Less than a month after halting construction of its Pocatello plant and laying off 100 employees, Hoku Materials is losing the CEO of its solar subsidiary. Scott Paul, who has been CEO of Hoku Solar since 2010, tendered his resignation, effective June 20.
Hoku's Pocatello plant was to have manufactured solar panels but struggled to get the facility up and running and even had trouble paying its electric bill to Idaho Power. Hoku said it had cash and assets totaling $14.4 million in March, but its liabilities totaled $278.8 million, including $74.4 million in unpaid bills.
Hoku Solar markets and installs photovoltaic systems.