SOURCE: Hoku Scientific, Inc.; James Campbell Company LLC

January 22, 2008 08:00 ET

Campbell Company and Hoku Solar Plan to Build Oahu's Largest Solar Farm

KAPOLEI, HI--(Marketwire - January 22, 2008) - The James Campbell Company has signed an agreement with Hoku Solar, Inc., a wholly owned subsidiary of Hoku Scientific, Inc. (NASDAQ: HOKU), to plan a Kapolei Sustainable Energy Park which would be the largest photovoltaic (PV) facility on Oahu.

The Kapolei Sustainable Energy Park would be capable of generating approximately 1.5 megawatts of photovoltaic power. Over the life of the system, it would produce enough electricity to power approximately 6,700 homes for one year. This solar facility is expected to reduce greenhouse gas emissions by eliminating 38,161 tons of carbon dioxide and saving 120,000 barrels of oil over 25 years. The solar facility will be located in the planned Kapolei Harborside industrial project on a 12-acre parcel owned by the Campbell Company next to the James Campbell Industrial Park.

The facility is part of a larger effort by the Campbell Company and Kapolei Property Development to make Kapolei a model for sustainable development. "We are fully committed to building Kapolei as a sustainable city and we look forward to working with Hoku on this innovative project," said Campbell Company President and CEO Steve MacMillan. "This is just one of many steps we have been and will be taking to actively reduce Kapolei's carbon footprint. We intend to do more to make Kapolei 'green' and are currently looking at additional sites in Kapolei that would be suitable for alternative energy projects."

The Campbell Company has a long history of supporting sustainable growth since both Kapolei's urban design plan and Kapolei's role as Oahu's next major job center promote the wise use of energy and the conservation of natural resources. Sustainable principles in practice at Kapolei include green, energy-efficient buildings, a dual water system, and an urban design plan that encourages walking and biking.

"We applaud James Campbell Company's vision and commitment to sustainability in Hawaii," said Dustin Shindo, chairman, president and CEO of Hoku Scientific. "We look forward to working with them as we pursue the solar farm concept."

"This is the kind of leadership and innovation that places Kapolei in the vanguard of sustainability," said Mayor Mufi Hannemann. "The plan has the enormous potential of making our island home sustainable and self-sufficient for future generations, which has been one of my top priorities as mayor."

"The future is clean energy," Lt. Governor Aiona said. "This solar facility will help capitalize on Kapolei's natural resources to reduce greenhouse gas emissions, increase energy efficiency and protect the environment. That's progress we can all support."

The agreement is non-binding on Hoku or the Campbell Company, and subject to various conditions and government approvals related to the capped, former hazardous waste pile area on the site. The State Department of Health has oversight on the property and will be reviewing the concept to determine revised permit conditions. DOH is excited about the idea of transforming the property into a model for future renewable energy projects.

"This proposed solar facility has the potential of providing significant environmental benefits and we look forward to working with Campbell and Hoku on this promising project," says Dr. Chiyome Fukino, Director for the Hawaii State Department of Health.

Hoku Solar provides turnkey photovoltaic system installations in Hawaii for commercial and residential applications. As the project developer and owner, Hoku Solar would be responsible for designing, engineering, financing, procuring, installing and operating the solar facility.

Hoku and Campbell are exploring various alternative uses for the electricity generated by the solar facility, which may include selling the generated power to adjacent commercial users. The Campbell Company plans to assist Hoku in marketing the availability of this power, and will work with Hoku to complete a ground lease for the 12-acre parcel. Contingent on the necessary approvals and agreements, Hoku and the Campbell Company plan to have the system installed by the end of this year.

"This is another positive step in diversifying our energy supply with renewable resources like the sun," said Lynne Unemori, Hawaiian Electric vice president of Corporate Relations. "This large PV project and many others we know are in the planning stages confirm our view that with everyone working together, we can gain more energy security for Hawaii."

About James Campbell Company LLC

The James Campbell Company LLC is a private, Hawaii-based, and nationally diversified real estate company with real estate assets valued at more than $2.6 billion and properties in Washington, D.C. and 16 states across the U.S. In 2007, the James Campbell Company succeeded the Estate of James Campbell, a 107-year-old private trust that was the legacy of one of Hawaii's foremost business pioneers. The Estate played a pivotal role in Hawaii's history, from the growth of sugar plantations to today's growing new City of Kapolei. For more information visit www.jamescampbell.com or www.kapolei.com.

About Hoku Scientific, Inc.

Hoku Scientific (NASDAQ: HOKU) is a diversified clean energy technologies company with three business units: Hoku Materials, Hoku Solar and Hoku Fuel Cells. Hoku Materials plans to manufacture, market, and sell polysilicon for the solar market from its plant currently under construction in Pocatello, Idaho. Hoku Solar markets, sells and installs turnkey photovoltaic systems in Hawaii. Hoku Fuel Cells has developed proprietary fuel cell membranes and membrane electrode assemblies for stationary and automotive proton exchange membrane fuel cells. For more information visit www.hokuscientific.com. Contact: Investor Relations (808) 682-7800, ir@hokusci.com.

Forward-Looking Statements

This press release contains forward-looking statements that involve many risks and uncertainties. These statements relate to Hoku Solar's ability to successfully design, engineer, finance, procure and install the photovoltaic (PV) farm at the Kapolei Sustainable Energy Park, and its ability to successfully market and sell the power that would be generated by the PV farm; the ultimate size of the PV farm, and the amount of the power that would be generated; the receipt of various government approvals for the construction of the PV farm; the successful negotiation of a ground lease between Hoku and the Campbell Company for the land where the PV farm would be constructed; Hoku's future financial performance; Hoku'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 Hoku'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 Hoku's filings with the Securities and Exchange Commission. Except as required by law, Hoku 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.

Contact Information

  • CONTACTS
    For James Campbell Company LLC
    Theresia McMurdo
    Phone 808.674.3122

    For Hoku Scientific:
    Hoku Scientific, Inc.
    Tel: 808-682-7800
    Email Contact