Exhibit
10.87

    [*]
= CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY
BRACKETS, HAS BEEN OMITTED FROM PUBLIC FILING PURSUANT TO A REQUEST FOR
CONFIDENTIAL TREATMENT SUBMITTED TO THE U.S. SECURITIES AND EXCHANGE COMMISSION.
THE OMITTED INFORMATION, WHICH HAS BEEN IDENTIFIED WITH THE SYMBOL “[*],” HAS
BEEN FILED SEPARATELY WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION PURSUANT
TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

    


    AGREEMENT

    


    This
AGREEMENT, by and between POLYMET ALLOYS, INC (hereinafter called “POLYMET”),
with offices at 1701 Providence Park, Suite 100, Birmingham, Alabama 35242; and
HOKU MATERIALS, INC (hereinafter called “HOKU”), with offices at One Hoku Way,
Pocatello, ID 83204 USA, whereby it is agreed as follows:

    


    
      	
              1.

            	
              APPOINTMENT
      OF SUPPLIER

            


    

    


    
      	
              1.1

            	
              POLYMET
      is a supplier of Silicon Metal (hereinafter called the “Product”) which
      HOKU uses for its Polysilicon manufacture. Polymet shall obtain Product
      only from RIMA Industrial S/A, unless HOKU approves another
      source.

            


    

    


    
      	
              1.2

            	
              HOKU
      hereby appoints POLYMET to supply certain quantity of HOKU’s requirement
      of the Product subject to the terms and conditions set out in this
      AGREEMENT.

            


    

     

    
      	
              2.

            	
              QUALITY

            


    

    


    2.1
POLYMET warrants to HOKU that:

    


    
      	
               
      

            	
              a)

            	
              The
      Product supplied hereunder conforms with the technical specification
      provided by HOKU to POLYMET (Annex
1).

            


    

    
      	
               
      

            	
              b)

            	
              POLYMET
      will inform HOKU of any material change in the raw material used in the
      production process of the Product.

            


    

     

    
      	
              3.

            	
              QUANTITY

            


    

    


    The quantity of the Product to be
supplied by POLYMET to HOKU for twelve (12) consecutive calendar months
commencing January 1st, 2009 shall be  according to the following
schedule:

    


    3.1.1
Calendar Year 2009: [*]

    3.1.2
Calendar Year 2010: [*]

    3.1.3
Calendar Year 2011: [*]

    


    Additional
quantities above the minimum of [*] Metric Tons may be discussed and agreed in
writing between the parties.

    


    The Product shall be shipped in
approximate equal amounts each calendar month, or as otherwise agreed in writing
by the parties, using scheduling process and parameters to be determined and
decided between the parties.

    


    
      	
              4.

            	
              PRICE

            


    

    


    The price of the Product in calendar
year 2009 shall be a Fixed Price of [*]

    


    The price
of the Product in calendar year 2010 and 2011 will be freely negotiated for each
such calendar year.  If the Parties are unable to agree on the price
at least 60 days prior to the beginning of the applicable calendar year, then
either Party shall have the right to terminate this Agreement without penalty,
and following such termination in writing, both parties shall be released from
any further obligations under this Agreement, except for any obligations related
to past or pending shipments in the then-current calendar year.


    
      
         


      

      
        Page
1

        
          

        

      

      
         


      

    

    


    Payments
Terms for this Agreement are Net [*] days from the delivery date of the material
to HOKU’s Pocatello, Idaho plant, via wire transfer.

    


    
      	
              5.

            	
              SHIPMENT

            


    

    


    The
Product shall be delivered FOB Pocatello, ID or as directed by HOKU, in amounts
and at the times specified in the delivery schedule agreed upon in writing
between the parties. In case of any delay that is not POLYMET’s fault, HOKU
shall unconditionally accept such delay up to a maximum of [*] days. Also,
POLYMET shall unconditionally accept a postponing of any shipment for a maximum
of [*] days if such postponing is not HOKU’s fault and is informed to Polymet
prior to the production date of that material in Brasil.

    


    
      	
              6.

