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The Honolulu Advertiser

Posted at 12:06 p.m., Thursday, April 28, 2005

Hoku Scientific plans IPO to raise $58 million

Advertiser Staff

Kalihi-based Hoku Scientific Inc. today took the first step toward becoming a publically-traded company by seeking Securities and Exchange Commission permission to sell $57.5 million in stock.

Fuel-cell technology developer Hoku was formed in 2001. The company lost $728,000 on $2.9 million in sales in the fiscal year ended March 31, according to its filing.

Hoku plans to use proceeds from the sale to build an office and manufacturing facility. The company is in the process of building a new headquarters and manufacturing facility on 2.2 acres in the Kapolei Business Park.