Hoku Materials’ (HOKU) Idaho Plant Granted Foreign Trade Zone Status

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10:36:45 am on August 17, 2009

Hoku Materials just announced that its Pocatello, Idaho plant has been granted foreign trade zone status. This news means that Hoku will be except from paying duties on all supplies it imports from other countries, as long as the products produced are intended for export. Since approximately 80% of Hoku’s expected polysilicon capacity has already been sold to Chinese companies, at least 80% of its raw materials should be duty-free.

In a press release, Dustin Shindo, Hoku’s Chairman and CEO, commented on the news along with an executive from the Bannock Development Corporation.

“We are pleased to have been granted the Foreign Trade Subzone status,” said Dustin Shindo, chairman and chief executive officer of Hoku Scientific. “This ruling helps ensure that our facility will remain globally competitive over time.”

“For many reasons, Hoku is a unique case study in today’s economy,” said Gynii Gilliam, Executive Director of the Bannock Development Corporation. “Hoku’s Pocatello plant will not only be a net exporter to China, but thanks to the Commerce Department’s ruling, it will have the ability to compete internationally on a level playing field. This outcome is not only good for Idaho’s emerging clean energy manufacturing base, but it is good for the U.S. renewable energy industry in general.”

 

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