SOURCE: Hoku Scientific, Inc.; Young Brothers, Limited

June 09, 2008 08:00 ET

Young Brothers to Purchase Clean Solar Energy From Hoku Solar

HONOLULU, HI--(Marketwire - June 9, 2008) - Hoku Solar, Inc., a wholly owned subsidiary of Hoku Scientific, Inc. (NASDAQ: HOKU) established to design, engineer and install photovoltaic (PV) power systems, and Young Brothers today announced that they have entered into a definitive agreement for Young Brothers to purchase solar electricity generated by a 224-kilowatt photovoltaic (PV) system to be installed, owned and operated by Hoku Solar. Young Brothers is the leading provider of inter-island ocean cargo service in Hawaii.

Hoku Solar plans to install the PV power system on the roughly 25,000 square foot rooftop of the Young Brothers' maintenance building at Young Brothers' Honolulu port at Pier 39 and 40. Young Brothers will buy the electricity generated by Hoku Solar or its affiliate, which would own and operate the system, and sell the electricity generated by the PV power system to Young Brothers at a predetermined rate over a period of 20 years. A 224-kilowatt system produces enough electricity in 20 years to power roughly 800 average homes for an entire year.

"Young Brothers is demonstrating its commitment to sustainability in Hawaii with this agreement to purchase clean, solar electricity," said Dustin Shindo, chairman and chief executive officer of Hoku Scientific. "We're excited to be working with them on this project."

"This is a great partnership that allows Young Brothers to take advantage of renewable energy at a predictable rate, with no upfront costs," said Glenn Hong, president of Young Brothers. "We are confident in Hoku's technical capabilities and their track record of success, and we look forward to building a long-term relationship with them."

"This initiative will lend greater stability to our future energy costs for the benefit of our customers and the environment," said Hong. "We constantly seek ways to conduct our cargo operations more efficiently and sustainably, and we are happy that this opportunity allows us to contribute towards a greener Hawaii."

Over the 20-year life of the contract, the power generated by the 224 kilowatt PV system is expected to offset more than 4,000 tons of carbon dioxide emissions.

Hoku Solar plans to complete the installation in 2008, subject to its ability to obtain third party financing for the procurement and construction of the PV system.

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™ and Hoku Fuel Cells™ are trademarks of Hoku Scientific, Inc. Hoku Materials™ is a trademark of Hoku Materials, Inc. All rights reserved.

About Young Brothers

Young Brothers, Limited provides inter-island cargo service throughout the State of Hawaii with ports in Honolulu, Kahului, Molokai, Lanai, Nawiliwili, Hilo, and Kawaihae. With its sister company Hawaiian Tug & Barge, Young Brothers offers inter-island freight handling and transportation, harbor assist, and tug and barge services. Young Brothers has been serving Hawaii since 1900. Visit Young Brothers at www.youngbrothershawaii.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 finance the procurement and installation of the photovoltaic (PV) system for Young Brothers; the timing of the PV system installation; the performance and durability of Hoku Solar's PV system; actual PV system performance and environmental benefits; 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, as applicable. Except as required by law, neither Hoku Scientific nor Solarfun assume any 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:

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

    CONTACTS for Young Brothers:

    Roy Catalani
    Vice President of Strategic Planning and Government Affairs
    Young Brothers, Limited
    808-543-9409

    Lynette Lo Tom
    Bright Light Marketing Group
    808-275-3004
    Email Contact