Borqs’ Subsidiary Holu Hou Energy Featured in the New York Times Article “Hit Hard By Energy Costs, Hawaii Looks to the Sun” Reducing monthly electricity bill from $500 to $26
05 Julho 2022 - 10:00AM
Borqs Technologies, Inc. (Nasdaq: BRQS, “Borqs”, or the “Company”),
a global provider of 5G wireless solutions, Internet of Things
(IoT) solutions, and innovative clean energy, with global
operations in the U.S., India and China, today announced that its
majority owned solar energy storage systems subsidiary, Holu Hou
Energy LLC (“HHE”), has its energy storage system featured in the
New York Times. Excerpt from the article dated May 30, 2022 by Ivan
Penn - Google search: “New York Times article: Hit Hard by High
Energy Costs, Hawaii Looks to the Sun”.
“HONOLULU — Toddi Nakagawa, who lives in a
suburb of Honolulu, has spent years battling her family’s high
electricity bills, which once topped $500 a month, by gradually
buying more solar panels. After accumulating more than 70 panels
and three stacks of batteries, she has gotten her family’s monthly
bill down to just $26.
Ms. Nakagawa is not alone. Nearly a third of
Hawaii’s single-family houses have rooftop solar panels — more than
twice the percentage in California — and officials expect many more
homes to add panels and batteries in the coming years.
Even before energy prices surged globally this
year, homeowners, elected leaders and energy executives in Hawaii
had decided that rooftop solar panels were one of the best ways to
meet demand for energy and tame the state’s high power costs.
Russia’s invasion of Ukraine has only strengthened the state’s
embrace of renewable energy. Electricity rates in Hawaii jumped 34
percent in April from a year earlier because many of its power
plants burn oil, about a third of which came from Russia last
year.
While Hawaii faces unique challenges, the
state’s reliance on solar carries lessons for other states and
countries looking to fight climate change and bring down energy
costs. The state has increased the use of renewable energy in large
part by getting electric utilities to accept rooftop solar rather
than fight it, as energy companies in California, Florida and other
states have been doing.”
Battery storage packs in Ms. Nakagawa’s garage.
Photograph by Ruth Fremson showing the Holu Hou Energy Power System
for the New York Times.
Based on data from Hawaiian Electric Company,
the average peak hour electricity price has gone up 42.4% from 42.6
cents to 60.7 cents over the past 18 months. Source:
https://www.hawaiianelectric.com/products-and-services/save-energy-and-money/time-of-use-program/time-of-use-rate-history
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Rising Peak Hour Electricity Prices in Hawaii |
(Jan 2021 - Jun 2022) |
Source: Hawaiian Electric Company |
Month |
Oahu |
Maui |
Lanai |
Molokai |
Hawaii Island |
Hawaii Average |
2022.06 |
52.5 |
53.6 |
69.2 |
60.5 |
67.6 |
60.7 |
2022.05 |
51.6 |
52.2 |
65.6 |
57.0 |
63.1 |
57.9 |
2022.04 |
48.8 |
49.9 |
61.4 |
51.7 |
61.7 |
54.7 |
2022.03 |
46.8 |
47.5 |
59.5 |
50.9 |
59.0 |
52.7 |
2022.02 |
46.0 |
46.0 |
56.4 |
50.2 |
56.3 |
51.0 |
2022.01 |
44.6 |
46.2 |
56.3 |
48.4 |
56.9 |
50.5 |
2021.12 |
44.4 |
42.9 |
56.4 |
47.0 |
55.8 |
49.3 |
2021.11 |
44.2 |
44.8 |
56.4 |
46.9 |
54.7 |
49.4 |
2021.10 |
43.5 |
44.0 |
51.5 |
47.1 |
54.2 |
48.1 |
2021.09 |
43.4 |
44.3 |
52.5 |
46.2 |
54.3 |
48.1 |
2021.08 |
43.3 |
44.4 |
52.5 |
48.3 |
53.9 |
48.5 |
2021.07 |
43.8 |
45.4 |
51.9 |
45.5 |
52.7 |
47.9 |
2021.06 |
42.4 |
43.9 |
50.9 |
44.3 |
52.1 |
46.7 |
2021.05 |
41.2 |
42.9 |
50.8 |
44.3 |
51.9 |
46.2 |
2021.04 |
39.9 |
41.4 |
50.4 |
43.8 |
49.9 |
45.1 |
2021.03 |
40.3 |
41.3 |
48.6 |
41.2 |
49.6 |
44.2 |
2021.02 |
39.8 |
39.4 |
47.1 |
42.1 |
49.0 |
43.5 |
2021.01 |
38.9 |
40.0 |
45.9 |
40.1 |
48.1 |
42.6 |
“During this high inflationary period,
especially due to high fossil fuel prices, consumers are finding
all ways to save money to maintain the same quality of life. I am
very glad to see our HHE’s solar energy storage products are
benefiting local Hawaiian residents economically while providing
cleaner energy solutions to the society overall,” said Pat Chan,
CEO of Borqs Technologies, “This proves our transition to solar
plus energy storage business model is viable and sustainable. We
expect continuous market growth in Hawaii, and are actively
planning to enter into a much greater market this year, which is
California.”
