HOKU Corp - vormals Hoku Scientific - 500 Beiträge pro Seite

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Gerade festgestellt, dass sich die WKN geändert hat.

Da auch sonst einiges anders ist als in der Vergangenheit, mache ich mal diesen neuen Thread (alter Thread: HOKU SCIENTIFIC / Schluesseltechnologie im PEM Fuel Cell Bereich) auf.

Inzwischen hält Tianwei New Energy (Thread: Tianwei New Energy (TWNE) - "Mutter" von Yingli, Hoku und einem Sack anderer PV-Unternehmen) etwa 60% der Aktien.

Im Sommer wurde das erste Poly produziert und man muss jetzt noch zuende bauen.

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Friday, September 17, 2010, 4:34pm HAST
Hoku Corp. borrows another $10M for Idaho plant
Pacific Business News (Honolulu)
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Hoku Corp. is borrowing $10 million from China Merchants Bank Co. for continuing work on its polysilicon plant in Pocatello, Idaho.

Hoku Corp. (Nasdaq: HOKU) must borrow the $10 million within the next 30 days and repay it in full by Sept. 16, 2013, according to a filing with the Securities and Exchange Commission. This is the fourth loan that Hoku has received from the New York-based bank, bringing the total amount borrowed from the bank thus far to $45 million. Jerrod Schreck, Hoku’s chief strategy officer, said the company is working toward its goal of completing the construction of the first 2,500 metric tons of production capacity this year, but declined to give details on the amount of money needed to finish the plant. The company is planning to give an update at its next earnings call in early November.

In addition to the $45 million borrowed from China Merchants Bank, Hoku has borrowed $28.3 million from New York-based China Construction Bank and $50 million from its major shareholder, Tianwei New Energy Holdings Co., according to PBN research.

Hoku Corp. is a Honolulu-based diversified clean energy corporation founded in 2001. It went public in 2005.


Read more: Hoku Corp. borrows another $10M for Idaho plant - Pacific Business News (Honolulu)

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Can Hoku Find the Funding?
1 comment | by: Michael Lofing September 23, 2010 | about: HOKU


