Borqs Technologies’ Solar Power Subsidiary Expands Renewable Energy Infrastructure in Kalaeloa of Oahu, Hawaii
29 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
solar energy subsidiary, Holu Hou Energy LLC (“HHE”), a provider of
design to service solar plus energy storage systems, including a
breakthrough energy-sharing product for the Residential and
Multi-Dwelling Unit residential building markets, announces that it
has signed a $2.5M sale agreement and contract for construction of
a renewable energy and energy storage system at the Mahana
multi-family residential property located in Barbers Point.
The Kalaeloa area has historically experienced
high electricity rates and thus has been a target for introduction
of renewable energy over the last several years. Under the
agreement, HHE will construct what is a 2nd Phase to the Mahana
property, bringing the total amount of solar there to approximately
640kW. In addition, the expansion at Mahana will incorporate 1.1
MWh / 284 kW of energy storage, which in addition to serving the
needs of the residents, will also participate in the Hawaii Battery
Bonus Program approved by the Hawaii Public Utility Commission in
June 2021.
The former Naval Air Station Barbers Point was
closed in 1999. Since that time the Barbers Point area and Kalaeloa
has been a major target for redevelopment by State and private
parties, including grid infrastructure and housing improvements.
The Mahana Phase 2 installation is contracted under a 20-year power
purchase agreement (PPA) that HHE has sold to a 3rd Party Financial
Investor.
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
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