<PAGE>
                                                                   Exhibit 10.34

                                                                    CONFIDENTIAL


                                SUPPLY AGREEMENT

This Agreement is made as of the last date set forth on the signature page
hereto (the "EFFECTIVE DATE") between Solarfun Power Hong Kong Limited, a
company registered in Hong Kong (hereinafter "SOLARFUN") and Hoku Scientific,
INC., a Delaware corporation (hereinafter "HOKU"). HOKU and SOLARFUN are
sometimes referred to in the singular as a "PARTY" or in the plural as the
"PARTIES".

                                    RECITALS

Whereas, HOKU desires to supply polysilicon to SOLARFUN for its general use
beginning in calendar year 2009 for a continuous period of eight years from the
date of the first shipment;

Whereas, in exchange for HOKU's agreement to allocate the supply of polysilicon,
SOLARFUN desires to provide HOKU with a firm order for polysilicon upon the
terms and conditions provided herein;

NOW, THEREFORE, in furtherance of the foregoing Recitals and in consideration of
the mutual covenants and obligations set forth in this Agreement, the Parties
hereby agree as follows:

1.   Definitions.

The following terms used in this Agreement shall have the meanings set forth
below:

     1.1. "AFFILIATE" shall mean, with respect to either Party to this
          Agreement, any entity that is controlled by or under common control
          with such Party.

     1.2. "AGREEMENT" shall mean this Supply Agreement and all appendices
          annexed to this Agreement as the same may be amended from time to time
          in accordance with the provisions hereof.

     1.3. "ESCROW ACCOUNT" is the bank deposit account created with the Escrow
          Agent pursuant to the Escrow Agreement.

     1.4. "ESCROW AGENT" shall mean (A) a bank that is domiciled in and
          organized under the laws of one of the fifty states of the United
          States of America, and which is reasonably acceptable to HOKU, or (B)
          a bank located in China whose obligations and responsibilities are
          guaranteed by a bank that is domiciled in and organized under the laws
          of one of the fifty states of the United States of America, and which
          is reasonably acceptable to HOKU, or (C) any other bank that is
          acceptable to HOKU in its sole discretion, or (D) any successor escrow
          agent appointed pursuant to the Escrow Agreement.

     1.5. "ESCROW AGREEMENT" has the meaning set forth in Section 5.4.1 below.

     1.6. "FIRST SHIPMENT DATE" shall mean the first day of the calendar month
          in which HOKU commences deliveries to SOLARFUN of Products pursuant to
          this Agreement.

     1.7. "FACILITY" shall mean any facility used by HOKU for the production of
          the Product.

     1.8. "MINIMUM ANNUAL QUANTITY OF PRODUCT" means two hundred metric tons
          (200,000 kilograms) of Product during the first Year and seven hundred
          fifty metric tons (750,000 kilograms) during each of the second
          through eighth Year, inclusive.

     1.9. "PRODUCT" shall mean the raw polysilicon in chunk form manufactured by
          HOKU and sold to SOLARFUN pursuant to this Agreement.



<TABLE>
<S>                                                 <C>
SOLARFUN Initials & Date /s/ WS November 15, 2007   HOKU Initials & Date /s/ DS November 19, 2007
                         ------------------------                        ------------------------
</TABLE>


                                  PAGE 1 OF 11



<PAGE>
                                                                    CONFIDENTIAL


     1.10. "PRODUCT SPECIFICATIONS" shall mean the quality and other
          specifications set forth on Appendix 2 to this Agreement.

     1.11. "TERM" shall mean the period during which this Agreement is in
          effect, as more specifically set forth in Section 9 of this Agreement.

     1.12. "TOTAL DEPOSIT" shall mean all deposits or prepayments made by
          SOLARFUN to HOKU hereunder including without limitation the Initial
          Deposit and the Main Deposit.

     1.13. "YEAR" shall mean each of the eight (8) twelve-month periods
          commencing on the First Shipment Date.


2.   Ordering. Starting on the First Shipment Date and each Year during the term
     of this Agreement thereafter, SOLARFUN agrees to purchase from HOKU, and
     HOKU agrees to sell to SOLARFUN, the Minimum Annual Quantity of Product at
     the prices set forth on Appendix 1 to this Agreement (the "PRICING
     SCHEDULE"). This Agreement constitutes a firm order from SOLARFUN for 5,450
     metric tons of Product that cannot be cancelled during the term of this
     Agreement, except as set forth in Section 9 below.

3.   Supply Obligations.

     3.1. HOKU shall deliver each Year pursuant to this Agreement starting on
          the First Shipment Date at least the Minimum Annual Quantity of
          Product in approximately equal monthly shipments pursuant to Section
          4.1 below; provided however, that if HOKU fails to deliver a monthly
          shipment, then HOKU may deliver any deficiency within thirty (30) days
          without breaching this section or incurring any purchase price
          adjustment (pursuant to Section 3.3 below). At any time during the
          term of this Agreement, HOKU may ship to SOLARFUN up to the full
          cumulative balance of Minimum Annual Quantity of Product to be shipped
          through the end of this Contract (an "EXCESS SHIPMENT") with
          SOLARFUN's written consent. This shipment will be credited against
          each subsequent Minimum Annual Quantity of Product. For example, if
          the Minimum Annual Quantity of Product for a given Year is 750 metric
          tons, and if HOKU delivers 750 metric tons in January, then the next
          shipment of 750 metric tons is not required until the following Year.

