Hoku Scores Suntech Deal

Hoku Scientific (HOKU Quote) signed a contract to sell China's Suntech Power (STP Quote) up to $678 million worth of power-cell materials over 10 years.

Pocatello, Idaho-based Hoku said the deal, which starts in mid-2009, covers delivery of polysilicon to Suntech, which was described as "one of the world's leading manufacturers of photovoltaic (PV) cells and modules."

"We are pleased to have established this relationship with Suntech, a long term leader in the solar industry," said Hoku chief Dustin Shindo. "Their rapid growth and dynamic leadership team make them an ideal partner for our company."

"Securing a long-term supply of polysilicon from Hoku will enable us to continue to expand our manufacturing capacity and execute on Suntech's strategic plan," said Suntech chief Zhengrong Shi. "We look forward to a strong and enduring business relationship with Hoku."

Hoku rose 2 cents to $4.60.