Hoku Scientific is up 10% on the news that they were able to amend 2 Polysilicon Contracts in an effort to keep customers while securing financing for a planned polysilicon plant.

Sanyo Electric Co. amended their polysilicon supply agreement to provide Hoku with six additional weeks to secure financing for its plant. The initial deadline was Dec. 31, but is now Feb. 15.

Sanyo, Solar-Fabrik, Suntech Power Holdings Co. and Solarfun Power Holdings Co. have committed to prepay a combined total of about $240 million for future product shipments to support the plant's construction and startup. Solar-Fabrik entered the contract through its Global Expertise Wafer Division Ltd. subsidiary.

Sanyo's $370 million contract required the company to make an initial deposit of $2 million and to deposit about 30 percent of the total amount into an escrow account. Solar-Fabrik's contract provided for about $185 million in product shipments over a seven-year period. The company had already paid Hoku $2 million in cash and provided a $25 million standby letter of credit in prepayment of future deliveries.

"We continue to commit capital to the design and engineering of our plant, and to the purchase of long lead-time items such as the reactors, to stay on schedule for our planned 2009 product deliveries," Hoku Chief Executive Dustin Shindo said in a statement.