1 Table of Contents
1 Table of Contents 2
1.1 List of Tables 7
1.2 List of Figures 8
2 Company Snapshot 9
2.1 Key Information 9
2.2 Company Overview 9
2.3 Financial Performance 9
2.4 Industry Outlook – Fuel Cell 9
2.5 Industry Outlook – Solar PV 10
2.6 SWOT Snapshot 10
3 Business Description 11
3.1 Business Overview 11
3.2 Hoku Fuel Cells 11
3.2.1 Overview 11
3.2.2 Production 11
3.2.3 Financials 11
3.2.4 Capital Expenditure 11
3.2.5 Market View 11
3.2.6 Key Strategies 12
3.3 Hoku Materials 12
3.3.1 Overview 12
3.3.2 Production 12
3.3.3 Financials 12
3.3.4 Capital Expenditure 12
3.3.5 Market View 12
3.3.6 Key Strategies 12
3.4 Hoku Solar 13
3.4.1 Overview 13
3.4.2 Production 13
3.4.3 Financials 13
3.4.4 Capital Expenditure 13
3.4.5 Market View 13
3.4.6 Key Strategies 13
3.5 Major Products and Services 14
3.5.1 Overview 14
4 History 15
5 Business Strategy 18
5.1 Mission Statement 18
5.2 Strategy 18
5.3 Corporate Social Responsibility 18
5.3.1 Overview 18
6 Value Chain Analysis 19
6.1 Equipment Manufacturing 19
6.1.1 Overview 19
6.1.2 Financials, Production and Major Projects 20
7 SWOT Analysis 21
7.1 Overview 21
7.2 HOKU Scientific, Inc. Strengths 22
7.2.1 Diversified Business 22
7.2.2 Large Contracts for Polysilicon 22
7.3 HOKU Scientific, Inc. Weaknesses 23
7.3.1 Dependency on Limited Customer 23
7.3.2 No Commercial Fuel Cell Sales 23
7.3.3 Weak Financials 23
7.4 HOKU Scientific, Inc. Opportunities 24
7.4.1 Increasing Demand of Solar Products 24
7.4.2 Growing Demand of Polysilicon 24
7.4.3 Increasing Oil and Gas Prices 24
7.5 HOKU Scientific, Inc. Threats 25
7.5.1 Reduction or Elimination of Government and Economic Incentives 25
7.5.2 Termination of Supply Agreement 25
7.5.3 International Restrictions 25
8 Competitors 27
9 Revenue Analysis 28
9.1 Revenue by Segment 28
10 Financial and Operational Review 29
10.1 Financial Statements 29
10.2 Financial Ratios 30
11 Share Holding Structure 31
12 Key Employees 32
13 Key Employee Biographies 33
14 Company Statement 35
15 Locations And Subsidiaries 37
15.1 Head Office 37
16 Financial Deals Landscape 38
16.1 HOKU Scientific, Inc., Deals Summary, 2004-09 38
16.2 HOKU Scientific, Inc. Detailed Deal Summary 39
16.2.1 Equity Offerings 39
17 HOKU Scientific, Inc., Solar Contracts Summary 43
17.1 Contract Information 44
17.1.1 HOKU Scientific, Inc., Turbine Contract Details, Hoku Solar Signs A Contract With Hawaii State Department Of Transportation 44
17.1.2 HOKU Scientific, Inc., Turbine Contract Details, Hoku Solar To Install A Solar PV Power System On The Xcel Building 46
17.1.3 HOKU Scientific, Inc., Turbine Contract Details, Hoku Materials, Inc. Signs A Contract With Wealthy Rise International, Ltd. 47
17.1.4 HOKU Scientific, Inc., Turbine Contract Details, Hoku Materials, Inc., Signs A Contract With Tianwei New Energy (Chengdu) Wafer Co., Ltd 48
17.1.5 HOKU Scientific, Inc., Turbine Contract Details, Hoku Solar, Inc. To Install A Solar PV System At The Headquarters Of Prudential Locations, LLC 49
17.1.6 HOKU Scientific, Inc., Turbine Contract Details, Hoku Materials Inc., Signs A Supply Agreement With Jiangxi Kinko Energy Company, Ltd. 51
17.1.7 HOKU Scientific, Inc., Turbine Contract Details, Suntech Power and Hoku Solar Installs Solar System For Paradise Beverages 52
17.1.8 HOKU Scientific, Inc., Turbine Contract Details, Hoku Solar, Inc. Signs A Contract With Young Brothers, Limited 53
17.1.9 HOKU Scientific, Inc., Turbine Contract Details, Hoku Solar To Develop A Solar Park For The James Campbell Company 54
17.1.10 HOKU Scientific, Inc., Turbine Contract Details, Hoku Solar To Install PV Systems In Hawaii 55