     3.2. HOKU intends to manufacture the Products at its Facility; however,
          notwithstanding anything to the contrary herein, HOKU may deliver to
          SOLARFUN Products that are manufactured by a third party other than
          HOKU, where HOKU is acting only as a reseller or distributor of such
          Products; and provided that the Products meet the Product
          Specifications and price set forth in this Agreement.

     3.3. Except in the case of a force majeure pursuant to Section 12 below, if
          at any time after September 30, 2009, HOKU does not supply any
          Products pursuant to Section 3.1 or 3.2 within thirty (30) days of the
          scheduled delivery date, HOKU will provide SOLARFUN with a purchase
          price adjustment. Such purchase price adjustment shall be two and
          one-half percent (2.5%) of the value of the respective delayed
          Products for each week or part thereof that the Product shipment (or
          part thereof) is delayed beyond the thirty (30) day grace period. Any
          purchase price adjustment as a result of this Section 3.3 will be paid
          by HOKU at the end of the term of the applicable calendar quarter. In
          lieu of making a cash payment to SOLARFUN pursuant to this Section
          3.3, HOKU may, at its option, pay for such purchase price adjustment
          in the form of a credit issued for future shipments of Products.
          Notwithstanding anything to the contrary, the maximum amount of such
          purchase price adjustment shall not exceed fifty percent (50%) of the
          value of the respective delayed Products. Monthly shipments which are
          delayed beyond one hundred fifty (150) days shall be deemed to
          constitute a material breach of this Agreement pursuant to Section
          9.2.1 below.



<TABLE>
<S>                                                 <C>
SOLARFUN Initials & Date /s/ WS November 15, 2007   HOKU Initials & Date /s/ DS November 19, 2007
                         ------------------------                        ------------------------
</TABLE>


                                  PAGE 2 OF 11



<PAGE>
                                                                    CONFIDENTIAL


     3.4. If HOKU delivers any Products to SOLARFUN prior to October 1, 2009,
          then SOLARFUN shall pay HOKU a premium equal to 20% of the applicable
          purchase price for the Products shipped.

4.   Shipping & Delivery.

     4.1. Except as provided in Section 3.2 above, shipments shall be made from
          the Facility on a monthly basis in accordance with a shipment schedule
          that will be provided by HOKU each Year under this Agreement (the
          "SHIPMENT SCHEDULE") no later than sixty (60) days prior to the
          applicable year. The Shipment Schedule shall provide for approximately
          equal monthly shipments that add up to the Minimum Annual Quantity of
          Products.

     4.2. HOKU agrees that it will not enter into any additional supply contract
          with, or make any supply commitment to, any third party (not including
          the long term supply contracts that have been signed prior to the
          Effective Date (the "PRE-EXISTING COMMITMENTS")) if the aggregate of
          HOKU's delivery obligations under all of its supply contracts
          (including those with SOLARFUN and its Pre-existing Commitments) and
          such additional supply contract/commitment during any month would
          exceed the rated monthly production capacity of all polysilicon
          reactors at all HOKU Facilities, as certified by the manufacturer
          thereof. Subject to the foregoing, this Section 4.2 shall not preclude
          HOKU from (A) entering into supply contracts for additional capacity
          from Facility expansion, including pre-sales of potential Facility
          expansions, or from increased productivity of the Reactors, or (B)
          selling on the spot market or entering into long-term contracts for
          the sale of polysilicon that does not meet the Product Specifications
          at any time during the term of this Agreement, provided that HOKU uses
          commercially reasonable efforts to meet the Product Specifications
          with respect to such polysilicon and that HOKU does not manufacture
          polysilicon for the purpose of making such spot market sales or
          fulfilling such long term contracts

     4.3. HOKU will use commercially reasonable efforts to make its first
          shipment of Products to SOLARFUN on or before July 1, 2009.

5.   Payments & Advances.

     5.1. Immediately upon signing this Agreement, SOLARFUN shall provide HOKU
          with a deposit of One Million U.S. Dollars (US$1,000,000) via wire
          transfer of immediately available funds (the "FIRST DEPOSIT") as
          advance payment for Products to be delivered under this Agreement.

     5.2. On or before December 28, 2007, SOLARFUN shall provide HOKU a second
          cash deposit of Nine Million U.S. Dollars (US$9,000,000.00) (the
          "SECOND DEPOSIT, and together with the First Deposit, the "INITIAL
          DEPOSIT") as advance payment for Products to be delivered under this
          Agreement.

