"s filings with the Securities and Exchange Commission. Except as required by law, Hoku Scientific assumes no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
Hoku, Hoku Solar, Hoku Fuel Cells, and the Hoku Scientific logo are trademarks of Hoku Scientific, Inc., and Hoku Materials is the trademark of Hoku Materials, Inc., all rights reserved.
Contact:
For Hoku Scientific:
Tel: 808-682-7800
Email Contact
"Our continuing commitment of capital to the design and engineering of our plant, and to the purchase of long lead-time items such as the reactors, has enabled us to stay on schedule for first commercial product deliveries in the first half of 2009," said Dustin Shindo, Chief Executive Officer of Hoku Scientific. "This Amendment provides us with added cushion in our construction and ramp up schedule, which improves the certainty and progress of the overall project. We remain very pleased with the strength of our relationship with SANYO, as evidenced by SANYO"s extension of the contract from seven to ten years."
About Hoku Scientific, Inc.
Hoku Scientific (NasdaqGM:HOKU - News) 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. For more information visit www.hokuscientific.com.
Forward-Looking Statements
This press release contains forward-looking statements that involve many risks and uncertainties. These statements relate to Hoku Materials" ability to successfully raise sufficient funds to establish polysilicon manufacturing facilities; its ability to engineer and construct a production plant for polysilicon; its ability to manufacture polysilicon; its cost to procure a polysilicon production facility; Hoku Materials" ability to meet the delivery schedules in its customer contracts in general, and to begin shipping products in 2009, in particular; it"s ability to successfully achieve the milestones in its contract with SANYO Electric, Co., Ltd.; the quality of polysilicon to be manufactured; Hoku Materials" costs to manufacture polysilicon, Hoku Scientific"s future financial performance; Hoku Scientific"s business strategy and plans; and objectives of management for future operations. In some cases, you can identify forward-looking statements by terms such as "anticipate," "believe," "can," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "will," "would" and similar expressions intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause Hoku Scientific"s actual results, performance, time frames or achievements to be materially different from any future results, performance, time frames or achievements expressed or implied by the forward-looking statements. Given these risks, uncertainties and other factors, you should not place undue reliance on these forward-looking statements. In evaluating these statements, you should specifically consider the risks described in Hoku Scientific"s filings with the Securities and Exchange Commission. Except as required by law, Hoku Scientific assumes no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
Hoku, Hoku Solar, Hoku Fuel Cells, and the Hoku Scientific logo are trademarks of Hoku Scientific, Inc., and Hoku Materials is the trademark of Hoku Materials, Inc., all rights reserved.
Contact:
For Hoku Scientific:
Tel: 808-682-7800
Email Contact