Hoku (HOKU) was up nearly 14% today and looks ready to attack the 200 day moving average around 8/share in the coming weeks following news that the company signed a $455 million supply contract with Solargiga Energy Holdings.

Under terms of the deal, Hoku will supply polysilicon to Solargiga over a 10 year period and up to $455 million may be payable to Hoku during the 10 year period, subject to product deliveries and other conditions with the first shipment expected in the first quarter of 2010.  The contract also provides for a deposit of $22 million to Hoku within 15 days, and requires that Solargiga make additional deposits for products in the amount of $21 million by December 20, 2008, $20 million by March 31, 2009, and $5 million upon first shipment.

“We are pleased to enter into this long-term supply agreement with Solargiga,” said Dustin Shindo, chief executive officer of Hoku Scientific. “They are an established leader in the global solar market, and Solargiga’s strong expansion plans coupled with their demonstrated commitment to technology and innovation make them an excellent strategic partner for Hoku.”