Under the terms of the amendment, Hoku or Sanyo may terminate the supply agreement if Hoku has not secured financing for its polysilicon plant by February 15, 2008.
Hoku Scientific has signed a non-binding term sheet with Merrill Lynch Pierce Fenner & Smith for Hoku Materials to borrow up to approximately $185 million for the construction, procurement and start-up of its planned polysilicon production plant in Pocatello of Idaho, US.
Dustin Shindo, CEO of Hoku Scientific, said: Sanyo continues to demonstrate their support for our project by providing us the flexibility we need to complete the financing of our plant without added time pressures. We continue to commit capital to the design and engineering of our plant, and to the purchase of long lead-time items such as the reactors, to stay on schedule for our planned 2009 product deliveries.