            	
              PACKING

            


    

    


    The
Product to be supplied by POLYMET to HOKU hereunder shall be packed in [*] lb
maximum supersacs meeting HOKU’s specifications.  HOKU and POLYMET
will work together to minimize costs associated with packaging.

    


    
      	
              7.

            	
              WEIGHT
      and ANALYSIS

            


    

    


    Weight

    POLYMET’s
certified weight shall apply with a tolerance up to [*].

    


    Analysis

    POLYMET’s
certified analysis shall apply. However if HOKU’s analysis of the Product
deviates from POLYMET’s analysis, HOKU will inform POLYMET immediately in
writing. If HOKU and POLYMET are unable to resolve the discrepancy
within 15 days after HOKU's notice, the parties, within 15
days of HOKU's notice, shall
select an independent expert to analyze the Product and
resolve the dispute.  If the parties are unable to agree on an independent
expert, the experts nominated by each party shall meet
and no later than 15 days after HOKU's notice, shall jointly designate
a third expert to analyze the Product and resolve the dispute. If a
party fails to timely designate an independent expert, the dispute
shall be decided by the expert timely designated. The expert selected shall
analyze the Product and the average of the expert's test results and
the test results of the analysis by the party closest to the expert's
test results shall be final and binding. The parties shall share the cost
of selection of an expert and the costs of the expert's analysis
equally.

    


    
      	
              8.

            	
              SECRECY

            


    

    


    Neither
party shall disclose any contents hereof nor any information obtained hereunder
to any third party, except for either party’s attorneys, accountants, auditors
and others as necessary in the normal course of business without the prior
written consent of the other party except as required by
law.  Notwithstanding the foregoing: (A) the Parties will work
together to issue a joint press release within two (2) days after execution of
this Agreement; and (B) either Party may publicly disclose the material terms of
this Agreement pursuant to the United States Securities Act of 1933, as amended,
the United States Securities Exchange Act of 1934, as amended, or other
applicable law; provided, however, that the Party being required to disclose the
material terms of this Agreement shall provide reasonable advance notice to the
other Party, and shall use commercially reasonable efforts to obtain
confidential treatment from the applicable governing entity for all pricing and
technical information set forth in this Agreement.

    


    
      	
              9.

            	
              ASSIGNMENT

            


    

    


    Neither
party shall assign any rights under this document to a third party without the
prior written consent from the other party. Notwithstanding the above, and
provided that the assignee takes over all rights and obligations set forth in
this Agreement, any Party hereto shall have the right to assign this Agreement,
upon written notice to the other Party, but without their prior consent,
to:

    


    
      	
              9.1

            	
              Any
      affiliates, provided that, in such case, the assignor shall remain jointly
      and severally liable for the implementation by the assignee of its
      obligations under this
Agreement.

            


    


    
      
         


      

      
        Page
2

        
          

        

      

      
         


      

    

     

    
      	
              9.2

            	
              Any
      successors as a result of a statutory merger or consolidation or a company
      acquisition of all or substantially all its assets including the part
      concerned by this Agreement.

            


    

    


    
      	
              9.3

            	
              Any
      collateral agent as collateral security for such Party’s secured
      obligations in connection with the purchase or sale of the
      Product.

            


    

    


    
      	
              10.

            	
              DURATION

            


    

    


    10.1.
This AGREEMENT shall be effective from the date hereof until December 31, 2011,
unless earlier terminated as provided herein.

    


    10.2.
Termination

    


    10.2.1.
If either party is in breach of any of its obligations pursuant to the terms of
this AGREEMENT (the “Defaulting Party”) and remains in such breach for a period
of ten (10) Business Days following the delivery of a written notice from the
other party (the “Aggrieved Party”) requesting the remediation of such breach,
then the Aggrieved Party may elect to terminate this Agreement or pursue
any other remedy available under applicable law, including, without
limitation, the Uniform Commercial Code, common law or otherwise.  An
election by the Aggrieved Party to obtain cover or terminate this
agreement shall not prejudice or limit any additional rights or
remedies the Aggrieved Party may have against the Defaulting
Party under applicable law.  

