Hoku Materials Inc., a wholly owned subsidiary of clean energy technology company, Hoku Scientific Inc. (Nasdaq: HOKU), today announced a silicon metal supply agreement that will supply Hoku with guaranteed amounts of metallurgical grade silicon for three years beginning in 2009.

Hoku’s agreement with leading alloy producer Polymet Alloys Inc. and its allied partner Rima Industrial S.A., will allow Hoku to use the grade silicon to manufacture trichlorosilane, an integral material in solar grade polysilicon production.

“Hoku is pleased to have established this partnership with Polymet Alloys Inc. and Rima Industrial S.A., leaders in the silicon metal industry,” Dustin Shindo, chairman and CEO of Hoku Scientific stated in the press release. “Silicon metal is a key raw material for Siemens-based production of polysilicon, and another important way for Hoku to manage our production costs. The fixed rates negotiated under this agreement are fair and fit well within our projected financial

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