17.1.11 HOKU Scientific, Inc., Turbine Contract Details, Hoku Scientific, Inc., Signs A Contract With Solarfun Power Hong Kong Limited 57
17.1.12 HOKU Scientific, Inc., Turbine Contract Details, Hoku Materials, Inc., Signs A Supply Contract With Suntech Power Holdings Co., Ltd. 58
17.1.13 HOKU Scientific, Inc., Turbine Contract Details, Hoku Materials, Inc., Signs A Contract With SANYO Electric Co., Ltd. 59
17.1.14 HOKU Scientific, Inc., Turbine Contract Details, HOKU Materials, Inc. Supplies Polysilicon To Solar Fabrik AG 60
18 Recent Developments 61
18.1 New Contracts 61
18.1.1 Oct 03, 2008: Hoku Solar Signs Agreement With Hawaii State DOT To Provide Solar Energy 61
18.1.2 Oct 01, 2008: Hoku To Install 34-kilowatt PV System On Xcel Building 62
18.1.3 Sep 16, 2008: Hoku Signs Contract With Tianwei For Additional $227 Million Of Polysilicon 62
18.1.4 Sep 04, 2008: Hoku Signs $455 Million Contract With Wealthy Rise 64
18.1.5 Aug 05, 2008: Hoku Signs $284 Million Polysilicon Supply Contract With Tianwei 64
18.1.6 Aug 04, 2008: Hoku Solar To Install 87-kilowatt PV system On Prudential Locations' Kapahulu Avenue Office Building 65
18.1.7 Jul 30, 2008: Hoku Signs Supply Contract With Kinko Energy For Polysilicon 66
18.1.8 Jun 09, 2008: Hoku To Supply Clean Solar Energy To Young Brothers 67
18.1.9 May 13, 2008: Hoku Materials And Solarfun Amends Polysilicon Supply Contract 68
18.1.10 May 12, 2008: Hoku, Suntech Amend Polysilicon Supply Contract 68
18.1.11 Apr 09, 2008: Hoku Amends Polysilicon Plant Engineering And Construction Contracts 69
18.1.12 Mar 24, 2008: Hoku Signs Agreement With Paradise Beverages To Install PV Power System At Its Oahu Facility 70
18.1.13 Mar 05, 2008: Hoku, Global Expertise Amend Polysilicon Supply Agreement 70
18.1.14 Jan 31, 2008: Hoku Extends Polysilicon Supply Contract With SANYO 71
18.1.15 Jan 10, 2008: Hoku, Solarfun Amend Polysilicon Supply Contract 71
18.1.16 Jan 02, 2008: Hoku, SANYO Amend Polysilicon Supply Agreement 72
18.2 Operations Updates 72
18.2.1 Sep 04, 2008: Hoku Realigns Its Polysilicon Capacity 72
18.2.2 Jul 22, 2008: Hoku Solar, Suntech Completes Solar Installation At Paradise Beverages 73
18.2.3 Jan 14, 2008: Hoku Solar Installs Two Turnkey (PV) Power Systems For Paradise 74
18.3 Financial Announcements 74
18.3.1 Oct 23, 2008: Hoku Reports 2Q Fiscal 2009 Results 74
18.3.2 Jul 16, 2008: Hoku Reports 1Q Fiscal 2009 Results 77
18.3.3 May 13, 2008: Hoku Declares Q4 Fiscal 2008 Results 79
18.3.4 Jan 22, 2008: Hoku Declares Q3 Fiscal 2008 Results 82
18.3.5 Jan 08, 2008: Hoku To Declare Q3 Fiscal 2008 Results 84
18.3.6 Oct 23, 2007: Hoku Declares Q2 Fiscal 2008 Results 84
18.3.7 Jul 24, 2007: Hoku Declares Q1 Fiscal 2008 Results 87
18.3.8 Mar 08, 2007: Hoku Declares Fiscal 2007 Results 89
18.3.9 Jan 23, 2007: Hoku Declares Q3 Fiscal 2007 Results 91
18.4 Strategy and Business Planning 93
18.4.1 Sep 18, 2008: Solargiga Signs Contract With Hoku To Expand Solar Cell Production To Polycrystalline Segment 93
18.4.2 Jun 20, 2008: Hoku Signs Collaboration Agreement With Great Western On Utilities, Access 93
18.4.3 Mar 20, 2008: Hoku And D.R. Horton To Supply PV Systems At Oahu Community 94
18.4.4 Jan 22, 2008: HECO Files Appplication With PUC To Enter Into Contract With Hoku 95
18.4.5 Jan 21, 2008: James Campbell, Hoku Plan A Kapolei Solar Park In Oahu, Hawaii 96
18.4.6 Jan 02, 2008: Hoku Exercises Option In Polysilicon Supply Agreement With GEWD 96
18.5 Other Significant Developments 97
18.5.1 Sep 22, 2008: Hoku To Purchase Power From Idaho Power To Support 4,000 Metric Tons Of Polysilicon Production 97
