Hoku Corp., a Honolulu-based solar energy company, said Thursday it lost $7.9 million, or 14 cents per share, in the quarter that ended Sept. 30, compared with a loss of $2 million, or 4 cents per share, a year earlier.
Revenue, which the company generates primarily from installing photovoltaic systems through its Hoku Solar subsidiary, grew to $1.9 million, from $1.2 million a year ago.
The company has been losing money as it builds a polysilicon plant in Idaho.
CEO Scott Paul said the plant is close to being finished.
"We are entering the final stages of plant commissioning," Paul said in a news release. "There are a number of small items that need to be completed by our construction contractors before we can begin the continuous production of polysilicon."
Paul said a recent drop in polysilicon prices has led the company to consider expanding the capacity of its Idaho plant.
"To be a long-term market leader in the polysilicon industry, Hoku needs to maintain a globally competitive cost structure," Paul said. "We are in the process of conducting a feasibility study for a further expansion to 8,000 metric tons to achieve better economies of scale. … We believe that the additional investment necessary to expand our plant to 8,000 metric tons will be proportionally less per metric ton of capacity than what we have already invested in our 4,000-metric-ton plant."
Hoku also plans to expand its business by marketing in North America photovoltaic modules made by Tianwei New Energy, a Chinese company.
As for its business in Hawaii, the company said, "We are currently building the Kapolei Sustainable Energy Park, a 1.18-megawatt PV (photovoltaic) facility being developed by Forest City Sustainable Resources on Oahu, even as we continue to deliver high-quality, investment-grade rooftop solar arrays for a variety of commercial customers in Hawaii."
