Young Brothers to Purchase Clean Solar Energy From Hoku Solar
Honolulu, HI, June 09, 2008
Source: Hoku Solar Inc, press release
http://www.shareholder.hokuscientific.com/releasedetail.cfm?ReleaseID=314890
Hoku Solar, Inc., a wholly owned subsidiary of Hoku Scientific, Inc. (NASDAQ: HOKU) established to design, engineer and install photovoltaic (PV) power systems, and Young Brothers today announced that they have entered into a definitive agreement for Young Brothers to purchase solar electricity generated by a 224-kilowatt photovoltaic (PV) system to be installed, owned and operated by Hoku Solar. Young Brothers is the leading provider of inter-island ocean cargo service in Hawaii.
Hoku Solar plans to install the PV power system on the roughly 25,000 square foot rooftop of the Young Brothers’ maintenance building at Young Brothers’ Honolulu port at Pier 39 and 40. Young Brothers will buy the electricity generated by Hoku Solar or its affiliate, which would own and operate the system, and sell the electricity generated by the PV power system to Young Brothers at a predetermined rate over a period of 20 years. A 224-kilowatt system produces enough electricity in 20 years to power roughly 800 average homes for an entire year.
“Young Brothers is demonstrating its commitment to sustainability in Hawaii with this agreement to purchase clean, solar electricity,” said Dustin Shindo, chairman and chief executive officer of Hoku Scientific. “We’re excited to be working with them on this project.”
“This is a great partnership that allows Young Brothers to take advantage of renewable energy at a predictable rate, with no upfront costs,” said Glenn Hong, president of Young Brothers. “We are confident in Hoku’s technical capabilities and their track record of success, and we look forward to building a long-term relationship with them.”
“This initiative will lend greater stability to our future energy costs for the benefit of our customers and the environment,” said Hong. “We constantly seek ways to conduct our cargo operations more efficiently and sustainably, and we are happy that this opportunity allows us to contribute towards a greener Hawaii.”
Over the 20-year life of the contract, the power generated by the 224 kilowatt PV system is expected to offset more than 4,000 tons of carbon dioxide emissions. Hoku Solar plans to complete the installation in 2008, subject to its ability to obtain third party financing for the procurement and construction of the PV system.