     5.3. SOLARFUN shall pay in cash to HOKU the additional sum of Forty-Five
          Million U.S. Dollars (USD $45,000,000.00) (the "MAIN DEPOSIT") as an
          advance payment for Products to be delivered under this Agreement in
          accordance with the payment schedule set forth below.

          5.3.1. Forty-Four and one-half percent (44.5%) of the Main Deposit
               (USD $20,000,000.00) (the "THIRD DEPOSIT") shall be paid to HOKU
               on September 30, 2008 (the "THIRD DEPOSIT DATE").

          5.3.2. Forty-Four and one-half percent (44.5%) of the Main Deposit
               (USD $20,000,000) (the "FOURTH Deposit") shall be paid to HOKU on
               March 31, 2009 (the "FOURTH DEPOSIT DATE").



<TABLE>
<S>                                                 <C>
SOLARFUN Initials & Date /s/ WS November 15, 2007   HOKU Initials & Date /s/ DS November 19, 2007
                         ------------------------                        ------------------------
</TABLE>

                                  PAGE 3 OF 11



<PAGE>
                                                                    CONFIDENTIAL


          5.3.3. Eleven percent (11%) of the Main Deposit (USD $5,000,000.00)
               (the "FIFTH DEPOSIT") shall be paid to HOKU on March 31, 2010
               (the "FIFTH DEPOSIT DATE").

     5.4. Escrow Agreement; Letter of Credit.

          5.4.1. On or before January 10, 2008, either (A) SOLARFUN shall
               provide to HOKU an irrevocable stand-by letter of credit in
               substantially the form of APPENDIX 3 attached hereto (the "LETTER
               OF CREDIT") in the amount of the Main Deposit, or (B) SOLARFUN,
               HOKU and the Escrow Agent shall sign an escrow agreement in
               substantially the form of APPENDIX 4 (the "ESCROW AGREEMENT"),
               and SOLARFUN shall deposit into the Escrow Account the amount of
               the Main Deposit.

               5.4.1(a) If the Letter of Credit is provided pursuant to Section
                    5.4.1(A) above, then such Letter of Credit shall be issued
                    to HOKU by a bank domiciled in and organized under the laws
                    of one of the fifty states of the United States of America,
                    and which is reasonably acceptable to HOKU (the "ISSUING
                    BANK"). The Letter of Credit shall be issued in US Dollars
                    for the full amount of the Main Deposit, and shall be freely
                    assignable by HOKU in connection with any assignment of this
                    Agreement by HOKU pursuant to Section 13.3 below. Payment to
                    HOKU of the Third Deposit, Fourth Deposit and Fifth Deposit
                    shall be made by the Issuing Bank upon its receipt of
                    written notice that SOLARFUN has failed to make such payment
                    on the Third Deposit Date, the Fourth Deposit Date or the
                    Fifth Deposit Date, as applicable. The Letter of Credit
                    shall expire on the later of the date when (A) the Main
                    Deposit has been paid in full to HOKU by SOLARFUN, or (B)
                    the Main Deposit has been paid in full to HOKU by the
                    Issuing Bank.

               5.4.1(b) If the Escrow Agreement is entered into pursuant to
                    Section 5.4.1(B) above, then the Main Deposit may be
                    deposited into the Escrow Account in US Dollars or Chinese
                    RMB; provided, however, that all payments to HOKU pursuant
                    to this Agreement shall be in US Dollars. Payment of the
                    Third Deposit, Fourth Deposit and Fifth Deposit shall
                    automatically be made to HOKU from the Escrow Account
                    pursuant to the Escrow Agreement on the Third Deposit Date,
                    Fourth Deposit Date and Fifth Deposit Date, as applicable.
                    Notwithstanding anything to the contrary, all payments from
                    the Escrow Account to HOKU shall be made in US Dollars,
                    unless HOKU and SOLARFUN otherwise agree in writing. In the
                    event that the amount of any payment from the Escrow Account
                    to HOKU in US Dollars is less than the Third Deposit, Fourth
                    Deposit, or Fifth Deposit, as applicable, due to currency
                    exchange rates from Chinese RMB to US Dollars, then SOLARFUN
                    shall be obligated to immediately pay HOKU in US Dollars the
                    difference between the actual payment from the Escrow
                    Account and the Third Deposit, Fourth Deposit or Fifth
                    Deposit, as applicable. The final form of the Escrow
                    Agreement may be different from the form attached as
                    Appendix 4, acceptance of which by the Parties shall be
                    evidenced by HOKU and SOLARFUN's execution thereof.

     5.5. HOKU shall invoice SOLARFUN at or after the time of each shipment of
          Products to SOLARFUN. Taxes, customs and duties, if any, will be
          identified as separate items on HOKU invoices. All invoices shall be
          sent to SOLARFUN's address as provided herein. Payment terms for all
          invoiced amounts shall be thirty (30) days from date of shipment. All
          payments shall be made in U.S. Dollars. Unless HOKU is entitled to
          retain the Total Deposit as liquidated damages pursuant to Section 11
          below, shipments to SOLARFUN shall be credited against the Total
          Deposit beginning in the second Year, as set forth in APPENDIX 1
          (Pricing Schedule).