    


    10.2.2.
If either party goes into liquidation or if a petition for liquidation has been
presented against it , whether voluntarily or compulsorily (except for the
purposes of amalgamation or reconstruction), the other party shall be entitled
to terminate this Contract forthwith by giving notice in writing to the default
party.

    


    
      	
              11.

            	
              HARDSHIP

            


    

    


    Should
the occurrence of any event not contemplated by the parties fundamentally alter
the equilibrium of this AGREEMENT, thereby placing an excessive burden on one
party in the performance of its contractual obligations under this AGREEMENT
that party may request in writing a revision of the AGREEMENT. The parties shall
then, within fourteen days, consult one another to try to revise the AGREEMENT
on an equitable basis, so that neither party suffers excessive prejudice under
the AGREEMENT.

    


    


    
      	
              12.

            	
              FORCE
      MAJEURE

            


    

    


    12.1. In
the event that one of the parties cannot timely perform this AGREEMENT due to a
force majeure event resulting from causes beyond the reasonable control of the
party whose performance is affected, including, without limitation, resulting
from fire, explosions, strike, lockout, labor dispute, acts of civil or military
authority, riot, embargo, delays in transportation, acts of God or the public
enemy, or  other cause, whether or not having the same character as
the foregoing and beyond the reasonable control of the party concerned; such
party shall not be in default hereunder, but the party's performance so
affected will be excused for the duration of such force majeure
event

    


    12.2. The
party subject to force majeure shall promptly notify the other party in writing
explaining the cause of the force majeure. The other party may decide to cancel
the quantity of the product affected by such force majeure.


    


    
      	
              13.

            	
              ARBITRATION

            


    

    


    Any
controversy or claim arising out of or relating to this Agreement or the breach
thereof which cannot be settled by the parties within sixty (60) days after
written notice from one party to the other, shall be settled by arbitration in
New York City in the English language, administered by the American Arbitration
Association under its Commercial Arbitration Rules, and judgment on the award
rendered by the arbitrator(s) may be entered in any court having jurisdiction
thereof.


    
      
         


      

      
        Page
3

        
          

        

      

      
         


      

    


    


    
      	
              14.

            	
              APPLICABLE
      LAW

            


    

    


    This
Agreement shall be governed by and construed in accordance with the internal
laws of the State of New York, without regard to the conflict of laws rules and
choice of law rules of New York State.  Subject to paragraph (13)
above, each party hereto hereby irrevocably, each party hereto hereby
irrevocably, (a) submits to the non-exclusive jurisdiction of any New York State
and U.S. Federal court sitting in New York City, New York, with respect to any
suit, action, or proceeding arising out of or relating hereto; (b) agrees that
all claims with respect to each such suit, action or proceeding may be heard and
determined in such New York State or U.S. Federal court; (c) waives, to the
fullest possible extent, the defense of an inconvenient forum; (d) consents to
service of process upon it by mailing or delivering such service or process to
it at its address above, or by any other method permitted by law; (e) waives the
right to a trial by jury; and (f) agrees that a final judgment in any such suit,
action or proceeding shall be conclusive and may be enforced in other
jurisdictions by suit on the judgment or in any other manner provided by
law.


    


    IN
WITNESS WHEREOF, the parties hereto set their respective signature to this
AGREEMENT.

    


    This
Agreement is signed in duplicate, one original of which shall be held by each
party.

    


    DATE:  13 November
2008


                               

    
      
        
          	
                  HOKU
      Materials

                	 
      	
                  Polymet
      Alloys, Inc.

                
	 
      	 
      	 
      
	
                  /s/
      Scott Paul

                	 
      	
                  /s/
      Braulio Lage

                
	
                  Scott Paul

                	 
      	
                  Braulio
      Lage

                
	
                  Chief
      Operating Officer

                	 
      	
                  Vice
      President

                


        

      

    


    
      
         


      

      
        Page
4

        
          

        

      

      
         


      

    


    Annex 1
Hoku Technical Specifications

    


    [*]



    
      
         


      

      
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5