WASHINGTON — Underwriters for Hoku Scientific Inc. yesterday cut the estimated price range for its initial public offering to between $8 and $9 a share from $11 to $13.

According to an amended filing with the Securities and Exchange Commission, Hoku Scientific still plans to offer 4.2 million common shares. The Ho-nolulu-based designer and manufacturer of fuel cell parts is expected to price its IPO this week.

The reduction in the target price means the IPO could be worth as much as $37.8 million, down from $54.6 million previously.

Hoku, Hawaiian for "star," said it intends to use net proceeds from the IPO to build a headquarters, to continue research and development and for general corporate purposes.

Piper Jaffray, SG Cowen & Co. and Thomas Weisel Partners LLC were listed as underwriters for the offering.

For the fiscal year ended March 31, Hoku Scientific posted a net loss of $728,000, compared with a net loss of $2.87 million for fiscal 2004.

The company plans to list its shares on the Nasdaq National Market under the symbol "HOKU."

Hoku, which has 20 employees, is the type of company Hawai'i business leaders view as integral in moving the state away from its dependency on tourism. The company develops the membrane, or engine, that drives fuel cells.

A fuel cell operates like a battery, but does not run down or require recharging. It produces energy in the form of electricity and heat as long as fuel is supplied.

If successful, Hoku, a fuel-cell technology developer formed in 2001, would join a small cadre of local public high-tech companies such as Cyanotech Corp., Ceatech USA Inc. and Mera Pharmaceuticals Inc., which to date have delivered less than stellar growth and shareholder returns.

Hoku's products are geared toward markets such as energy production for homes and autos, and its customers include Sanyo Electric Co., Nissan Motor Co. and the U.S. Navy. The market for fuel cells is projected to grow from $318 million this year to $3.9 billion by by 2009, according to a previous Hoku filing with the SEC.

Potential Hoku competitors include other startups as well large chemical companies.

Hoku's investors include Advantage Capital, Lava Ventures, Garage Technology Ventures and Hawaiian Electric, among others. Much of that money was made available via Act 221 technology investment tax incentives.