Hoku Materials’ never-used polysilicon plant in Idaho has sold at auction for US$5.3 million. The company had invested an estimated US$700 million in the facility.
The site was bought by JH Kelly, the general contractor that built the plant, which claims still to be owed US$25 million. JH Kelly claims to have paid all its sub-contractors for their work at the site.
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JH Kelly is also pursuing legal action against Hoku’s parent company, Tianwei New Energy Holdings.
Attempts to sell the plant piecemeal attracted bids totalling just US$4.78 million with industrial storage tanks, office furniture and fork lift trucks all on offer.
The sale reverted to the job lot and JH Kelly submitted the highest bid for the entire site.
Hoku has filed for Chapter 7 bankruptcy and has estimated debts of US$1 billion. A trustee for the company has recommended that the federal court accept the offer for the Pocatello plant with a decision expected on 12 November, according to local press reports.