Endorsement from Navy fuels Hoku stock rebound
Shares of Kapolei-based Hoku Scientific Inc. jumped 38 percent yesterday after the company said the Navy accepted two of 10 planned fuel-cell power plants incorporating its technology.
Hoku's stock closed at $5.17 per share on the Nasdaq Stock Market, up $1.42, in heavier-than-normal volume. The shares bounced back from a 52-week low of $3.65 a day earlier.
The Navy accepted the two fuel-cell power plants for use at Pearl Harbor Naval Station after they passed a factory-acceptance test at Hoku's Kapolei facility. Each system generates about 1.5 kilowatts of electricity. The Navy requires a minimum electrical output of 1 kilowatt.
Hoku said it expects to install all 10 systems at Pearl Harbor this summer on a rolling basis after each power plant passes factory acceptance and demonstration sites are properly prepared.
"The Navy's factory acceptance of these demonstration systems further validates the quality of our fuel-cell MEA products," said Dustin Shindo, chairman of the board of directors, president and chief executive officer at Hoku Scientific. "We are eager to commence the demonstration this summer."