The US Navy officially exercised its two options in the PEM fuel cell demonstration contract with Hoku Scientific, Inc. (HOKU). The total amount of the options is $2.5 million in addition to the $2.1 million already under contract.
“Since the initial contract was awarded in March 2005, Hoku Scientific has met the development milestones for its membrane electrode assemblies on-time and as-expected,” said Charles Combs, director of renewable energy programs for the U.S. Navy’s Naval Air Warfare Center Weapons Division at China Lake, California, who is the program manager for the U.S. Navy’s contract with Hoku Scientific. “We are eager to move forward with the demonstration of Hoku Scientific’s MEA products in fuel cell systems stationed throughout the Pearl Harbor Naval Station.” [ more ]
Hoku is currently using IdaTech (IDA) as a sub-contractor on this project. Shares of Hoku are up sharply today with a greater than 16% gain on the news. IDA is up slightly.