Hoku expects to sign one or more additional silicon metal supply agreements to diversify its supply chain and to secure additional quantities of material to support its expected full plant production level of up to 4,000 metric tons of solar grade polysilicon per year.

"Hoku is pleased to have established this partnership with Polymet Alloys, Inc. and Rima Industrial S.A., leaders in the silicon metal industry," said Dustin Shindo, chairman and chief executive officer of Hoku Scientific. "Silicon metal is a key raw material for Siemens-based production of polysilicon, and another important way for Hoku to manage our production costs. The fixed rates negotiated under this agreement are fair and fit well within our projected financial models for our operations."

"Rima prides itself on being the major producer of Green Silicon Metal in the world using clean hydropower and sustainably managed timber from its own eucalyptus plantations," said Braulio Lage, Vice President of Polymet Alloys, Inc. "We feel there is a natural alignment between Polymet/Rima and Hoku's focus on renewable energy technology and are very pleased to have established a relationship with a key emerging player in the industry."

About Hoku Scientific, Inc.

Hoku Scientific, Inc. (NASDAQ: HOKU) 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 is a provider of 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. For more information visit www.hokucorp.com

Hoku(R) and Hoku Scientific(R) are registered trademarks and Hoku Solar(TM) and Hoku Fuel Cells(TM) are trademarks of Hoku Scientific, Inc. Hoku Materials(TM) is a trademark of Hoku Materials, Inc. All rights reserved.

About Polymet Alloys, Inc.

Polymet Alloys, Inc., located in Birmingham, Alabama, has been in business since 1981 and has become a major player in the ferrous and non-ferrous alloy business. Specializing in the iron, steel, chemical, corrosion and specialty metals industries, Polymet is allied with a Brazilian alloy producer, RIMA INDUSTRIAL S.A., and has grown to become a leading alloy supplier in the U.S. and Canada. Polymet has established a trusted name in the metals industry by providing outstanding product and transactional quality. A sophisticated logistics network guarantees supply chain integrity and allows for just in time deliveries by using distribution operations in more than 10 cities throughout the U.S. and Canada and major ports of call along the east, west and gulf coasts. For more information visit www.polymetalloys.com

Safe Harbor Statement

This press release contains forward-looking statements that involve many risks and uncertainties. These statements relate to Hoku Materials's completion of its polysilicon production facility and its ability to successfully produce polysilicon; Hoku Materials's ability to produce up to 4,000 metric tons of polysilicon annually; Polymet's ability to deliver silicon metal within the specifications and in the amounts provided for under the agreement; the amount of silicon metal that will be sufficient to produce 4,000 metric tons of polysilicon annually; Hoku Materials's cost to purchase silicon metal; Polymet's ability to deliver silicon metal on time to meet Hoku Materials's planned chemical plant start-up, commissioning, and production ramp-up; Hoku Scientific's future financial performance; Hoku Scientific'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 Scientific'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 Scientific's filings with the Securities and Exchange Commission, as applicable. Except as required by law, Hoku Scientific 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.

For more information contact:

Hoku Scientific, Inc.
808-682-7800
Email Contact

Polymet Alloys, Inc.
205-981-2200

SOURCE: Hoku Scientific, Inc.

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The dial-in number for the live audio call beginning at 5 p.m. Eastern Time is (913) 312-1268. A live webcast of the conference call will be available on Hoku's website at www.hokuscientific.com.

A replay of the call will be available shortly after the conclusion of the call via the web at www.hokuscientific.com. The webcast will be recorded and available for replay until the company's conference call to discuss its financial results for its third quarter of fiscal year 2009.

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The dial-in number for the live audio call beginning at 5:00 p.m. Eastern Time is (913) 312-1268. A live webcast of the conference call will be available on Hoku's website at www.hokuscientific.com.

A replay of the call will be available shortly after the conclusion of the call via the web at www.hokuscientific.com. The webcast will be recorded and available for replay until the Company's conference call to discuss its financial results for its third quarter of fiscal year 2009.