     5.6. The prices for the Products do not include any excise, sales, use,
          import, export or other similar taxes, such taxes will not include
          income taxes or similar taxes, which taxes will be invoiced to and
          paid by SOLARFUN, provided that SOLARFUN is legally or contractually
          obliged to pay such taxes. SOLARFUN shall be responsible for all
          transportation charges, duties or charges for shipping and handling;
          thus, the price for the Products shall not include any such charges.



<TABLE>
<S>                                                 <C>
SOLARFUN Initials & Date /s/ WS November 15, 2007   HOKU Initials & Date /s/ DS November 19, 2007
                         ------------------------                        ------------------------
</TABLE>


                                  PAGE 4 OF 11



<PAGE>
                                                                    CONFIDENTIAL


     5.7. Late payments and outstanding balances shall accrue interest at the
          lesser of 10% per annum or the maximum allowed by law.

6.   Security Interest.

     6.1. Subject to receipt of the Initial Deposit and or payment of any
          portion of the Main Deposit HOKU hereby grants to SOLARFUN a security
          interest to secure the repayment by HOKU to SOLARFUN of the Total
          Deposit following any of the events set forth in Section 9.6 below,
          which shall be subordinated in accordance with Section 6.2 below, in
          all of the tangible and intangible assets related to HOKU's
          polysilicon business (the "COLLATERAL").

     6.2. SOLARFUN acknowledges and agrees that the security interests and liens
          in the Collateral will not be first priority security interests, will
          be expressly subordinated to HOKU's third-party lenders (the "SENIOR
          LENDERS") that provide debt financing for the construction of any HOKU
          Facility, and may be subordinated as a matter of law to other security
          interests, and to security interests that are created and perfected
          prior to the security interest granted to SOLARFUN hereby. SOLARFUN
          shall enter into subordination agreements with the Senior Lenders on
          terms and conditions reasonably acceptable to the Senior Lenders.

     6.3. In addition, SOLARFUN shall enter into collateral, intercreditor and
          other agreements (the "COLLATERAL AGREEMENTS") with HOKU's Senior
          Lenders, and with SANYO Electric Co., Ltd., Suntech Power Holding Co.,
          Ltd., Global Expertise Wafer Division, Ltd., and HOKU's other
          customers who provide prepayments for Products (collectively, "HOKU'S
          OTHER CUSTOMERS"), as may be reasonably necessary to ensure that the
          security interest granted hereby is pari passu with the security
          interests that may be granted to HOKU's Other Customers. SOLARFUN may
          not unreasonably refuse to sign any such Collateral Agreement,
          provided that such Collateral Agreement grants SOLARFUN a pari passu
          priority with respect to HOKU's Other Customers, and is expressly
          subordinated to the Senior Lenders.

     6.4. The security interest granted hereby shall continue so long as HOKU
          continues to maintain any amount of the Total Deposit, and only to the
          extent of such remaining amount of the Total Deposit being held by
          HOKU, which has not been credited against the shipment of Products
          pursuant to this Agreement, or otherwise repaid to SOLARFUN.
          Notwithstanding anything to the contrary contained in this Agreement,
          the Collateral consisting of real property shall secure only the
          obligations of HOKU to refund any portion of the Total Deposit to
          SOLARFUN in accordance with the terms of this Agreement.

     6.5. HOKU and SOLARFUN each agree to act in good faith to execute and
          deliver any additional document or documents that may be required in
          furtherance of the foregoing provisions of this Section 6, including
          the Collateral Agreements. Neither HOKU nor SOLARFUN may unreasonably
          refuse to sign any such document.

7.   Product Quality Guarantee.

     7.1. HOKU warrants to SOLARFUN that the Products shall meet the Product
          Specifications. For each shipment, this warranty shall survive for
          sixty (60) days after the applicable shipment date (the "WARRANTY
          PERIOD"). Upon release of the Products to a common carrier or freight
          forwarder, FOB origin, HOKU warrants that the Products shall be free
          of all liens, mortgages, encumbrances, security interests or other
          claims or rights. HOKU will, upon prompt notification and compliance
          with HOKU's instructions, refund or replace, at SOLARFUN's sole
          option, any Product which does not meet the Product Specifications,
          and SOLARFUN shall comply with the inspection and return goods policy
          described in Section 8 below with respect to such Products. No
          employee, agent or



<TABLE>
<S>                                                 <C>
SOLARFUN Initials & Date /s/ WS November 15, 2007   HOKU Initials & Date /s/ DS November 19, 2007
                         ------------------------                        ------------------------
</TABLE>


                                  PAGE 5 OF 11



<PAGE>
                                                                    CONFIDENTIAL


          representative of HOKU has the authority to bind HOKU to any oral
          representation or warranty concerning the Products. Any oral
          representation or warranty made prior to the purchase of any Product
          and not set forth in writing and signed by a duly authorized officer
          of HOKU shall not be enforceable by SOLARFUN. HOKU makes no warranty
          and shall have no obligation with respect to damage caused by or
          resulting from accident, misuse, neglect or unauthorized alterations
          to the Products.

