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Ticker Symbol Photovoltaic and Solar Energy Power
BarChart Quote Company Name BarChart Chart BarChart Opinion BarChart Profile Stocks in this Industry Group
HOKU Hoku Scientific, Inc. Chart Opinion Profile Diversified Electronics
Excerpt from Hoku Scientific, Inc. SEC Filing dated June 29, 2006

Hoku Scientific is a materials science company focused on clean energy technologies. We have historically focused our efforts on the design and development of fuel cell technologies, including our Hoku MEAs and Hoku Membranes. In May 2006, we announced our plans to form an integrated photovoltaic, or PV, module business, and our plans to manufacture polysilicon, a primary material used in the manufacture of PV modules, to complement our fuel cell business. We currently intend to reorganize our business into three business units: Hoku Fuel Cells, Hoku Solar and Hoku Materials.

Hoku Fuel Cells

We intend to operate our fuel cell business under the name Hoku Fuel Cells, which will continue to develop and manufacture membrane electrode assemblies, or Hoku MEA, and membranes for proton exchange membrane, or PEM fuel cells powered by hydrogen. Hoku MEAs are designed for the residential primary power, commercial back-up, and automotive hydrogen fuel cell markets. To date, our customers have not commercially deployed products incorporating Hoku MEAs or Hoku Membranes, and we have not sold any products commercially.

Hoku Solar

Our new PV business, Hoku Solar, initially plans to have annual production capacity of 30 megawatts, or MW, of PV modules. Our plan is to include PV cell manufacturing with a PV module assembly line to form an integrated PV module business. We anticipate the availability of PV modules beginning in the second half of calendar year 2007.

Hoku Materials

To ensure an adequate supply of polysilicon for Hoku Solar’s cells and modules, we intend to form Hoku Materials to manufacture this key material for consumption by Hoku Solar and for sale to the larger solar and integrated circuit markets. We are initially planning for production capacity of 1,500 metric tons of polysilicon per year. We anticipate the availability of polysilicon beginning in the second half of calendar year 2008.
JASO JA Solar Holdings Company, Ltd. (ADS) Chart Opinion Profile Semiconductor - Specialized
Excerpt from JA Solar Holdings Company, Ltd. SEC Filing dated March 26, 2007

Based in Hebei, China, JA Solar Holdings Co., Ltd. is an emerging and fast-growing manufacturer of high-performance, monocrystalline solar cells. The Company sells its products to solar module manufacturers who assemble and integrate its solar cells into modules and systems that convert sunlight into electricity.
KYO Kyocera Corporation Chart Opinion Profile Diversified Electronics
Excerpt from Kyocera Corporation SEC Filing dated June 29, 2006

Kyocera is engaged in numerous high-tech fields, from fine ceramic components to electronics devices, equipment, services and networks.
LDK LDK Solar Co., Ltd. Chart Opinion Profile Diversified Electronics
Excerpt from Kyocera Corporation SEC Filing dated June 3, 2007

BUSINESS

Overview

We manufacture multicrystalline solar wafers. Solar wafers are thin sheets of crystalline silicon material primarily made by slicing multicrystalline ingots or monocrystalline boules. Wafers are the principal raw material used to produce solar cells, which are devices capable of converting sunlight into electricity. We sell multicrystalline wafers globally to manufacturers of photovoltaic products, including solar cells and solar modules. We produce and sell solar wafers between 180 and 240 microns in thickness. In addition, we provide wafer processing services to both monocrystalline and multicrystalline solar cell and module manufacturers.

We manufacture multicrystalline ingots from polysilicon feedstock in our DSS furnaces as an interim step in producing wafers. In addition to using solar-grade virgin polysilicon, we also use other polysilicon materials from various sources in our ingot manufacturing process. We have developed proprietary production processes for the use of polysilicon scraps and recyclable polysilicon in manufacturing our ingots while maintaining our product quality and performance. We use substantially all of our ingots for production of our own wafers, and also sell a portion of our ingots directly to our customers.

