Hoku Scientific says it will invest $250 million to enter the solar power market.
The move comes less than a week after the U.S. Navy agreed to use the first two of 10 Hoku-manufactured fuel cell power plants at Pearl Harbor Naval Station. That caused Hoku's stock price to increase 40 percent.
"Our plans to enter the solar power market represents the logical extension of our business as a provider of clean-energy technologies, and complements our core fuel cell business," said Dustin Shindo, chairman, president and CEO of Hoku Scientific (Nasdaq: HOKU).
Kapolei-based Hoku plans to manufacture the solar fuel cells in Singapore and will call the project "Hoku Solar." Hoku Solar hopes to have a manufacturing capacity of 30 megawatts per year by the second half of 2007.
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