     7.2. HOKU EXPRESSLY DISCLAIMS ALL OTHER WARRANTIES, WHETHER EXPRESS,
          IMPLIED OR STATUTORY, INCLUDING THE WARRANTIES OF MERCHANTABILITY, AND
          FITNESS FOR A PARTICULAR PURPOSE. HOKU's sole responsibility and
          SOLARFUN's exclusive remedy for any claim arising out of the purchase
          of any Product is a refund or replacement, as described above. In no
          event shall HOKU's liability exceed the purchase price paid therefore;
          nor shall HOKU be liable for any claims, losses or damages of any
          individual or entity or for lost profits or any special, indirect,
          incidental, consequential, or exemplary damages, howsoever arising,
          even if HOKU has been advised of the possibility of such damages.

     7.3. HOKU shall, at its own expense, indemnify and hold SOLARFUN and its
          Affiliates harmless from and against any expense or loss resulting
          from any actual or alleged infringement of any patent, trademark,
          trade secret, copyright, mask work or other intellectual property
          related to the Products, and shall defend at its own expense,
          including attorneys fees, any suit brought against SOLARFUN or
          SOLARFUN's Affiliates alleging any such infringement. SOLARFUN agrees
          that: (i) SOLARFUN shall give HOKU prompt notice in writing of any
          such suit; (ii) if HOKU provides evidence reasonably satisfactory to
          SOLARFUN of HOKU's financial ability to defend the matter vigorously
          and pay any reasonably foreseeable damages, SOLARFUN shall permit
          HOKU, through counsel of HOKU's choice, to answer the charge of
          infringement and defend such suit (but SOLARFUN, or SOLARFUN's
          Affiliate may be represented by counsel and participate in the defense
          at its own expense); and (iii) SOLARFUN shall give HOKU all needed
          information, assistance, and authority, at HOKU's expense, to enable
          HOKU to defend such suit. In case of a final award of damages in any
          such suit HOKU shall pay such award, but shall not be responsible for
          any settlement made without its prior consent. Except as otherwise
          expressly set forth herein, HOKU disclaims any obligation to defend or
          indemnify SOLARFUN, its officers, agents, or employees, from any
          losses, damages, liabilities, costs or expenses which may arise out of
          the acts of omissions of HOKU.

8.   Inspection and Return Goods Policy.

     8.1. An inspection of appearance of each shipment of Product shall be made
          by SOLARFUN in accordance with sound business practice upon the
          delivery of the Product, and in no case later than four weeks after
          delivery at SOLARFUN's factory. SOLARFUN shall inform HOKU promptly,
          and in no case later than six weeks after delivery of Product, in case
          of any obvious damages or other obvious defects to the Product which
          SOLARFUN discovers under the inspection of appearance.

     8.2. SOLARFUN shall perform final inspection of the Product upon
          introducing the Product into SOLARFUN's production process. Such
          inspection shall take place during the Warranty Period. If the Product
          does not meet the Product Specifications, SOLARFUN shall notify HOKU
          in writing without undue delay after the inspection and, together with
          the notification, submit documentary evidence of the result of the
          final inspection whereupon HOKU shall have the right to undertake its
          own inspection prior to any return of the Products pursuant to Section
          8.3 below.

     8.3. Products may be returned to HOKU within the later of (a) 10 days after
          discovery of a defect consistent with Sections 8.1 and 8.2 above; and
          (b) 10 days after HOKU completes its inspection and confirms the
          defect pursuant to Section 8.2 above, for replacement or a refund
          including all return shipment expenses. To assure prompt handling,
          HOKU shall provide SOLARFUN a return goods



<TABLE>
<S>                                                 <C>
SOLARFUN Initials & Date /s/ WS November 15, 2007   HOKU Initials & Date /s/ DS November 19, 2007
                         ------------------------                        ------------------------
</TABLE>


                                  PAGE 6 OF 11



<PAGE>
                                                                    CONFIDENTIAL


          authorization number within 48 hours of SOLARFUN's request. Provided
          that HOKU communicates this number to SOLARFUN within such timeframe,
          SOLARFUN will reference this number on return shipping documents.
          Returns made without the authorization number provided by HOKU in
          accordance with the foregoing may be subject to HOKU's reasonable
          charges due to HOKU's additional handling costs. HOKU reserves the
          right to reverse any credit issued to SOLARFUN if, upon return, such
          Product is determined by a predetermined third party not to be
          defective.

9.   Term and Termination.

     9.1. The term of this Agreement shall begin on the Effective Date and
          provided that the first delivery of the Product under this Agreement
          shall occur in 2009 or earlier, and unless previously terminated as
          hereinafter set forth, shall remain in force for a period of eight
          Years beginning with the First Shipment Date.

