KAPOLEI, HI, Aug 30, 2006 (MARKET WIRE via COMTEX News Network) -- Hoku Scientific, Inc. (NASDAQ: HOKU), a materials science company focused on clean energy technologies, today announced it has selected the State of Idaho as the location for Hoku Solar and Hoku Materials, its solar module and polysilicon business units, respectively.
Dustin Shindo, chairman, president and chief executive officer of Hoku Scientific, said, "We are pleased to have selected Idaho as the location for our new businesses. We believe that Idaho is the best location in terms of cost, resources, labor and government support."
"We are very excited that Hoku Scientific has chosen Idaho as the location for its new high technology renewable energy-focused businesses," said Idaho's Governor Jim Risch. "We have met with their management team, and were impressed with their growth strategy. We expect Hoku Scientific to have a significant long-term positive impact on our economy."
The State of Idaho and the municipal governments have offered Hoku Scientific a variety of incentives to attract the Hoku Solar and Hoku Materials businesses, including tax incentives, financial support for infrastructure improvements around the facilities, and grants to fund the training of new employees.
"Idaho is a very attractive place for us to expand our business," said Shindo, "and we look forward to contributing to Idaho's growing and diversified economy."
In addition to the financial incentives, one of the major advantages of Idaho is the availability of very competitively priced electricity. The production of polysilicon using Siemens reactor technology is an energy intensive process, and a reliable, low-cost source of electricity is very important to remaining competitive. Idaho can also provide the water, natural gas, and sewage infrastructure necessary to run the plant. In terms of logistics, there is easy access to interstate highways and railway networks, with connections to the major ports on the east and west coasts of the U.S. Idaho also offers large plots of undeveloped land at very attractive prices with room for future expansion.
Earlier this year, Hoku Scientific announced its plans to enter the solar and polysilicon businesses by manufacturing up to 30 megawatts of solar modules and up to 1,500 metric tons of polysilicon per year. Polysilicon is the primary raw material used to manufacture photovoltaic cells for solar modules. The company plans to commence manufacturing of solar modules and polysilicon in the second halves of 2007 and 2008, respectively. Last week, Hoku Scientific awarded the initial phase of engineering work for its polysilicon plant to CH2M HILL Lockwood Greene, a major engineering, procurement and construction management firm with several years of experience with polysilicon plants.
Hoku Scientific is evaluating three sites near the Snake River in southern Idaho, and plans to make a final decision within the next several weeks.
About Hoku Scientific, Inc.
Hoku Scientific (NASDAQ: HOKU) is a clean energy technologies company that develops and manufactures fuel cell membranes and membrane electrode assemblies for stationary (including residential and back-up power applications) and automotive proton exchange membrane fuel cells. The Company is currently planning to expand its business to manufacture solar modules and polysilicon for the solar and integrated circuit markets. For more information visit www.hokuscientific.com.
This press release contains forward-looking statements that involve many risks and uncertainties. These statements relate to the Company's ability to successfully raise sufficient funds to establish manufacturing facilities; its ability to install a production plant for solar modules and polysilicon; the Company's ability to manufacture solar modules and polysilicon; its ability to license any necessary intellectual property rights to enter the polysilicon and solar module businesses; the performance and durability of Hoku Scientific's solar modules; the quality of polysilicon to be manufactured; Hoku Scientific's costs to manufacture solar modules and polysilicon, and its ability to offer pricing that is competitive with competing products; 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 the Company'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 the Company's filings with the Securities and Exchange Commission. Except as required by law, the Company 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.
Contacts: Hoku Scientific, Inc. (808) 682-7800 Contact via http://www.marketwire.com/mw/emailprcntct?id=5A26DDAC52206238
SOURCE: Hoku Scientific, Inc.
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