SOURCE: Hoku Scientific, Inc.

August 24, 2006 16:10 ET

Hoku Scientific Awards Contract for Polysilicon Plant

KAPOLEI, HI -- (MARKET WIRE) -- August 24, 2006 --Hoku Materials, a business unit of Hoku Scientific, Inc. (NASDAQ: HOKU), that is planning to manufacture and sell polysilicon for solar applications, today announced that it has awarded a contract to CH2M HILL Lockwood Greene to provide engineering and related services for Hoku Materials' planned polysilicon production plant. The total value of the contract was not disclosed.

This first phase of the project, plus the balance of the engineering, procurement and construction management services (EPCM) project, will include completion of the detailed engineering design, as well as the construction and start-up of the plant.

"We're pleased to receive this strategic award from Hoku Materials and look forward to bringing our polysilicon plant design and construction experience to this important venture," said Pete Primm, President of Chemicals for CH2M HILL Lockwood Greene. "We look forward to integrating with Hoku's team on this project."

"As we take definitive steps towards executing on our polysilicon strategy, we are pleased to add CH2M HILL Lockwood Greene to our team," noted Dustin Shindo, chairman of the board of directors, president and CEO of Hoku Scientific. "They have performed projects for many of the leading polysilicon manufacturers worldwide over the past several years, and we are confident that their experience in the polysilicon industry will help us to complete this project in time to meet our company's objectives."

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 through its Hoku Solar business unit, and polysilicon for the solar and integrated circuit markets through its Hoku Materials business unit. For more information visit www.hokuscientific.com.

About CH2M HILL

Headquartered in Denver, employee-owned CH2M HILL is a global firm providing engineering, construction, operations, and related technical services to public and private clients. With $3.8 billion in revenue, CH2M HILL is an industry leading program management, construction management for fee, and design firm, as ranked by Engineering-News Record (2005). The firm's work is concentrated in the areas of chemicals, manufacturing, pharmaceuticals & biotech, electronics, power transportation, water, energy, environment, communications, construction and industrial facilities. Recognized in 2006 as one of FORTUNE magazine's "100 Best Companies to Work For" and a "Most Admired Company," CH2M HILL has more than 18,000 employees in regional offices worldwide.

Forward-Looking Statements

This press release contains forward-looking statements that involve many risks and uncertainties. These statements relate the Company's ability to successfully raise sufficient funds to establish a polysilicon manufacturing plant; the Company's ability to construct a polysilicon production plant; the ultimate availability and final selection of a suitable site for the construction of the polysilicon plant; the Company's ability to manufacture polysilicon; the Company's ability to license any necessary intellectual property rights to enter the polysilicon business; the quality of polysilicon to be manufactured; the Company's costs to manufacture polysilicon, and its ability to offer pricing that is competitive with competing products; the Company's future financial performance; its 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 Materials, Hoku Solar and the Hoku Scientific logo are trademarks of Hoku Scientific, Inc., all rights reserved.

Contact Information

  • CONTACTS For Hoku Scientific:
    In Hawaii:
    Hoku Scientific
    Tel: 808-682-7800
    Email Contact