Storage

Hoku Solar Teams with Bank of Hawaii on PV Installation

Hoku Solar, a wholly owned subsidiary of Hoku Scientific, Inc. established to design, engineer and install turnkey photovoltaic (PV) power systems, signed a definitive agreement with Bank of Hawaii to install a PV power system on Bank of Hawaii’s historic Kohala (Kapa’au) branch.

“The cost of electricity makes up a significant portion of the cost to operate our branches, especially on the neighbor islands,” said Mike Curtis, Senior Vice President of Corporate Facilities for Bank of Hawaii.

“This contract with Bank of Hawaii is part of our focused approach to provide clean energy technology to Hawaii businesses that makes financial sense,” said Dustin Shindo, Chief Executive Officer of Hoku Scientific.

With increased concern about Hawaii’s energy prices and the environmental impact of fossil fuels, PV and other renewables can reduce Hawaii’s dependence on imported oil and help protect the islands’ environment. The timing for the installation is opportune as the historic branch is undergoing major renovations after sustaining significant damage in the October 2006 earthquake that affected much of the Kohala coast on the Big Island.

Hoku and Bank of Hawaii also intend to explore additional turnkey PV installations for some of the Bank’s other neighbor island facilities.

“We expect this project with the Bank of Hawaii to be the first of many with them,” said Shindo, in announcing that both Hoku and Bank of Hawaii plan to pursue additional locations for installing PV systems on the Big Island, Maui County and Kauai.