NEW YORK (Thomson Financial) - Hoku Scientific Inc. said its Hoku Materials subsidiary and Solarfun Power Holdings Co. sub Solarfun Power Hong Kong Ltd. have extended their polysilicon supply contract by 2 years to 10 years.
The extension increases the total amount payable to Hoku Materials under the contract to $384 million for 10 years from $306 million for 8 years.
The companies said they both agreed to the right to terminate the contract if Hoku Materials is unable to raise a total of $75 million in financing for its polysilicon production plant by Dec. 31.
Hoku shares closed Monday at $8.25 and Solarfun closed at $14.94. Tomi Kilgore tk1 COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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