POCATELLO - Hoku Scientific Inc. has released a statement saying that its $390 polysilicon plant planned for Pocatello could be delayed because of problems raising capital.
The company lost $4.3 million in fiscal year 2008 but narrowed that amount to $3 million in 2009 and has increased earnings from $3.2 million to $5 million. But it's about $106 million short of covering the full cost of the plant, according to the company statement, and the economic downturn has made it difficult to raise any additional financing.
Matt Hunter, executive director of the Greater Pocatello Chamber of Commerce said the delay would be a setback for the region. He said the plant was expected to add 200 jobs to the region by mid-2010.