     9.2. Each Party may, at its discretion, upon written notice to the other
          Party, and in addition to its rights and remedies provided under this
          Agreement or any other agreement executed in connection with this
          Agreement and at law or in equity, terminate this Agreement in the
          event of any of the following:

          9.2.1. Upon a material breach of the other Party of any material
               provision in this Agreement, and failure of the other Party to
               cure such material breach within sixty (60) days after written
               notice thereof; provided, however, that such cure period shall
               not modify or extend the 150-day cure period for HOKU's delivery
               obligations pursuant to Section 3.3 above; and provided, further
               that such sixty (60) day cure period shall not apply to
               SOLARFUN's failure to make any payment to HOKU pursuant to this
               Agreement. In the event of SOLARFUN's failure to make payment on
               the 30-day payment terms set forth in Section 5.5 hereof,
               termination by HOKU shall require the issuance of a written
               notice of default containing the threat of immediate termination
               if payment is not made within an additional grace period of not
               less than ten (10) business days.

          9.2.2. Upon the voluntary or involuntary initiation of bankruptcy or
               insolvency proceedings against the other Party; provided, that
               for an involuntary bankruptcy or insolvency proceeding, the Party
               subject to the proceeding shall have sixty (60) working days
               within which to dissolve the proceeding or demonstrate to the
               terminating Party's satisfaction the lack of grounds for the
               initiation of such proceeding;

          9.2.3. If the other Party (i) becomes unable, or admits in writing its
               inability, to pay its debts generally as they mature, (ii)
               becomes insolvent (as such term may be defined or interpreted
               under any applicable statute); or


          9.2.4. In accordance with the provisions of Section 12 (Force Majeure)
               below.


          9.2.5. Without limiting the foregoing, SOLARFUN shall have the right
               to terminate this Agreement if the First Shipment Date does not
               occur on or before December 31, 2009.

     9.3. HOKU shall have the right to terminate this Agreement if SOLARFUN
          fails to pay HOKU the Second Deposit on or before December 28, 2007,
          in which case HOKU shall be entitled to retain the First Deposit as
          liquidated damages.

     9.4. HOKU shall have the right to terminate this Agreement if on or before
          January 10, 2008 SOLARFUN has failed to either (A) enter into the
          Escrow Agreement with HOKU and the Escrow Agent and deposit the Main
          Deposit into the Escrow Account pursuant to Section 5.4.1 above, or
          (B)



<TABLE>
<S>                                                 <C>
SOLARFUN Initials & Date /s/ WS November 15, 2007   HOKU Initials & Date /s/ DS November 19, 2007
                         ------------------------                        ------------------------
</TABLE>

                                  PAGE 7 OF 11



<PAGE>
                                                                    CONFIDENTIAL


          deliver the Letter of Credit pursuant to Section 5.4.1 above, in which
          case, HOKU shall be entitled to retain the Initial Deposit as
          liquidated damages.

     9.5. Upon the expiration or termination of this Agreement howsoever
          arising, the following Sections shall survive such expiration or
          termination: Sections 1 (Definitions); Section 7 (Product Quality
          Guarantee), Section 8 (Inspection and Return Goods Policy); Section 9
          (Term and Termination); Section 10 (Liability); Section 11 (Liquidated
          Damages); and Section 13 (General Provisions).

     9.6. If SOLARFUN terminates this Agreement pursuant to Section 9.2.1,
          9.2.2, 9.2.3, 9.2.4, 9.2.5 or 12 then any funds remaining on the Total
          Deposit on such date of termination shall be returned to SOLARFUN;
          provided however that if SOLARFUN is in material breach of this
          Agreement at the time it terminates this Agreement, then HOKU shall
          not be required to repay any remaining amount of the Total Deposit up
          to the amounts of HOKU's direct loss from such material breach (unless
          SOLARFUN cures such breach within the applicable cure period) or
          SOLARFUN's other outstanding and unpaid obligations hereunder
          (including, without limitation, obligations under Section 11). "FUNDS
          REMAINING" on the Total Deposit are funds not applied against
          SOLARFUN's purchase of Product, pursuant to Section 5.5 above, for
          Product actually shipped to SOLARFUN hereunder.

10.  Liability.

     10.1. IN NO EVENT SHALL EITHER PARTY BE LIABLE FOR INDIRECT, SPECIAL,
          INCIDENTAL OR CONSEQUENTIAL DAMAGES OR FOR EXEMPLARY OR PUNITIVE
          DAMAGES, EVEN IF SOLARFUN OR HOKU HAS BEEN ADVISED OF THE POSSIBILITY
          OF SUCH DAMAGES.

     10.2. NEITHER PARTY'S TOTAL LIABILITY TO THE OTHER FOR ANY KIND OF LOSS,
          DAMAGE OR LIABILITY ARISING UNDER OR IN CONNECTION WITH THIS
          AGREEMENT, UNDER ANY THEORY OF LIABILITY, SHALL EXCEED IN THE
          AGGREGATE THE TOTAL DEPOSIT, EXCEPT WITH RESPECT TO SOLARFUN'S
          CONTINUING OBLIGATION TO PURCHASE THE PRODUCTS AS SET FORTH HEREIN.

