Hoku Solar, Inc., a wholly owned subsidiary of Hoku Scientific, Inc. has been selected to design, engineer and install photovoltaic (PV) power systems at airports across the state of Hawaii. Today, Hoku Solar and the Hawaii State Department of Transportation (DOT) entered a series of agreements by which the DOT will purchase solar electricity generated by up to an aggregate of 779 kilowatts of photovoltaic (PV) power from several systems to be installed, owned and operated by Hoku Solar.
Hoku Solar plans to install the PV power systems at multiple DOT properties including Lihue Airport, Kahului Airport, Kona International Airport at Keahole and Hilo International Airport beginning in 2008. Subject to final system design, the projects are expected to total up to 779 kilowatts in aggregate. DOT will buy the electricity generated by Hoku Solar or its affiliate, who will own and operate each system, and who will sell the electricity generated by the PV power systems to DOT at a predetermined rate over a contract period of 20 years.
The projects will contribute directly to the state of Hawaii’s demonstrated focus on energy savings and renewable energy strategies, as outlined in recent legislation. The initiative also advances the state’s continued leadership in reducing greenhouse gas emissions. A project totaling 779 kilowatts of PV could produce enough electricity in 20 years to power nearly 1,900 homes for a year, and is expected to offset up to 15,000 tons of carbon dioxide emissions over the lifetime of the systems.
“Hoku is proud to have been selected to partner with the Hawaii State Department of Transportation on this effort,” said Dustin Shindo, chairman and chief executive officer of Hoku Scientific. “Through this initiative and many others, the state of Hawaii continues to demonstrate real leadership on issues surrounding renewable energy and climate change.”
“This is an exemplary public-private partnership that will bring clean, solar power to many of our state’s public facilities, with minimal up-front investment,” said Brennon Morioka, director of the Hawaii State Department of Transportation.
“Now, more than ever before, the state must seek every opportunity to integrate renewable power and energy conservation into public operations. Power purchase agreements like these not only represent thoughtful stewardship of taxpayer dollars, but they provide important, incremental relief to the very real dangers of global climate change.”
Hoku Solar plans to complete the installation of the systems in 2008, subject to its ability to obtain third party financing for the procurement and construction of the PV systems.
Forward-Looking Statements
This press release contains forward-looking statements that involve many risks and uncertainties. These statements relate to Hoku’s ability to successfully complete the photovoltaic (PV) installation for DOTA in 2008, or at all; Hoku’s ability to successfully identify third party financing for the procurement and construction of the PV systems; the expected power output of Hoku’s PV systems; the expected performance and durability of Hoku’s PV systems; Hoku’s future financial performance; Hoku’s business strategy and plans; and objectives of management for future operations. In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “can,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” and similar expressions intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause Hoku’s actual results, performance, time frames or achievements to be materially different from any future results, performance, time frames or achievements expressed or implied by the forward-looking statements.
Given these risks, uncertainties and other factors, you should not place undue reliance on these forward-looking statements. In evaluating these statements, you should specifically consider the risks described in Hoku’s filings with the Securities and Exchange Commission. Except as required by law, Hoku assumes no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
Credits: Market Watch
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The Xcel Building, owned by Ed D’Ascoli, founder and president of Xcel International, Inc. (Xcel), has selected Hoku Solar, a wholly-owned subsidiary of Hoku Scientific, Inc.
(HOKU 5.60, -0.43, -7.1%) that designs, engineers and installs turnkey photovoltaic (PV) power systems, to install a PV power system on the Xcel Building.
Located in the historic town of Haleiwa on the North Shore of Oahu (Hawaii), the Xcel Building is Xcel’s headquarters and manufacturing facility. Hoku Solar plans to install a 34-kilowatt PV system, expected to generate more than 53,500 kilowatt hours of clean, renewable solar electricity each year and will contribute directly to Xcel’s ongoing corporate sustainability initiative.
Once installed, Xcel’s PV system is expected to produce enough electricity over its lifetime to power the equivalent of 151 homes for one year, and offset more than 885 tons of carbon dioxide emissions — the equivalent of removing more than 57 cars from Hawaii’s roadways.
