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The Honolulu Advertiser
Posted on: Monday, March 8, 2010

Hoku Scientific gets second installment of $50M loan

Advertiser Staff

Hoku Scientific Inc. said it has received the second installment of a $50 million loan from its majority owner to help pay for construction of its polysilicon plant in Idaho.

Hoku had expected to receive the $30 million loan from China-based Tianwei New Energy Holdings Co. by Feb. 22, but the financing was delayed because of the Chinese government’s process for approving foreign currency transactions, Hoku said in a news release.
“We are pleased that with the receipt of recent cash payments we are able to focus on completing our reactor demonstration in the weeks ahead,” said Dustin Shindo, chairman and chief executive officer of Hoku Scientific. “This is a big step in the right direction as we plan to commence shipments from our plant later this year.” Due to the delay, a reactor demonstration