SOURCE: Hoku Scientific, Inc.

March 24, 2008 16:15 ET

Hoku Solar Enters Into New Contract With Hawaii's Heineken, Coors and Miller Beer Distributor

KAPOLEI, HI--(Marketwire - March 24, 2008) - Hoku Solar, Inc., a wholly owned subsidiary of Hoku Scientific, Inc. (NASDAQ: HOKU), established to design, engineer and install photovoltaic (PV) power systems, today announced that it has signed a definitive agreement with Paradise Beverages, Inc. to install a PV power system at its Oahu facility. Hoku Solar had previously completed the installation of two turnkey PV power systems for Paradise Beverages at its Kailua-Kona, on the Big Island of Hawaii, and Lihue, Kauai, facilities.

Paradise Beverages is the Hawaii distributor for Heineken, Coors and Miller products, and it consumes a significant amount of electricity to operate its refrigerated and temperature-controlled warehouses. Upon completion of the Oahu facility installation, the aggregate of all three PV power systems for Paradise Beverages includes 350 kilowatts of PV panels, which are expected to produce over 525,000 kilowatt-hours of electricity each year.

"The benefits of our PV power system installations on our Kailua-Kona and Lihue facilities were immediate. This made our decision for an installation on our Oahu facility with Hoku Solar an easy one," said Gordon Usui, Chief Financial Officer for Paradise Beverages.

PV systems are a sensible way to utilize unused roof space to reduce energy costs and environmental impact. Hoku Solar offers turnkey PV solutions in Hawaii, providing design, engineering, financing, and installation services.

About Hoku Scientific, Inc.

Hoku Scientific, Inc. (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 is a provider of 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.

Hoku® and Hoku Scientific® are registered trademarks and Hoku Solar™ is a trademark of Hoku Scientific, Inc. Hoku Materials is a trademark of Hoku Materials, Inc. All rights reserved. All other trademarks and service marks used in this press release are the property of their respective owners.

Forward-Looking Statements

This press release contains forward-looking statements that involve many risks and uncertainties. These statements relate to Hoku's ability to successfully complete the photovoltaic (PV) installation for Paradise Beverages; the performance and durability of Hoku Solar's PV system; actual PV system performance; 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'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.

Contact Information

  • CONTACTS for Hoku Scientific:
    Hoku Scientific, Inc
    Tel: 808-682-7800
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