“Hoku is pleased to partner with Ed D’Ascoli and the Xcel Building on this exciting project,” said Dustin Shindo, chief executive officer of Hoku Scientific. “Commercial scale PV systems make proven business sense in Hawaii, and we are proud to have been selected to help integrate clean, sustainable power into Xcel’s operations.”
“Xcel is focused on finding meaningful ways to reduce our environmental footprint that make good business sense,” said Ed D’Ascoli, founder and president of Xcel. “Our company was built on a passion for the ocean, so we are mission-compelled to do everything we can — as a company and as individuals — to implement sustainable strategies into our core business. And, like Xcel, Hoku is a global company with deep local roots committed to our community and environment. We saw a natural fit between our companies.”
HOKU 5.60, -0.43, -7.1%) is a diversified clean energy technologies company with three business units: Hoku Materials, Hoku Solar and Hoku Fuel Cells. Hoku Materials plans to manufacture, market, and sell polysilicon for the solar market from its plant currently under construction in Pocatello, Idaho. Hoku Solar markets, sells, and installs turnkey photovoltaic systems in Hawaii. Hoku Fuel Cells has developed proprietary fuel cell membranes and membrane electrode assemblies for stationary and automotive proton exchange membrane fuel cells.
About Xcel
Founded in 1982, Xcel International, Inc. (Xcel) is a global wetsuit brand distributed throughout the Americas, Europe, Asia, and the Pacific Rim. Headquartered on the North Shore of Oahu, Hawaii, Xcel’s core wetsuit business focuses on the cutting edge of material and design development. Xcel’s primary markets include surf, dive, wakeboard, paddle, and sun (UV protection).
Xcel was acquired in 2007 by Billabong International Limited (ASX: BBG) and, in addition to its North Shore office, operates retail stores on Oahu and Maui; and a warehouse/repair facility in California. The Xcel Building, owned by Xcel founder and president Ed D’Ascoli, was built in 1990 to house Xcel’s headquarters and domestic manufacturing operations.
Forward-Looking Statements
This press release contains forward-looking statements that involve many risks and uncertainties. These statements relate to Hoku’s ability to successfully complete the photovoltaic (PV) installation for Xcel International; the expected performance and durability of Hoku’s PV system; Hoku’s future financial performance; Hoku’s business strategy and plans; and objectives of management for future operations. In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “can,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” and similar expressions intended to identify forward-looking statements.
These statements involve known and unknown risks, uncertainties and other factors that may cause Hoku’s actual results, performance, time frames or achievements to be materially different from any future results, performance, time frames or achievements expressed or implied by the forward-looking statements. Given these risks, uncertainties and other factors, you should not place undue reliance on these forward-looking statements. In evaluating these statements, you should specifically consider the risks described in Hoku’s filings with the Securities and Exchange Commission.
Except as required by law, Hoku assumes no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
Credits: Market Watch
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Hawaii has been awarded a $500,000 federal grant from the U.S. Department of Energy to study renewable energy technologies for the state.
The state Department of Business, Economic Development and Tourism said it will use the grant to study four specific areas:
• Setting up undersea cables to deliver energy generated from wind and solar sources to Oahu from Lanai and Molokai.
• Evaluating how the use of electric vehicles would fit into the electrical grid.
• Upgrading and expanding Oahu’s electrical grid to accept more renewable energy.
• Pilot projects to test renewable energy storage systems.
DBEDT said it will partner on the studies with Hawaiian Electric Co., wind farm operator First Wind, landowner Castle & Cooke and Better Place, a California-based startup in the electric car industry.
The grant adds to previous energy grants the state has received this year, including $300,000 to study undersea cabling, and $50,000 to study using electric vehicles in Hawaii.
The projects are part of Gov. Linda Lingle’s Hawaii Clean Energy Initiative, which aims to have renewable energy sources supply 70 percent of the state’s power needs by 2030.
Credits: Biz Journals
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