Hoku Scientific, Inc. (HOKU) Subsidiary Signs Major Polysilicon Supply Contract with Solargiga Worth up to $455 Million
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,…