18.5.2 Jul 29, 2008: Honeywell To Design And Install Core Process And Safety Systems For Hoku’s Polysilicon Plant 97
18.5.3 May 15, 2008: Hoku Solar And Hawaiian Photovoltaic Project Gets Approval From HPUC 98
18.5.4 Apr 22, 2008: Suntech Says Global Solar Power Market To Grow 40% In 2008 99
18.5.5 Mar 19, 2008: Hoku Signs Supply Contract With GEC For Polysilicon Reactors 100
18.5.6 Aug 09, 2007: Hoku Signs Construction Contract For Polysilicon Plant 100
18.5.7 Jun 20, 2007: Solar-Fabrik And Hoku Scientific Subsidiaries Sign Polysilicon Supply Agreement 101
18.5.8 Jun 13, 2007: Suntech And Hoku Signs $678 Million Contract 102
18.5.9 Feb 06, 2007: Hoku To Increase Volume Of Polysilicon Supply Agreement To Solar-Fabrik 102
18.5.10 Jan 22, 2007: Hoku Signs Contract For Polysilicon Reactors 103
19 Appendix 104
19.1 Methodology 104
19.2 About Global Markets Direct 104
19.3 Contact Us 104
19.4 Disclaimer 105
1.1 List of Tables
Table 1: HOKU Scientific, Inc., Key Facts, 2007 9
Table 2: HOKU Scientific, Inc., SWOT Analysis , 2007 21
Table 3: HOKU Scientific, Inc., Revenue by Segment, USD Thousand, 2003-07 28
Table 4: HOKU Scientific, Inc., Financial Statements, USD Thousand, 2003-07 29
Table 5: HOKU Scientific, Inc., Financial Ratios, USD Thousand, 2003-07 30
Table 6: HOKU Scientific, Inc., Share Holding Structure 2007 31
Table 7: HOKU Scientific, Inc., Key Employees, 2007 32
Table 8: HOKU Scientific, Inc., Deals Summary, 2004-09 38
Table 9: Hoku Scientific Completes Private Placement Of $25 Million 39
Table 10: Hoku Scientific Completes Initial Public Offering 41
Table 11: Hoku Scientific Announces Equity Offering Of $54 Million 42
Table 12: HOKU Scientific, Inc., Solar Contracts Summary 43
Table 13: HOKU Scientific, Inc., Solar Contract Details, Hoku Solar Signs A Contract With Hawaii State Department Of Transportation 44
Table 14: HOKU Scientific, Inc., Solar Contract Details, Hoku Solar To Install A Solar PV Power System On The Xcel Building 46
Table 15: HOKU Scientific, Inc., Solar Contract Details, Hoku Materials, Inc. Signs A Contract With Wealthy Rise International, Ltd. 47
Table 16: HOKU Scientific, Inc., Solar Contract Details, Hoku Materials, Inc., Signs A Contract With Tianwei New Energy (Chengdu) Wafer Co., Ltd 48
Table 17: HOKU Scientific, Inc., Solar Contract Details, Hoku Solar, Inc. To Install A Solar PV System At The Headquarters Of Prudential Locations, LLC 49
Table 18: HOKU Scientific, Inc., Solar Contract Details, Hoku Materials Inc., Signs A Supply Agreement With Jiangxi Kinko Energy Company, Ltd. 51
Table 19: HOKU Scientific, Inc., Solar Contract Details, Suntech Power and Hoku Solar Installs Solar System For Paradise Beverages 52
Table 20: HOKU Scientific, Inc., Solar Contract Details, Hoku Solar, Inc. Signs A Contract With Young Brothers, Limited 53
Table 21: HOKU Scientific, Inc., Solar Contract Details, Hoku Solar To Develop A Solar Park For The James Campbell Company 54
Table 22: HOKU Scientific, Inc., Solar Contract Details, Hoku Solar To Install PV Systems In Hawaii 55
Table 23: HOKU Scientific, Inc., Solar Contract Details, Hoku Scientific, Inc., Signs A Contract With Solarfun Power Hong Kong Limited 57
Table 24: HOKU Scientific, Inc., Solar Contract Details, Hoku Materials, Inc., Signs A Supply Contract With Suntech Power Holdings Co., Ltd. 58
Table 25: HOKU Scientific, Inc., Solar Contract Details, Hoku Materials, Inc., Signs A Contract With SANYO Electric Co., Ltd. 59
Table 26: HOKU Scientific, Inc., Solar Contract Details, HOKU Materials, Inc. Supplies Polysilicon To Solar Fabrik AG 60
1.2 List of Figures
Figure 1: HOKU Scientific, Inc., Value Chain Analysis 19
