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UPDATE 1-Hoku shares jump on financing deal with Wells Fargo
January 21, 2011 / 4:57 PM / 7 years ago

UPDATE 1-Hoku shares jump on financing deal with Wells Fargo

Jan 21 (Reuters) - Shares of Hoku Corp HOKU.O jumped 14 percent on Friday, a day after Wells Fargo & Co (WFC.N) and the solar raw material provider’s parent signed an agreement that could lead to financing of Hoku’s projects in the U.S.

Financing for solar companies had dried up after the global financial crisis and recession, putting brakes on their expansion plans.

Hoku’s units are building a polysilicon manufacturing facility in Pocatello, Idaho, and also developing photovoltaic projects in the U.S.

Hoku shares were trading up 7 percent at $2.67, after closing at $2.49 on Thursday on Nasdaq. They touched a high of $2.84 earlier in the day. They have lost about 18 percent in value since the company posted narrower-than-expected second-quarter loss in November.

Reporting by Vaishnavi Bala in Bangalore; Editing by Sriraj Kalluvila; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters

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