11.  Liquidated Damages. THE PARTIES ACKNOWLEDGE AND AGREE THAT ANY BREACH OF
     THIS AGREEMENT BY SOLARFUN MAY CAUSE IRREPARABLE AND IMMEASURABLE DAMAGE TO
     HOKU. BECAUSE IT IS DIFFICULT TO MEASURE THESE DAMAGES, IN THE EVENT THAT
     THIS AGREEMENT IS TERMINATED BY HOKU PURSUANT TO SECTION 9.2.1, 9.2.2,
     9.2.3, 9.2.4, or 9.4, THEN HOKU SHALL BE ENTITLED TO RETAIN AS LIQUIDATED
     DAMAGES, THE TOTAL DEPOSIT (OR ANY REMAINING PORTION THEREOF NOT CREDITED
     AGAINST PRODUCT SHIPMENTS). ANY AMOUNTS DUE FOR UNDELIVERED PRODUCT UNDER
     THIS AGREEMENT ARE STILL DUE, UNLESS OTHERWISE AGREED BY BOTH PARTIES IN
     WRITING.

12.  Force Majeure. Neither Party shall be liable to the other Party for failure
     of or delay in performance of any obligation under this Agreement,
     directly, or indirectly, owing to acts of God, war, war-like condition,
     embargoes, riots, strike, lock-out and other events beyond its reasonable
     control which were not reasonably foreseeable and whose effects are not
     capable of being overcome without unreasonable expense and/or loss of time
     to the affected Party (i.e., the Party that is unable to perform). If such
     failure or delay occurs, the affected Party shall notify the other Party of
     the occurrence thereof as soon as possible, and the Parties shall discuss
     the best way to resolve the event of force majeure. If the conditions of
     Force Majeure continue to materially impede performance of any material
     obligation under



<TABLE>
<S>                                                 <C>
SOLARFUN Initials & Date /s/ WS November 15, 2007   HOKU Initials & Date /s/ DS November 19, 2007
                         ------------------------                        ------------------------
</TABLE>


                                  PAGE 8 OF 11



<PAGE>
                                                                    CONFIDENTIAL


     this Agreement for a period of more than three (3) consecutive calendar
     months, then the non-affected Party shall be entitled to terminate this
     Agreement by 30 days' prior written notice to the other Party.

13.  General Provisions.

     13.1. This Agreement shall be construed under and governed by the laws of
          the State of California, U.S.A.


     13.2. Upon notice from one Party to the other of a dispute hereunder, the
          Parties agree to hold a meeting within thirty (30) days of receipt of
          such notice with at least one (1) representative from each Party who
          has decision-making authority for such company. At this meeting, the
          Parties will attempt to resolve the dispute in good faith. If, after
          the meeting, the dispute has not been resolved, only then may a Party
          resort to litigation. Any proceeding to enforce or to resolve disputes
          relating to this Agreement shall be brought in California, USA. In any
          such proceeding, neither Party shall assert that such a court lacks
          jurisdiction over it or the subject matter of the proceeding.

     13.3. HOKU may assign this Agreement to any of its Affiliates, and may
          assign its rights under this Agreement to any collateral agent as
          collateral security for HOKU's secured obligations in connection with
          the financing a HOKU Facility, without the consent of SOLARFUN. Except
          as stated in the previous sentence, neither HOKU nor SOLARFUN may
          assign this Agreement to a third party without the prior written
          consent of the other Party, which consent shall not be unreasonably
          withheld. Notwithstanding the foregoing, an assignment of this
          Agreement by either Party in connection with a merger, acquisition, or
          sale of all or substantially all of the assets or capital stock of
          such Party shall not require the consent of the other Party. If this
          Agreement is assigned effectively to a third party, this Agreement
          shall bind upon successors and assigns of the Parties hereto.

     13.4. Except as provided elsewhere in this Agreement, a notice is effective
          only if the Party giving or making the notice has complied with this
          Section 13.4 and if the addressee has received the notice. A notice is
          deemed to have been received as follows:

     (a)  If a notice is delivered in person, or sent by registered or certified
          mail, or nationally or internationally recognized overnight courier,
          upon receipt as indicated by the date on the signed receipt; or

     (b)  If a notice is sent by facsimile, upon receipt by the Party giving the
          notice of an acknowledgment or transmission report generated by the
          machine from which the facsimile was sent indicating that the
          facsimile was sent in its entirety to the addressee's facsimile
          number.

