Shares of Hoku Scientific Inc., the Kapolei-based clean energy technology company, jumped 15 percent on news that it had inked a sales deal that will provide needed funds for a polysilicon plant it is building in Idaho.

The shares jumped 85 cents to $6.52 in trading on the Nasdaq stock market.

The share price spike followed Hoku's announcement that it had signed a 10-year polysilicon supply contract worth up to $298 million with Jiangxi Kinko Energy Co.. About $55 million of the contract will be prepaid, giving Hoku funds it needs to help finance a $390 million polysilicon plant it is constructing outside of Pocatello, Idaho.

The plant will produce 3,500 metric tons annually of polysilicon, a material in high demand for the production of photovoltaic panels. Hoku's shares have declined about 44 percent this year.