About Hoku Scientific

Hoku Scientific (NASDAQ: HOKU) 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 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. For more information visit www.hokuscientific.com.

CONTACTS for Hoku:

Hoku Scientific
Tel: 808-682-7800
Email Contact

SOURCE: Hoku Scientific, Inc.

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"This agreement with Hoku is key to our company's expansion plans," said Solargiga's president and executive director, Wenhua Tan. "Solargiga is currently the number two producer of monocrystalline ingots in China but we are implementing an aggressive plan to double our capacity by the end of 2009. We selected Hoku to supply us with polysilicon because they share Solargiga's focus on delivering only the highest possible quality product, and because -- like us -- they believe in the importance of establishing a long-term partnership."

"We are pleased to enter into this long-term supply agreement with Solargiga," said Dustin Shindo, chief executive officer of Hoku Scientific. "They are an established leader in the global solar market, and Solargiga's strong expansion plans coupled with their demonstrated commitment to technology and innovation make them an excellent strategic partner for Hoku."

About Hoku Scientific, Inc.

Hoku Scientific, Inc. (NASDAQ: HOKU) 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 provides 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. For more information visit www.hokuscientific.com.

Hoku (R), Hoku Scientific (R), Hoku Solar(TM) and Hoku Fuel Cells(TM) are trademarks of Hoku Scientific, Inc., and Hoku Materials(TM) is a trademark of Hoku Materials, Inc.

About Solargiga Energy Holdings, Ltd. and Wealthy Rise International, Ltd.

Solargiga Energy Holdings Limited (HKG: 0757) is an investment holding company. The Company, along with its subsidiaries, is engaged in the trading of, manufacturing of and provision of processing services for monocrystalline silicon ingots/wafers. Its subsidiaries include Jinzhou Yangguang Energy Co. Ltd, Jinzhou Rixin Silicon Materials Co., Ltd., and Wealthy Rise International Limited. In June 2007, it acquired Solar Technology Investment (Cayman) Corp. (Solartech), Shanghai Jingji Electron Material Co., Ltd. (Shanghai Jingji) and Jinzhou Youhua New Energy Co., Ltd. (Jinzhou Youhua), which comprised, amongst others, established polysilicon reclaiming and upgrading facilities and monocrystalline silicon ingot manufacturing facilities. Wealthy Rise International was incorporated in Hong Kong on June 21, 2007 to act as the intermediate holding company for all PRC-incorporated group companies, and engages in the trading of raw materials, ingots and wafers. www.solargiga.com

Forward-Looking Statements

This press release contains forward-looking statements that involve many risks and uncertainties. These statements relate to Hoku Materials's ability to successfully derive revenues from the sale of polysilicon to Wealthy Rise International, Ltd. and Solargiga Energy Holdings, Ltd., Tianwei New Energy, Kinko Energy, Solarfun, and Suntech; the timing of Hoku Materials's receipt of future prepayments in the aggregate amount of $68 million from Solargiga; its ability to successfully raise sufficient funds to establish a polysilicon manufacturing plant; its ability to engineer and construct a production plant for polysilicon; its ability to manufacture polysilicon; its ability to meet the delivery schedule in its agreement with Solargiga; the quality of polysilicon to be manufactured; Hoku Materials's costs to manufacture polysilicon, and its ability to offer pricing that is competitive with competing products; Solargiga's plans to expand its silicon ingot and wafer businesses; Hoku Scientific and Solargiga's future financial performance; their respective business strategies and plans; and objectives of each company's 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 Scientific and/or Solargiga'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 Scientific's filings with the Securities and Exchange Commission, and Solargiga's filings with the Hong Kong Stock Exchange, as applicable. Except as required by law, neither Hoku Scientific nor Solargiga assumes an 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.

CONTACTS for Hoku Scientific
Tel: 808-682-7800
Email: Email Contact

CONTACTS for Solargiga
Tel: +852-3416-2000
Email: Email Contact

SOURCE: Hoku Scientific, Inc.

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