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Hoku Scientific, Inc. has signed a non-binding term sheet with Merrill Lynch for Hoku Materials, Inc., capital requirements for its under-construction polysilicon production plant in Pocatello, Idaho. The loan of $185 million is conditional on Hoku Scientific raising a further $35 million in cash for use in the construction of the planned polysilicon plant. The non-binding term sheet will expire on May 31, 2008.
Hoku began construction in May 2007 of its Phase I, 2,500 metric tons per year, facility, and estimates that total construction costs for Phase I will be approximately $290 million.