Click here to:See more of HHE's Breakthrough "Energy Share"
Technology for Multi-Dwelling Unit Properties
About Borqs Technologies,
Inc.Borqs Technologies is a global leader in software and
products for the IoT, providing customizable, differentiated and
scalable Android-based smart connected devices and cloud service
solutions. Borqs has achieved leadership and customer recognition
as an innovative end-to-end IoT solutions provider leveraging its
strategic chipset partner relationships as well as its broad
software and IP portfolio. Borqs’ unique strengths include its
Android and Android Wear Licenses which enabled the Company to
develop a software IP library covering chipset software, Android
enhancements, domain specific usage and system performance
optimization, suitable for large and low volume customized
products, and is also currently in development of 5G products for
phones and hotspots. The Company acquired controlling shares of the
solar energy storage system entity, Holu Hou Energy LLC, in October
2021.
About Holu Hou Energy, LLCHolu
Hou Energy, LLC, a Delaware Corporation, brings state-of-the-art
renewable energy and energy storage systems to the Single-Family
Residential, Multi-Dwelling Unit Residential and Commercial
building markets. With operations in California, Hawaii, Wisconsin
and Shanghai, HHE engineers proprietary storage system and control
platform solutions, including a breakthrough “HHE Energy Share”
technology that is key to development of the Multi-Dwelling Unit
Residential housing market. HHE is a vital partner for investors
and asset owners that are seeking ESG solutions. For more
information, visit www.holuhou.com
Forward-Looking Statements and
Additional InformationThis press release may include
“forward-looking statements” that involve risks and uncertainties
that could cause actual results to differ materially from what is
expected. Words such as “forecasts”, “expects”, “believes”,
“anticipates”, “intends”, “estimates”, “predicts”, “seeks”, “may”,
“might”, “plan”, “possible”, “should”, “estimates” and variations
and similar words and expressions are intended to identify such
forward-looking statements, but the absence of these words does not
mean that a statement is not forward-looking. Such forward-looking
statements are based on currently available information and reflect
our management’s current beliefs. Many factors could cause actual
events or results to differ materially from the events and results
discussed in the forward-looking statements may not truly describe
the financial conditions, including the possibility that the
positive financial results from business activities as described
herein may not be reached or at all, and the negative impact of the
COVID-19 pandemic on the Company’s supply chain, revenues and
overall results of operations, so the reader is advised to refer to
the Risk Factors sections of the Company’s filings with the
Securities and Exchange Commission for additional information
identifying important factors that could cause actual results to
differ materially from those anticipated in the forward-looking
statements. Except as expressly required by applicable securities
law, the Company disclaims any obligation to update any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Investor Contact:Sandra DouVice President of
Corporate FinanceBorqs Technologies,
Inc.sandra.dou@borqs.net www.borqs.com
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/5f3d55d5-95f1-4b13-a935-d80bfeed9693
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