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