Posted at 9:44 a.m., Thursday, May 25, 2006
Hoku shares rise sharply on Navy news
Associated Press
NEW YORK— Shares of Kapolei-based Hoku Scientific Inc., a maker of fuel-cell parts, rose sharply today after the company said the Navy accepted two of 10 demonstration proton exchange membrane fuel cell power plants incorporating its product called Hoku MEA for Pearl Harbor Naval Station.Shares of Hoku gained $1.25, or 33 percent, to $5 in midday trading on the Nasdaq. The stock has traded in a 52-week range of $3.65 to $13.43.
Hoku Scientific said it should install all 10 systems at Pearl Harbor this summer, after each power plant passes factory acceptance and demonstration sites are properly prepared. Each system generates about 1.5 kilowatts of electricity.
