Hawaiian Electric & Hoku Solar Move Ahead on Photovoltaic Project

HONOLULU, HI, Jan 22 (MARKET WIRE) --
Hawaiian Electric Company (HECO) has filed an application with the Hawaii
Public Utilities Commission (PUC) to enter into a contract with Hoku Solar,
Inc., a subsidiary of Hoku Scientific, Inc. (NASDAQ: HOKU), to purchase
electricity generated by a photovoltaic (PV) power system that Hoku Solar
would install.

If approved by the PUC, the system will be installed on the roof of Archer
Substation at Hawaiian Electric's Ward Avenue facility and will be rated
ata minimum 167 kilowatts, one of the largest single-site PV systems on Oahu to
date.

Hawaiian Electric issued a request for proposals in March 2007 and after
selection of Hoku Solar, entered into formal energy purchase negotiations. The
final
agreement is now subject to review and approval by the commission.

Hoku Solar, a Hawaii-based company that designs, engineers, and installs
turnkey
PV power systems, will own and operate the system and charge Hawaiian Electric
for the power generated at a fixed rate over 20 years.

This long-term, fixed energy pricing is consistent with the recent direction
for
Hawaiian Electric to secure renewable energy at a cost not tied to oil prices
and is possible since PV is among technologies not facing costs for fuel
which may vary from year to year. The utility will have an option to purchase
the system from Hoku after five years. The installation is expected to be in
service in 2008.

Dustin Shindo, chairman, president and chief executive officer of Hoku
Scientific, said, "Solar electricity makes sense in Hawaii. The agreement
between Hawaiian Electric and Hoku Solar sets a great example for other
businesses
on how to install a PV system without incurring upfront costs in order to
lock in a long-term electricity rate and support renewables. We look
forward to completing this project for HECO."

"We are pleased to be working with Hoku Solar, one of Hawaii's leading clean
energy technology companies," said Dave Waller, Hawaiian Electric vice president
for customer solutions. "There is a tremendous upsurge in photovoltaic
energy worldwide, including in Hawaii. Hawaiian Electric has had
demonstration projects and continues to promote Sun Power for Schools, but this
will be our first utility-sited, larger-scale commercial PV project. With
increased concern about energy prices and security, PV and other renewables can
reduceHawaii's dependence on imported oil and help protect our environment."

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.hokuscientific.com.

About Hawaiian Electric Company

Hawaiian Electric Company, Inc., and its subsidiaries, Maui Electric
Company, Ltd.
and Hawaii Electric Light Company, Inc., provide electricity to 95% of the
state's
1.2 million residents on the islands of Oahu, Maui, Hawaii, Lanai and Molokai.
Hawaiian Electric is a utility of Hawaiian Electric Industries, Inc. (NYSE: HE).

Forward-Looking Statements

This press release contains forward-looking statements that involve many
risks
and uncertainties. These statements relate to the Hawaii Public Utility
Commission's approval of the contract between Hoku and Hawaii Electric Company;
Hoku's ability to successfully complete the photovoltaic installation for
Hawaiian
Electric Company; the performance and durability of Hoku's PV power system; 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'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. Except as required by law, Hoku assumes no obligation to
update these forward-looking statements publicly, or to update the reasons
actualresults could differ materially from those anticipated in these
forward-looking
statements, even if new information becomes available in the future.

Contacts:
For Hawaiian Electric Company
Peter Rosegg
808-543-7780
Email Contact

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

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