Hoku Scientific, Inc. (HOKU) Subsidiary Signs Major Polysilicon Supply Contract with Solargiga Worth up to $455 Million
Source: http://Blog.QualityStocks.netPosted on Thursday, September 4th, 2008 | In Small & Micro Cap
Hoku Materials, Inc., a wholly owned subsidiary of Hoku Scientific, Inc. (HOKU), a diversified alternative energy technology company in China, announced this afternoon the signing of a polysilicon supply agreement worth up to $455 million with Solargiga Energy Holdings Ltd., the number two producer of monocrystalline ingots in China. Under terms of the deal, Hoku will deliver polysilicon to Solargiga over a ten-year period beginning in the first quarter of 2010.
Solargiga will make an initial $22 million deposit to Hoku in September 2008, and additional prepayments of $21 million by December 20, 2008, $20 million by March 15, 2009, and $5 million upon first delivery. This deal with Solargiga follows similar contracts Hoku announced last month with Kinko Energy and Tianwei New Energy Holdings totaling $582 million.
“We are pleased to enter into this long-term supply agreement with Solargiga,” said Dustin Shindo, chief executive officer of Hoku Scientific. “They are an established leader in the global solar market, and Solargiga’s strong expansion plans coupled with their demonstrated commitment to technology and innovation make them an excellent strategic partner for Hoku”
“This agreement with Hoku is key to our company’s expansion plans,” said Solargiga’s president and executive director, Wenhua Tan. “Solargiga is currently the number two producer of monocrystalline ingots in China but we are implementing an aggressive plan to double our capacity by the end of 2009. We selected Hoku to supply us with polysilicon because they share Solargiga’s focus on delivering only the highest possible quality product, and because — like us — they believe in the importance of establishing a long-term partnership.”
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