As of March 31, 2007, we had an annual multicrystalline wafer production capacity of approximately 215 MW. We intend to increase our annual multicrystalline wafer production capacity to approximately 400 MW by the end of 2007 and approximately 800 MW by the end of 2008.

Despite the current industry-wide shortage of polysilicon, we have inventory and commitments from suppliers that we believe will satisfy over 90% of our estimated requirements through the end of 2007 and approximately 50% of our estimated requirements for 2008. Many of our polysilicon supply agreements are subject to fluctuating market prices or price negotiations with our suppliers. The majority of our polysilicon feedstock consists of polysilicon scraps and recyclable polysilicon. In addition to polysilicon scraps and recyclable polysilicon, we also use virgin polysilicon as polysilicon feedstock. We have purchased polysilicon scraps and recyclable polysilicon from semiconductor materials trading companies, including Komex, Kunical and Prime. We have also purchased virgin polysilicon from virgin polysilicon manufacturers including MEMC and Wacker Chemie AG, or Wacker. In addition, some of our major customers, including CSI and Q-Cells, also have supplied us with polysilicon feedstock. We also source polysilicon feedstock from the spot market from time to time depending on the price and our requirements.

Our principal customers have included CSI, Chinalight, Solarfun, Solartech Energy, Solland Solar and Suntech. We also sell our wafers to BP Solar, E-Ton, GE Energy, Motech, Q-Cells, and other customers. Historically, the majority of our sales have been in China. We are enhancing and broadening our revenue and customer base to target other leading global photovoltaic cell and module producers.
WFR MEMC Electronic Materials, Inc. Chart Opinion Profile Semiconductor - Integrated Circuits
Excerpt from MEMC Electronic Materials, Inc. SEC Filing dated August 10, 2006

We are a leading worldwide producer of wafers for the semiconductor industry. We are one of four wafer suppliers having more than a 10% share of the overall market.

The worldwide polysilicon shortage in 2005 allowed us to sell excess polysilicon to solar customers. On a longer term basis, the Company is working to develop new relationships with solar customers to capitalize on our core competencies in wafer production. Polysilicon sales amounted to slightly less than 10% of total sales in 2005.
SOL ReneSola, Ltd. Chart Opinion Profile Semiconductor - Integrated Circuits
Excerpt from ReneSola, Ltd. SEC Filing dated June 24, 2008

We are a leading global manufacturer of solar wafers, which are thin sheets of crystalline silicon material primarily used in the production of solar cells. According to Solarbuzz LLC, or Solarbuzz, an independent solar energy research firm, we are one of the largest wafer manufacturers globally based on wafer manufacturing capacity in 2007. Our customers include some of the leading global manufacturers of solar cells and modules, such as JA Solar Co., Ltd., Motech Industries Inc., Solarfun Power Holding Ltd. and Suntech Power Co., Ltd.

Historically, we focused on manufacturing monocrystalline wafers and have accumulated extensive experience and expertise in developing and using monocrystalline wafer production technologies. In 2005 and 2006, we offered 125 mm by 125 mm monocrystalline wafers with a thickness of 220 microns. In late 2006, we introduced 125 mm by 125 mm monocrystalline wafers with a thickness of 200 microns. We now also offer 156 mm by 156 mm monocrystalline wafers with a thickness of 200 microns. By the end of the first quarter of 2008, we were able to offer both sizes of monocrystalline wafers with a thickness of 180 microns. Furthermore, we began manufacturing 156 mm by 156 mm multicrystalline wafers with a thickness of 220 microns in the third quarter of 2007. By the end of the first quarter of 2008, we were able to reduce the thickness of multicrystalline wafers to 200 microns. Monocrystalline cells are made from monocrystalline wafers. Solar power products that use monocrystalline cells generally yield higher conversion efficiencies. On the other hand, multicrystalline wafers are less expensive to produce and have less stringent raw material requirements. With our production of multicrystalline wafers, we expect to realize cost synergies by utilizing some of the silicon materials reclaimable from our monocrystalline wafer production process.

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