Revenues are unable to sustain the massive capital expansion needed to fund the completion of Hoku’s (HOKU) polysilicon product plant. The company is desperately searching for financing.
Back in 2007, Hoku broke ground on a plant it now estimates will cost at least $410 million to complete. Currently, the company is $65 million dollars short of completion with less than 10% of operations functioning. Customer agreements require the company to deliver its first shipment of polysilicon product in less than a quarter. Even with the company able to produce an undisclosed amount, it is still facing the impending conclusion that it might need to evaluate the direction of its operations by the end of its current fiscal year ending March 31, 2011. If the company is unable to deliver contractual polisilicon product amounts it is either required to repay the customer advances or it faces the challenge of finding a third-party to supply the product.
The company ranks toward the bottom in terms of its quantitative metrics. Negative operating cash flows and net losses for the last 12 months ranked the company at 29 out of 39. The company ranks 33rd in selling, general, & administrative expenses. The company disclosed the increase in SG&A expenses related to a reactor demonstration. The company’s use of debt ranks it number 17 in the debt-to-equity ratio and number 25 in the cash-to-debt ratio.
Qualitatively the company gets poor marks when it comes to many of those metrics. The company shows poor earnings quality as its largest division in terms of assets and funding has yet to earn any revenue for the company. If unable to secure the necessary financing earnings will continue to suffer. The company receives a “D” for disclosure due to the most recent Form NT 10-K the company filed. The NT was filed to avoid a going concern opinion from its auditor.
Hoku’s need for cash puts added pressure on the company to finish its polysilicon production plant. Negative earnings for the last eight quarters force the company to find additional capital from external sources. The company’s cash flow from operations was a negative $2.7 million in the first quarter of 2011.
In the last two years the company has spent $224.1 million on capital expenditures. The company’s capital expenditures were $23.8 million in the first quarter 2011. The company reported a net property, plant and equipment value of $311.8 million at the end of the first quarter 2011. Assets under construction of $308.8 million account for 99 % of total fixed assets. The company says, “As of June 30, 2010, primarily all of our long lived assets related to the construction-in-progress of our polysilicon plant and PV systems.”
In January 2009, six of the 16 reactors were received from Graeber Engineering Consultants (GEC). The company will use Siemens reactors to produce polysilicon. An additional payment of $3.8 million is required to receive the remaining 10 reactors. The company plans to purchase an additional 12 reactors to reach the company’s capacity goal of 4,000 MT per year. The company said, “[it] is in discussions with GEC to purchase 12 additional reactors necessary for the Company’s planned annual capacity of 4,000 metric tons of polysilicon. The cost of these additional reactors is not expected to be greater than 20.9 million Euros, or $25.5 million.
The estimated total cost of the plant is $410 million. By our calculation, the company is required to spend $101.2 to finish the plant if the $410 million number is accurate. Our calculation shows additional financing of $49.7 million needed. Combining this increase in asset spending with $28.3 million of credit available at the end of June 30, 2010, the expectation of $14.8 million of additional customer prepayments, and a slight increase of cash on hand to $8.3 cash on hand, the net additional funds needed to complete the project is $49.7 million. The company said in its first quarter 2011 Form 10-Q, “As of June 30, 2010, we have funded approximately $285.0 million of our Polysilicon Plant. Even with our recently secured credit line of $28.3 million from China Construction Bank and $14.8 million in expected prepayments, we still need to raise an additional $65.0 million to complete the construction of our Polysilicon Plant based upon our current estimate to complete construction.” The amount needed to finish the project fund ongoing operation will be higher since the company recognized a net loss of $2.7 million and negative operating cash flow of $2.2 million in the first quarter 2011.
The company managed to avoid a going a concern opinion from its auditor, Ernst & Young with an additional $14.8 million dollars of prepayments and $28.3 million credit agreement from China Construction Bank on June, 30 2010. In its Form NT-10K filed on June 30, 2010, the company disclosed this additional financing to be the reason it was filing its Form 10-K late. The company said, “[it] anticipated that unless it secured adequate additional capital, the report of its independent registered public accounting firm on the Company’s consolidated financial statements for the year ended March 31, 2010 would contain an explanatory paragraph indicating substantial doubt about the Company’s ability to continue as a going concern.” The company received a clean opinion in its annual report filed on July 14, 2010, so the additional funding was sufficient for Ernst & Young.
As of April 2010 only two of the reactors are operational. To reach 2,500 MT of capacity 16 reactors must be fully installed by the third quarter of this calendar year. Full capacity of 4000 MT is planned by first quarter of calendar year 2012. However, the company’s ability to ramp-up its production to full capacity is contingent on additional financing of at least $65 million.
Advances from customers are common in the solar energy business, and is more common for Hoku than the rest of the industry. The customer makes an advance payment that generally covers the construction and expansion costs necessary for the company to fulfill increased customer orders. Customer prepayments provide a majority of the company’s financing. In the last seven quarters, prepayments total $166.6 million, including $6.6 million received in the first quarter 2011.
The company says in its March 31, 2010 annual report it has sales agreements for $1.7 billion of polysilicon sales over the next 11 years. Customer prepayments of $133.6 million at June 30, 2010 represent 7.9% of the $1.7 billion in customer sales contracts. Current advances are expected to be used within the next 12 months. For example, as of June 30, 2010 the company expects to ship enough polysilicon to customers to use $16.7 million of prepayments for the fiscal year 2011. The $16.7 million of current advances is 12.5% of the total advances of $133.6 million. Our calculation implies the total contract cash price will reduce ratable at 7.9% as polysilicon is shipped to customers. The actual contractual cash price versus prepayment percentage of customer sales is not disclosed. Using 7.9% as the prepayment percentage of sales for the next four quarters after June 30, 2010 total sales would be $211.9 million and for fiscal 2011 total sales would be $141.7 million. The company has not discussed sales projections.

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Hoku borrows $19.5M to complete Idaho polysilicon plant
Pacific Business News
Date: Friday, January 14, 2011, 1:20pm HST


Hoku Corp. has borrowed $19.5 million from Industrial and Commercial Bank of China Ltd.’s New York branch, according to a recent filing with the U.S. Securities and Exchange Commission.

Hoku (Nasdaq: HOKU) plans to spend the money to complete construction of its polysilicon production plant in Pocatello, Idaho, according to the filing.

This is the second loan that Hoku has received from the bank’s New York branch. It borrowed $15.5 million in December and has invested $366 million in the plant, according to its most recent earnings report published in November.

