Hoku Materials Inc., a wholly owned subsidiary of clean energy technology company, Hoku Scientific Inc. (Nasdaq: HOKU), today announced a silicon metal supply agreement that will supply Hoku with guaranteed amounts of metallurgical grade silicon for three years beginning in 2009.
Hoku’s agreement with leading alloy producer Polymet Alloys Inc. and its allied partner Rima Industrial S.A., will allow Hoku to use the grade silicon to manufacture trichlorosilane, an integral material in solar grade polysilicon production.
“Hoku is pleased to have established this partnership with Polymet Alloys Inc. and Rima Industrial S.A., leaders in the silicon metal industry,” Dustin Shindo, chairman and CEO of Hoku Scientific stated in the press release. “Silicon metal is a key raw material for Siemens-based production of polysilicon, and another important way for Hoku to manage our production costs. The fixed rates negotiated under this agreement are fair and fit well within our projected financial models for our operations.”
Per the agreement, Polymet will supply Hoku with enough silicon metal to help support the launch of Hoku’s chemical plant in 2009. Hoku anticipates signing another supply agreement to diversify its supply chain and to secure enough quantities of material to run its plant at full capacity, producing up to 4,000 metric tons of solar grade polysicicon per year.
According to Polymet Vice President Braulio Lage, the collaboration of all three companies will help them secure a foothold in the renewable energy market.
“Rima prides itself on being the major producer of Green Silicon Metal in the world using clean hydropower and sustainably managed timber from its own eucalyptus plantations,” Lage stated. “We feel there is a natural alignment between Polymet/Rima and Hoku’s focus on renewable energy technology and are very pleased to have established a relationship with a key emerging player in the industry.”
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