Hoku struggling to finance Pocatello, Idaho plant

The sun may be setting on the $390 million polysilicon plant that Hawaii-based solar firm Hoku Scientific http://www.hokuscientific.com/ is trying to build in Pocatello.

According to its fiscal 2009 earnings reported, released June 11, Hoku narrowed its losses from $4.3 million in FY08 to $3 million in FY09, and increased revenue from $3.2 million to $5 million, but it’s still about $106 million short of the funds needed to cover the full cost of the facility, which would make polysilicon for use in solar panels.

Combined with turmoil in the credit and equity markets, and downward pressure on the spot market price for polysilicon, Hoku reported that it might be in for serious trouble as early as the coming year.

Full Story: http://www.idahobusiness.net/archive.htm/2009/06/12/Hoku-struggling-to-finance-Pocatello-plant