Construction of Phase I of the production plant is expected to be finished early this year, according to the report.

Read more: Hoku borrows $19.5M to complete Idaho polysilicon plant | Pacific Business News

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...sie bluten in Ruhe weiter aus.

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January 9, 2012
Hoku Materials Files Complaint Against Idaho Power to Amend Electric Service Agreement
POCATELLO, ID -- (MARKET WIRE) -- 01/09/12 -- Hoku Materials, Inc., a wholly owned subsidiary of Hoku Corporation (NASDAQ: HOKU), that is constructing a polysilicon production facility in Pocatello, Idaho, today announced the filing of a formal complaint with the Idaho Public Utilities Commission (the PUC), seeking to amend its electric service agreement with Idaho Power Company. On December 30, 2011, Hoku filed a complaint with the PUC asking that the commission stop Idaho Power from disconnecting Hoku's electrical service until the parties can resolve their dispute about the amounts that Idaho Power is charging Hoku. Today, Hoku answered Idaho Power's various allegations in response to Hoku's first complaint, and filed this additional complaint to amend the contract that was signed in 2009.

According to the complaint filed today, Hoku is alleging that Idaho Power is unfairly charging Hoku approximately $2 million each month for power not being consumed by Hoku's Idaho facility, while also demanding that Hoku pay a $5.8 million security deposit. To date, Hoku alleges that it has paid more than $11 million since April 2011 for power it did not consume, and has also paid a $4 million deposit to Idaho Power. Hoku was not connected to Idaho Power's grid until November 2011, and during its commissioning activities, Hoku only used the equivalent of less than $1,000 of power each day. Instead, Hoku alleges that it is being charged $65,000 per day. Hoku also claims to have paid more than $18 million to construct the high-voltage power lines and the substation to service its polysilicon production facility.

In Hoku's complaint, the company is asking the PUC for the following relief:

1. Elimination of the minimum payments that are due each month under the electric service agreement;
2. Monthly bills be limited to the power actually consumed by Hoku's facility;
3. Reduction of the deposit to only $4 million, eliminating the additional $1.8 million that is being requested by Idaho Power;
4. Continued electrical service; and
5. A refund of some, or all, of the amounts that were previously paid by Hoku to Idaho Power.

"We believe that Hoku is being treated unfairly by Idaho Power, and we are asking the Idaho Public Utilities Commission to help us resolve this inequity," said Scott Paul, CEO of Hoku Corporation. "When we first signed our contract with Idaho Power, we expected to be ramping-up our operations in late 2009. The financial crisis delayed our construction completion and our ramp-up plans in 2009. Now, as we are closer to beginning operations, the polysilicon market is experiencing a cyclical swing downward. We believe this to be temporary, but prudence requires that we reassess our ramp-up schedule to position the Company for long-term success in Idaho. Paying $2 million each month for power that is not being used is unsustainable for Hoku Materials, as it would be for most businesses. We feel that it is fair to seek an amendment to the contract based on the dramatic difference between the amounts we are paying for power, the amount of power we are actually consuming, and our understanding of the minimal cost that the utility is incurring to provide service to Hoku."

[Elch_007]

Hoku Corporation
(NASDAQ:HOKU)
0.0900 $
-0.0220 (-19.64%)
Real-time: 2:09PM EDT
52 week 0.09 - 2.05

Hoku Corporation halts construction on polysilicon plant in Idaho, ends business at Tianwei Solar

http://www.solarserver.com/solar-magazine/solar-news/current…

On May 22nd, 2012 Hoku Corporation (Honolulu, Hawaii, U.S.) announced that it has quit construction at its polysilicon plant in the U.S. state of Idaho, laying off 100 employees. The company has also ceased business and terminated all employees at subsidiary Tianwei Solar USA Inc. (Hermosa Beach, California, U.S.), due to financial concerns.

As of March 31st, 2012 Hoku Corporation reported cash and current assets of USD 14.4 million and liabilities of USD 279 million. The company notes that it has received an additional loan from the New York branch of China Merchant's Bank (Shenzhen, China), and will pursue restructuring options.

"The proceeds of the loan are insufficient to pay down current liabilities, resume construction, or start commercial operations," said Hoku Corporation CEO Scott Paul.