Each Party giving a notice shall address the notice to the appropriate person at
the receiving Party at the address listed below or to a changed address as the
Party shall have specified by prior written notice:

SOLARFUN:

SOLARFUN POWER HONG KONG LIMITED
In care of:  JIANGSU LINYANG SOLARFUN CO., LTD.
No. 666 Linyang Rd.,
Qidong Jiangsu Province 226200
People's Republic of China
Tel: +86-21-6393-8326
Fax: +86-21-6393-3099
Attn:  William Sien, VP of Business Development



<TABLE>
<S>                                                 <C>
SOLARFUN Initials & Date /s/ WS November 15, 2007   HOKU Initials & Date /s/ DS November 19, 2007
                         ------------------------                        ------------------------
</TABLE>


                                  PAGE 9 OF 11



<PAGE>
                                                                    CONFIDENTIAL


E-Mail:  william.sien@solarfun.com.cn

HOKU:

HOKU SCIENTIFIC, INC.
1075 Opakapaka Street
Kapolei, HI 96707
Attn:  Mr. Dustin Shindo, CEO
E-mail:  dshindo@hokusci.com
Facsimile:  +1 (808) 682-7807

     13.5. The waiver by either Party of the remedy for the other Party's breach
of or its right under this Agreement will not constitute a waiver of the remedy
for any other similar or subsequent breach or right.

     13.6. If any provision of this Agreement is or becomes, at any time or for
any reason, unenforceable or invalid, no other provision of this Agreement shall
be affected thereby, and the remaining provisions of this Agreement shall
continue with the same force and effect as if such unenforceable or invalid
provisions had not been inserted in this Agreement.

     13.7. No changes, modifications or alterations to this Agreement shall be
valid unless reduced to writing and duly signed by respective authorized
representatives of the Parties.

     13.8. No employment, agency, trust, partnership or joint venture is created
by, or shall be founded upon, this Agreement. Each Party further acknowledges
that neither it nor any Party acting on its behalf shall have any right, power
or authority, implied or express, to obligate the other Party in any way.

     13.9. Neither Party shall make any announcement or press release regarding
this Agreement or any terms thereof without the other Party's prior written
consent; provided, however, that the Parties will work together to issue a joint
press release within two (2) days after execution of this Agreement.
Notwithstanding the foregoing, 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.

     13.10. This Agreement constitutes the entire agreement between the Parties
and supersedes all prior proposal(s) and discussions, relative to the subject
matter of this Agreement and neither of the Parties shall be bound by any
conditions, definitions, warranties, understandings or representations with
respect to such subject matter other than as expressly provided herein. No oral
explanation or oral information by either Party hereto shall alter the meaning
or interpretation of this Agreement.

     13.11. The headings are inserted for convenience of reference and shall not
affect the interpretation and or construction of this Agreement.


     13.12. Words expressed in the singular include the plural and vice-versa.



<TABLE>
<S>                                                 <C>
SOLARFUN Initials & Date /s/ WS November 15, 2007   HOKU Initials & Date /s/ DS November 19, 2007
                         ------------------------                        ------------------------
</TABLE>


                                  PAGE 10 OF 11


<PAGE>
                                                                    CONFIDENTIAL


IN WITNESS WHEREOF, the Parties have executed this Supply Agreement as of the
date first set forth above.

SOLARFUN:                                  HOKU:
--------                                   ----

SOLARFUN POWER HONG KONG                   HOKU SCIENTIFIC, INC.
LIMITED

By: /s/ William Sien                       By: /s/ Dustin Shindo
   --------------------------                 ---------------------------

Name: William Sien                         Name: Dustin Shindo
     ------------------------                    -------------

Title: VP of Business Division             Title: Chairman & CEO
                                                  --------------
Authorized Signatory                       Authorized Signatory

Date: November 15, 2007                    Date: November 19, 2007
     ------------------------                   -------------------------


                               CORPORATE GUARANTY

As an inducement for HOKU to enter into this Agreement with SOLARFUN, it is
hereby agreed that the undersigned does hereby guaranty to HOKU the prompt,
punctual and full payment of all monies now or hereinafter due HOKU from
SOLARFUN, and agrees to the following:

     a)   Until termination, this guaranty is unlimited as to amount or duration
          and shall remain in full force and effect notwithstanding any
          extension, compromise, adjustment, forbearance, waiver, release or
          discharge of any party obligor or guarantor.

     b)   The obligations of the undersigned shall be at the election of HOKU,
          shall be primary and not necessarily secondary, and HOKU shall not be
          required to exhaust its remedies as against SOLARFUN prior to
          enforcing its rights under this guaranty against the undersigned.

     c)   The guaranty hereunder shall be unconditional and absolute and the
          undersigned waives all rights of subrogation and set-off until all
          sums under this guaranty are fully paid. The undersigned further
          waives all suretyship defenses or defenses in the nature thereof,
          generally.

     d)   The guaranty shall be valid and continuing during the term of this
          Agreement.

     e)   The undersigned warrants and represents it has full authority to enter
          into this guaranty.

     f)   This guaranty shall be binding upon and inure to the benefit of the
          parties, their successors, assigns and personal representatives.

     g)   This guaranty shall be construed and enforced under the laws of the
          State of California, USA


JIANGSU LINYANG SOLARFUN CO., LTD.

By: /s/ William Sien                       Date: November 15, 2007
   -----------------------------------          -------------------------------

Name: William Sien
     ---------------------------------

Title: VP of Business Division
      --------------------------------
Authorized Signatory



                       SIGNATURE PAGE TO SUPPLY AGREEMENT

                                 PAGE 11 OF 11