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The Honolulu Advertiser
Posted on: Tuesday, October 18, 2005

Hoku Scientific opens new office

Advertiser Staff

Dustin Shindo, CEO of Hoku Scientific, left, talks with Rep. Jon Riki Karamatsu during the grand opening ceremony at the new 14,000-square-foot headquarters in Kapolei. The company does research and development in membranes of fuel cells.

DEBORAH BOOKER | The Honolulu Advertiser

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Four-year-old local fuel-cell membrane maker Hoku Scientific Inc. yesterday celebrated the grand opening of its new $6 million headquarters in Kapolei.

The 14,000-square-foot office, manufacturing and research and development facility at 1075 Opakapaka St. represents a doubling of the company's former digs, a 7,000-square-foot facility in Honolulu.

Hoku largely completed the move to the Kapolei site in August, the same month it first sold shares in the company to investors on the Nasdaq stock market.

The initial public offering raised roughly $18 million for the high-tech firm. Hoku also is authorized to sell $10 million in tax-free revenue bonds under state legislation signed into law in May, but has not yet sold such bonds.

Hoku, which has about 20 employees, develops the membrane, or engine, that drives fuel cells. Its products are geared toward markets such as energy production for homes and autos, and its customers include Sanyo Electric Co., Nissan Motor Co. and the U.S. Navy.

Hoku shares rose 80 cents yesterday to close at $11.54. The shares began trading at $6 in August.


Correction: State Rep. Jon Riki Karamatsu's name was misspelled in a previous version of this story.