SOURCE: Hoku Scientific, Inc.

Hoku Scientific, Inc.

February 17, 2010 16:30 ET

Hoku Resumes Engineering & Procurement Work on Polysilicon Plant With Shaw Subsidiary

POCATELLO, ID--(Marketwire - February 17, 2010) -  Hoku Materials, Inc., a wholly owned subsidiary of Hoku Scientific, Inc. (NASDAQ: HOKU), established to manufacture and sell polysilicon for the solar market, today announced that it entered into a change order agreement under its engineering and procurement contract with Stone & Webster, Inc. to resume work on Hoku's planned polysilicon production plant in Pocatello, Idaho. Stone & Webster is a subsidiary of The Shaw Group Inc.

Hoku suspended all work under the contract in July 2009. The change order agreement to resume work is based on Hoku's anticipated receipt of the second tranche of $30 million in loan proceeds from Tianwei New Energy Holdings Co., Ltd. in February 2010. Tianwei, a leading provider of silicon wafers, photovoltaic (PV) cells, and modules, which recently became Hoku's majority shareholder, is providing funds towards the completion of construction and development of the plant.

Based on the new funding and the signing of the change order, Stone & Webster has agreed to immediately resume work on certain critical path items to enable the expeditious start-up of the plant.

"We are very pleased that Stone & Webster is getting back to work," said Dustin Shindo, chairman and CEO of Hoku Scientific. "Their full support and reengagement will be instrumental in getting our plant up and running in the coming months."

"Hoku has done an admirable job continuing to move its project forward during these difficult economic times," said Lou Pucher, president of Shaw Energy & Chemicals. "We look forward to completing our work and seeing Hoku's first production runs."

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 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

Forward-Looking Statements

This press release contains forward-looking statements that involve many risks and uncertainties. These statements relate to Hoku Materials' receipt of payment of loan proceeds from Tianwei New Energy Holdings Co., Ltd.; Hoku Materials' ability to make timely payments to Stone & Webster in accordance with the amended engineering and procurement contract to resume the engineering of its polysilicon production plant; Hoku Materials' ability to successfully operate a polysilicon production plant, including its ability to start-up its polysilicon plant and commence shipments to customers; Stone & Webster's ability to timely deliver its engineering documents; 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 Hoku Scientific'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 Scientific's filings with the Securities and Exchange Commission. Except as required by law, Hoku Scientific 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.

Hoku, Hoku Solar, and the Hoku Scientific logo are trademarks of Hoku Scientific, Inc., and Hoku Materials is the trademark of Hoku Materials, Inc., all rights reserved.

Contact Information

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