Hoku Scientific has set the wheels in motion to raise $25 million through the private placement of 2.9 million shares of common stock. Suntech Power will contribute $20 million to the deal, which is aimed at financing construction for Hoku's planned poly plant in Idaho. Dustin Shindo, Hoku's CEO, commented that the "equity financing is a significant step forward to obtain our larger debt financing," which Merrill Lynch will kick in provided Hoku comes up with $35 million in equity. So... Hoku has only raised $10 million in equity so far? Shindo has set out supply agreements with Suntech and Sanyo, while relying on upfront cash from both companies to finance plant construction. But Hoku's inability to complete the plant on time has forced the company to push back deal completion until May 31 - the financing was supposed to have been completed by December 2007. Dr. Zhengrong Shi, Suntech's CEO, might have hitched his wagon to the wrong star. The company's 10 year, $678 million supply deal with Hoku hinges on Hoku's ability to finish the plant. That Shi pitched in 80 percent of Hoku's latest financing might mean he's pretty worried about the plant not getting done, especially after his earnings beat down. Hold on tight, Dr. Shi - I hear those Idaho nights get pretty cold.