BUSINESS BRIEFS
Hoku polysilicon contract grows
Advertiser Staff and News Services
Kapolei-based Hoku Scientific and Sanyo Electric have increased the term and amount of their polysilicon-supply contract, which now tops half a billion dollars.
Hoku says the contract term will now be 10 years and is worth up to $530 million. It had previously been a seven-year contract worth up to $371 million. Hoku could begin supplying the material, to be used in photovoltaic products, from its planned plant in Idaho as early as next year.
Hoku now has until May 31 to secure funding for the Pocatello plant. It has an agreement for up to $185 million from Merrill Lynch, but that's dependent on the company raising another $35 million in cash. The remainder will come in prepayments from Sanyo and other companies buying the material.
CYANOTECH MAKES NEW DEALS
Cyanotech Corp., a Kona-based firm producing nutritional and health products from microalgae, said it is making progress with its new marketing orientation as it seeks new markets for its products.
The company reported entering into a contract with Valensa International to provide Haematococcus microalgae for the Eustis, Florida-based company to use in producing an astaxanthin product named Zanthin. Cyanotech said it will also make use of Valensa's extraction capabilities for its production of astaxanthin, a nutritional product promoted as an antioxidant.
Cyanotech also announced that its BioAstin astaxanthin will be used in products from a new direct sales company named OceanGrown and that it had appointed two distributors in South Korea.
Late last year, Cyanotech announced it was shifting to a more marketing-oriented approach to get higher profits from its spirulina and astaxanthin products.
It also laid off 13 workers because of continuing losses and to cut costs.
A&B GAVE $2.2 MILLION TO CHARITY
The Alexander & Baldwin Foundation last year donated $2.2 million to non-profit organizations in Hawai'i and on the Mainland, up 10 percent from 2006 and roughly double the charitable donations it made in 1991.
The donations are funded by the business activities of Alexander & Baldwin Inc. and its subsidiaries.
The majority of the donations — totaling $1.8 million — were to charities serving a broad range of needs in Hawai'i and the Pacific islands, the company said in a news release.
"This charitable support is just one way A&B helps to improve the communities in which our employees and shareholders live, and in which our companies operate," said Allen Doane, A&B chief executive officer.
VERIZON ADDS NU'UANU CELL TOWER
Verizon Wireless said it has enhanced its wireless telephone service in Nu'uanu Valley by adding a new tower site.
The company said the expanded coverage extends from the Pali Tunnels to Kuakini Street.
HAWTEL BOND RATINGS IMPROVE
Ratings for Hawaiian Telcom's senior unsecured bonds and notes were raised by Moody's Investors Service following the telecommunications company's prepayment of $421 million on loans.
The rating was raised by one level to B3 from Caa1 by Moody's.