"The loan proceeds will be used to fund working capital requirements while we plan for a restructuring of our liabilities, and the liabilities of our subsidiary Hoku Materials."


Liens filed against polysilicon plant

All contractors have stopped work on Hoku's polysilicon plant in Pocatello, Idaho. The facility is not yet in commercial operation.

Hoku reports USD 74.4 million of accounts payable at Hoku Materials Inc. (Pocatello, Idaho, U.S.) and states that due to the delinquency of unpaid construction obligations, liens have been filed against the plant. Some lienholders have begun foreclosure proceedings in Idaho courts.


Restructuring will not affect Hoku Solar

The company has retained Imperial Capital (Los Angeles, California, U.S.) as a financial advisor to assist with restructuring efforts. Hoku states that it will continue to seek opportunities to sell Tianwei PV modules on the market.

Hoku notes that it does not intend to restructure subsidiary Hoku Solar (Honolulu, Hawaii, U.S.) which operates as a stand-alone business, supporting its working cash requirements from sales revenue.

http://www.finviz.com/quote.ashx?t=hoku

translate

Hoku Konzern stoppt Bau auf Polysilizium-Werk in Idaho, endet bei Tianwei Solar-Geschäft

Am 22. Mai 2012 bekannt gegeben Hoku Corporation (Honolulu, Hawaii, USA), dass es bei seiner Konstruktion Polysilizium-Werk im US-Bundesstaat Idaho zu verlassen, die Entlassung von 100 Mitarbeitern. Das Unternehmen hat auch aufgehört Geschäft und beendet alle Mitarbeiter bei der Tochtergesellschaft Tianwei Solar USA Inc. (Hermosa Beach, Kalifornien, USA), wegen finanzieller Bedenken.

Ab 31. März 2012 berichtet Hoku Gesellschaft Barmittel und kurzfristige Vermögenswerte in Höhe von USD 14,4 Mio. und Verbindlichkeiten von USD 279 Millionen. Das Unternehmen stellt fest, dass es einen zusätzlichen Kredit von der New Yorker Zweigstelle der China Merchants Bank (Shenzhen, China) aufgenommen und wird die Umstrukturierung Optionen zu verfolgen.

"Der Erlös des Darlehens nicht ausreichen, um kurzfristige Verbindlichkeiten zu bezahlen hinunter, wieder aufzunehmen Bau oder kommerziellen Betrieb beginnen", sagte Hoku GmbH CEO Scott Paul.

"Die Darlehen Erlös wird zur Finanzierung von Working Capital-Bedarf, während wir für eine Restrukturierung unserer Schulden und Verbindlichkeiten unserer Tochtergesellschaft Hoku Materials zu planen."


Liens eingereicht gegen Polysilizium-Anlage

Alle Vertragspartner haben die Arbeit an Hoku die Polysilizium-Werk in Idaho Falls, Idaho gestoppt. Die Anlage ist noch nicht im kommerziellen Betrieb.

Hoku Berichte USD 74,4 Millionen der Kreditoren auf Hoku Materials Inc. (Pocatello, Idaho, USA) und besagt, dass aufgrund der Delinquenz von unbezahlten Bau Verpflichtungen, Pfandrechte gegen die Anlage eingereicht worden. Einige haben lienholders Zwangsversteigerungsverfahren in Idaho Gerichte begonnen.


Die Umstrukturierung hat keine Auswirkungen auf Hoku Solar-

Das Unternehmen hat Imperial Capital (Los Angeles, Kalifornien, USA) als Finanzberater für die Umstrukturierung Bemühungen zu unterstützen beibehalten. Hoku fest, dass es auch weiterhin Möglichkeiten, Tianwei PV-Module auf dem Markt verkaufen wollen.

Hoku fest, dass es nicht beabsichtigt, Tochtergesellschaft Hoku Solar (Honolulu, Hawaii, USA), der als Stand-alone-Geschäft tätig ist, unterstützt seine Arbeit Liquiditätsbedarf von Umsatz zu restrukturieren.

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Antwort auf Beitrag Nr.: 43.212.897 von Elch_007 am 25.05.12 20:16:59

habe eine bestens V-ORder platziert, um wenigstens noch die Steuergutschrift zu erhalten

ansonsten:

over-and-out

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ab auf den solarfriedhof