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Hoku Establishes Tianwei Module Sales Division for North American Market(November 21, 2011)
HONOLULU, HI and CHENGDU, CHINA -- (Marketwire) -- 11/21/11 -- Hoku Corporation (NASDAQ: HOKU), a solar energy products and services company, and Tianwei New Energy Holdings Co., Ltd., a leading provider of silicon wafers, photovoltaic (PV) cells, modules and systems, today announced the signing of a definitive reseller agreement establishing Tianwei Solar USA, Inc. -- a wholly-owned subsidiary of Hoku Corporation -- as the primary distributor of Tianwei New Energy's PV modules to the North American market. Hoku Corporation is majority owned by Tianwei New Energy.
Under the terms of the agreement, Hoku's newly formed subsidiary will market, distribute and sell Tianwei New Energy's full range of UL-listed PV modules in North America.
Hoku has established offices in Southern California for this new Tianwei module distribution subsidiary, and will initially focus on developing key sales channels within the commercial and residential segments of the distributed generation solar market. Hoku and Tianwei New Energy will concurrently work to expand sales into the utility market.
Tianwei New Energy has an established customer base in the European market, having delivered more than 200 megawatts of PV modules in 2010, and its modules are accepted by leading European banks.
"We are extremely pleased to continue strengthening our relationship with Tianwei," said Scott Paul, chief executive officer of Hoku Corporation. "This new PV products division represents the first of several steps forward in our continued expansion of Hoku's global market presence. It will provide a strong complement to our existing solar projects business, and we look forward to supplying Tianwei New Energy's modules to project developers, PV integrators and utility customers throughout North America."
"We recognize Hoku Solar's PV integration expertise, brand strength and market presence in the U.S.," said Mr. Zhengfei Gao, general manager of Tianwei New Energy, and a director of Hoku Corporation. "North America is an important, growing market in the solar industry, and Tianwei is very pleased to have Hoku leadership in our strategic North American expansion."
About Hoku Corporation
Hoku Corporation (NASDAQ: HOKU) is a solar energy products and services company with three business units: Hoku Materials, Hoku Solar, and Tianwei Solar USA, Inc. Hoku Materials manufactures, markets and sells polysilicon for the solar market from its plant currently under construction in Pocatello, Idaho. Hoku Solar markets and installs turnkey photovoltaic systems and provides related services. Tianwei Solar USA, Inc. markets and sells PV modules manufactured by Tianwei New Energy. For more information, visit www.hokucorp.com.
Hoku, Hoku Solar, and the Hoku Corporation logo are trademarks of Hoku Corporation, and Hoku Materials is the trademark of Hoku Materials, Inc., all rights reserved. All other trademarks, trade names and service marks appearing in this press release are the property of their respective holders.
About Tianwei New Energy Holdings Co., Ltd. and Baoding Tianwei Group Co., Ltd.
Tianwei New Energy Holdings Co., Ltd. is based in Chengdu, China, and has total combined assets of approximately 2.7 billion Yuan (US$ 400 million). The Company is a subsidiary of Baoding Tianwei Group Co., Ltd ("Tianwei Group"), a leading Chinese manufacturer of power transmission equipment and green energy products. For more information, visit www.twnesolar.com
© Copyright 2011, Hoku Corporation, all rights reserved.
This press release contains forward-looking statements that involve many risks and uncertainties. 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 forward-looking statements include, but are not limited to, statements about the Company's future growth, the Company receiving support from Tianwei, the Company's ability to serve as a distributor for Tianwei products in North America, the Company's ability to develop PV systems and compete in solar markets beyond Hawaii, the Company's business strategy and plans, objectives of management for future operations, and the expected growth of the downstream solar market in North America. These statements involve known and unknown risks, uncertainties and other factors that may cause the Company'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. These risks, uncertainties and other factors include, but are not limited to, the Company's ability to market, sell, develop and install PV systems in Hawaii and in new markets on the mainland U.S., including securing financing for such installations; the Company's ability to open a branch office for Hoku Solar on the mainland U.S. by the fourth quarter of calendar year 2011; and the risks, uncertainties and other factors disclosed in the Company's most recent Form 10-K and Form 10-Q filed with the Securities and Exchange Commission. 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 the Company's filings with the Securities and Exchange Commission, as applicable. Except as required by law, the Company 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.
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